Vodafone Group Public Limited (VOD) 20-F 16 Jun 22 2022 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Mar. 31, 2022shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-10086
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	Vodafone House, The Connection
Entity Address, City or Town	Newbury
Entity Address, Postal Zip Code	RG14 2FN
Entity Address, Country	GB
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Document Accounting Standard	International Financial Reporting Standards
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000839923
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young LLP
Auditor Firm ID	1438
Auditor Location	London, United Kingdom
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares of 20 20/21 US cents each
Trading Symbol	VOD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	28,817,627,868
American Depositary Shares (evidenced by American Depositary Receipts) each representing ten ordinary shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares (evidenced by American Depositary Receipts) each representing ten ordinary shares
Trading Symbol	VOD
Security Exchange Name	NASDAQ
2.500% Notes due September 2022
Document Information [Line Items]
Title of 12(b) Security	2.500% Notes due September 2022
Trading Symbol	VOD22
Security Exchange Name	NASDAQ
2.950% Notes due February 2023
Document Information [Line Items]
Title of 12(b) Security	2.950% Notes due February 2023
Trading Symbol	VOD23
Security Exchange Name	NASDAQ
3.750% Notes due 16 January 2024
Document Information [Line Items]
Title of 12(b) Security	3.750% Notes due 16 January 2024
Trading Symbol	VOD24
Security Exchange Name	NASDAQ
US$1,000,000,000 Floating Rate Notes due 16 January 2024
Document Information [Line Items]
Title of 12(b) Security	US$1,000,000,000 Floating Rate Notes due 16 January 2024
Trading Symbol	VOD24A
Security Exchange Name	NASDAQ
4.125% Notes due 30 May 2025
Document Information [Line Items]
Title of 12(b) Security	4.125% Notes due 30 May 2025
Trading Symbol	VOD25
Security Exchange Name	NASDAQ
4.375% Notes due 30 May 2028
Document Information [Line Items]
Title of 12(b) Security	4.375% Notes due 30 May 2028
Trading Symbol	VOD28
Security Exchange Name	NASDAQ
6.250% Notes due February 2032
Document Information [Line Items]
Title of 12(b) Security	6.250% Notes due February 2032
Trading Symbol	VOD32
Security Exchange Name	NASDAQ
6.150% Notes due February 2037
Document Information [Line Items]
Title of 12(b) Security	6.150% Notes due February 2037
Trading Symbol	VOD37
Security Exchange Name	NASDAQ
5.000% Notes due 30 May 2038
Document Information [Line Items]
Title of 12(b) Security	5.000% Notes due 30 May 2038
Trading Symbol	VOD38
Security Exchange Name	NASDAQ
4.375% Notes due February 2043
Document Information [Line Items]
Title of 12(b) Security	4.375% Notes due February 2043
Trading Symbol	VOD43
Security Exchange Name	NASDAQ
5.250% Notes due 30 May 2048
Document Information [Line Items]
Title of 12(b) Security	5.250% Notes due 30 May 2048
Trading Symbol	VOD48
Security Exchange Name	NASDAQ
4.875% Notes due 19 June 2049
Document Information [Line Items]
Title of 12(b) Security	4.875% Notes due 19 June 2049
Trading Symbol	VOD49
Security Exchange Name	NASDAQ
4.250% Notes due 17 September 2050
Document Information [Line Items]
Title of 12(b) Security	4.250% Notes due 17 September 2050
Trading Symbol	VOD50
Security Exchange Name	NASDAQ
5.125% Notes due 19 June 2059
Document Information [Line Items]
Title of 12(b) Security	5.125% Notes due 19 June 2059
Trading Symbol	VOD59
Security Exchange Name	NASDAQ
Capital Securities due April 2079
Document Information [Line Items]
Title of 12(b) Security	Capital Securities due April 2079
Trading Symbol	VOD79
Security Exchange Name	NASDAQ
NC 525 Capital Securities due 2081
Document Information [Line Items]
Title of 12(b) Security	NC5.25 Capital Securities due 2081
Trading Symbol	VOD81A
Security Exchange Name	NASDAQ
NC 10 Capital Securities due 2081
Document Information [Line Items]
Title of 12(b) Security	NC10 Capital Securities due 2081
Trading Symbol	VOD81B
Security Exchange Name	NASDAQ
NC 30 Capital Securities due 2081
Document Information [Line Items]
Title of 12(b) Security	NC30 Capital Securities due 2081
Trading Symbol	VOD81C
Security Exchange Name	NASDAQ
7% Cumulative Fixed Rate Shares of 1 each
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	50,000
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	Vodafone House, The Connection
Entity Address, City or Town	Newbury
Entity Address, Postal Zip Code	RG14 2FN
City Area Code	44
Local Phone Number	1635 33251
Contact Personnel Name	Rosemary Martin
Entity Address, Country	GB
Contact Personnel Email Address	ir@vodafone.co.uk

Consolidated income statement

Consolidated income statement - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Consolidated income statement
Revenue	€ 45,580	€ 43,809	€ 44,974
Cost of sales	(30,574)	(30,086)	(30,682)
Gross profit	15,006	13,723	14,292
Selling and distribution expenses	(3,358)	(3,522)	(3,814)
Administrative expenses	(5,713)	(5,350)	(5,810)
Net credit losses on financial assets	(561)	(664)	(660)
Share of results of equity accounted associates and joint ventures	211	342	(2,505)
Impairment loss			(1,685)
Other income	79	568	4,281
Operating profit	5,664	5,097	4,099
Non-operating expense			(3)
Investment income	254	330	248
Financing costs	(1,964)	(1,027)	(3,549)
Profit before taxation	3,954	4,400	795
Income tax expense	(1,330)	(3,864)	(1,250)
Profit/(loss) for the financial year	2,624	536	(455)
Attributable to:
- Owners of the parent	2,088	112	(920)
- Non-controlling interests	536	424	465
Profit/(loss) for the financial year	€ 2,624	€ 536	€ (455)
Earnings/(loss) per share
Basic - From continuing operations	€ 0.0720	€ 0.0038	€ (0.0313)
Diluted - From continuing operations	0.0717	0.0038	(0.0313)
Basic - Total Group	0.0720	0.0038	(0.0313)
Diluted - Total Group	€ 0.0717	€ 0.0038	€ (0.0313)

Consolidated statement of compr

Consolidated statement of comprehensive income - EUR (€) € in Millions		12 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Consolidated statement of comprehensive income
Profit/(loss) for the financial year		€ 2,624	€ 536	€ (455)
Items that may be reclassified to the income statement in subsequent years:
Foreign exchange translation differences, net of tax		(25)	133	(982)
Foreign exchange translation differences transferred to the income statement		19	(17)	(36)
Other, net of tax	[1]	1,863	(3,743)	3,066
Total items that may be reclassified to the income statement in subsequent years		1,857	(3,627)	2,048
Items that will not be reclassified to the income statement in subsequent years:
Net actuarial gains/(losses) on defined benefit pension schemes, net of tax		483	(555)	526
Total items that will not be reclassified to the income statement in subsequent periods		483	(555)	526
Other comprehensive income/(expense)		2,340	(4,182)	2,574
Total comprehensive income/(expense) for the financial year		4,964	(3,646)	2,119
Attributable to:
- Owners of the parent		4,402	(4,069)	1,696
- Non-controlling interests		562	423	423
Total comprehensive income/(expense) for the financial year		€ 4,964	€ (3,646)	€ 2,119
[1]	Principally includes the impact of the Group’s cash flow hedges deferred to other comprehensive income during the year.

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Non-current assets
Goodwill	€ 31,884	€ 31,731
Other intangible assets	21,360	21,818
Property, plant and equipment	40,804	41,243
Investments in associates and joint ventures	4,268	4,670
Other investments	1,073	925
Deferred tax assets	19,089	21,569
Post employment benefits	555	60
Trade and other receivables	6,383	4,777
Total non-current assets	125,416	126,793
Current assets
Inventory	836	676
Taxation recoverable	296	434
Trade and other receivables	11,019	10,923
Other investments	7,931	9,159
Cash and cash equivalents	7,496	5,821
Total current assets	27,578	27,013
Assets held for sale	959	1,257
Total assets	153,953	155,063
Equity
Called up share capital	4,797	4,797
Additional paid-in capital	149,018	150,812
Treasury shares	(7,278)	(6,172)
Accumulated losses	(122,118)	(121,587)
Accumulated other comprehensive income	30,268	27,954
Total attributable to owners of the parent	54,687	55,804
Non-controlling interests	2,290	2,012
Total equity	56,977	57,816
Non-current liabilities
Borrowings	58,131	59,272
Deferred tax liabilities	520	2,095
Post employment benefits	281	513
Provisions	1,881	1,747
Trade and other payables	2,516	4,909
Total non-current liabilities	63,329	68,536
Current liabilities
Borrowings	11,961	8,488
Financial liabilities under put option arrangements	494	492
Taxation liabilities	864	769
Provisions	667	892
Trade and other payables	19,661	18,070
Total current liabilities	33,647	28,711
Total equity and liabilities	€ 153,953	€ 155,063

Consolidated statement of chang

Consolidated statement of changes in equity - EUR (€) € in Millions		Equity attributable to the owners	Share capital	[1]	Additional paid-in capital.	[2]	Treasury shares.	Accumulated losses	Currency reserve	[3]	Pensions reserve	Revaluation surplus	[4]	Other	[5]	Non-controlling interests.	Total
Beginning balance at Mar. 31, 2019		€ 61,957	€ 4,796		€ 152,503		€ (7,875)	€ (116,986)	€ 29,284		€ (1,205)	€ 1,227		€ 213		€ 1,231	€ 63,188
Issue or reissue of shares		7	1		1		73	(68)									7
Share-based payments		125			125											11	136
Transactions with NCI in subsidiaries		(58)						(58)								(102)	(160)
Dividends		(2,317)						(2,317)								(348)	(2,665)
Comprehensive (expense)/income		1,696						(920)	(976)		526			3,066		423	2,119
(Loss)/profit		(920)						(920)								465	(455)
OCI - before tax		3,460							(951)		640			3,771		(46)	3,414
OCI - taxes		(800)							19		(114)			(705)		(4)	(804)
Transfer to the income statement		(44)							(44)							8	(36)
Ending balance at Mar. 31, 2020		61,410	4,797		152,629		(7,802)	(120,349)	28,308		(679)	1,227		3,279		1,215	62,625
Issue or reissue of shares	[6]	3			(1,943)		2,033	(87)									3
Share-based payments		126			126											10	136
Transactions with NCI in subsidiaries	[7]	1,149						1,149								748	1,897
Dividends		(2,412)						(2,412)								(384)	(2,796)
Comprehensive (expense)/income		(4,069)						112	117		(555)			(3,743)		423	(3,646)
(Loss)/profit		112						112								424	536
OCI - before tax		(5,192)							124		(686)			(4,630)			(5,192)
OCI - taxes		1,024							6		131			887		3	1,027
Transfer to the income statement		(13)							(13)							(4)	(17)
Purchase of treasury shares	[8]	(403)					(403)										(403)
Ending balance at Mar. 31, 2021		55,804	4,797		150,812		(6,172)	(121,587)	28,425		(1,234)	1,227		(464)		2,012	57,816
Issue or reissue of shares	[6]				(1,902)		2,000	(98)
Share-based payments		108			108											11	119
Transactions with NCI in subsidiaries	[7]	(38)						(38)								237	199
Dividends		(2,483)						(2,483)								(532)	(3,015)
Comprehensive (expense)/income		4,402						2,088	(32)		483			1,863		562	4,964
(Loss)/profit		2,088						2,088								536	2,624
OCI - before tax		2,944							(51)		627			2,368		26	2,970
OCI - taxes		(649)									(144)			(505)			(649)
Transfer to the income statement		19							19								19
Purchase of treasury shares	[8]	(3,106)					(3,106)										(3,106)
Ending balance at Mar. 31, 2022		€ 54,687	€ 4,797		€ 149,018		€ (7,278)	€ (122,118)	€ 28,393		€ (751)	€ 1,227		€ 1,399		€ 2,290	€ 56,977
[1]	See note 17 ‘Called up share capital’.
[2]	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.
[3]	The currency reserve is used to record cumulative translation differences on the assets and liabilities of foreign operations. The cumulative translation differences are recycled to the income statement on disposal of the foreign operation.
[4]	The revaluation surplus derives from acquisitions of subsidiaries made before the Group’s adoption of IFRS 3 (Revised) on 1 April 2010 and comprises the amounts arising from recognising the Group’s pre-existing equity interest in the acquired subsidiary at fair value.
[5]	Principally includes the impact of the Group’s cash flow hedges with €3,704 million net gain deferred to other comprehensive income during the year (2021: €5,892 million net loss; 2020: €4,113 million net gain) and €1,422 million net gain (2021: €1,226 million net loss; 2020: €408 million net gain) recycled to the income statement. These hedges primarily relate to foreign exchange exposure on fixed borrowings, with any foreign exchange on nominal balances directly impacting income statement in each period but interest cash flows unwinding to the income statement over the life of the hedges (up to 2059). See note 22 ‘Capital and financial risk management’ for further details.
[6]	Movements include the re-issue of 1,427 million shares ( €1,944 million) in March 2021 to satisfy the first tranche and the re-issue of 1,519 million shares ( €1,903 million) in March 2022 to satisfy the second tranche of the Mandatory Convertible Bond issued in March 2019.
[7]	Principally relates to the IPO of Vantage Towers A.G. See note 27 ‘Acquisitions and disposals’ for details.
[8]	Represents the irrevocable and non-discretionary share buyback programmes announced on 19 March 2021, 19 May 2021, 23 July 2021, 17 November 2021 and 9 March 2022

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) - EUR (€) € in Millions, shares in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Consolidated statement of changes in equity
Impact of the Group's cash flow hedges, net gain (loss) deferred to other comprehensive income			€ 3,704	€ (5,892)	€ 4,113
Net gain (loss) recycled to the income statement			€ 1,422	€ (1,226)	€ 408
Reissue of treasury shares		1,427
Reissue of treasury shares, value		€ 1,944
Tax credit related to issue of mandatory convertible bonds	1,519
Tax credit related to issue of mandatory convertible bonds, value	€ 1,903

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions		12 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Consolidated statement of cash flows
Inflow from operating activities		€ 18,081	€ 17,215	€ 17,379
Cash flows from investing activities
Purchase of interests in subsidiaries, net of cash acquired			(136)	(10,295)
Purchase of interests in associates and joint ventures		(445)	(13)	(1,424)
Purchase of intangible assets		(3,262)	(3,227)	(2,423)
Purchase of property, plant and equipment		(5,798)	(5,413)	(5,182)
Purchase of investments		(2,009)	(3,726)	(1,832)
Disposal of interests in subsidiaries, net of cash disposed			157	4,427
Disposal of interests in associates and joint ventures		446	420
Disposal of property, plant and equipment and intangible assets		33	43	61
Disposal of investments		3,282	1,704	7,792
Dividends received from associates and joint ventures		638	628	417
Interest received		247	301	371
Outflow from investing activities		(6,868)	(9,262)	(8,088)
Cash flows from financing activities
Proceeds from issue of long-term borrowings		2,548	4,359	9,933
Repayment of borrowings		(8,248)	(12,237)	(16,028)
Net movement in short-term borrowings		3,002	(2,791)	2,488
Net movement in derivatives		(293)	279	98
Interest paid	[1]	(1,804)	(2,152)	(2,284)
Payments for settlement of written put options	[2]		(1,482)
Purchase of treasury shares		(2,087)	(62)	(821)
Issue of ordinary share capital and reissue of treasury shares			5	7
Equity dividends paid		(2,474)	(2,427)	(2,296)
Dividends paid to non-controlling shareholders in subsidiaries		(539)	(391)	(348)
Other transactions with non-controlling shareholders in subsidiaries		189	1,663	(160)
Other movements with associates and joint ventures			40	59
Outflow from financing activities		(9,706)	(15,196)	(9,352)
Net cash inflow/(outflow)		1,507	(7,243)	(61)
Cash and cash equivalents at beginning of the financial year		5,790	13,288	13,605
Exchange gain/(loss) on cash and cash equivalents		74	(255)	(256)
Cash and cash equivalents at end of the financial year		€ 7,371	€ 5,790	€ 13,288
[1]	Amount for 2022 includes €58 million (2021: €9 million inflow; 2020: €273 million outflow) of cash inflow on derivative financial instruments for the share buyback related to maturing tranches of mandatory convertible bonds.
[2]	Amount for 2021 reflects the settlement of a tender offer made to other shareholders of Kabel Deutschland Holding A.G

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Consolidated statement of cash flows
Cash inflow On Derivative Financial Instruments	€ 58	€ 9	€ (273)

Basis of preparation

Basis of preparation	12 Months Ended
	Mar. 31, 2022
Basis of preparation
Basis of preparation	1. Basis of preparation This section describes the critical accounting judgements and estimates that management has identified as having a potentially material impact on the Group’s consolidated financial statements and sets out our significant accounting policies that relate to the financial statements as a whole. Where an accounting policy is generally applicable to a specific note to the financial statements, the policy is described within that note. We have also detailed below the new accounting pronouncements that we will adopt in future years and our current view of the impact they will have on our financial reporting. The consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (‘IAS’), with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board (‘IASB’) and with the requirements of the Companies Act 2006 (the ‘Act’). The consolidated financial statements are prepared on a going concern basis (see page 118). Vodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The registered address of the Company is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England. IFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group’s circumstances. These have been applied consistently to all the years presented, unless otherwise stated. In determining and applying accounting policies, Directors and management are required to make judgements and estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption to be followed could materially affect the Group’s reported financial position, results or cash flows and disclosure of contingent assets or liabilities during the reporting period; it may later be determined that a different choice may have been more appropriate. The Group’s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if the revision affects both current and future periods. Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact the amounts recognised in the financial statements and the estimates that are considered to be ‘critical estimates’ due to their potential to give rise to material adjustments in the Group’s financial statements in the year to 31 March 2023. As at 31 March 2022, management has identified critical judgements in respect of revenue recognition, lease accounting, valuing assets and liabilities acquired in business combinations, the accounting for tax disputes in India, the classification of joint arrangements, whether to recognise provisions or to disclose contingent liabilities and the impacts of climate change. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post employment benefits and impairment reviews; estimates have also been identified that are not considered to be critical in respect of the allocation of revenue to goods and services, the useful economic lives of finite lived intangibles and property, plant and equipment. The majority of the Group’s provisions are either long-term in nature (such as asset retirement obligations) or relate to shorter-term liabilities (such as those relating to restructuring and property) where there is not considered to be a significant risk of material adjustment in the next financial year. Critical judgements exercised in respect of tax disputes in India, include the cases relating to our acquisition of Hutchison Essar Limited (Vodafone India). These critical accounting judgements, estimates and related disclosures have been discussed with the Group’s Audit and Risk Committee. Critical accounting judgements and key sources of estimation uncertainty Revenue recognition Revenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and the use of management judgements and estimates to produce financial information. The most significant accounting judgements and source of estimation uncertainty are disclosed below. Gross versus net presentation If the Group has control of goods or services when they are delivered to a customer, then the Group is the principal in the sale to the customer; otherwise the Group is acting as an agent. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its business partners; such judgements impact the amount of reported revenue and operating expenses (see note 2 ‘Revenue disaggregation and segmental analysis’) but do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the Group is a principal or an agent include, for example, those where the Group delivers third-party branded software or services (such as premium music, TV content or cloud-based services) to customers and good or services delivered to customers in partnership with a third-party. Allocation of revenue to goods and services provided to customers Revenue is recognised when goods and services are delivered to customers (see note 2 ‘Revenue disaggregation and segmental analysis’). Goods and services may be delivered to a customer at different times under the same contract, hence it is necessary to allocate the amount payable by the customer between goods and services on a ‘relative standalone selling price basis’; this requires the identification of performance obligations (‘obligations’) and the determination of standalone selling prices for the identified obligations. The determination of obligations is, for the primary goods and services sold by the Group, not considered to be a critical accounting judgement; the Group’s policy on identifying obligations is disclosed in note 2 ‘Revenue disaggregation and segmental analysis’. The determination of standalone selling prices for identified obligations is discussed below. It is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in similar circumstances on a standalone basis. When estimating the standalone price the Group maximises the use of external inputs; methods for estimating standalone prices include determining the standalone price of similar goods and services sold by the Group, observing the standalone prices for similar goods and services when sold by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and other equipment). Where it is not possible to reliably estimate standalone prices due to a lack of observable standalone sales or highly variable pricing, which is sometimes the case for services, the standalone price of an obligation may be determined as the transaction price less the standalone prices of other obligations in the contract. The standalone price determined for obligations materially impacts the allocation of revenue between obligations and impacts the timing of revenue when obligations are provided to customers at different times – for example, the allocation of revenue between devices, which are usually delivered up-front, and services which are typically delivered over the contract period. However, there is not considered to be a significant risk of material adjustment to the carrying value of contract-related assets or liabilities in the 12 months after the balance sheet date if these estimates were revised. Lease accounting Lease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts of data and the increased use of management judgements and estimates to produce financial information. The most significant accounting judgements are disclosed below. Lease identification Whether the arrangement is considered a lease or a service contract depends on the analysis by management of both the legal form and substance of the arrangement between the Group and the counter-party to determine if control of an identified asset has been passed between the parties; if not, the arrangement is a service arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the asset, and has the ability to direct its use, for a period of time. An identified asset exists where an agreement explicitly or implicitly identifies an asset or a physically distinct portion of an asset which the lessor has no substantive right to substitute. The scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or other fixed telecommunication lines. Generally, where the Group has exclusive use of a physical line it is determined that the Group can also direct the use of the line and therefore leases will be recognised. Where the Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis the arrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an end-user, generally control over such lines is not passed to the end-user and a lease is not identified. The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an operating or finance lease. The impacts for each scenario are described below where the Group is potentially: - A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease results in an asset and a liability being reported and depreciation and interest being recognised; the interest charge will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and accruals). - An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the life of the contract. - A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance lease results in the lease income being recognised at commencement of the lease and an asset (the net investment in the lease) being recorded. Lease term Where leases include additional optional periods after an initial lease term, significant judgement is required in determining whether these optional periods should be included when determining the lease term. The impact of this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination option; this depends on an analysis by management of all relevant facts and circumstances including the leased asset's nature and purpose, the economic and practical potential for replacing the asset and any plans that the Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use asset and lease liability will be greater when extension options are included in the lease term. The normal approach adopted for lease term by asset class is described below. The lease terms can vary significantly by type and use of asset and geography. In addition, the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease terms are judged to be the longer of the minimum lease term and: - Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons; - To the next contractual lease break date for retail premises (excluding breaks within the next 12 months); - Where leases are used to provide internal connectivity the lease term for the connectivity is aligned to the lease term or useful economic life of the assets connected; - The customer service agreement length for leases of local loop connections or other assets required to provide fixed line services to individual customers; and - Where there are contractual agreements to provide services using leased assets, the lease term for these assets is generally set in accordance with the above principles or for the lease term required to provide the services for the agreed service period, if longer. In most instances the Group has options to renew or extend leases for additional periods after the end of the lease term which are assessed using the criteria above. Lease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that is within the control of the Group; such changes usually relate to commercial agreements entered into by the Group, or business decisions made by the Group. Where such changes change the Group’s assessment of whether it is reasonably certain to exercise options to extend, or not terminate leases, then the lease term is reassessed and the lease liability is remeasured, which in most cases will increase the lease liability. Taxation The Group’s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the Group’s total tax charge involves estimation and judgement in respect of certain matters, being principally: Recognition of deferred tax assets Significant items on which the Group has exercised accounting estimation and judgement include the recognition of deferred tax assets in respect of losses in Luxembourg, Germany, Italy and Spain as well as capital allowances in the United Kingdom. The recognition of deferred tax assets, particularly in respect of tax losses, is based upon whether management judge that it is probable that there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five year forecasts for the Group’s operations as are used in the Group’s value in use calculations (see note 4 ‘Impairment losses’). In the case of Luxembourg, this includes forecasts of future income from the Group's internal financing, centralised procurement and roaming activities. Where tax losses are forecast to be recovered beyond the five year period, the availability of taxable profits is assessed using the cash flows and long-term growth rates used for the value in use calculations. The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the telecommunications business including the potential impacts of changes in the market structure, trends in customer pricing, the costs associated with the acquisition and retention of customers, future technological evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences. Changes in the estimates which underpin the Group’s forecasts could have an impact on the amount of future taxable profits and could have a significant impact on the period over which the deferred tax asset would be recovered. The Group only considers substantively enacted tax laws when assessing the amount and availability of tax losses to offset against the future taxable profits. See note 6 ‘Taxation’ to the consolidated financial statements. See additional commentary relating to climate change on page 158. Uncertain tax positions The tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group uses in-house tax experts when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The most significant judgement in this area relates to the Group’s tax disputes in India, including the cases relating to the Group’s acquisition of Hutchison Essar Limited (Vodafone India). Further details of the tax disputes in India are included in note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. Business combinations and goodwill When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired, including intangible assets, are recognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on management's judgement. If the purchase consideration exceeds the fair value of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase price consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the income statement. Allocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as goodwill affects the subsequent results of the Group as finite lived intangible assets are amortised, whereas indefinite lived intangible assets, including goodwill, are not amortised. See note 27 ‘Acquisitions and disposals’ to the consolidated financial statements for further details. Joint arrangements The Group participates in a number of joint arrangements where control of the arrangement is shared with one or more other parties. Judgement is required to classify joint arrangements in a separate legal entity as either a joint operation or as a joint venture, which depends on management’s assessment of the legal form and substance of the arrangement taking into account relevant facts and circumstances such as whether the owners have rights to substantially all the economic outputs and, in substance, settle the liabilities of the entity. The classification can have a material impact on the consolidated financial statements. The Group’s share of assets, liabilities, revenue, expenses and cash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group’s investment and share of results of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement respectively. See note 12 ‘Investments in associates and joint arrangements’ to the consolidated financial statements. Finite lived intangible assets Other intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and the costs of purchasing and developing computer software. Where intangible assets are acquired through business combinations and no active market for the assets exists, the fair value of these assets is determined by discounting estimated future net cash flows generated by the asset. Estimates relating to the future cash flows and discount rates used may have a material effect on the reported amounts of finite lived intangible assets. Estimation of useful life The useful life over which intangible assets are amortised depends on management’s estimate of the period over which economic benefit will be derived from the asset. Useful lives are periodically reviewed to ensure that they remain appropriate. Management’s estimates of useful life have a material impact on the amount of amortisation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of intangible assets in the year to 31 March 2023 if these estimates were revised. The basis for determining the useful life for the most significant categories of intangible assets are discussed below. Customer bases The estimated useful life principally reflects management’s view of the average economic life of the customer base and is assessed by reference to customer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation charge. Capitalised software For computer software, the estimated useful life is based on management’s view, considering historical experience with similar products as well as anticipation of future events which may impact their life such as changes in technology. The useful life will not exceed the duration of a licence. Property, plant and equipment Property, plant and equipment represents 26.5% of the Group’s total assets (2021: 26.6)%. Estimates and assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11 ‘Property, plant and equipment’ to the consolidated financial statements for further details. Estimation of useful life The depreciation charge for an asset is derived using estimates of its expected useful life and expected residual value, which are reviewed annually. Management’s estimates of useful life have a material impact on the amount of depreciation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of property, plant and equipment in the year to 31 March 2023 if these estimates were revised. Management determines the useful lives and residual values for assets when they are acquired, based on experience with similar assets and taking into account other relevant factors such as any expected changes in technology. See additional commentary relating to climate change, below. Post employment benefits Management uses estimates when determining the Group’s liabilities and expenses arising for defined benefit pension schemes. Management is required to estimate the future rates of inflation, salary increases, discount rates and longevity of members, each of which may have a material impact on the defined benefit obligations that are recorded. Further details, including a sensitivity analysis, are included in note 25 ‘Post employment benefits’ to the consolidated financial statements. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements). Judgement is necessary to assess the likelihood that a pending claim will succeed, or a liability will arise. Impairment reviews IFRS requires management to perform impairment tests annually for indefinite lived assets, for finite lived assets and for equity accounted investments, if events or changes in circumstances indicate that their carrying amounts may not be recoverable. A lack of observable market data on fair values for equivalent assets means that the Group’s valuation approach for impairment testing focuses primarily on value in use. For a number of reasons, transaction values agreed as part of any business acquisition or disposal may be higher than the assessed value in use. Where the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of those interests. For operations that are classified as held for sale, management is required to determine whether the carrying value of the discontinued operation can be supported by the fair value less costs to sell. Where not observable in a quoted market, management has determined fair value less costs to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Impairment testing requires management to judge whether the carrying value of assets can be supported by the net present value of future cash flows that they generate. Calculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including management's expectations of: – Growth in adjusted EBITDAaL, calculated as adjusted operating profit before depreciation and amortisation; – Timing and amount of future capital expenditure, licence and spectrum payments; – Long-term growth rates; and – Appropriate discount rates to reflect the risks involved. A long-term growth rate into perpetuity has been determined as the lower of: - The nominal GDP growth rates for the country of operation; and - The long-term compound annual growth rate in adjusted EBITDAaL in years six to ten , as estimated by management. Changing the assumptions selected by management, in particular the adjusted EBITDAaL and growth rate assumptions used in the cash flow projections, could significantly affect the Group’s impairment evaluation and hence reported assets and profits or losses. Further details, including a sensitivity analysis, are included in note 4 'Impairment losses' to the consolidated financial statements. See additional commentary relating to climate change, below. Climate change The potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in the Group’s TCFD disclosures on pages 66 and 67. Management has assessed the potential financial impacts relating to the identified risks, primarily considering the useful lives of, and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and other long-lived assets and the recoverability of the Group’s deferred tax assets. Management has exercised judgement in concluding that there are no further material financial impacts of the Group’s climate-related risks and opportunities on the consolidated financial statements. These judgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory and other factors outside of the Group’s control which are not all currently known. Significant accounting policies applied in the current reporting period that relate to the financial statements as a whole Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31 ‘Related undertakings’ to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures and associates (see note 12 ‘Investments in associates and joint arrangements’ to the consolidated financial statements). Foreign currencies The consolidated financial statements are presented in euro, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Changes in the fair value of monetary securities denominated in foreign currency are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the consolidated income statement and other changes in carrying amount are recognised in the consolidated statement of comprehensive income. Translation differences on non-monetary financial assets, such as investments in equity securities classified at fair value through other comprehensive income, are reported as part of the fair value gain or loss and are included in the consolidated statement of comprehensive income. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange loss recognised in the consolidated income statement for the year ended 31 March 2022 is €309 million (31 March 2021: €13 million loss; 2020: €146 million loss). The net gains and net losses are recorded within operating profit (2022: €24 million charge; 2021: €3 million credit; 2020: €61 million credit), financing costs (2022: €284 million charge; 2021: €23 million charge; 2020: €205 million charge) and income tax expense (2022: €1 million charge; 2021: €7 million credit; 2020: €2 million charge). The foreign exchange gains and losses included within other income and non- operating expense arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign exchange gains and losses previously recognised in the consolidated statement of comprehensive income. Current or non-current classification Assets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and investments in associates and joint ventures are reported as non-current. Liabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. For provisions, where the timing of settlement is uncertain, amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as non-current. Inventory Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. New accounting pronouncements adopted on 1 April 2021 The Group adopted the following new accounting policies on 1 April 2021 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group’s financial reporting on adoption, are: – Amendments to IFRS 16 ‘Covid-19-Related Rent Concessions’ and ‘Covid-19-Related Rent Concessions beyond 30 June 2021’; and – Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 ‘Interest Rate Benchmark Reform - Phase 2’. New accounting pronounce

Revenue disaggregation and segm

Revenue disaggregation and segmental analysis	12 Months Ended
	Mar. 31, 2022
Revenue disaggregation and segmental analysis
Revenue disaggregation and segmental analysis	2. Revenue disaggregation and segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below. Accounting policies Revenue When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (‘obligations’) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and fixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with the Group’s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to connecting customers to the Group’s network for the future provision of services are not considered to meet the criteria to be recognised as obligations except to the extent that the control of related equipment passes to customers. The Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in contract acquisition costs. The transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not directly observable, estimation techniques are used maximising the use of external inputs. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer and cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised when the Group provides the related service during the agreed service period. Revenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the intermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the intermediary or the expiry of any right of return. Where refunds are issued to customers they are deducted from revenue in the relevant service period. When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details. Customers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of the related service agreement. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by the Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a contract liability is recognised. When contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other equipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is deemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk. Contract-related costs When costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the statement of financial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered. The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets in the statement of financial position when the related payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts payable to agents are deducted from revenue recognised (see above). Revenue disaggregation and segmental income statement analysis Revenue reported for the year includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising from transactions with a significant financing component. The table below presents Revenue and Adjusted EBITDAaL for the year ended 31 March 2022 under the updated segmental reporting structure. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment ​ Adjusted ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany 11,616 1,126 12,742 365 21 13,128 5,669 Italy 4,379 525 4,904 108 10 5,022 1,699 UK 5,154 1,333 6,487 69 33 6,589 1,395 Spain 3,714 369 4,083 73 24 4,180 957 Other Europe 5,001 528 5,529 105 19 5,653 1,606 Vodacom 4,635 950 5,585 384 24 5,993 2,125 Other Markets 3,420 404 3,824 6 – 3,830 1,335 Vantage Towers ​ – ​ – ​ – ​ 1,252 ​ – ​ 1,252 ​ 619 Common Functions 2 522 53 575 838 1 1,414 (197) Eliminations (238) (1) (239) (1,242) – (1,481) – Group ​ 38,203 5,287 43,490 1,958 132 45,580 15,208 ​ The table below presents Revenue and Adjusted EBITDAaL for the year ended 31 March 2022 under the previous segmental reporting structure. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue EBITDAaL 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 11,616 1,126 12,742 424 21 13,187 ​ 5,978 Italy 4,379 525 4,904 108 10 5,022 ​ 1,699 UK 5,154 1,333 6,487 69 33 6,589 ​ 1,457 Spain 3,714 369 4,083 92 24 4,199 ​ 1,041 Other Europe 5,001 528 5,529 189 19 5,737 ​ 1,770 Vodacom 4,635 950 5,585 384 24 5,993 ​ 2,125 Other Markets 3,420 404 3,824 6 – 3,830 ​ 1,335 Common Functions 2 522 53 575 838 1 1,414 ​ (197) Eliminations (238) (1) (239) (152) – (391) ​ – Group 38,203 5,287 43,490 1,958 132 45,580 ​ 15,208 ​ Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2 Comprises central teams and business functions. ​ The tables below present Revenue and Adjusted EBITDAaL comparative information for the years ended 31 March 2021 and 31 March 2020 under the previous segmental reporting structure. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment ​ Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL 31 March 2021 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany 11,520 1,055 12,575 380 29 12,984 5,634 Italy 4,458 446 4,904 97 13 5,014 1,597 UK 4,848 1,206 6,054 44 53 6,151 1,367 Spain 3,788 292 4,080 64 22 4,166 1,044 Other Europe 4,859 549 5,408 124 17 5,549 1,760 Vodacom 4,083 800 4,883 282 16 5,181 1,873 Other Markets 3,312 441 3,753 12 – 3,765 1,228 Common Functions 2 470 36 506 862 – 1,368 (117) Eliminations (197) (1) (198) (171) – (369) – Group 37,141 4,824 41,965 1,694 150 43,809 14,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue EBITDAaL 31 March 2020 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 10,696 1,055 11,751 300 25 12,076 ​ 5,077 Italy 4,833 583 5,416 101 12 5,529 ​ 2,068 UK 5,020 1,333 6,353 63 68 6,484 ​ 1,500 Spain 3,904 318 4,222 51 23 4,296 ​ 1,009 Other Europe 4,890 539 5,429 94 18 5,541 ​ 1,738 Vodacom 4,470 864 5,334 190 7 5,531 ​ 2,088 Other Markets 3,796 552 4,348 36 2 4,386 ​ 1,400 Common Functions 2 494 53 547 1,020 – 1,567 ​ 1 Eliminations (232) (2) (234) (202) – (436) ​ – Group 37,871 5,295 43,166 1,653 155 44,974 ​ 14,881 ​ Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2 Comprises central teams and business functions. ​ The total future revenue from the remaining term of Group’s contracts with customers for performance obligations not yet delivered to those customers at 31 March 2022 is €20,013 million (2021: €21,038 million; 2020: €20,336 million); of which €12,913 million (2021: €14,110 million; 2020: €13,456 million) is expected to be recognised within the next year and the majority of the remaining amount in the following 12 months. Segmental analysis The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related products. Following the IPO of Vantage Towers A.G. (‘Vantage Towers’) in March 2021, the Group has updated its segmental reporting structure to reflect the way in which the Group now manages its operations with Vantage Towers now reported as a new segment within the Vodafone Group’s financial results. This change in reporting structure has taken effect for the year ended 31 March 2022 onwards. 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 remain as previously disclosed. Segmental information for the years ended 31 March 2021 and 31 March 2020 is presented on the previous basis of segmental reporting. 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 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 smaller operating segments into the Other Europe and Other Markets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe region (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. A reconciliation of adjusted EBITDAaL, the Group’s measure of segment profit, to the Group’s profit or loss before taxation for the financial year is shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 15,208 14,386 14,881 Restructuring costs ​ (346) ​ (356) ​ (695) Interest on lease liabilities 398 374 330 Loss on disposal of owned assets (28) (30) (54) Depreciation and amortisation on owned assets (9,858) (10,187) (10,454) Share of results of equity accounted associates and joint ventures 211 342 (2,505) Impairment losses – – (1,685) Other income 79 568 4,281 Operating profit 5,664 5,097 4,099 Non-operating expense ​ – ​ – ​ (3) Investment income ​ 254 ​ 330 ​ 248 Finance costs ​ (1,964) ​ (1,027) ​ (3,549) Profit before taxation ​ 3,954 ​ 4,400 ​ 795 ​ Segmental assets The tables below present the segmental assets for the year ended 31 March 2022 in line with our updated segmental reporting structure and under the previous basis of segmental reporting. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Depreciation ​ ​ Non-current ​ Capital ​ Right-of-use ​ additions to ​ and ​ ​ ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany ​ 43,190 ​ 2,670 ​ 795 ​ – ​ 3,981 ​ – Italy ​ 10,519 ​ 840 ​ 670 ​ 255 ​ 1,929 ​ – UK ​ 6,226 ​ 832 ​ 580 ​ 229 ​ 1,905 ​ – Spain ​ 6,433 ​ 676 ​ 422 ​ 291 ​ 1,499 ​ – Other Europe ​ 8,548 ​ 1,009 ​ 502 ​ 126 ​ 1,511 ​ – Vodacom ​ 6,383 ​ 853 ​ 187 ​ – ​ 920 ​ – Other Markets ​ 2,467 ​ 530 ​ 229 ​ – ​ 598 ​ – Vantage Towers ​ 8,179 ​ 366 ​ 320 ​ – ​ 523 ​ – Common Functions ​ 2,103 ​ 844 ​ 123 ​ – ​ 979 ​ – Group ​ 94,048 ​ 8,620 ​ 3,828 ​ 901 ​ 13,845 ​ – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Depreciation ​ ​ Non-current ​ Capital ​ Right-of-use ​ additions to ​ and ​ ​ ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany 47,310 2,885 ​ 909 – 4,112 – Italy 10,519 840 ​ 670 255 1,929 – UK 7,612 888 ​ 639 229 2,073 – Spain 7,066 704 ​ 478 291 1,567 – Other Europe 10,588 1,076 ​ 593 126 1,667 – Vodacom 6,383 853 ​ 187 – 920 – Other Markets 2,467 530 ​ 229 – 598 – Common Functions 2,103 844 ​ 123 – 979 – Group ​ 94,048 ​ 8,620 ​ 3,828 ​ 901 ​ 13,845 ​ – ​ Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment (excluding right-of-use assets,), computer software and development costs, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions. ​ Segmental assets The tables below present the comparative segmental assets for the years ended 31 March 2021 and 31 March 2020 under the previous segmental reporting structure. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ ​ ​ Non-current Capital Right-of-use Other additions to and ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2021 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany ​ 47,563 ​ 2,772 ​ 1,133 ​ 1 ​ 4,836 ​ – Italy 10,707 805 758 17 2,025 – UK 7,968 822 1,138 – 2,202 – Spain 7,213 772 700 9 1,579 – Other Europe 10,369 968 1,016 431 1,727 – Vodacom 5,839 703 174 – 872 – Other Markets 2,988 512 247 439 666 – Common Functions 2,145 829 140 – 194 – Group 94,792 8,183 5,306 897 14,101 – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current Capital Right-of-use Other additions to Depreciation and ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2020 €m €m €m €m €m €m Germany ​ 48,266 ​ 2,278 ​ 912 ​ 1,613 ​ 4,805 ​ – Italy 11,119 697 1,645 24 1,958 – UK 7,790 753 733 – 2,160 – Spain 7,229 761 386 – 1,763 (840) Other Europe 9,138 823 298 29 1,706 (740) Vodacom 5,400 802 174 55 939 – Other Markets 2,963 587 290 55 672 – Common Functions 2,217 821 155 – 171 (105) Group 94,122 7,522 4,593 1,776 14,174 (1,685) ​ Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment (excluding right-of-use assets,), computer software and development costs, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions.

Operating profit

Operating profit	12 Months Ended
	Mar. 31, 2022
Operating profit.
Operating profit	3. Operating profit Detailed below are the key amounts recognised in arriving at our operating profit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Amortisation of intangible assets (note 10) 4,044 4,421 4,459 Depreciation of property, plant and equipment (note 11): ​ ​ ​ Owned assets 5,857 5,766 5,995 Leased assets 3,944 3,914 3,720 Impairment losses (note 4) – – 1,685 Staff costs (note 24) 5,334 5,157 5,462 Amounts related to inventory included in cost of sales ​ 5,671 ​ 5,160 ​ 5,699 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (1,092) (995) (902) Gain on disposal of Indus Towers Limited 1 ​ 110 ​ – ​ – Pledge arrangements in respect of Indus Towers Limited 1 (note 29) ​ (15) ​ (429) ​ – Net gain on formation of TPG Telecom 1 (note 12) ​ – ​ 1,043 ​ – Net gain on formation of Indus Towers Limited 1 (note 12) ​ – ​ 292 ​ – Settlement of tender offer to KDG shareholders 1 ​ – ​ (204) ​ – Net gain on disposal of Vodafone New Zealand 1 ​ – ​ – ​ (1,078) Net gain on disposal of tower infrastructure in Italy 1 ​ – ​ – ​ (3,356) Net gain on disposal of Vodafone Malta 1 – – (170) ​ Note: 1 Included in Other income and expense in the Consolidated income statement. ​ The total remuneration of the Group's auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to the Group during the year ended 31 March 2022 is analysed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ Re-presented 1 ​ ​ ​ ​ €m ​ €m ​ €m Parent company 4 3 4 Subsidiaries 2 19 18 17 Subsidiaries - new accounting standards 3 ​ – ​ – ​ 1 Audit fees 4 23 21 22 ​ ​ ​ ​ ​ ​ ​ Vantage Towers IPO 5 ​ – ​ 11 ​ 5 Audit-related 6 ​ 2 ​ – ​ 1 Corporate finance 7 ​ – ​ – ​ 1 Non-audit fees 2 11 7 ​ ​ ​ ​ ​ ​ ​ Total fees 25 32 29 ​ Notes: 1 Audit fees of subsidiaries for the year ended 31 March 2021 have increased by €1 million compared to the amount previously reported. Similarly, Vantage Towers IPO non-audit fees have increased by €3 million. This is to include fees agreed during the year ended 31 March 2022 but which related to the year ended 31 March 2021. 2 During the year ended 31 March 2021, audit fees of €1 million were incurred for incremental financial statement audit services during the IPO of Vantage Towers A.G. 3 Fees for the implementation of new accounting standards, notably IFRS 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’. 4 Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to €1 million in each of the years presented. 5 Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021. 6 Fees for statutory and regulatory filings during the year. 7 At the time of the Board decision to recommend Ernst & Young LLP as the statutory auditor for the year ended 31 March 2020 in February 2019, Ernst & Young LLP were providing a range of services to the Group. All services that were prohibited by the Financial Reporting Council (‘FRC’) or Securities and Exchange Commission (‘SEC’) for a statutory auditor to provide ceased by 31 March 2019. All engagements that were not prohibited by the FRC or SEC but were not in accordance with the Group’s own internal approval policy for non-audit services, ceased early in the financial year ended 31 March 2020 to enable a smooth transition to alternative suppliers, where required.

Impairment losses

Impairment losses	12 Months Ended
	Mar. 31, 2022
Impairment losses
Impairment losses	4. Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are expected to generate. We review the carrying value of assets for each country in which we operate at least annually. For further details of our impairment review process see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation’ to the consolidated financial statements. Accounting policies Goodwill Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. The determination of the Group’s cash-generating units is primarily based on the geographic area where the Group supplies communications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic area. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Management prepares formal five year plans for the Group’s cash-generating units, which are the basis for the value in use calculations. Property, plant and equipment, finite lived intangible assets and equity accounted investments At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity- accounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss reversal is recognised immediately in the income statement. Impairment losses Following our annual impairment review, the impairment charges recognised in the consolidated income statement within operating profit are stated below. Further detail on the events and circumstances that led to the recognition of the impairment charges is included below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Cash-generating unit ​ Reportable segment ​ €m ​ €m ​ €m Spain Spain – – 840 Ireland ​ Other Europe ​ – ​ – ​ 630 Romania ​ Other Europe ​ – ​ – ​ 110 Vodafone Automotive ​ Common Functions ​ – ​ – ​ 105 ​ – – 1,685 ​ Goodwill The remaining carrying value of goodwill at 31 March was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Germany 20,335 20,335 Vantage Towers Germany ​ 2,565 ​ 2,565 Italy 2,481 2,481 Other 6,503 6,350 ​ 31,884 31,731 ​ Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption ​ How determined Projected adjusted EBITDAaL ​ Projected adjusted EBITDAaL has been based on past experience adjusted for the following: ​ ​ – In Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data bundles, and new products and services are introduced. Fixed revenue is expected to continue to grow as penetration is increased and more products and services are sold to customers; ​ ​ – Outside of Europe, revenue is expected to continue to grow as the penetration of faster data-enabled devices rises along with higher data bundle attachment rates, and new products and services are introduced. The Other Markets segment is also expected to benefit from increased usage and penetration of M-Pesa in Africa; and ​ ​ – Margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and by positive factors such as the efficiencies expected from the implementation of Group initiatives. Projected capital expenditure ​ The cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital expenditure required to maintain our networks, provide products and services in line with customer expectations, including of higher data volumes and speeds, and to meet the population coverage requirements of certain of the Group’s licences. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and gigabit networks. Outside of Europe, capital expenditure will be required for the continued rollout of current and next generation mobile networks in emerging markets. Capital expenditure includes cash outflows for the purchase of property, plant and equipment and computer software. Projected licence and spectrum payments ​ To enable the continued provision of products and services, the cash flow forecasts for licence and spectrum payments for each relevant cash-generating unit include amounts for expected renewals and newly available spectrum. Beyond the five year forecast period, a long-run cost of spectrum is assumed. Long-term growth rate ​ For the purposes of the Group’s value in use calculations, a long ‑ term growth rate into perpetuity is applied immediately at the end of the five year forecast period and is based on the lower of: ​ ​ – the nominal GDP growth rate forecasts for the country of operation; and ​ ​ – the long-term compound annual growth rate in adjusted EBITDAaL as estimated by management. ​ ​ Long-term compound annual growth rates determined by management may be lower than forecast nominal GDP growth rates due to the following market-specific factors: competitive intensity levels, maturity of business, regulatory environment or sector-specific inflation expectations. Pre-tax risk adjusted discount rate ​ The discount rate applied to the cash flows of each of the Group’s cash-generating units is generally based on the risk free rate for ten year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. ​ ​ These rates are adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific cash-generating unit. In making this adjustment, inputs required are the equity market risk premium (that is the required return over and above a risk free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to reflect the risk of the specific cash-generating unit relative to the market as a whole. ​ ​ In determining the risk adjusted discount rate, management has applied an adjustment for the systematic risk to each of the Group’s cash-generating companies determined using an average of the betas of comparable listed telecommunications companies and, where available and appropriate, across a specific territory. Management has used a forward-looking equity market risk premium that takes into consideration both studies by independent economists, the long-term average equity market risk premium and the market risk premiums typically used by valuations practitioners. The risk adjusted discount rate is also based on typical leverage ratios of telecommunications companies in each cash-generating units’ respective market or region. ​ Year ended 31 March 2022 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 is not recoverable. As a large owner of infrastructure and consumer of energy, the Group has exposure to climate change related risks such as energy cost increases, asset damage and service disruption. The long range plans used in the Group’s impairment testing include forecast energy costs and other costs that are embedded in the planning process to deliver the Group’s zero carbon targets. The long range plans also include capital expenditure in relation to the Group’s use of durable and energy efficient infrastructure and the costs of the Group’s extensive and ongoing network maintenance programme. Furthermore, the Group will continue to develop strong reactive initiatives to manage the unpredictable impacts of future climate-related risks. Climate change, therefore, has not had a material impact on the outcome of the Group’s impairment testing and the Group will continue to refine its approach to modelling climate-related risks and opportunities in the value in use calculations. As the war in Ukraine continues, it is challenging to predict the full extent and duration of its impact on the economy and the Group’s businesses. However, to assess a potential impact of this on the Group’s impairment testing, management prepared scenario analysis based on adjustments to the long range plans for high level estimates of market risks impacted by the war. This analysis did not indicate a risk of impairment at 31 March 2022. Management will update the cash flows and assumptions used in the Group’s impairment testing at future reporting dates with latest best estimates. No impairments were recognised for the Group’s cash generating units during the year to 31 March 2022. Value in use assumptions The table below shows key assumptions used in the value in use calculations, and separately presented cash generating units for which the carrying amount of goodwill is significant in comparison with the Group's total carrying amount of goodwill: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculation ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ ​ Germany Italy Germany Other ​ ​ % % ​ % ​ % Pre-tax risk adjusted discount rate ​ 7.4 9.3 6.1 6.2 - 22.5 Long-term growth rate ​ 0.5 1.5 1.5 1.0 - 8.9 Projected adjusted EBITDAaL 1 ​ (0.1) (0.2) 11.0 (5.4) - 13.0 Projected capital expenditure 2 ​ 19.6 - 21.8 15.0 - 16.3 32.0 - 62.1 10.0 - 51.4 ​ Sensitivity analysis The estimated recoverable amounts of the Group’s operations in Germany, Italy, the UK and Spain exceed their carrying values by €7.3 billion, €0.4 billion, €1.3 billion and €0.1 billion respectively. However, if the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ Germany Italy UK Spain ​ ​ pps ​ pps ​ pps ​ pps Pre-tax risk adjusted discount rate ​ 1.4 0.3 1.3 0.1 Long-term growth rate ​ (1.4) (0.3) (1.5) (0.1) Projected adjusted EBITDAaL 1 ​ (4.1) (0.9) (3.1) (0.4) Projected capital expenditure 2 ​ 12.6 1.8 4.3 0.5 ​ Notes: 1 Projected Adjusted EBITDAaL is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the purposes of this disclosure Italy’s FY22 EBITDAaL excludes the TIM settlement. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. For the Group’s operations in Germany, Italy, the UK and Spain management has considered the following reasonably possible changes in pre-tax adjusted discount rate, adjusted EBITDAaL 1 Management has concluded that no reasonably possible or foreseeable change in projected capital expenditure 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ Germany ​ Italy ​ UK ​ Spain ​ €bn €bn €bn €bn Base case as at 31 March 2022 ​ 7.3 ​ 0.4 ​ 1.3 ​ 0.1 Change in pre-tax risk adjusted discount rate ​ ​ ​ ​ ​ ​ ​ ​ Decrease by 1pps ​ 14.9 ​ 1.7 ​ 2.8 ​ 1.0 Increase by 1pps ​ 1.7 ​ (0.7) ​ 0.3 ​ (0.6) Change in long-term growth rate ​ ​ ​ ​ ​ ​ ​ ​ Decrease by 1pps ​ 1.6 ​ (0.6) ​ 0.4 ​ (0.5) Increase by 1pps ​ 15.6 ​ 1.7 ​ 2.8 ​ 0.9 Change in projected adjusted EBITDAaL 1 ​ ​ ​ ​ ​ ​ ​ ​ Decrease by 5pps ​ (1.4) ​ (1.6) ​ (0.7) ​ (1.1) Increase by 5pps ​ 17.9 ​ 2.8 ​ 3.8 ​ 1.5 ​ Note: 1 Projected Adjusted EBITDAaL is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the purposes of this disclosure, EBITDAaL for Italy in the year ended 31 March 2022 excludes the TIM settlement. Year ended 31 March 2021 The disclosures below for the year ended 31 March 2021 are as previously disclosed in the 31 March 2021 Annual Report. Following the carve-out of Vodafone’s tower infrastructure to Vantage Towers A.G. (‘Vantage Towers’) during the year in Germany, Spain, Portugal, Ireland, Greece, Romania, Czech Republic and Hungary and the acquisitions by Vantage Towers of Vodafone UK’s 50% shareholding in Cornerstone Telecommunications Infrastructure Limited (‘CTIL’) and the remaining shareholding in the Vantage Towers Greece, management considers Vodafone’s operating companies and Vantage Tower’s operating companies in the affected geographical areas to represent two cash-generating units for the purpose of impairment testing as at 31 March 2021. Vodafone’s investment in Infrastrutture Wireless Italiane S.p.A. (‘INWIT’) was also transferred to Vantage Towers during the year. Goodwill has been allocated on a relative values basis to the Vantage Towers cash-generating units, where applicable, as part of the tower business carve out from Vodafone’s operations. The cash-generating units described below relate to Vodafone’s mobile and fixed line trading businesses, unless otherwise indicated as being part of Vantage Towers. Value in use assumptions The table below shows key assumptions used in the value in use calculations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ ​ % ​ % ​ % ​ % ​ % ​ % Pre-tax risk adjusted discount rate 7.4 10.5 9.2 7.7 9.9 6.0 Long-term growth rate 0.5 0.5 0.5 0.5 1.0 1.5 Projected adjusted EBITDAaL 1 1.2 2.1 4.9 0.5 0.9 8.4 Projected capital expenditure 2 19.7-21.5 14.4-15.9 15.7-17.6 12.6-15.1 12.3-15.2 39.1-56.2 ​ Notes: 1 Projected Adjusted EBITDAaL is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata adjustment has been made to true-up 31 March 2021 Adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The estimated recoverable amounts of the Group’s operations in Germany, Italy, Spain, Ireland, Romania and Vantage Towers Germany exceed their carrying values by €7.4 billion, €0.6 billion, €0.3 billion, €0.1 billion, €0.1 billion and €3.5 billion, respectively. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ pps pps pps pps pps pps Pre-tax risk adjusted discount rate ​ 1.3 0.7 0.4 0.7 0.7 5.2 Long-term growth rate ​ (1.3) (0.8) ​ (0.5) ​ (0.7) (0.9) (4.9) Projected adjusted EBITDAaL 1 ​ (4.0) (1.5) ​ (1.5) ​ (1.6) (1.9) (19.3) Projected capital expenditure 2 ​ 12.7 3.0 ​ 1.6 ​ 2.8 1.9 162.6 ​ Management considered the following reasonably possible changes in key assumptions for projected adjusted EBITDAaL 1 Management believes that no reasonably possible or foreseeable change in the pre-tax adjusted discount rate or projected capital expenditure 2 would cause the difference between the carrying value and recoverable amount for any cash-generating unit to be materially different from the base case disclosed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ €bn €bn €bn €bn €bn €bn Base case as at 31 March 2021 7.4 0.6 0.3 0.1 0.1 3.5 Change in projected adjusted EBITDAaL 1 Decrease by 5pps (1.6) (1.3) (0.6) (0.2) (0.1) 2.4 Increase by 5pps 18.2 2.9 1.4 0.5 0.3 5.0 Change in long-term growth rate Decrease by 1pps 1.5 (0.1) (0.3) – – 2.2 Increase by 1pps 16.0 1.6 1.0 0.3 0.2 6.1 ​ The carrying values for Vodafone UK, Portugal, Czech Republic, and Hungary include goodwill arising from acquisitions and/or the purchase of operating licences or spectrum rights. The recoverable amounts for these operating companies are also not materially greater than their carrying values and accordingly are disclosed below. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised in the year ended 31 March 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ UK Portugal Czech Republic Hungary ​ pps pps pps pps Pre-tax risk adjusted discount rate 0.8 0.9 1.2 0.3 Long-term growth rate (0.8) (1.0) (1.3) (0.4) Projected adjusted EBITDAaL 1 (1.7) (2.2) (3.0) (0.7) Projected capital expenditure 2 2.5 3.7 7.5 1.5 ​ Notes: 1 Projected adjusted EBITDAaL is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata adjustment has been made to true up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing . Year ended 31 March 2020 The disclosures below for the year ended 31 March 2020 are as previously disclosed in the 31 March 2020 Annual Report. For the year ended 31 March 2020, the Group recorded impairment charges of €0.8 billion, €0.6 billion, €0.1 billion and €0.1 billion with respect to the Group’s investments in Spain, Ireland, Romania and Vodafone Automotive respectively. The impairment charges relate solely to goodwill and are recognised in the consolidated income statement within operating profit/(loss). The recoverable amounts for Spain, Ireland, Romania and Vodafone Automotive are €5.6 billion, €1.2 billion, €0.9 billion and €0.0 billion respectively, and based on value in use calculations. The COVID-19 outbreak developed rapidly in early 2020. Many countries have required businesses to limit or suspend operations and implemented travel restrictions and quarantine measures. The measures taken to contain the virus have adversely affected economic activity and disrupted many businesses. As the outbreak continues to progress and evolve, it is extremely challenging to predict the full extent and duration of its impact on Vodafone’s businesses and the countries where Vodafone operates. Based on information available as at 31 March 2020, management made additional adjustments to the five year business plans used in the Group’s impairment testing in order to reflect the estimated impact. The impairment charges recognised and discussed immediately below, were based on expected cash flows after applying these adjustments. Challenging trading and economic conditions in Spain materialised in the prior financial year and management recognised an impairment charge following a reduction in projected cash flows. During the year ended 31 March 2020 there was an observable repositioning towards low-cost brands and competitive intensity within the multi-branded market was expected to remain elevated in the medium term. These factors led to management projecting lower cash flows and recognising an impairment charge with respect to the Group’s investment in Spain. The impairment charge recognised with respect to Ireland was attributable to increased competition and the aforementioned increased economic uncertainty. As a consequence, growth and ARPUs were expected to be lower. Management reflected these assumptions in expected cash flows. The impairment charges recognised with respect to Romania and Vodafone Automotive reflect management’s latest assessment of likely trading and economic conditions in the five year business plan. Management’s view of the long-term potential in these markets remains unchanged. The European Liberty Global assets acquired in July 2019 were subsumed within existing cash-generating units in Germany, Czech Republic, Hungary and Romania. The primary reason for acquiring the businesses was to create a converged national provider of digital infrastructure in Germany, together with creating converged communications operators in the Czech Republic, Hungary and Romania. Following the integration of the acquired businesses, management considered the cash flows within these cash-generating units to be largely interdependent and monitors performance on a country-level basis. On 31 March 2020, the Group merged its passive tower infrastructure in Italy with INWIT. On the date of the merger, management monitored performance of its operations in Italy on a country-wide basis and considered Vodafone Italy, including its passive tower infrastructure, to be one cash-generating unit for the purpose of impairment testing as at 31 March 2020. No impairment in relation to Vodafone Italy would be necessary if impairment testing was performed on a post-merger basis at 31 March 2020. Value in use assumptions The table below shows key assumptions used in the value in use calculations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculation ​ ​ ​ ​ ​ ​ Vodafone ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Automotive ​ ​ % % % % % % Pre-tax risk adjusted discount rate 7.5 ​ 10.3 ​ 9.2 ​ 7.6 ​ 10.2 ​ 9.1 Long-term growth rate 0.5 ​ 0.5 ​ 0.5 ​ 0.5 ​ 1.0 ​ 1.9 Projected adjusted EBITDAaL 1 3.8 ​ 0.2 ​ 8.2 ​ 3.0 ​ 8.0 ​ 31.3 Projected capital expenditure 2 20.1-20.7 ​ 12.5-13.4 ​ 16.2-18.1 ​ 10.7-15.2 ​ 13.7-18.5 ​ 14.1-23.4 ​ Notes: 1 Projected Adjusted EBITDAaL is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. ​ Sensitivity analysis The estimated recoverable amount of the Group’s operations in Germany and Italy exceed their carrying values by €6.6 billion and €1.8 billion respectively. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2020. ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to ​ equal recoverable amount ​ ​ Germany ​ Italy ​ ​ pps ​ pps Pre-tax risk adjusted discount rate 1.1 1.7 Long-term growth rate (1.0) (2.0) Projected adjusted EBITDAaL 1 (3.2) (3.1) Projected capital expenditure 2 11.4 7.9 ​ Management considered the following reasonably possible changes in the key adjusted EBITDAaL 1 Management believes that no reasonably possible or foreseeable change in the pre-tax adjusted discount rate or projected capital expenditure 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value (prior to recognition of impairment charges) ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ €bn €bn €bn €bn €bn Base case as at 31 March 2020 6.6 1.8 (0.8) (0.6) (0.1) Change in projected adjusted EBITDAaL 1 Decrease by 5pps (3.3) (1.0) (2.3) (1.1) (0.3) Increase by 5pps 18.4 5.1 0.9 – 0.1 Change in long-term growth rate Decrease by 1pps 0.2 0.8 (1.5) (0.8) (0.2) Increase by 1pps 15.8 3.0 – (0.4) – ​ The carrying values for Vodafone UK, Portugal, Czech Republic and Hungary include goodwill arising from acquisitions and/or the purchase of operating licences or spectrum rights. While the recoverable amounts for these operating companies are not materially greater than their carrying value, each has a lower risk of giving rise to an impairment that would be material to the Group given their relative size or the composition of their carrying value. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised in the year ended 31 March 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ UK Portugal Czech Republic Hungary ​ ​ pps ​ pps ​ pps ​ pps Pre-tax risk adjusted discount rate 1.1 1.5 1.7 1.9 Long-term growth rate (1.3) (1.6) (1.8) (2.2) Projected adjusted EBITDAaL 1 (2.3) (3.4) (4.0) (3.9) Projected capital expenditure 2 4.5 7.1 12.5 9.1 ​ Notes: 1 Projected adjusted EBITDAaL is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. VodafoneZiggo The recoverable amount for VodafoneZiggo is not materially greater than its carrying value. If adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration in the operations of VodafoneZiggo and the entity’s expected future cash flows, this may lead to an impairment loss being recognised.

Investment income and financing

Investment income and financing costs	12 Months Ended
	Mar. 31, 2022
Investment income and financing costs
Investment income and financing costs	5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Investment income Financial assets measured at amortised cost 249 306 157 Financial assets measured at fair value through profit and loss 5 24 91 ​ 254 330 248 Financing costs Financial liabilities measured at amortised cost ​ ​ Bonds ​ 1,546 ​ 1,722 ​ 1,580 Lease liabilities ​ 398 ​ 374 ​ 330 Bank loans and other liabilities 1 469 463 626 Interest on derivatives (428) (485) (354) Mark-to-market on derivatives (341) (1,070) 1,162 Financial assets measured at fair value through profit and loss ​ 36 ​ – ​ – Foreign exchange 284 23 205 ​ 1,964 1,027 3,549 Net financing costs 1,710 697 3,301 ​ Note: 1 Interest capitalised for the year ended 31 March 2022 was €17 million (2021: €17 million, 2020: €25 million) ​ ​ ​ ​ ​

Taxation

Taxation	12 Months Ended
	Mar. 31, 2022
Taxation
Taxation	6. Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future. Accounting policies Income tax expense represents the sum of the current and deferred taxes. Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date. The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Income tax expense ​ €m ​ €m ​ €m United Kingdom corporation tax expense/(credit): Current year 22 24 42 Adjustments in respect of prior years 17 3 (6) ​ 39 27 36 Overseas current tax expense/(credit): ​ ​ ​ Current year 993 872 900 Adjustments in respect of prior years 81 (30) 80 ​ 1,074 842 980 Total current tax expense 1,113 869 1,016 Deferred tax on origination and reversal of temporary differences: ​ ​ ​ United Kingdom deferred tax (791) (94) (318) Overseas deferred tax 1,008 3,089 552 Total deferred tax expense 217 2,995 234 Total income tax expense 1,330 3,864 1,250 ​ UK operating profits are more than offset by statutory allowances for capital investment in the UK network and systems plus ongoing interest costs including those arising from the €10.7 billion of spectrum payments to the UK government in 2000, 2013 and 2018. Tax charged/(credited) directly to other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Current tax – (17) (26) Deferred tax 648 (1,009) 830 Total tax charged/(credited) directly to other comprehensive income 648 (1,026) 804 ​ Tax credited directly to equity ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Deferred tax – (2) – Total tax credited directly to equity – (2) – ​ Factors affecting the tax expense for the year The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ ​ ​ ​ (restated)* ​ ​ Continuing profit before tax as shown in the consolidated income statement 3,954 4,400 795 ​ ​ ​ ​ ​ ​ ​ Aggregated expected income tax expense 1,191 1,124 226 Impairment losses with no tax effect – – 332 Disposal of Group investments (1) (8) (332) (1,113) Effect of taxation of associates and joint ventures, reported within profit before tax (66) 56 728 Deferred tax charge/(credit) following revaluation of investments in Luxembourg 1,455 2,120 * (348) Previously unrecognised temporary differences we expect to use in the future, including in Luxembourg (708) (45) (14) Previously recognised temporary differences and losses we no longer expect to use in the future 74 699 * – Current year temporary differences (including losses) that we currently do not expect to use 116 170 352 Adjustments in respect of prior year tax liabilities 13 (10) (86) Impact of tax credits and irrecoverable taxes 74 90 52 Deferred tax on overseas earnings 2 – 3 Effect of current year changes in statutory tax rates on deferred tax balances (2) (667) (45) 757 Financing costs not deductible/(taxable) for tax purposes ​ 46 ​ (62) ​ 174 Revaluation of assets for tax purposes in Italy and Turkey ​ (357) ​ – ​ – Expenses not deductible for tax purposes 165 99 187 Income tax expense 1,330 3,864 1,250 ​ Notes: * During the year ended 31 March 2022, we revised the calculation of certain impairment reversals recognised by our Luxembourg holding companies for the year ended 31 March 2021; this had no impact on the amount of deferred tax assets recognised at that date but has changed the amount of our unrecognised deferred tax assets by €0.7 billion (unrecognised losses of €2.8 billion).. Further details can be found on page 158. We have adjusted certain 31 March 2021 disclosures as denoted by an *. 1 2021 includes the tax exempt gains relating to the TPG Telecom Limited merger in Australia and Indus Towers Limited in India. 2020 relates to tax exempt disposal gains on Vodafone New Zealand, Vodafone Malta and the merger of the Italian towers with INWIT. 2 2022 includes the increase in future UK tax rate to 25% . 2020 includes the impact of a lower corporate tax rate in Luxembourg and the retention of the 19% corporate tax rate in the UK. ​ Deferred tax Analysis of movements in the net deferred tax asset balance during the year: ​ ​ ​ ​ ​ €m 1 April 2021 19,474 Foreign exchange movements (29) Charged to the income statement (217) Charged directly to OCI (648) Charged directly to equity – Arising on acquisitions and disposals (11) 31 March 2022 1 18,569 ​ Deferred tax assets and liabilities, before offset of balances within countries, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Net ​ ​ credited/ ​ ​ ​ ​ ​ ​ ​ recognised ​ ​ (expensed) ​ Gross ​ Gross ​ Less ​ deferred tax ​ ​ in income ​ deferred ​ deferred tax ​ amounts ​ (liability)/ ​ ​ statement ​ tax asset ​ liability ​ unrecognised ​ asset ​ ​ €m ​ €m ​ €m ​ €m ​ €m Accelerated tax depreciation 672 2,589 (1,361) (58) 1,170 Intangible assets 643 666 (1,801) 11 (1,124) Tax losses (1,450) 28,977 – (10,341) 18,636 Treasury related items (90) 616 (372) (562) (318) Temporary differences relating to revenue recognition ​ (9) ​ 3 ​ (666) ​ – ​ (663) Temporary differences relating to leases (3) 1,754 (1,577) – 177 Other temporary differences ​ 20 ​ 1,148 ​ (379) ​ (78) ​ 691 31 March 2022 1 (217) 35,753 (6,156) (11,028) 18,569 ​ Analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 19,089 Deferred tax liability (520) 31 March 2022 1 18,569 ​ At 31 March 2021, deferred tax assets and liabilities, before offset of balances within countries, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Net ​ ​ credited/ ​ ​ ​ ​ ​ ​ ​ recognised ​ ​ (expensed) ​ Gross ​ Gross ​ Less ​ deferred tax ​ ​ in income ​ deferred ​ deferred tax ​ amounts ​ (liability)/ ​ ​ statement ​ tax asset* ​ liability* ​ unrecognised* ​ asset ​ ​ €m ​ €m ​ €m ​ €m ​ €m Accelerated tax depreciation 716 2,331 (2,034) (9) 288 Intangible assets 336 434 (1,938) 13 (1,491) Tax losses (3,292) 30,490 – (10,400) 20,090 Treasury related items (9) 761 (37) (392) 332 Temporary differences relating to revenue recognition ​ (84) ​ 3 ​ (651) ​ – ​ (648) Temporary differences relating to leases (34) 1,758 (1,568) – 190 Other temporary differences ​ (627) ​ 1,095 ​ (335) ​ (47) ​ 713 31 March 2021 1 (2,994) 36,872 (6,563) (10,835) 19,474 ​ At 31 March 2021, analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 21,569 Deferred tax liability (2,095) 31 March 2021 1 19,474 ​ Note: 1 The Group does not discount deferred tax assets. This is in accordance with IAS 12. Factors affecting the tax charge in future years The Group’s future tax charge, and effective tax rate, could be affected by several factors including; tax reform in countries around the world, including any arising from the OECD’s or European Commission’s work on the taxation of the digital economy and European Commission initiatives such as the proposed tax and financial reporting directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues (see below). On 25 April 2019, the European Commission published its full decision in relation to its investigation into the ‘group financing exemption’ (GFE) in the UK’s controlled foreign company rules and whether the GFE constituted unlawful State Aid. It concluded the GFE does not constitute unlawful state aid when the managing of the financing activities is outside the UK. We consider that the Group’s Luxembourg financing activities are properly established and operate in accordance with EU and local law as well as the OECD’s transfer pricing guidelines and on 27 May 2021 the UK tax authorities confirmed it reached the view Vodafone was not in receipt of any state aid relating to the GFE. The European Commission has indicated it agrees with this conclusion The Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group considers each issue on its merits and, where appropriate, holds provisions in respect of the potential tax liability that may arise. As at 31 March 2022, the Group holds provisions for such potential liabilities of €463 million (2021: €606 million). These provisions relate to multiple issues, across the jurisdictions in which the Group operates. The reduction during the year is primarily a result of the closure of state tax audits in the US. As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the amount ultimately paid may differ materially from the amount accrued and could therefore affect the Group's overall profitability and cash flows in future periods. See Note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. At 31 March 2022, the gross amount and expiry dates of losses available for carry forward are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ ​ ​ 5 years ​ 6 years ​ Unlimited ​ Total ​ ​ €m ​ €m ​ €m ​ €m Losses for which a deferred tax asset is recognised 19 ​ 259 ​ 79,848 ​ 80,126 Losses for which no deferred tax is recognised 334 ​ 13,162 ​ 23,928 ​ 37,424 ​ 353 ​ 13,421 ​ 103,776 ​ 117,550 ​ At 31 March 2021, the gross amount and expiry dates of losses available for carry forward were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ ​ ​ 5 years ​ 6 years ​ Unlimited* ​ Total ​ ​ €m ​ €m ​ €m ​ €m Losses for which a deferred tax asset is recognised 63 ​ 222 ​ 86,623 ​ 86,908 Losses for which no deferred tax is recognised 245 ​ 13,217 ​ 26,290 ​ 39,752 ​ 308 ​ 13,439 ​ 112,913 ​ 126,660 ​ Deferred tax assets on losses in Luxembourg Included in the table above are losses of €65,348 million (2021: €72,552 million*) that have arisen in Luxembourg companies. A deferred tax asset of €16,298 million (2021: €17,394 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits in the future against which we can utilise these losses. These tax losses principally arose from historical impairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses arose prior to the 2017 tax reform in Luxembourg and are available to carry forward indefinitely. The Luxembourg companies hold investments in the Group’s operating companies which are assessed for impairment for local GAAP financial statements using the Group’s recoverable value calculations (see Note 4 ‘Impairment losses’). The recognition or reversal of impairments is recorded in the local GAAP financial statements and therefore the carrying values and valuation methodology differs from the goodwill assessment for the Group’s consolidated financial statements. This assessment can give rise to tax deductible impairments or taxable reversals of previous impairments. Following the 2017 tax reform in Luxembourg, tax losses expire after 17 years and are only used after any pre-existing losses. In the year ended 31 March 2020 the Luxembourg companies had tax deductible impairments resulting in additional tax losses. No deferred tax asset is recognised for these losses on the basis that they are not forecast to be used prior to the expiry of their 17 year life. In a period where pre-existing tax losses are not utilised due to impairments arising the forecast utilisation timeframe extends by one year . The reversal of impairments can result in a significant reduction to our deferred tax assets and the period over which these assets can be utilised. In the year ended 31 March 2022 a reversal of previous impairments of €6 billion (2021: €9 billion* - previously €12 billion) has arisen in Luxembourg. This represents taxable income against which the brought forward losses can be used. This is the main driver of the reduction in the losses, and the associated deferred tax asset, compared to the prior period. The Luxembourg companies’ recurring profits are derived from the Group’s internal financing, centralised procurement, and international roaming activities. These activities have consistently generated taxable profits of over €1bn per annum throughout their existence. The Group has reviewed the latest 5 year forecasts for the Luxembourg companies, including their ability to continue to generate income beyond this period. The forecasts consider the impact of the current market conditions on the existing financing activities, including the current view of interest rates, levels of intragroup financing, as well as the future profits generated from the procurement and roaming activities. The valuations take into account all information at the balance sheet date and the Group does not forecast potential future impairments or reversals of impairments. This assessment also included a review of the commercial structures supporting the profits generated from these activities and considered the factors, under the Group’s control, which could impact the ability of these activities to generate taxable profits. We have assessed that the current structure continues to be sustainable under the tax laws substantively enacted at the balance sheet date and the Group’s intentions to keep these activities in Luxembourg remains unchanged. Based on the current forecasts, €3,546 million (2021: €2,881 million) of the deferred tax asset is forecast to be used within the next 10 years, and €6,953 million (2021: €4,891 million) used within 20 years. The losses are projected to be fully utilised over the next 45 to 48 years. The decrease in the recovery period over the prior year is principally a result of higher interest rates, driving margins up on existing financing activities combined with the reversal of previously tax deductible impairments. These same factors also meant the Group recognised €699m of previously unrecognised deferred tax asset as the latest forecast show these losses will be used within 60 years. The Group previously did not recognise the asset as the losses were forecast to be used beyond 60 years. An increase or decrease in the forecast income in Luxembourg in each year of 5%-10% would change the period over which the losses will be fully utilised by 2 to 5 years. The Group uses a change in forecast income to understand the impact that a change in interest rates or level of debt advanced by the Luxembourg companies could have on the recovery period of the losses. Any future changes in tax law, including those driven by OECD, EU or domestic tax reforms or the structure of the Group could have a significant effect on the use of the Luxembourg losses, including the period over which these losses can be utilised. The Group has reviewed the OECD model rules and supporting commentary and does not anticipate a significant impact on its ability to continue to use our losses in Luxembourg. On the basis that future changes in tax laws are unknown, the profit forecasts assume that existing tax laws continue. Based on the above factors the Group concludes that it is probable that the Luxembourg companies will continue to generate taxable profits in the future against which it will use these losses. In addition to the above, €13,298 million (2021; €12,975 million) of the Group’s Luxembourg losses expire after 12 - 17 years and no deferred tax asset is recognised as they will expire before we can use these losses. The remaining losses do not expire. We also have €9,136 million (2021: €9,136 million) of Luxembourg losses in a former Cable & Wireless Worldwide Group company, for which no deferred tax asset has been recognised as it is uncertain whether these losses will be utilised. Deferred tax assets on losses in Germany The Group has tax losses of €13,955 million (2021: €16,296 million) in Germany arising on the write down of investments in Germany in 2000. The losses are available to use against both German federal and trade tax liabilities and they do not expire. A deferred tax asset of €2,170 million (2021: €2,529 million) has been recognised in respect of these losses as we conclude it is probable that the German business will continue to generate taxable profits in the future against which we can utilise these losses. The Group has reviewed the latest forecasts for the German business which incorporate the unsystematic risks of operating in the telecommunications business (see page 146). In the period beyond the 5 year forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the German business we believe it is probable the German losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 4 to 8 years. This period has decreased compared to the prior year as a result of restructuring the German businesses. A 5%-10% change in the forecast profits of the German business would alter the utilisation period by 1 year. Deferred tax assets on losses in Spain The Group has tax losses of €4,627 million (2021: €4,334 million) which are available to offset against the future profits of the Grupo Corporativo ONO business. The losses do not expire, and no deferred tax asset is recognised for these losses due to the trading environment in Spain. Deferred tax assets in Italy The Group has a recognised deferred tax asset of €411 million (2021: €162 million), including €71 million (2021: €27 million) relating to tax losses in Italy. The deferred tax asset increased in the year following a revaluation of the Italian business’s assets for tax purposes. The Italian business has historically been profitable and is forecasted to return to profitability, absent the impacts from the revaluation of assets, in the short term. Other tax losses The Group has losses amounting to €8,444 million (2021: €8,285 million) in respect of UK subsidiaries which are only available for offset against future capital gains and since it is uncertain whether these losses will be utilised, no deferred tax asset has been recognised, as in the prior year. The remaining losses relate to a number of other jurisdictions across the Group. There are also €2,365 million (2021: €2,092 million) of unrecognised temporary differences relating to treasury items and other items. Impact of climate risks The recovery of the Group’s deferred tax assets is dependent on its forecasts of future profitability and the climate related risks identified on page 148 have been considered in the Group’s assessment of the recovery of those assets. The Group does not expect the climate related risks to have an impact on the ability of Luxembourg to continue to provide the internal financing, procurement, and roaming activities to other members of the Group. Unremitted earnings No deferred tax liability has been recognised in respect of a further €8,599 million (2021: €7,522 million) of unremitted earnings of subsidiaries because the Group is in a position to control the timing of the reversal of the temporary difference, and it is probable that such differences will not reverse in the foreseeable future. It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings.

Discontinued operations and ass

Discontinued operations and assets held for sale	12 Months Ended
	Mar. 31, 2022
Discontinued operations and assets held for sale
Discontinued operations and assets held for sale	7. Discontinued operations and assets held for sale The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (‘assets’) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale; this also applies in respect of assets held by equity accounted associates and joint ventures. Where operations constitute a separately reportable segment (see note 2 ‘Revenue disaggregation and segmental analysis’) and have been disposed of, or are classified as held for sale, the Group classifies such operations as discontinued. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. Discontinued operations The Group did not have any discontinued operations in the year ended 31 March 2022 or the comparative years ended 31 March 2021 and 31 March 2020. Assets held for sale Assets held for sale at 31 March 2022 comprise the Group’s 21.0% interest in Indus Towers (2021: 28.1%). The Group’s interest in Indus Towers has been provided as security against both certain bank borrowings (see note 21 ‘Borrowings’) and partly to the pledges provided to the new Indus Towers entity under the terms of the merger between erstwhile Indus Towers and Bharti Infratel (see note 29 ‘Contingent liabilities and legal proceedings’). The relevant assets are detailed in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ €m €m Non-current assets Investments in associates and joint ventures ​ 959 ​ 1,257 Assets held for sale 959 1,257 ​

Earnings per share

Earnings per share	12 Months Ended
	Mar. 31, 2022
Earnings per share
Earnings per share	8. Earnings per share Basic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average number of shares in issue during the year. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Millions 2021 Millions 2020 Millions Weighted average number of shares for basic earnings per share 29,012 29,592 29,422 Effect of dilutive potential shares: restricted shares and share options 97 ​ 91 – Weighted average number of shares for diluted earnings per share 29,109 29,683 29,422 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ 2021 ​ 2020 ​ ​ ​ €m ​ ​ €m ​ €m ​ Profit/(loss) for earnings per share from continuing operations 2,088 ​ 112 (920) ​ Profit/(loss) for basic and diluted earnings per share 2,088 ​ 112 (920) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ eurocents ​ eurocents eurocents ​ Basic earnings/(loss) per share from continuing operations 7.20 c ​ 0.38 c (3.13) c ​ Basic earnings/(loss) per share ​ 7.20 c ​ 0.38 c (3.13) c ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ eurocents ​ ​ eurocents ​ eurocents ​ ​ Diluted earnings/(loss) per share from continuing operations ​ 7.17 c ​ 0.38 c (3.13) c ​ Diluted earnings/(loss) per share ​ 7.17 c ​ 0.38 c (3.13) c ​ ​

Equity dividends

Equity dividends	12 Months Ended
	Mar. 31, 2022
Equity dividends
Equity dividends	9. Equity dividends Dividends are one type of shareholder return, historically paid to our shareholders in February and August. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Declared during the financial year Final dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share, 2019: 4.16 eurocents per share) 1,254 1,205 1,112 Interim dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share) ​ 1,229 ​ 1,207 ​ 1,205 ​ ​ 2,483 ​ 2,412 ​ 2,317 Proposed after the end of the year and not recognised as a liability ​ ​ ​ ​ ​ ​ Final dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share) ​ 1,265 ​ 1,260 ​ 1,205 ​

Intangible assets

Intangible assets	12 Months Ended
	Mar. 31, 2022
Intangible assets.
Intangible assets	10. Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews. Licences and spectrum are amortised over the life of the licence. For further details see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation ‘ to the consolidated financial statements. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group completes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent, on management’s judgement. Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting period date. Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal. Finite lived intangible assets Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. Licence and spectrum fees Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence renewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives from the commencement of related network services. Computer software Computer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are recognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads. Software integral to an item of hardware equipment is classified as property, plant and equipment. Costs associated with maintaining software programs are recognised as an expense when they are incurred. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for use. Other intangible assets Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the income statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each class of intangible asset reflects the Group’s consumption of the economic benefit from that asset. Estimated useful lives The estimated useful lives of finite lived intangible assets are as follows: ​ ​ ​ ​ – Licence and spectrum fees 3 – 40 years – Computer software ​ 3 – 5 years – Brands ​ 1 – 10 years – Customer bases ​ 2 – 32 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licence and Computer Customer ​ ​ ​ ​ Goodwill ​ spectrum fees 1 ​ software ​ bases ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Cost ​ ​ 1 April 2020 99,170 32,691 16,768 ​ 11,964 453 161,046 Exchange movements 107 234 43 ​ 144 ​ 11 539 Arising on acquisition 87 – – ​ 200 – 287 Additions – 896 2,462 ​ 1 8 3,367 Disposals – (293) (1,651) ​ (1) (2) (1,947) Other – – 211 ​ – (4) 207 31 March 2021 99,364 33,528 17,833 ​ 12,308 466 163,499 Exchange movements ​ (21) ​ (148) ​ (60) ​ 80 ​ 1 ​ (148) Arising on acquisition ​ (10) ​ – ​ – ​ 54 ​ – ​ 44 Additions ​ – ​ 901 ​ 2,727 ​ – ​ 7 ​ 3,635 Disposals ​ – ​ (356) ​ (2,823) ​ – ​ (1) ​ (3,180) Other ​ – ​ 1 ​ 36 ​ – ​ (10) ​ 27 31 March 2022 ​ 99,333 ​ 33,926 ​ 17,713 ​ 12,442 ​ 463 ​ 163,877 Accumulated impairment losses and amortisation ​ ​ ​ 1 April 2020 67,792 20,360 11,737 ​ 6,705 443 107,037 Exchange movements (159) 255 3 ​ 131 11 241 Amortisation charge for the year ​ – ​ 1,721 ​ 2,210 ​ 488 ​ 2 ​ 4,421 Disposals – (293) (1,643) ​ – (1) (1,937) Other – – 189 ​ – (1) 188 31 March 2021 67,633 22,043 12,496 ​ 7,324 454 109,950 Exchange movements ​ (184) ​ (35) ​ (72) ​ 70 ​ 1 ​ (220) Amortisation charge for the year ​ – ​ 1,306 ​ 2,225 ​ 509 ​ 4 ​ 4,044 Disposals ​ – ​ (351) ​ (2,821) ​ – ​ (1) ​ (3,173) Other ​ – ​ – ​ 39 ​ – ​ (7) ​ 32 31 March 2022 ​ 67,449 ​ 22,963 ​ 11,867 ​ 7,903 ​ 451 ​ 110,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ 31 March 2021 31,731 11,485 5,337 ​ 4,984 12 53,549 31 March 2022 ​ 31,884 ​ 10,963 ​ 5,846 ​ 4,539 ​ 12 ​ 53,244 ​ Note: 1 Includes €229 million in relation to licences and spectrum issued in the UK, which was settled from a deposit made in the year ended 31 March 2021 as part of the auction process. The consolidated statement of cash flows for the year ended 31 March 2022 includes a return of €167 million in relation to the portion of the deposit refunded. ​ For licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line within the consolidated income statement. Included in the net book value of computer software are assets in the course of construction, which are not depreciated, with a cost of €1,955m (2021: €1,541m). The net book value and expiry dates of the most significant licences are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ Expiry dates ​ €m ​ €m Germany 2025/2033/2040 3,270 3,564 Italy 2029/2037 3,415 3,429 UK 2023/2033/2038/2041 1,209 1,383 Spain ​ 2028/2030/2031/2038/2041 ​ 809 ​ 567 ​ The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of the Group’s most significant spectrum licences can be found on page 247.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Mar. 31, 2022
Property, plant and equipment
Property, plant and equipment	11. Property, plant and equipment The Group makes significant investments in network equipment and infrastructure – the base stations and technology required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over their useful economic lives. For further details on the estimation of useful economic lives, see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation ‘to the consolidated financial statements. Accounting policies Land and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any accumulated impairment losses. Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as follows: Land and buildings ​ ​ ​ – Freehold buildings 25 - 50 years – Leasehold premises ​ the term of the lease ​ Equipment, fixtures and fittings ​ ​ ​ – Network infrastructure and other 1 - 35 years ​ Depreciation is not provided on freehold land. Right-of-use assets arising from the Group's lease arrangements are depreciated over their reasonably certain lease term, as determined under the Group's leases policy (see note 20 ‘Leases’ and ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details). The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income statement. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, ​ ​ ​ Land and ​ fixtures ​ ​ ​ ​ buildings ​ and fittings ​ Total ​ ​ €m ​ €m ​ €m Cost 1 April 2020 2,261 72,305 74,566 Exchange movements 25 188 213 Arising on acquisition 74 19 93 Additions 47 5,666 5,713 Disposals (100) ​ (2,512) (2,612) Other 8 308 316 31 March 2021 2,315 75,974 78,289 Exchange movements ​ 1 ​ (265) ​ (264) Arising on acquisition ​ (74) ​ 44 ​ (30) Additions ​ 41 ​ 5,845 ​ 5,886 Disposals ​ (200) ​ (2,280) ​ (2,480) Other ​ 263 ​ 2 ​ 265 31 March 2022 ​ 2,346 ​ 79,320 ​ 81,666 Accumulated depreciation and impairment 1 April 2020 1,269 44,933 46,202 Exchange movements 8 114 122 Charge for the year 39 5,727 5,766 Disposals (97) (2,448) (2,545) Other (3) 77 74 31 March 2021 1,216 48,403 49,619 Exchange movements ​ 3 ​ (171) ​ (168) Charge for the year ​ 117 ​ 5,740 ​ 5,857 Disposals ​ (191) ​ (2,240) ​ (2,431) Other ​ 224 ​ (223) ​ 1 31 March 2022 ​ 1,369 ​ 51,509 ​ 52,878 Net book value 31 March 2021 1,099 27,571 28,670 31 March 2022 ​ 977 ​ 27,811 ​ 28,788 ​ Included in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course of construction, which are not depreciated, with a cost of €12 million (2021: €15 million) and €2,353 million (2021: €2,243 million) respectively. Also included in the book value of equipment, fixtures and fittings are assets leased out by the Group under operating leases, with a cost of €2,998 million (2021: €2,930 million), accumulated depreciation of €2,050 million (2021: €1,828 million) and net book value of €948 million (2021: €1,102 million). Right-of-use assets arising from the Group’s lease arrangements are recorded within property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ €m ​ €m Property, plant and equipment (owned assets) 28,788 28,670 Right-of-use assets 1 12,016 12,573 31 March 40,804 41,243 ​ Note: 1 Additions of €3,828 million (2021: €5,306 million) and a depreciation charge of €3,944 million (2021: €3,914 million) were recorded in respect of right-of-use assets during the year to 31 March 2022 .

Investments in associates and j

Investments in associates and joint arrangements	12 Months Ended
	Mar. 31, 2022
Investments in associates and joint arrangements.
Investments in associates and joint arrangements	12. Investments in associates and joint arrangements The Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a number of joint arrangements in the UK, Italy, the Netherlands, India and Australia, where we share control with one or more third parties. For further details see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation ‘to the consolidated financial statements. Accounting policies Interests in joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint operations or joint ventures. Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis. Any goodwill arising on the acquisition of the Group’s interest in a joint operation is accounted for in accordance with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary. Joint ventures A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 ‘Discontinued operations and assets and liabilities held for sale’), are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above. Joint operations The Company’s principal joint operation has share capital consisting solely of ordinary shares and is indirectly held, and principally operates in the UK. The financial and operating activities of the operation are jointly controlled by the participating shareholders and are primarily designed for all but an insignificant amount of the output to be consumed by the shareholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of ​ Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholding 1 ​ shareholding 1 Name of joint operation ​ Principal activity ​ registration ​ 2022 ​ 2021 Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK ​ 50.0 50.0 ​ Note: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. Joint ventures and associates ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Investments in joint ventures 3,781 4,249 Investments in associates 487 421 31 March 4,268 4,670 ​ Joint ventures The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholdings 1 ​ shareholdings 1 Name of joint venture ​ Principal activity ​ registration ​ 2022 ​ 2021 Infrastructture Wireless Italiane (INWIT) S.p.A. 2 ​ Network infrastructure ​ Italy ​ 33.2 ​ 33.2 VodafoneZiggo Group Holding B.V. Network operator Netherlands ​ 50.0 50.0 TPG Telecom Limited 3 ​ Network operator ​ Australia ​ 25.1 ​ 25.1 Vodafone Idea Limited 4 ​ Network operator ​ India ​ 47.6 ​ 44.4 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2022 the fair value of the Group’s interest in INWIT S.p.A. was €3,238 million (2021: €3,026 million) based on the quoted share price on the Milan Stock Exchange. 3 At 31 March 2022 the fair value of the Group’s interest in TPG Telecom Limited was AUD 2,818 million ( €1,902 million) (2021: AUD 2,948 million ( €1,911 million)) based on the quoted share price on ASX. 4 At 31 March 2022 the fair value of the Group’s interest in Vodafone Idea Limited was INR 148 billion ( €1,750 million) (2021: INR 118 billion ( €1,373 million)) based on the quoted share price on the National Stock Exchange of India. Vodafone Idea Limited The Group’s carrying value in Vodafone Idea Limited (‘VIL’) reduced to €nil at 30 September 2019. The Group’s share of VIL’s losses not recognised at 31 March 2022 is €5,120 million (31 March 2021: €3,562 million). Significant uncertainties exist in relation to VIL’s ability to generate the cash flow it requires to settle or its ability to refinance its liabilities and guarantees as they fall due (see note 29 ‘Contingent liabilities and legal proceedings’). The value of the Group’s 21.0% shareholding in Indus Towers Limited is, in part, dependent on the income generated by Indus Towers Limited from tower rentals to major customers, including VIL. Any inability of these major customers to pay such amounts in the future may result in an impairment in the carrying value (31 March 2022: €1.0 billion) of the Group’s investment in Indus Towers Limited. TPG Telecom Limited TPG Telecom Limited is listed on the Australian Securities Exchange (‘ASX’). Vodafone and Hutchison Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables below includes debt held within the structure that holds the Group’s interest in TPG. The following table provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the income statement, statement of comprehensive income and statement of financial position. INWIT S.p.A. Financial information presented for INWIT S.p.A. for the years to 31 March 2022 and 31 March 2021 is based on INWIT S.p.A’s financial results and financial position as at 31 December 2021 and 31 December 2020, respectively, being the latest financial information available to the Group on completing the financial statements for each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from ​ ​ Investment in joint ventures ​ continuing operations 2 ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m INWIT S.p.A. 2,851 2,920 27 3 – VodafoneZiggo Group Holding B.V. ​ 822 ​ 1,190 ​ (19) ​ (232) ​ (64) TPG Telecom Limited 1 ​ 84 ​ 104 ​ (5) ​ 98 ​ (35) Indus Towers Limited – – – – 19 Vodafone Idea Limited – – – – (2,546) Other 24 35 (14) (15) (125) Total 3,781 4,249 (11) (146) (2,751) ​ Notes: 1 Amounts presented reflect Vodafone Hutchison Australia Pty Limited results only until the date of the merger with TPG Telecom Limited on 26 June 2020, subsequent of which the combined results are presented. 2 Total Other comprehensive (expense)/income is not materially different to profit/(loss) from continuing operations. Summarised financial information Summarised financial information for each of the Group’s material joint ventures on a 100% ownership basis is set out below. Financial information presented for the year to, and as at 31 March 2021, has been updated to reflect the release of full year financial information by VIL. As disclosed above, the Group’s investment in VIL was reduced to €nil in the year ended 31 March 2020 and the Group has not recorded any profit or loss in respect of its share of VIL’s results since that date. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ ​ VodafoneZiggo Group Holding B.V. ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 785 ​ 562 ​ – 4,056 4,010 3,948 Operating expenses ​ (70) ​ (46) ​ – ​ (2,104) ​ (2,058) ​ (2,163) Depreciation and amortisation (513) ​ (398) ​ – (1,592) (1,658) (1,528) Other income ​ – ​ – ​ – ​ – ​ 25 ​ – Operating profit ​ 202 ​ 118 ​ – ​ 360 ​ 319 ​ 257 Interest income – ​ – ​ – – – – Interest expense (90) ​ (101) ​ – (276) (658) (343) Profit/(loss) before tax ​ 112 ​ 17 ​ – ​ 84 ​ (339) ​ (86) Income tax expense (30) ​ (7) ​ – (121) (125) (42) Profit/(loss) from continuing operations 1 82 ​ 10 ​ – (37) (464) (128) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPG Telecom Limited ​ Vodafone Idea Limited ​ 2022 ​ 2021 ​ 2020 2022 2021 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ Revenue 3,375 ​ 3,010 ​ 2,108 4,450 4,847 5,704 Operating expenses (2,292) ​ (2,096) ​ (1,489) (2,802) (3,133) (4,938) Depreciation and amortisation (914) ​ (769) ​ (508) (2,390) (2,442) (2,426) Other income – ​ – ​ – (34) (2,135) (6,627) Operating profit/(loss) 169 ​ 145 ​ 111 (776) (2,863) (8,287) Interest income – ​ 1 ​ 4 14 32 147 Interest expense (122) ​ (201) ​ (256) (2,297) (2,035) (1,740) Profit/(loss) before tax 47 ​ (55) ​ (141) (3,059) (4,866) (9,880) Income tax (expense)/credit ​ (27) ​ 495 ​ – ​ 2 ​ – ​ – Profit/(loss) from continuing operations 1 20 ​ 440 ​ (141) (3,057) (4,866) ​ (9,880) ​ Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. VodafoneZiggo Group Holding B.V. ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position ​ Non-current assets 14,532 14,422 16,521 16,978 Current assets 270 256 739 911 Total assets 14,802 14,678 17,260 17,889 Equity shareholders’ funds 8,595 8,801 1,643 2,380 Non-current liabilities 5,672 5,536 13,187 13,025 Current liabilities 535 341 2,430 2,484 Cash and cash equivalents within current assets 96 120 190 330 Non-current liabilities excluding trade and other payables and provisions 5,420 5,314 13,007 12,466 Current liabilities excluding trade and other payables and provisions 319 185 1,282 1,154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPG Telecom Limited Vodafone Idea Limited 1 ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position Non-current assets 10,638 10,272 17,267 17,975 Current assets 898 679 2,693 2,648 Total assets 11,536 10,951 19,960 20,623 Equity shareholders’ funds 3,129 3,121 (10,214) (7,457) Non-current liabilities 7,227 6,884 23,266 20,769 Current liabilities 1,180 946 6,908 7,315 Cash and cash equivalents within current assets 435 268 365 260 Non-current liabilities excluding trade and other payables and provisions 7,173 6,825 23,241 14,187 Current liabilities excluding trade and other payables and provisions 121 83 3,334 3,914 ​ Note: 1 Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 ‘Contingent liabilities and legal proceedings’ for more detail. The Group received dividends in the year ended 31 March 2022 from VodafoneZiggo Group Holding B.V. of €350 million (2021: €209 million, 2020: €148 million), from INWIT S.p.A of €96 million (2021: €42 million, 2020: €nil) and from TPG Telecom Ltd of €22 million (2021: €nil, 2020: nil). Reconciliation of summarised financial information The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ VodafoneZiggo Group Holding B.V. ​ 2022 2021 2020 2022 2021 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Equity shareholders’ funds 8,595 8,801 ​ 1,643 2,380 ​ Interest in joint ventures 1 2,851 2,920 ​ 822 1,190 ​ Carrying value ​ 2,851 ​ 2,920 ​ ​ ​ 822 ​ 1,190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from continuing operations ​ 82 ​ 10 ​ – ​ (37) ​ (464) ​ (128) Share of profit/(loss) 1 ​ 27 ​ 3 ​ – ​ (19) ​ (232) ​ (64) Share of profit/(loss) 27 3 – (19) (232) (64) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPG Telecom Limited ​ Vodafone Idea Limited ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ 2021 ​ 2020 ​ €m €m €m €m €m €m Equity shareholders’ funds/(deficit) 3,129 3,121 ​ (10,214) (7,457) ​ Interest in joint ventures 1 27 ​ 50 ​ ​ (4,863) ​ (3,310) ​ ​ Impairment – ​ – ​ ​ (257) ​ (252) ​ ​ Goodwill 57 ​ 54 ​ ​ – ​ – ​ ​ Investment proportion not recognised – ​ – ​ ​ 5,120 ​ 3,562 ​ ​ Carrying value 84 104 ​ – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from continuing operations 20 ​ 440 ​ (141) (3,057) ​ (4,866) ​ (9,880) Share of (loss)/profit 1 ​ (5) ​ 98 ​ (70) ​ (1,357) ​ (2,160) ​ (4,386) Share of loss not recognised – ​ – ​ 35 1,357 ​ 2,160 ​ 1,840 Share of (loss)/profit 1 (5) ​ 98 ​ (35) – ​ – ​ (2,546) ​ Note: 1 The Group’s effective ownership percentages of Vodafone Idea Limited, VodafoneZiggo Group Holding B.V., Inwit S.p.A. and TPG Telecom Limited are 47.6% , 50.0% , 33.2% and 25.1% respectively, rounded to the nearest tenth of one percent. Associates Unless otherwise stated, the Company’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholding 1 shareholding 1 Name of associate ​ Principal activity ​ registration ​ 2022 2021 Indus Towers Limited 2 ​ Network infrastructure ​ India ​ 21.0 ​ 28.1 Safaricom PLC 3 Network operator Kenya 40.0 ​ 40.0 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2022, the fair value of the Group’s interest in Indus Towers Limited was INR 126 billion ( €1,494 million) (2021: INR 186 billion ( €2,161 million)) based on the closing quoted share price on the National Stock Exchange of India. 3 At 31 March 2022, the fair value of the Group’s interest in Safaricom PLC was KES 546 billion ( €4,270 million) (2021: KES 580 billion ( €4,513 million)) based on the closing quoted share price on the Nairobi Stock Exchange. The Group also holds two non-voting shares. The tables below and overleaf provide aggregated financial information for the Group’s associates as it relates to the amounts recognised in the income statement, statement of comprehensive income and consolidated statement of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ Profit from continuing operations 1 ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Safaricom PLC ​ 428 ​ 421 ​ 217 ​ 217 ​ 247 Indus Towers Limited 1 ​ – ​ – ​ – ​ 274 ​ – Other ​ 59 ​ – ​ 5 ​ (3) ​ (1) Total 487 421 222 ​ 488 246 ​ Note: 1. Indus Towers Limited was classified as held for sale at 31 March 2022 and 31 March 2021. See note 7 'Discontinued operations and assets held for sale'. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Safaricom PLC ​ Indus Towers Limited ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 2,318 2,083 2,310 3,122 2,421 2,365 Operating expenses (1,164) (1,030) (1,122) (1,480) (1,247) (1,336) Depreciation and amortisation (309) (299) (295) (598) (477) (268) Other income/(expense) – – – – 412 (592) Operating profit 845 754 893 1,044 1,109 169 Interest income 9 12 26 – 61 32 Interest expense (59) (27) (18) (140) (194) (196) Profit before tax 795 739 901 904 976 5 Income tax (expense)/credit (270) (197) (282) (272) (168) 39 Profit from continuing operations and total comprehensive income ​ 525 ​ 542 ​ 619 ​ 632 ​ 808 ​ 44 Attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - Owners of the parent ​ 542 ​ 542 ​ 619 ​ 632 ​ 808 ​ 44 - Non-controlling interests (17) – – – – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of financial position Non-current assets 2,173 1,333 5,359 5,271 Current assets 510 438 1,685 1,198 Total assets 2,683 1,771 7,044 6,469 Equity shareholders' funds 1,066 1,045 3,774 3,083 Non-controlling interests ​ 312 ​ – ​ ​ ​ – ​ – ​ ​ Non-current liabilities 558 131 2,101 1,936 Current liabilities 747 595 1,169 1,450 Cash and cash equivalents within current assets 241 208 278 230 Non-current liabilities excluding trade and other payables and provisions 465 93 1,795 1,656 Current liabilities excluding trade and other payables and provisions 241 149 638 906 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity shareholders' funds 1,066 1,045 3,774 3,083 Interest in associates 425 418 794 867 Goodwill 3 3 261 342 Transferred to assets held for sale – – (959) (1,257) Investment proportion not recognised – – (96) 48 Carrying value 428 421 – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit from continuing operations 542 542 619 632 808 44 Share of profit 217 217 247 178 306 19 Share of profit not recognised – – – (178) (32) – Share of profit 217 217 247 – 274 19 ​ During the year ended 31 March 2022, the Group received a dividend from Indus Towers Limited of €nil (2021: €201 million, 2020: €nil) and a dividend from Safaricom PLC of €170 million (2021: €171 million, 2020: €261 million).

Other investments

Other investments	12 Months Ended
	Mar. 31, 2022
Other investments.
Other investments	13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds, deposits and government bonds. Accounting policies Other investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including transaction costs. Debt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through profit and loss. Equity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following derecognition of the investment. ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Included within non-current assets Equity securities 1 143 128 Debt securities 2 930 797 ​ 1,073 925 ​ ​ ​ ​ ​ ​ Included within current assets Short-term investments: Bonds and debt securities 3 1,446 1,053 Managed investment funds 1 3,349 2,954 ​ ​ 4,795 ​ 4,007 Collateral assets 4 ​ 698 ​ 3,107 Other investments 5 2,438 2,045 ​ 7,931 9,159 ​ Notes: 1 Items measured at a fair value, € 91 million (2021: € nil ) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Items are measured at amortised cost and have a fair value of € 830 million (2021: € 788 million) with a valuation basis of level 1 classification. 3 Items are measured at fair value and the valuation basis is level 1 classification. 4 Items are measured at amortised cost and the carrying amount approximates fair value. 5 Includes investments measured at a fair value of € 1,460 million (2021: €1,057 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value. Non-current debt securities within non-current assets include €885 million (2021: €764 million) of loan notes issued by VodafoneZiggo Holding B.V. The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. Collateral arrangements on derivative financial instruments result in cash being paid/(held), repayable when the derivatives are settled. These assets do not meet the definition of cash and cash equivalents but are included in the Group’s net debt based on their liquidity. Bonds and debt securities includes €681 million(2021: €nil) of highly liquid Japanese; €nil (2021: €499 million) German; €501 million (2021: €nil) Belgian; €200 million (2021: €554 million) French government securities and €64 million (2021: €nil) of UK government bonds. Managed investment funds of €3,349 million (2021: €2,954 million) are in funds with liquidity of up to 90 days. Collateral assets of €698 million (2021: €3,107 million) represents collateral paid on derivative financial instruments. Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Mar. 31, 2022
Trade and other receivables
Trade and other receivables	14. Trade and other receivables Trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are contract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for which a trade receivable does not yet exist, and finance lease receivables recognised where the Group acts as a lessor. See note 20 ‘Leases’ for more information on the Group's leasing activities. Accounting policies Trade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is accreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the Group establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other comprehensive income; all other trade receivables are recorded at amortised cost. The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management deems them not to be collectible. ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Included within non-current assets Trade receivables 34 52 Trade receivables held at fair value through other comprehensive income 606 278 Net investment in leases ​ 134 ​ 104 Contract assets ​ 495 ​ 528 Contract-related costs ​ 630 ​ 580 Other receivables 37 76 Prepayments 231 247 Derivative financial instruments 1 4,216 2,912 ​ 6,383 4,777 Included within current assets ​ ​ Trade receivables ​ 3,300 ​ 3,625 Trade receivables held at fair value through other comprehensive income 802 466 Net investment in leases ​ 66 ​ 36 Contract assets 3,056 3,038 Contract-related costs 1,403 1,364 Amounts owed by associates and joint ventures ​ 241 ​ 184 Other receivables 869 889 Prepayments 872 1,082 Derivative financial instruments 1 410 239 ​ 11,019 10,923 ​ Note: 1 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The Group’s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for future expected credit losses, see note 22 ‘Capital and financial risk management’ for more information on credit risk. The carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly non-interest bearing. The Group’s contract-related costs comprise €1,967 million (2021: €1,883 million) relating to costs incurred to obtain customer contracts and €66 million (2021: €61 million) relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of €1,517 million (2021: €1,497 million) was recognised in operating profit during the year. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.

Trade and other payables

Trade and other payables	12 Months Ended
	Mar. 31, 2022
Trade and other payables
Trade and other payables	15. Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group’s role as an employer. Derivative financial instruments with a negative market value are reported within this note. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value. ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Included within non-current liabilities Other payables 452 424 Accruals 28 47 Contract liabilities 530 519 Derivative financial instruments 1 1,506 3,919 ​ 2,516 4,909 Included within current liabilities ​ ​ ​ ​ Trade payables 7,327 6,739 Amounts owed to associates and joint ventures 40 36 Other taxes and social security payable 1,114 1,196 Other payables 2,032 2,349 Accruals 2 6,991 5,688 Contract liabilities 1,991 1,971 Derivative financial instruments 1 166 91 ​ 19,661 18,070 ​ Notes: 1 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Includes €1,434 million (2021: € 339 million) payable in relation to the irrevocable and non-discretionary share buyback programmes. The carrying amounts of trade and other payables approximate their fair value. Materially all of the €1,971 million recorded as current contract liabilities at 1 April 2021 was recognised as revenue during the year. Other payables included within non-current liabilities include €351 million (2021: €383 million) in respect of the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.

Provisions

Provisions	12 Months Ended
	Mar. 31, 2022
Provisions
Provisions	16. Provisions A provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or amount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset retirement obligations, which include the cost of returning network infrastructure sites to their original condition at the end of the lease and claims for legal and regulatory matters. Accounting policies Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. Asset retirement obligations In the course of the Group’s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in nature. Legal and regulatory The Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The Directors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the Group see note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. Restructuring The Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year. Other Other comprise various items that do not fall within the Group’s other categories of provisions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 2020 955 502 545 530 2,532 Exchange movements 6 (11) 4 7 6 Acquisition of subsidiaries ​ 6 ​ – ​ – ​ – ​ 6 Amounts capitalised in the year 294 – – – 294 Amounts charged to the income statement – 138 153 167 458 Utilised in the year − payments (32) (54) (243) (175) (504) Amounts released to the income statement (7) (47) (33) (66) (153) 31 March 2021 1,222 528 426 463 2,639 Exchange movements ​ 3 ​ (25) ​ (4) ​ 5 ​ (21) Amounts capitalised in the year 297 – – – 297 Amounts charged to the income statement – 216 216 139 571 Utilised in the year − payments (51) (128) (295) (197) (671) Amounts released to the income statement (1) (142) (41) (83) (267) 31 March 2022 1,470 449 302 327 2,548 ​ Provisions have been analysed between current and non-current as follows: 31 March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m Current liabilities 43 235 241 148 667 Non-current liabilities 1,427 214 61 179 1,881 ​ 1,470 449 302 327 2,548 ​ 31 March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m Current liabilities 43 273 353 223 892 Non-current liabilities 1,179 255 73 240 1,747 ​ 1,222 528 426 463 2,639 ​

Called up share capital

Called up share capital	12 Months Ended
	Mar. 31, 2022
Called up share capital
Called up share capital	17. Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ ​ Number ​ €m ​ Number ​ €m Ordinary shares of 20 20 ⁄ 21 US cents each allotted, issued and fully paid: 1,2,3 1 April 28,816,835,778 4,797 28,815,914,978 4,797 Allotted during the year 792,090 – 920,800 – 31 March 28,817,627,868 4,797 28,816,835,778 4,797 ​ Notes: 1 At 31 March 2022 there were 50,000 (2021: 50,000 ) 7% cumulative fixed rate shares of £1 each in issue. 2 At 31 March 2022 the Group held 447,576,522 (2021: 592,642,309 ) treasury shares with a nominal value of €75 million (2021: €99 million). The market value of shares held was €661 million (2021: €918 million). During the year, 68,306,442 (2021: 63,830,400 ) treasury shares were reissued under Group share schemes. 3 On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling £1.72 billion with a 2 year maturity date in 2021 and £1.72 billion with a 3 year maturity date in 2022. During the year, 1,518,629,693 treasury shares were issued in settlement of tranche 2 of the maturing subordinated mandatory convertible bond, whilst in the year ended 31 March 2021, 1,426,793,872 ordinary shares were issued in settlement of tranche 1. For further details see note 21 ‘Borrowings’.

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	12 Months Ended
	Mar. 31, 2022
Reconciliation of net cash flow from operating activities
Reconciliation of net cash flow from operating activities	18. Reconciliation of net cash flow from operating activities The table below shows how our profit/(loss) for the year from continuing operations translates into cash flows generated from our operating activities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ Notes ​ €m ​ €m ​ €m Profit/(loss) for the financial year 2,624 536 (455) Non-operating expense – – 3 Investment income 5 (254) (330) (248) Financing costs 5 1,964 1,027 3,549 Income tax expense 6 1,330 3,864 1,250 Operating profit 5,664 5,097 4,099 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 173 146 146 Depreciation and amortisation 10, 11 13,845 14,101 14,174 Loss on disposal of property, plant and equipment and intangible assets ​ 30 17 51 Share of result of equity accounted associates and joint ventures 12 (211) (342) 2,505 Impairment losses 4 – – 1,685 Other income 3 (79) (568) (4,281) (Increase)/decrease in inventory ​ (162) (68) 68 (Increase)/decrease in trade and other receivables 14 (638) 582 (38) Increase/(decrease) in trade and other payables 15 384 (730) (100) Cash generated by operations 19,006 18,235 18,309 Net tax paid (925) (1,020) (930) Net cash flow from operating activities 18,081 17,215 17,379 ​

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Mar. 31, 2022
Cash and cash equivalents
Cash and cash equivalents	19. Cash and cash equivalents The majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less from acquisition to enable us to meet our short-term liquidity requirements. Accounting policies Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit or loss for the period. All other cash and cash equivalents are measured at amortised cost. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash at bank and in hand 2,220 2,705 Money market funds 1 5,276 3,116 Cash and cash equivalents as presented in the statement of financial position 7,496 5,821 Bank overdrafts (125) (31) Cash and cash equivalents as presented in the statement of cash flows 7,371 5,790 ​ Note: 1 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. ​ The carrying amount of balances at amortised cost approximates their fair value. Cash and cash equivalents of €1,554 million (2021: €1,741 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries’ third party liabilities. In addition, those balances could also be used to repay €932 million (2021: €879 million) of intercompany liabilities as at 31 March 2022.

Leases

Leases	12 Months Ended
	Mar. 31, 2022
Leases
Leases	20. Leases The Group leases assets from other parties (the Group is a lessee) and also leases assets to other parties (the Group is a lessor). This note describes how the Group accounts for leases and provides details about its lease arrangements. Accounting policies As a lessee When the Group leases an asset, a ‘right-of-use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset’s useful life or the end of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment (as described in note 11 ‘Property, plant and equipment’). If right-of-use assets are considered to be impaired, the carrying value is reduced accordingly. Lease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group’s assessment of the lease term changes; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset. As a lessor Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease. Where the Group is an intermediate lessor, the interests in the head lease and the sub-lease are accounted for separately and the lease classification of a sub-lease is determined by reference to the right-of-use asset arising from the head lease. Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease commencement with interest income recognised over the lease term. Lease income is recognised as revenue for transactions that are part of the Group’s ordinary activities (primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group’s fibre and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components. The Group’s leasing activities as a lessee The Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base stations, space on mobile base stations to place active RAN equipment and network space (primarily rack space or duct space). In addition, the Group leases fibre and other fixed connectivity to provide internal connectivity for the Group’s operations and on a wholesale basis from other operators to provide fixed connectivity services to the Group’s customers. The Group’s general approach to determining lease term by class of asset is described in note 1 under critical accounting judgements and key sources of estimation uncertainty. Most of the Group’s leases include future price increases through fixed percentage increases, indexation to inflation measures on a periodic basis or rent review clauses. Other than fixed percentage increases the lease liability does not reflect the impact of these future increases unless the measurement date has passed. The Group’s leases contain no material variable payments clauses other than those related to the number of operators sharing space on third party mobile base stations. The Group sub-leases excess retail and office properties under both operating and finance leases; see disclosure on the Group’s leasing activities as a lessor below on page 179. Optional lease periods Where practicable the Group seeks to include extension or break options in leases to provide operational flexibility, therefore many of the Group’s lease contracts contain optional periods. The Group’s policy on assessing and reassessing whether it is reasonably certain that the optional period will be included in the lease term is described in note 1 ‘Basis of preparation’ under ‘critical accounting judgements and key sources of estimation uncertainty’. After initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a significant change in circumstances, which was not anticipated at the time of the previous assessment. Significant events or significant changes in circumstances could include merger and acquisition or similar activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed management plans indicating a different conclusion on optional periods to the previous assessment. Where a significant event or significant change in circumstances does not occur, the lease term and therefore lease liability and right-of-use asset value, will decline over time. The Group’s cash outflow for leases in the year ended 31 March 2022 was €4,338 million (2021: €4,234 million) and, absent significant future changes in the volume of the Group’s activities or strategic changes to use more or fewer owned assets this level of cash outflow from leases would be expected to continue for future periods, subject to contractual price increases. The future cash outflows included within lease liabilities are shown in the maturity analysis below. The maturity analysis only includes the reasonably certain payments to be made; cash outflows in these future periods will likely exceed these amounts as payments will be made on optional periods not considered reasonably certain at present and on new leases entered into in future periods. The Group’s leases for customer connectivity are normally either under regulated access or network sharing or similar preferential access arrangements and as a result the Group normally has significant flexibility over the term it can lease such connections for; generally the notice period required to cancel the lease is less than the notice period included in the service contract with the end customer. As a result, the Group does not have any significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when the service agreement ends. In some circumstances the Group is committed to minimum spend amounts for connectivity leases, which are included within reported lease liabilities. Sale and leaseback Sale and leaseback transactions entered into by the Group were not material, individually or in aggregate. Amounts recognised in the primary financial statements in relation to lessee transactions Right-of-use assets The carrying value of the Group’s right-of-use assets, depreciation charge for the year and additions during the year are disclosed in note 11 ‘Property, plant and equipment’. Lease liabilities The Group’s lease liabilities are disclosed in note 21 ‘Borrowings’. The maturity profile of the Group’s lease liabilities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ €m ​ €m Within one year ​ 3,130 3,419 In more than one year but less than two years ​ 2,189 2,142 In more than two years but less than three years ​ 1,759 1,661 In more than three years but less than four years ​ 1,579 1,457 In more than four years but less than five years ​ 1,387 1,316 In more than five years ​ 4,242 4,696 ​ ​ 14,286 14,691 Effect of discounting ​ (1,747) (1,659) Lease liability - as disclosed in note 21 'Borrowings' ​ 12,539 13,032 ​ At 31 March 2022 the Group has entered into lease contracts with payment obligations with an undiscounted value of €51 million (2021: €82 million) that had not commenced at 31 March 2022. Interest expense on lease liabilities for the year is disclosed in note 5 ‘Investment income and financing costs’. The Group has no material liabilities under residual value guarantees and makes no material variable payments not included in the lease liability. The Group does not apply either the short term or low value expedient options in IFRS 16. The Group's leasing activities as a lessor The Group has a wide range of lessor activities with consumer and enterprise customers, other telecommunication companies and other companies. With consumer and enterprise customers, the Group generates lease income from the provision of handsets, routers and other communications equipment. The Group provides wholesale access to the Group’s fibre and cable networks and leases out space on the Group’s owned mobile base stations to other telecommunication companies. In addition, the Group sub-leases retail stores to franchise partners in certain markets and leases out surplus assets (e.g. vacant offices and retail stores) to other companies. Lessor transactions are classified as operating or finance leases based on whether the lease transfers substantially all of the risks and rewards incidental to ownership of the asset. Leases are individually assessed, but generally, the Group’s lessor transactions are classified as: – Operating leases where the Group is lessor of space on owned mobile base stations, provides wholesale access to its fibre and cable networks or provides routers or similar equipment to fixed customers; and – Finance leases where the Group is sub-lessor of handsets or similar items in back-to-back arrangements or where surplus assets are sublet out for all or substantially all of the remaining head lease term. The Group’s income as a lessor in the year is as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ €m €m Operating leases ​ ​ Lease revenue (note 2 'Revenue disaggregation and segmental analysis') ​ 758 559 Income from leases not recognised as revenue ​ 45 180 ​ The Group’s net investments in leases are disclosed in note 14 ‘Trade and other receivables’. The committed amounts to be received from the Group’s operating leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Within one In one to two In two to In three to four In four to five In more than ​ ​ year ​ years ​ three years ​ years ​ years ​ five years ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m 31 March 2022 ​ ​ ​ ​ ​ ​ ​ ​ Committed operating lease payments due to the Group as a lessor ​ 513 ​ 250 ​ 161 ​ 128 ​ 114 ​ 343 ​ 1,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Committed operating lease payments due to the Group as a lessor ​ 510 ​ 261 ​ 175 ​ 134 ​ 115 ​ 395 ​ 1,590 ​ The Group has no material lease income arising from variable lease payments.

Borrowings

Borrowings	12 Months Ended
	Mar. 31, 2022
Borrowings
Borrowings	21. Borrowings The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. Liabilities arising from the Group’s lease arrangements are also reported in borrowings; see note 20 ‘Leases’. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items. Accounting policies Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 22 ‘Capital and financial risk management’). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method. Borrowings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Non-current borrowings ​ ​ ​ Bonds ​ 46,156 44,634 Bank loans 629 ​ 761 Lease liabilities (note 20) ​ 9,810 9,909 Bank borrowings secured against Indian assets ​ — ​ 385 Other borrowings 1 ​ 1,536 ​ 3,583 ​ ​ 58,131 ​ 59,272 Current borrowings ​ ​ ​ ​ Bonds 1,875 2,251 Bank loans 688 658 Lease liabilities (note 20) 2,729 3,123 Collateral liabilities ​ 2,914 ​ 962 Bank borrowings secured against Indian assets ​ 1,382 862 Other borrowings 1 2,373 632 ​ 11,961 ​ 8,488 Borrowings ​ 70,092 67,760 ​ Note: 1 Includes € 1,273 million (2021: € 3,312 million) and € 2,165 million (2021: € 381 million) of licence and spectrum fees payable in non-current and current borrowings respectively. The fair value of the Group’s financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of €46,156 million (2021: €44,634 million) which have a fair value of €46,348 million (2021: €48,630 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices. The Group’s borrowings also include €1,382 million (2021: €1,247 million) of bank borrowings that are secured against the Group’s shareholdings in Indus Towers and Vodafone Idea (see note 12 ‘Investments in Associates and Joint Ventures’ for further details of these assets) and will be repaid through the realisation of proceeds from those assets. In accordance with the terms of the loan arrangement, the Group intends to dispose of its shareholding in Indus Towers in order to repay the borrowing. The Group’s borrowings include certain bonds which have been designated in hedge relationships, which are carried at €1,316 million higher (2021: €1,390 million) than their euro equivalent redemption value. In addition, where bonds are issued in currencies other than euros, the Group has entered into foreign currency swaps to fix the euro cash outflows on redemption. The impact of these swaps is not reflected in borrowings and would decrease the euro equivalent redemption value of the bonds by €1,456 million (2021: €127 million). Commercial paper programmes We currently have US and euro commercial paper programmes of US$15 billion (€13.5 billion) and €10 billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2022 both programmes remained undrawn. The commercial paper facilities were supported by US$4.0 billion (€3.6 billion) and €4.0 billion of syndicated committed bank facilities. No amounts had been drawn under these facilities. Bonds We have a €30 billion euro medium-term note programme and a US shelf programme which are used to meet medium to long-term funding requirements. At 31 March 2022 the total amounts in issue under these programmes split by currency were US$25.3 billion, €16.2 billion, £3 billion, AUD$1.2 billion, HKD$2.1 billion, NOK2.2 billion, CHF0.7 billion and JPY10 billion. Vantage Towers A.G. has a €5 billion debt issuance programme to meet its medium to long-term funding requirements. As at 31 March 2022, Vantage Towers A.G. had bonds outstanding with a nominal value of €2.2 billion. At 31 March 2022 the Group had bonds outstanding with a nominal value equivalent to €46.7 billion. During the year ended 31 March 2022, bonds with a nominal value of US$2.5 billion were issued utilising the US Shelf programme and bonds with a nominal value of €2.1 billion matured. Bonds mature between 2022 and 2059 (2021: 2021 and 2059) and have interest rates between 0% and 7.875% (2021: 0% and 7.875%). Mandatory convertible bonds On 12 March 2019 the Group issued £3.4 billion of subordinated mandatory convertible bonds (‘MCBs’) split into two equal tranches of £1.7 billion with coupons of 1.2% and 1.5% respectively. The first tranche matured on 12 March 2021 at a conversion price of £1.2055 per share and the second tranche matured on 12 March 2022 at a conversion price of £1.1326 per share. These were recognised as compound instruments with nominal values of £3.4 billion (€3.8 billion) recognised as a component of shareholders’ funds in equity and the fair value of future coupons £0.1 billion (€0.1 billion) recognised as a financial liability in borrowings. The Group’s strategy was to hedge the equity risk associated with the MCB issuance to any future movement in its share price by an option strategy designed to hedge the economic impact of share price movements. In instances where the Group decides to buy back ordinary shares to mitigate dilution resulting from the conversion, the hedging strategy provides a hedge for the repurchase price. Treasury shares The Group held a maximum of 1,911,661,729 (2021: 2,043,732,147) of its own shares during the year which represented 6.6% (2021: 7.1%) of issued share capital at that time.

Capital and financial risk mana

Capital and financial risk management	12 Months Ended
	Mar. 31, 2022
Capital and financial risk management
Capital and financial risk management	22. Capital and financial risk management This note details the treasury management and financial risk management objectives and policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place to monitor and manage these risks. Accounting policies Financial instruments Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group’s consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Financial liabilities under put option arrangements The Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group’s subsidiary Kabel Deutschland AG, under the terms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to put their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no non-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised in financing costs. Derivative financial instruments and hedge accounting The Group’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group’s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. The Group designates certain derivatives as: – hedges of the change in fair value of recognised assets and liabilities (‘fair value hedges’); – hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (‘cash flow hedges’); or – hedges of net investments in foreign operations. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income statement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and losses recognised in the income statement for the period. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. For net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign operation is disposed of. Capital management The following table summarises the capital of the Group at 31 March: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ €m €m Borrowings (note 21) 70,092 67,760 Cash and cash equivalents (note 19) (7,496) (5,821) Derivative financial instruments included in trade and other receivables (note 14) (4,626) (3,151) Derivative financial instruments included in trade and other payables (note 15) 1,672 4,010 Short-term investments (note 13) (4,795) (4,007) Collateral assets (note 13) ​ (698) ​ (3,107) Financial liabilities under put option arrangements ​ 494 ​ 492 Equity 56,977 57,816 Capital 111,620 113,992 ​ The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. Dividends from associates and to non-controlling shareholders Dividends from our associates are generally paid at the discretion of the Board of Directors or shareholders of the individual operating and holding companies, and we have no rights to receive dividends except where specified within certain of the Group’s shareholders’ agreements. Similarly, other than ongoing dividend obligations to the Kabel Deutschland A.G. minority shareholders, should they continue to hold their minority stake, we do not have existing obligations under shareholders’ agreements to pay dividends to non-controlling interest partners of our subsidiaries or joint ventures. The amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows. Potential cash outflows from option agreements and similar arrangements Put options issued as part of the hedging strategy for the MCBs permit the holders to exercise against the Group at maturity of the option if there is a decrease in our share price. Under the terms of the options, settlement must be made in cash which will equate to the reduced value of shares from the initial conversion price, adjusted for dividends declared, on 1,452 million (2021: 2,494 million) shares as at 31 March 2022. Sale of trade receivables During the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no repurchase obligations in respect of these receivables, the Group provided credit guarantees which would only become payable if default rates were significantly higher than historical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to the purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2022 was €1,341 million (2021: €1,503 million). No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been assessed as remote. Supplier financing arrangements The Group offers suppliers the opportunity to use supply chain financing (‘SCF’). SCF allows suppliers that decide to use it to receive funding earlier than the invoice due date. At 31 March 2022, the financial institutions that run the SCF programmes had purchased €2.4 billion (2021: €2.3 billion) of outstanding supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions under this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not change the Group’s net debt, trade payable balances or cash flows. The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms exceed the shorter of customary payment terms in the industry or 180 days. At 31 March 2022, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as borrowings. Financial risk management The Group’s treasury function centrally manages the Group’s funding requirement, net foreign exchange exposure, interest rate management exposures and counterparty risk arising from investments and derivatives. Treasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the Board, most recently in May 2021. A treasury risk committee comprising of the Group’s Chief Financial Officer, Group General Counsel and Company Secretary, Group Financial Controller, Group Corporate Finance Director, Group Treasury Director and Group Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management information relating to treasury activities on a quarterly basis. The Group’s accounting function, which does not report to the Group Treasury Director, provides regular update reports of treasury activity to the Board. The Group’s Internal Auditor reviews the internal control environment regularly. No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios. Approximately €38 billion (2021: €37 billion) of issued bonds have a change of control clause. The Group uses a number of derivative instruments for currency and interest rate risk management purposes only that are transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements. The Group’s financial risk management policies seek to reduce the Group’s exposure to any future disruption to financial markets, including any future impacts from COVID or other macro economic events. The Group has combined cash and cash equivalent and short-term investments of €12.3 billion, providing significant headroom over short-term liquidity requirements. Additionally the Group maintains undrawn revolving credit facilities of €7.6 billion euro equivalent. As at 31 March 2022 and after hedging, substantially all the Group’s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk. The Group has no significant currency exposures other than positions in economic hedging relationships. The Group’s credit risk under financing activities is spread across a portfolio of highly rated institutions to reduce counterparty exposures and derivative balances are substantially all collateralised. The Group’s operating activities result in customer credit risk, for which provisions for expected credit losses are recognised. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31 March to be: ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash at bank and in hand (note 19) 2,220 2,705 Money market funds (note 19) ​ 5,276 ​ 3,116 Managed investment funds (note 13) 3,349 2,954 Current bonds and debt securities (note 13) 1,446 1,053 Non-current debt securities (note 13) ​ 930 ​ 797 Collateral assets (note 13) ​ 698 ​ 3,107 Other investments (note 13) ​ 2,438 ​ 2,045 Derivative financial instruments (note 14) 4,626 3,151 Trade receivables (note 14) 1 6,083 5,924 Contract assets and other receivables (note 14) 4,457 4,531 Performance bonds and other guarantees (note 29) 2,866 2,728 ​ 34,389 32,111 ​ Note: 1 Includes amounts guaranteed under sales of trade receivables €1,341 million (2021: €1,503 million) Expected credit loss The Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the expected credit loss model requirements of IFRS 9. Cash at bank and in hand and certain other investments are both classified and measured at amortised cost and subject to impairment requirements. However, the identified expected credit loss is considered to be immaterial. Information about expected credit losses for trade receivables and contract assets can be found under ‘operating activities’ on page 185. Financing activities The Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments available. Investments are made in accordance with established internal treasury policies which dictate the scaled maximum exposure permissible in relation to an investment’s long-term credit rating. The Group invests in AAA unsecured money market mutual funds, where the investment is limited to 10% of each fund; A to AAA government securities, both directly and through money market mutual funds; and has two managed investment funds that hold securities with an average credit quality of AA. In respect of financial instruments used by the Group’s treasury function, the aggregate credit risk the Group may have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty by Moody’s, Fitch Ratings and Standard & Poor’s. Furthermore, collateral support agreements reduce the Group’s exposure to counterparties who must post cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post collateral on identical terms. Such cash collateral is adjusted daily as necessary. In the event of any default, ownership of the cash collateral would revert to the respective holder at that point. Detailed below is the value of the cash collateral, which is reported within current borrowings, held by the Group at 31 March: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Collateral liabilities 2,914 962 ​ In addition, as discussed in note 29 ‘Contingent liabilities and legal proceedings’, the Group has covenanted to provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus Towers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 ‘Other investments’. Operating activities Customer credit risk is managed by the Group’s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group’s customer base is large and unrelated. The Group applies the simplified approach and records lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash collection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer type. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade receivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and enforcement activity has ceased. Movements in the allowance for expected credit losses during the year were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables held ​ ​ ​ ​ ​ ​ Trade receivables held ​ at fair value through ​ ​ Contract assets ​ at amortised cost ​ other comprehensive income ​ 2022 2021 2022 2021 2022 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 101 137 1,480 1,431 57 51 Exchange movements 1 2 (70) (47) — – Amounts charged to credit losses on financial assets 114 63 394 592 53 9 Other 1 (133) (101) (462) (496) (2) (3) 31 March 83 101 1,342 1,480 108 57 ​ Note: 1 Primarily utilisation of the provision. Expected credit losses are presented as net impairment losses within operating profit and subsequent recoveries of amounts previously written off are credited against the same line item. The majority of the Group's trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business customers. The following table presents information on trade receivables past due¹ and their associated expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31-60 ​ 61-180 ​ 180 ​ ​ ​ ​ Due ​ or less ​ days ​ days ​ days+ ​ Total 31 March 2022 €m ​ €m €m €m €m €m Gross carrying amount 2,411 ​ 650 182 390 1,043 4,676 Expected credit loss allowance (123) ​ (83) (53) (190) (893) (1,342) Net carrying amount 2,288 ​ 567 129 200 150 3,334 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31–60 ​ 61–180 ​ 180 ​ ​ ​ ​ Due ​ or less ​ days ​ days ​ days+ ​ Total 31 March 2021 €m ​ €m €m €m €m €m Gross carrying amount 2,568 ​ 717 177 405 1,290 5,157 Expected credit loss allowance (30) ​ (72) (62) (211) (1,105) (1,480) Net carrying amount 2,538 ​ 645 115 194 185 3,677 ​ Note: 1 Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other comprehensive income are not materially past due. ​ Liquidity risk Liquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that any commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2022 amounted to cash €7.5 billion (2021: €5.8 billion) and undrawn committed facilities of €8.2 billion (2021: €8.0 billion), principally euro and US dollar revolving credit facilities of €4.0 billion and US $4.0 billion (€3.6 billion) which mature in 2025 and 2027 respectively. The Group manages liquidity risk on non-current borrowings by maintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Non-current borrowings mature between 1 and 37 years . The maturity profile of the anticipated future cash flows including interest in relation to the Group’s non-derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade payables and ​ ​ ​ ​ Bank loans ​ Bonds ​ Lease liabilities ​ Other 2 ​ Total borrowings ​ other financial liabilities 3 ​ Total Maturity profile 1 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Within one year 700 3,569 3,130 6,823 14,222 16,884 ​ 31,106 In one to two years 33 6,190 2,189 417 8,829 29 ​ 8,858 In two to three years 411 3,786 1,759 207 6,163 — ​ 6,163 In three to four years 2 5,746 1,579 199 7,526 — ​ 7,526 In four to five years 205 6,253 1,387 678 8,523 — ​ 8,523 In more than five years 21 43,514 4,242 136 47,913 — ​ 47,913 ​ 1,372 69,058 14,286 8,460 93,176 16,913 ​ 110,089 Effect of discount/financing rates (55) (21,027) (1,747) (255) (23,084) (1) ​ (23,085) 31 March 2022 1,317 48,031 12,539 8,205 70,092 16,912 ​ 87,004 Within one year 674 3,774 3,419 2,516 10,383 15,304 ​ 25,687 In one to two years 174 3,329 2,142 2,575 8,220 49 ​ 8,269 In two to three years 440 5,964 1,661 399 8,464 – ​ 8,464 In three to four years 173 2,784 1,457 166 4,580 – ​ 4,580 In four to five years 2 5,506 1,316 199 7,023 – ​ 7,023 In more than five years 23 45,538 4,696 986 51,243 – ​ 51,243 ​ 1,486 66,895 14,691 6,841 89,913 15,353 ​ 105,266 Effect of discount/financing rates (67) (20,010) (1,659) (417) (22,153) (2) ​ (22,155) 31 March 2021 1,419 46,885 13,032 6,424 67,760 15,351 ​ 83,111 ​ Notes: 1 Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause (2021: €30 million of debt in relation to the mandatorily convertible bond that matured on 12 March 2022 was subject to a material adverse change clause which would have accelerated conversion of the £ 1.7 billion principal recognised in equity – see note 21 ‘Borrowings’). 2 Includes spectrum licence payables with maturity profile €2,319 million (2021: €381 million) within one year, €165 million (2021: €2,171 million) in one to two years, €199 million (2021: €165 million) in two to three years, €199 million (2021: €165 million) in three to four years, €662 million (2021: €199 million) in four to five years and €136 million (2021: €986 million) in more than five years. Also includes €2,914 million (2021: €962 million) in relation to cash received under collateral support agreements shown within 1 year. 3 Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables. The maturity profile of the Group’s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Payable ​ Receivable ​ Total ​ Payable ​ Receivable ​ Total ​ €m €m €m €m €m €m Within one year ​ (12,671) ​ 13,470 ​ 799 ​ (16,218) ​ 16,864 ​ 646 In one to two years ​ (5,897) ​ 6,399 ​ 502 ​ (3,121) ​ 3,723 ​ 602 In two to three years ​ (2,584) ​ 3,158 ​ 574 ​ (5,623) ​ 5,978 ​ 355 In three to four years ​ (3,373) ​ 3,864 ​ 491 ​ (2,518) ​ 2,903 ​ 385 In four to five years ​ (1,699) ​ 2,139 ​ 440 ​ (3,305) ​ 3,620 ​ 315 In more than five years ​ (34,097) ​ 40,129 ​ 6,032 ​ (33,777) ​ 37,399 ​ 3,622 ​ ​ (60,321) ​ 69,159 ​ 8,838 ​ (64,562) ​ 70,487 ​ 5,925 Effect of discount/financing rates ​ ​ ​ (5,884) ​ ​ ​ (6,784) Financial derivative net receivable/(payable) ​ ​ ​ 2,954 ​ ​ ​ (859) ​ Payables and receivables are stated separately in the table above as cash settlement is on a gross basis. Market risk Interest rate management Under the Group’s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed rate basis. At 31 March 2022 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury policy. For each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2022 there would be an increase in profit before tax by €420 million (2021: €782 million) including mark to market revaluations of interest rate and other derivatives and the potential interest on cash and short-term investments. There would be no material impact on equity. At 31 March 2022, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank offered rates (IBORs). Foreign exchange management As Vodafone’s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions denominated in other currencies above a certain de minimis level. At 31 March 2022 11% of net debt was denominated in currencies other than euro (6% sterling, 4% South African rand and 1% other). This allows sterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic hedge against income statement translation exposure, as interest costs will be denominated in foreign currencies. Under the Group’s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the lower of €5 million per currency per month or €15 million per currency over a six month period. The Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as investments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments as there would be an offset in the currency translation of the foreign operation. At 31 March 2022 the Group held financial liabilities in a net investment hedge against the Group’s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities, analysed against a strengthening of the South African rand by 13% (2021: 15%) would result in a decrease in equity of €221 million (2021: €285 million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar borrowings would result in an increase in equity of €371 million (2021: €469 million) against a strengthening of US dollar by 5% (2021: 6%). The Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal reporting segment not generating income in euro is Vodacom, whose functional currency is predominantly South African rand. Financing income and expense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are principally on certain borrowings, derivatives, and other investments denominated in sterling and Turkish lira. The following table details the Group’s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ €m €m Increase/ (decrease) in Profit before taxation ​ ​ ​ ​ ZAR 13% change (2021: 15%) 134 152 TRY 39% change (2021: 26%) ​ 83 ​ 87 GBP 2% change (2021: 3%) (67) (23) ​ Equity risk There is no material equity risk relating to the Group’s equity investments which are detailed in note 13 ‘Other investments’. The Group has hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its share price by an option strategy designed to hedge the economic impact of share price movements. As at 31 March 2022 the Group’s sensitivity to a movement of 7% (2021: 7%) in its share price would result in an increase or decrease in profit before tax of €36 million (2021: €283 million). Risk management strategy of hedge relationships The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market risk strategies. The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate borrowings in US dollar, pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen, Norwegian krona and euro and US dollar floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not denominated in functional currency of the entity, to hedge foreign exchange spot risk. Derivative financial instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the underlying borrowings and exposures. The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the business. The objective of the fair value hedges is to hedge a proportion of the Group’s fixed rate euro denominated borrowing to a euro floating rate borrowing. The swap maturity dates match those of the underlying borrowing and the nominal cash flows are converted to quarterly payments. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap contracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness may occur due to: a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil; b) Changes in the contractual terms or timing of the payments on the hedged item; and c) A change in the credit risk of the Group or the counterparty with the hedging instrument. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group’s existing hedge relationships the hedge ratio has been determined as 1:1. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly. Derivative financial assets and liabilities are included within trade and other receivables and trade and other payables in the statement of financial position. The following table represents the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ Opening ​ (Gain)/ ​ Gain/(Loss) ​ Closing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ balance ​ Loss ​ recycled to ​ balance ​ ​ ​ ​ ​ Euro ​ ​ Nominal ​ value ​ value ​ 1 April ​ deferred to ​ financing

Directors and key management co

Directors and key management compensation	12 Months Ended
	Mar. 31, 2022
Directors and key management compensation
Directors and key management compensation	23. Directors and key management compensation This note details the total amounts earned by the Company’s Directors and members of the Executive Committee. Directors Aggregate emoluments of the Directors of the Company were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Salaries and fees 4 4 4 Incentive schemes 1 3 3 2 Other benefits 2 – – 1 ​ 7 7 7 ​ Notes: 1 Excludes gains from long-term incentive plans. 2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions. No Directors serving during the year exercised share options in the year ended 31 March 2022 (2021: None; Key management compensation Aggregate compensation for key management, being the Directors and members of the Executive Committee, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ €m ​ €m ​ €m Short-term employee benefits 28 28 27 Share-based payments 8 11 7 ​ 36 39 34 ​ ​ Note: 1 The prior year comparatives for share-based payments have been re-presented to reflect the market value of the vested shares provided to key management personnel in the reported period. The previous presentation was based on the value of share awards granted and recognised over the vesting period, however the grants were subject to various vesting conditions. The revised measurement basis is considered to provide a more appropriate measure of actual compensation received by key management personnel in the period. The re-presentation decreases the previously disclosed amounts by €12 million and €23 million for the years ended 31 March 2021 and 31 March 2020, respectively .

Employees

Employees	12 Months Ended
	Mar. 31, 2022
Employees
Employees	24. Employees This note shows the average number of people employed by the Group during the year, in which areas of our business our employees work and where they are based. It also shows total employment costs. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ Employees ​ Employees ​ Employees By activity Operations 15,404 14,893 14,616 Selling and distribution 25,499 26,874 28,133 Customer care and administration 56,038 54,739 52,470 ​ 96,941 96,506 95,219 By segment ​ ​ ​ Germany 15,256 15,798 15,199 Italy 5,765 5,818 5,980 Spain 4,194 4,257 4,316 UK 9,198 9,584 10,295 Other Europe 15,106 15,460 14,646 Vodacom 7,973 7,810 7,773 Other Markets 9,336 9,498 10,515 Vantage Towers 1 ​ 502 ​ – ​ – Common Functions 29,611 28,281 26,495 Total 96,941 96,506 95,219 ​ Note: 1 Vantage Towers is a new reporting segment for the year ended 31 March 2022. See Note 2 ‘Revenue disaggregation and segmental analysis’ for details. The cost incurred in respect of these employees (including Directors) was: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Wages and salaries 4,469 4,238 4,571 Social security costs 578 549 531 Other pension costs (note 25) 168 235 226 Share-based payments (note 26) 119 135 134 Total 5,334 5,157 5,462 ​

Post employment benefits

Post employment benefits	12 Months Ended
	Mar. 31, 2022
Post employment benefits
Post employment benefits	25. Post employment benefits The Group operates a number of Defined Benefit and Defined Contribution retirement plans for our employees. The Group’s largest defined benefit plan is in the UK. For further details see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation’. Accounting policies For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value. Actuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income statement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. Other movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated income statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the Group’s share of the results of equity accounted operations, as appropriate. The Group’s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due. Background At 31 March 2022 the Group operated a number of retirement plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the countries concerned. The Group’s philosophy is to provide access to defined contribution retirement plans where feasible and to manage legacy defined benefit retirement arrangements. Defined benefit plans provide benefits based on the employees’ length of pensionable service and their final pensionable salary or other criteria. Defined contribution plans offer employees individual funds that are converted into benefits at the time of retirement. The Group operates defined benefit plans in Germany, India, Ireland, Italy, the UK, the United States; defined benefit indemnity plans in Greece and Turkey; and a cash leaver plan in India. Defined contribution plans are currently provided in Egypt, Germany, Greece, Hungary, India, Ireland, Italy, Portugal, South Africa, Spain and the UK. Income statement expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Defined contribution plans 197 204 180 Defined benefit plans (29) 31 46 Total amount charged to income statement (note 24) 168 235 226 ​ Defined benefit plans The Group’s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that location. The Group’s preferred retirement provision is focused on Defined Contribution arrangements and/or State provision for future service. The Group’s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (‘Vodafone UK plan’). Since June 2014 the Vodafone UK plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (‘CWW Section’). Both sections are closed to new entrants and to future accrual. The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in Germany and a funded plan in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity of participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the plans. During 2022 the Group consolidated its defined benefit plans with the mergers of a small plan in the UK, The J O Grant & Taylor (London) Ltd Staff Pension Scheme, into the Vodafone Section of the Vodafone UK plan and of the Cable and Wireless Employee Benefits Scheme in Ireland into the Vodafone Ireland Pension Plan. The main defined benefit plans are administered by trustee boards which are legally separate from the Group and consist of representatives who are employees, former employees or are independent from the Group. The trustee boards of the pension plans are required by legislation to act in the best interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding regimes. The Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (‘HMRC’) and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK legislation requires that pension plans are funded prudently and that valuations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section. The trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to restore funding to the level of the agreed technical provisions. The 31 March 2019 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan showed a net deficit of £78 million (€90 million) on the funding basis, comprising of a £173 million (€200 million) deficit for the Vodafone Section and a £95 million (€110 million) surplus for the CWW Section. The next triennial actuarial valuation of the Vodafone UK plan has an effective date of 31 March 2022. These plan- specific actuarial valuations will differ to the IAS 19 accounting basis, which is used to measure pension assets and liabilities presented in the Group’s consolidated statement of financial position. Following the 2019 triennial valuation, the Group and trustees of the Vodafone UK plan agreed a funding plan to address the valuation deficit in the Vodafone Section over the period to 31 March 2025 and made a cash contribution on 4 September 2020 of £80 million (€90 million) into the Vodafone Section. This cash payment was invested into an annuity policy issued by a third party insurance company which in turn entered into a reinsurance policy covering these risks with the Group's captive insurance company, see note 15 ‘Trade and other payables’. No further contributions are due in respect of the deficit revealed at the 2019 valuation. Funding plans are individually agreed for each of the Group’s other defined benefit plans with the respective trustees or governing board, taking into account local regulatory requirements. It is expected that ordinary contributions of €49 million will be paid into the Group’s defined benefit plans during the year ending 31 March 2023. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are provided in note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. The investment strategy for the UK plans is controlled by the trustees in consultation with the Group and the plans have no direct investments in the Group’s equity securities or in property or other assets currently used by the Group. The allocation of assets between different classes of investment is reviewed regularly and is a key factor in the trustee investment policy. The trustees aim to achieve the plan's investment objectives through investing partly in a diversified mix of growth assets which, over the long term, are expected to grow in value by more than the low risk assets. The low risk assets include cash and gilts, inflation and interest rate hedging and in substance insured pensioner annuity policies in both the Vodafone Section and CWW Sections of the Vodafone UK plan and an insured pensioner annuity policy in the Vodafone Ireland Pension Plan. A number of investment managers are appointed to promote diversification by assets, organisation and investment style and current market conditions and trends are regularly assessed, which may lead to adjustments in the asset allocation. Actuarial assumptions The Group’s plan liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ % ​ % ​ % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 3.3 2.9 2.2 Rate of increase in salaries 3 3.1 2.7 2.5 Discount rate 2.5 1.8 2.0 ​ Notes: 1 Figures shown represent a weighted average assumption of the individual plans. 2 The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation. 3 Relates only to schemes open to future accrual primarily in Germany, Ireland and India. Mortality assumptions used are based on recommendations from the individual local actuaries which include adjustments for the experience of the Group where appropriate. The Group’s largest plan is the Vodafone UK plan. Further life expectancies assumed for the UK plans are 23.4/25.4 years (2021: 23.4/25.4 years) for a male/female pensioner currently aged 65 years and 25.4/27.5 years (2021: 25.4/27.4 years) from age 65 for a male/female non-pensioner member currently aged 40. Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the assumptions stated above are: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Current service cost 38 37 37 Net past service (credit)/costs 1 (71) 2 – Net interest charge/(income) 4 (8) 9 Total net (credit)/cost included within staff costs (29) 31 46 Actuarial gains/(losses) recognised in the SOCI 627 (686) 640 ​ Note: 1 A change in Germany relating to the provision of death and disability benefits effective from 1 April 2021 resulted in a past service credit of €49 million; further net past service credits were recognised in the year ended 31 March 2022 for the Vodafone UK plan relating to the offer of a pension increase exchange to all members at retirement and benefit clarifications. Duration of the benefit obligations The weighted average duration of the defined benefit obligation at 31 March 2022 is 21 years (2021: 21 years). Fair value of the assets and present value of the liabilities of the plans The amount included in the consolidated statement of financial position arising from the Group’s obligations in respect of its defined benefit plans is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net surplus/ ​ ​ Assets ​ Liabilities ​ (deficit) ​ ​ €m ​ €m ​ €m 1 April 2020 6,906 (6,754) 152 Service cost – (39) (39) Interest income/(cost) 137 (129) 8 Return on plan assets excluding interest income 466 – 466 Actuarial losses arising from changes in financial assumptions – (1,118) (1,118) Actuarial losses arising from experience adjustments – (34) (34) Employer cash contributions 125 – 125 Member cash contributions 10 (10) – Benefits paid (243) 243 – Exchange rate movements 244 (249) (5) Other movements (13) 5 (8) 31 March 2021 7,632 (8,085) (453) Service cost – (38) (38) Past service credit ​ – ​ 71 ​ 71 Interest income/(cost) 140 (144) (4) Return on plan assets excluding interest income 58 – 58 Actuarial gains arising from changes in demographic assumptions ​ – ​ 7 ​ 7 Actuarial gains arising from changes in financial assumptions – 483 483 Actuarial gains arising from experience adjustments ​ – ​ 79 ​ 79 Employer cash contributions 60 – 60 Member cash contributions 17 (17) – Benefits paid (241) 241 – Exchange rate movements 52 (45) 7 Other movements (3) 7 4 31 March 2022 7,715 (7,441) 274 ​ An analysis of the net surplus/(deficit) is provided below for the Group as a whole. ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Analysis of net surplus/(deficit): Total fair value of plan assets 7,715 7,632 Present value of funded plan liabilities (7,337) (7,968) Net surplus/(deficit) for funded plans 378 (336) Present value of unfunded plan liabilities (104) (117) Net surplus/(deficit) 274 (453) Net surplus/(deficit) is analysed as: ​ ​ Assets 1 555 60 Liabilities (281) (513) ​ Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. An analysis of net surplus/(deficit) is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CWW Section ​ ​ Vodafone Section ​ ​ 2022 ​ 2021 ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ ​ €m ​ €m Analysis of net surplus/(deficit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of plan assets 2,850 ​ 2,912 3,399 3,298 Present value of plan liabilities (2,565) ​ (2,852) (3,166) (3,457) Net surplus/(deficit) 285 ​ 60 233 (159) Net surplus/(deficit) are analysed as: ​ ​ ​ ​ ​ Assets 285 ​ 60 233 – Liabilities – ​ – – (159) ​ F air value of plan assets ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash and cash equivalents 55 247 Equity investments: ​ ​ With quoted prices in an active market 849 1,376 Without quoted prices in an active market 359 294 Debt instruments: ​ ​ With quoted prices in an active market 1,334 4,589 Without quoted prices in an active market 317 559 Property: ​ ​ With quoted prices in an active market 29 26 Without quoted prices in an active market 460 494 Derivatives: 1 ​ ​ Without quoted prices in an active market 2,195 (1,557) Investment fund 1,161 604 Annuity policies ​ ​ ​ ​ With quoted prices in an active market 34 4 Without quoted prices ​ 922 ​ 996 Total 7,715 7,632 ​ Note: 1 Derivatives include collateral held in the form of cash. Assets are valued using ‘level 2’ inputs under IFRS 13 ‘Fair Value Measurement’ principles and classified as unquoted accordingly. The fair value of plan assets, which have been measured in accordance with IFRS 13 ‘Fair Value Measurement’, are analysed by asset category above and are subdivided by assets that have a quoted market price in an active market and those that do not, such as investment funds. Where available, the fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active market (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs such as yield curves. The Vodafone UK plan annuity policies fully match the pension obligations of those pensioners insured and therefore are set equal to the present value of the related obligations. Investment funds of €1,161 million at 31 March 2022 include investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone UK plan. The actual return on plan assets over the year to 31 March 2022 was a gain of €198 million (2021: €603 million gain). Sensitivity analysis Measurement of the Group’s defined benefit retirement obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present value of the defined benefit obligation as at 31 March 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate of inflation Rate of increase in salaries Discount rate Life expectancy ​ ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 1 year ​ Increase by 1 year ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m (Decrease)/increase in present value of defined benefit obligation 1 (547) 552 (1) 1 770 (668) (248) 248 ​ Note: 1 The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. In presenting this sensitivity analysis, the change in the present value of the defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit method at the end of the year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. The rate of inflation assumption sensitivity factors in the impact of changes to all assumptions relating to inflation including the rate of increase in salaries, pension increases and deferred revaluations.

Share-based payments

Share-based payments	12 Months Ended
	Mar. 31, 2022
Share-based payments
Share-based payments	26. Share-based payments The Group has a number of share plans used to award shares to Executive Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. Accounting policies The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is a calculation of the closing price of the Company’s shares on the day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: ​ – 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and – 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis. ​ Share options Vodafone Sharesave Plan Under the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up to £375 over a three and/or five year period. The savings may then be used to purchase shares at the option price, which is set at the beginning of the invitation period and usually at a discount of 20% to the then prevailing market price of the Company’s shares. Share plans Vodafone Group executive plans Under the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The release of these shares is conditional upon continued employment and for some awards achievement of certain performance targets measured over a three year period. Vodafone Share Incentive Plan Following a review of the UK all-employee plans it was decided that with effect from 1 April 2017 employees would no longer be able to contribute to the Share Incentive Plan and would therefore no longer receive matching shares. Individuals who hold shares in the plan will continue to receive dividend shares. Movements in outstanding ordinary share options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary share options ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ Millions ​ Millions ​ Millions 1 April ​ 62 ​ 53 ​ 46 Granted during the year ​ 20 ​ 35 ​ 39 Forfeited during the year ​ (2) ​ (1) ​ (1) Exercised during the year ​ (1) ​ – ​ – Expired during the year ​ (18) ​ (25) ​ (31) 31 March ​ 61 ​ 62 ​ 53 Weighted average exercise price: ​ ​ ​ ​ 1 April ​ ​ £1.07 ​ ​ £1.19 ​ ​ £1.40 Granted during the year ​ ​ £0.95 ​ ​ £1.03 ​ ​ £1.06 Forfeited during the year ​ ​ £1.06 ​ ​ £1.16 ​ ​ £1.36 Exercised during the year ​ ​ £1.17 ​ ​ £1.23 ​ ​ £1.50 Expired during the year ​ ​ £1.10 ​ ​ £1.27 ​ ​ £1.34 31 March ​ ​ £1.02 ​ ​ £1.07 ​ ​ £1.19 ​ Summary of options outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2022 31 March 2021 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ Weighted ​ average ​ ​ ​ Weighted ​ average ​ ​ Outstanding ​ average ​ contractual ​ Outstanding ​ average ​ contractual ​ ​ shares ​ exercise ​ life ​ shares ​ exercise ​ life ​ ​ Millions ​ price ​ Months ​ Millions ​ price ​ Months Vodafone Group Sharesave Plan: ​ ​ £0.91 – £1.89 ​ 61 ​ ​ £1.02 24 62 £1.07 30 ​ Share awards Movements in non-vested shares are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ average fair ​ ​ ​ average fair ​ ​ ​ average fair ​ ​ ​ ​ value at ​ ​ ​ value at ​ ​ ​ value at ​ ​ Millions ​ grant date ​ Millions ​ grant date ​ Millions ​ grant date 1 April 267 ​ ​ £1.20 245 ​ ​ £1.41 200 ​ ​ £1.92 Granted 113 ​ ​ £1.17 108 ​ ​ £0.99 135 ​ ​ £1.00 Vested (68) ​ ​ £1.44 (56) ​ ​ £1.56 (44) ​ ​ £2.10 Forfeited (42) ​ ​ £1.52 (30) ​ ​ £1.10 (46) ​ ​ £1.76 31 March 270 ​ ​ £1.07 267 ​ ​ £1.20 245 ​ ​ £1.41 ​ Other information The total fair value of shares vested during the year ended 31 March 2022 was £98 million (2021: £108 million; 2020: £ 92 million). The compensation cost included in the consolidated income statement in respect of share options and share plans was €119 million (2021: €135 million; 2020: €134 million) which is comprised principally of equity-settled transactions. The average share price for the year ended 31 March 2022 was 122.1 pence (2021: 120.8 pence; 2020: 135.9 pence).

Acquisitions and disposals

Acquisitions and disposals	12 Months Ended
	Mar. 31, 2022
Acquisitions and disposals
Acquisitions and disposals	27. Acquisitions and disposals The note below provides details of acquisition and disposal transactions for the current year as well as those completed in the prior year. For further details see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation’ to the consolidated financial statements. Accounting policies Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity. Acquisitions The aggregate cash consideration in respect of purchases of subsidiaries, net of cash acquired, is as follows: ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ €m €m Cash consideration paid ​ ​ Acquisitions during the year ​ – ​ 13 8 Net cash acquired – (2) ​ – 136 ​ During the prior year ended 31 March 2021, the Group completed acquisitions for an aggregate consideration of €178 million, satisfied by the transfer of equity interests in certain of the Group’s subsidiaries. The aggregate fair values of goodwill, identifiable assets, liabilities and non-controlling interests recognised on acquisition were €82 million, €468 million, €312 million and €60 million, respectively. In addition, the Group paid €138 million in respect of acquisitions completed in prior periods. Disposals The difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed of, and that have previously recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal. The aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash consideration received ​ ​ ​ ​ Vodafone New Zealand ​ – ​ (37) Tower infrastructure in Italy ​ – ​ 192 Other disposals during the period ​ – ​ 3 Net cash disposed ​ – ​ (1) ​ ​ – ​ 157 ​ Other transactions with non-controlling shareholders in subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash consideration received/(paid) ​ ​ ​ ​ Vantage Towers IPO ​ 217 ​ 2,000 Vantage Towers Greece ​ – ​ (288) Other ​ (28) ​ (49) ​ ​ 189 ​ 1,663 ​ Vantage Towers IPO In the comparative period, the Group completed an initial public offering of Vantage Towers AG, with the first day of trading on the Regulated Market of the Frankfurt Stock Exchange being 18 March 2021. The offer consisted solely of a secondary sell-down of existing shares held by Vodafone GmbH. Cash consideration of €2,000 million was received in the comparative period. A further €217 million was received in April 2021, following completion of the market stabilisation period described in the Vantage Towers prospectus. Vantage Towers Greece In the comparative period on 25 March 2021, the Group exercised its option to purchase the remaining 38% of Vantage Towers Greece for cash consideration of €288 million, taking its shareholding to 100%. Other matters 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, which are expected in the near term.

Commitments

Commitments	12 Months Ended
	Mar. 31, 2022
Commitments
Commitments	28. Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. The amounts below are the minimum amounts that we are committed to pay. Capital commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company and subsidiaries Share of joint operations Group ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Contracts placed for future capital expenditure not provided in the financial statements 1 ​ 4,388 3,993 140 133 4,527 4,126 ​ Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. Leases entered into by the Group but not commenced at 31 March 2022 are disclosed in note 20 ‘Leases’. Included in capital commitments is an amount of € 331 million relating to spectrum acquisition commitments in Vodacom. € 197 million of this spectrum acquisition commitment was settled subsequent to year-end

Contingent liabilities and lega

Contingent liabilities and legal proceedings	12 Months Ended
	Mar. 31, 2022
Contingent liabilities and legal proceedings
Contingent liabilities and legal proceedings	29. Contingent liabilities and legal proceedings Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ €m €m Performance bonds 1 430 381 Other guarantees 2 2,436 2,347 ​ Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of a US $3.5 billion loan facility (2021: US $3.5 billion loan facility), which forms part of the Group’s overall joint venture investment in TPG Telecom Ltd. The Group’s share of these loan balances is included in the net investment in joint venture (see note 12 ‘Investments in associates and joint arrangements’). Other guarantees also include INR 42.5 billion (2021: INR 42.5 billion) in relation to the secondary pledge over shares owned by Vodafone Group in Indus Towers. See page 201. ​ UK pension schemes The Group’s main defined benefit plan is the Vodafone UK Group Pension Scheme (‘Vodafone UK Plan’) which has two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 ‘Post employment benefits’. The Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they are in a deficit position. The deficit is measured on a prescribed basis agreed between the Group and trustee, which differs from the accounting basis reported in note 25 'Post employment benefits'. The Group provides surety bonds as the security. The level of the security has varied since inception in line with the movement in the Vodafone UK Plan deficit. Due to the improved funding position of the Plan the level of security has reduced significantly over the year. As at 31 March 2022 the Vodafone UK Plan retains security over €237 million (notional value) for the Vodafone Section and no security is currently required for the CWW Section. The security may be substituted either on a voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the Vodafone UK Plan for a combined value up to €1.48 billion to provide security over the deficit under certain defined circumstances, including insolvency of the employers. The Company has also agreed a similar guarantee of up to €1.48 billion for the CWW Section. An additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for up to €118 million. Vodafone Idea As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for payments between the Group and Vodafone Idea Limited ('VIL') pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, and refunds relating to Vodafone India and Idea Cellular. Cash payments or cash receipts relating to these matters must have been made or received by VIL before any amount becomes due from or owed to the Group. Any future payments by the Group to VIL as a result of this agreement would only be made after satisfaction of this and other contractual conditions. The Group's potential exposure under this mechanism is 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 designed to improve the liquidity and financial health of the telecom sector. The reforms include a four-year moratorium on spectrum and AGR payments and the option to convert payments due on spectrum and AGR payments to equity at the end of the moratorium period, with interest on due amounts being convertible during the moratorium period; VIL elected to accept the options in October and November 2021, respectively. VIL raised INR 45 billion (€524 million) via the issue of new equity in March 2022, most of which was used to settle amounts due to Indus. VIL remains in need of 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 any remaining liabilities covered by the mechanism and no further cash payments are considered probable from the Group as at 31 March 2022. 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; consequently, contingent liabilities arising from litigation in India concerning operations of Vodafone India are not reported. Indus Towers VIL’s ability to satisfy certain payment obligations under its Master Services Agreements with Indus Towers (the ‘MSAs’) is uncertain and depends on a number of factors including its ability to raise additional funding. Under the terms of the Indus and Bharti Infratel merger in November 2020, a security package was agreed for the benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable to make MSA payments. The security package included the following elements: - 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 was fully utilised during the year to 31 March 2022; - A primary pledge over 190.7 million shares owned by Vodafone Group in Indus Towers having a value of INR 47 billion (€544 million) as at 31 March 2021; and - A secondary pledge over shares owned by Vodafone Group in Indus Towers (ranking behind Vodafone's existing lenders for the outstanding bank borrowings of €1.4 billion as at 31 March 2022 secured against Indian assets 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 (€504 million). In the event of non-payment of relevant MSA obligations by VIL, Indus Towers would 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. During February and March 2022, the Group announced the disposal of the 190.7 million shares that were subject to the primary pledge in two transactions for a combined INR 38.1 billion (€445 million). The Group invested INR 33.7 billion (€393 million) of the proceeds by subscribing to newly issued VIL equity, which VIL immediately used to partially settle outstanding MSA obligations to Indus Towers. This transaction resulted in an equivalent partial release of the primary pledge, with the remaining INR 4.4 billion (€52 million) proceeds of the share disposal remaining secured for further utilisation by Indus Towers. Indus Towers has recourse against the secondary pledge to the maximum liability cap, from any proceeds remaining after the settlement of the Bank Borrowings. Legal Proceedings The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with, government authorities that are incidental to its operations. Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that obligation, a provision is recognised for these amounts. In all cases, determining the probability of successfully defending a claim against the Group involves the application of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex legal proceedings, regardless of outcome, can be significant. The Group is not involved in any material proceedings in which any of the Group’s Directors, members of senior management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group. Indian tax cases In January 2012, the Supreme Court of India found against the Indian tax authority and in favour of Vodafone International Holdings BV (‘VIHBV’) in proceedings brought after the Indian tax authority alleged potential liability under the Income Tax Act 1961 for the failure by VIHBV to deduct withholding tax from consideration paid to the Hutchison Telecommunications International Limited group (‘HTIL’) in connection with its 2007 disposal to VIHBV of its interests in a wholly-owned Cayman Island incorporated subsidiary that indirectly held interests in Vodafone India Limited (‘Vodafone India’). The Finance Act 2012 of India, which amended various provisions of the Income Tax Act 1961 with retrospective effect, contained provisions intended to tax any gain on transfer of shares in a non-Indian company, which derives substantial value from underlying Indian assets, such as VIHBV’s transaction with HTIL in 2007. Further, it sought to subject a purchaser, such as VIHBV, to a retrospective obligation to withhold tax. On 3 January 2013, VIHBV received a letter from the Indian tax authority reminding it of the tax demand raised prior to the Supreme Court of India’s judgement and updating the interest element of that demand to a total amount of INR142 billion, which included principal and interest as calculated by the Indian tax authority but did not include penalties. On 12 February 2016, VIHBV received a notice dated 4 February 2016 of an outstanding tax demand of INR221 billion (plus interest). 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. VIHBV initiated arbitration proceedings under the Netherlands-India Bilateral Investment Treaty (‘Dutch BIT’) on 17 April 2014. In September 2020, the arbitration tribunal issued its award unanimously ruling in Vodafone’s favour. The Indian Government applied 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’). Although relating to the same underlying facts as the claim under the Dutch BIT, the UK BIT claim is a separate and distinct claim under a different treaty and includes independent claims relating to disputes between the Indian tax authority and Vodafone India Services Private Limited (‘VISPL’) (see below). In 2020, following attempts by the Indian Government to obtain a court injunction preventing Vodafone from progressing the UK BIT arbitration, the Delhi High Court ordered that Vodafone shall proceed with the UK BIT arbitration only if the award already published under the Dutch BIT is set aside. In August 2021 the Indian Parliament passed new 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 to 15 June 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 31 March 2022. VISPL tax claims VISPL is involved in a number of tax cases. The total value of the claims is approximately €500 million plus interest, and penalties of up to 300% of the principal. Of the individual tax claims, the most significant is in the amount of approximately €254 million (plus interest of €614 million), which VISPL has been assessed as owing in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with Vodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer of options held by VISPL in Vodafone India. A stay of the tax demand on a deposit of £20 million and a corporate guarantee by VIHBV for the balance of tax assessed are in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The Indian Tax Authority has appealed to the Supreme Court of India. The appeal hearing has been adjourned indefinitely. While there is some uncertainty as to the outcome of the tax cases involving VISPL, the Group believes it has valid defences and does not consider it probable that a financial outflow will be required to settle these cases. Other cases in the Group 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 withdrew all of its claims against the Group in Spain and the UK as part of an agreed settlement. Further background relating to these claims is provided in the Group’s Annual Report for the financial year ended 31 March 2021. Germany: Kabel Deutschland takeover - class actions The German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone’s takeover of Kabel Deutschland. Hearings took place in May 2019 and a decision was delivered in November 2019 in Vodafone’s favour, rejecting all claims by minority shareholders. A number of shareholders appealed which was rejected by the court in December 2021. Several minority shareholders have filed a further appeal before the Federal Court of Justice. The appeal process is ongoing. While the outcome is uncertain, the Group believes it has valid defences and that the outcome of the appeal will be favourable to Vodafone. Italy: Iliad v Vodafone Italy In July 2019, Iliad filed a claim for €500 million against Vodafone Italy in the Civil Court of Milan. The claim alleges anti-competitive behaviour in relation to portability and certain advertising campaigns by Vodafone Italy. Preliminary hearings have taken place, including one at which the Court rejected Iliad’s application for a cease and desist order against alleged misleading advertising by Vodafone. The main hearing on the merits of the claim took place on 8 June 2021 and we are waiting to receive the judgement. The Group is currently unable to estimate any possible loss in this claim in the event of an adverse judgement but while the outcome is uncertain, the Group believes it has valid defences and that it is probable that no present obligation exists. Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece In October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several new claims against Vodafone Greece with a total value of approximately €330 million for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Lawsuits which the Papistas claimants had previously brought against Vodafone Group Plc and certain Directors and officers of Vodafone were withdrawn. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the Papistas claims were rejected by the Greek Court because the stamp duty payments required to have the merits of the case considered had not been made. Vodafone Greece’s counter claim was also rejected. The Papistas claimants and Vodafone Greece have each filed appeals and, subject to the Papistas claimants paying the requisite stamp duty, the hearing on the merits of these appeals will take place in early 2023. The amount claimed in these lawsuits is substantial and, if the claimants are successful, the total potential liability could be material. However, we are continuing vigorously to defend the claims and based on the progress of the litigation so far the Group believes that it is highly unlikely that there will be an adverse ruling for the Group. On this basis, the Group does not expect the outcome of these claims to have a material financial impact. UK: Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others In December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile network operators (‘MNOs’), including Vodafone, and their parent companies. The administrators allege collusion between the MNOs to pull their business from Phones 4U thereby causing its collapse. Vodafone and the other defendants filed their defences in April 2019 and the Administrators filed their replies in October 2019. Disclosure has taken place and witness statements were filed in December 2021. The judge has also ordered that there should be a split trial between liability and damages. The first trial started in May 2022. Taking into account all available evidence, the Group assesses it to be more likely than not that a present obligation does not exist and that the allegations of collusion are completely without merit; the Group is vigorously defending the claim. The value of the claim is not pleaded but we understand it to be the total value of the business, allegedly equivalent to approximately £ billion with the addition of alleged exemplary damages. Vodafone’s alleged share of the liability is also not pleaded. The Group is not able to estimate any possible loss in the event of an adverse judgment.

Related party transactions

Related party transactions	12 Months Ended
	Mar. 31, 2022
Related party transactions
Related party transactions	30. Related party transactions The Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and Executive Committee members (see note 12 ‘Investments in associates and joint arrangements’, note 25 ‘Post employment benefits’ and note 23 ‘Directors and key management compensation’). Transactions with joint arrangements and associates Related party transactions with the Group’s joint arrangements and associates primarily comprise fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements. No related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Sales of goods and services to associates 20 14 32 Purchase of goods and services from associates 10 5 4 Sales of goods and services to joint arrangements 221 203 305 Purchase of goods and services from joint arrangements 298 109 97 Interest income receivable from joint arrangements 1 ​ 48 ​ 65 ​ 71 Interest expense payable to joint arrangements 1 52 56 – Trade balances owed: ​ ​ ​ by associates 8 3 4 to associates 6 5 4 by joint arrangements 139 88 157 to joint arrangements 34 31 37 Other balances owed by associates ​ 80 ​ 56 ​ – Other balances owed by joint arrangements 1 1,080 955 1,083 Other balances owed to joint arrangements 2 1,561 1,575 2,017 ​ Notes: 1 Amounts arise primarily through VodafoneZiggo, TPG Telecom Limited and INWIT S.p.A.. Interest is paid in line with market rates. 2 Amounts are primarily in relation to leases of tower space from INWIT S.p.A. Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows. Transactions with Directors other than compensation During the three years ended 31 March 2022 and as of 16 June 2022, no Director nor any other executive officer, nor any associate of any Director or any other executive officer, was indebted to the Group. During the three years ended 31 March 2022 and as of 16 June 2022, the Group has not been a party to any other material transaction, or proposed transactions, in which any member of the key management personnel (including Directors, any other executive officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to have a direct or indirect material interest.

Related undertakings

Related undertakings	12 Months Ended
	Mar. 31, 2022
Related undertakings
Related undertakings	31. Related undertakings A full list of all of our subsidiaries, joint arrangements and associated undertakings is detailed below. A full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 March 2022 is detailed below. No subsidiaries are excluded from the Group consolidation. Unless otherwise stated the Company’s subsidiaries all have share capital consisting solely of ordinary shares and are indirectly held. The percentage held by Group companies reflect both the proportion of nominal capital and voting rights unless otherwise stated. Summarised financial information is provided in respect of the Group's most significant joint arrangements and associates in note 12 'Investments in associates and joint arrangements'. Subsidiaries Accounting policies A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ​ ​ ​ ​ Company name % of share class held Share class Albania ​ ​ Autostrada Tirane-Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania ​ ​ Vodafone Albania Sh.A 99.94 Ordinary shares ​ Lagjia Kongresi Përmetit, Bulevardi "Jakov Xoxa", pallati nr. 5, kati nr. 1, Fier, Albania ​ ​ ApNet SHPK 99.94 Ordinary shares Rruga "Ibrahim Rugova", Sky Tower, Kati i 5, Hyrja 2, Tiranë, 1000, Albania ​ ​ _VOIS Albania ShpK. 100.00 Ordinary shares Argentina ​ ​ Cerrito 348, 5 to B, C1010AAH, Buenos Aires, Argentina ​ ​ CWGNL S.A. (in process of dissolution) 100.00 Ordinary shares Australia ​ ​ Mills Oakley , Level 7, 151 Clarence Street, Sydney NSW 2000, Australia ​ ​ Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria ​ ​ c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria ​ ​ Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain ​ ​ RSM Bahrain, 3rd Floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain ​ ​ Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium ​ ​ Malta House, rue Archimède 25, 1000 Bruxelles, Belgium ​ ​ Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil ​ ​ Avenida Cidade Jardim, 400, 7th and 20th Floors, Jardim Paulistano, São Paulo, Brazil, 01454-000 ​ ​ Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil ​ ​ Cobra do Brasil Serviços de Telemàtica ltda. (in process of dissolution) 70.00 Ordinary shares Av Paulista 37 - 4º andar, Sala 427, Bela Vista, CEP, 01311 - 902, São Paulo, Brazil ​ ​ Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria ​ ​ 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria ​ ​ Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Canada ​ ​ c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H 1W8, Canada ​ ​ Vodafone Canada Inc. 100.00 Common shares Cayman Islands ​ ​ One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands ​ ​ CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile ​ ​ 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile ​ ​ Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China ​ ​ Building 21, 11, Kangding St., BDA, Beijing, 100176 - China ​ ​ Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Level 9, Tower 2, China Central Place, Room 941, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China ​ ​ Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. Beijing Branch 2 100.00 Branch Room 1603, 16 th Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China ​ ​ Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the ​ ​ 292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic Republic of the Congo ​ ​ Vodacom Congo (RDC) SA 5 30.85 Ordinary shares Building Comimmo II Ground Floor Right, 3157 Boulevard du 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo, The Democratic Republic of the ​ ​ Vodacash S.A. 5 30.85 Ordinary shares Cyprus ​ ​ Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus ​ ​ Vodafone Evde Operations Ltd 100.00 Ordinary shares Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic ​ ​ náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic ​ ​ Nadace Vodafone Česká Republika 100.00 Trustee Oskar Mobil S.R.O. 100.00 Ordinary shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - Czech Branch 2 100.00 Branch Praha 4, Nusle, Závišova 502/5, 14000, Czech Republic ​ ​ Vantage Towers 2 s.r.o. 100.00 Ordinary shares Vantage Towers s.r.o. 4 81.74 Ordinary shares Závišova Real Estate, s.r.o. 100.00 Ordinary shares Denmark ​ ​ Tuborg Boulevard 12, 2900, Hellerup, Denmark ​ ​ Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt ​ ​ 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt ​ ​ Starnet 55.00 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt ​ ​ Sarmady Communications 55.00 Ordinary shares Building no. 2109 “VHUB1”, Smart Village, Cairo Alexandria, Egypt ​ ​ Vodafone International Services LLC 100.00 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt ​ ​ Vodafone Egypt Telecommunications S.A.E. 55.00 Ordinary shares Smart Village C3 Vodafone Building, Egypt ​ ​ Vodafone Data 55.00 Ordinary shares Vodafone Building Zahraa EL Maadi, Building A, Service Area D, Maadi, Cairo, Egypt ​ ​ Vodafone For Trading 54.95 Ordinary shares Finland ​ ​ c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland ​ ​ Vodafone Enterprise Finland OY 100.00 Ordinary shares France ​ ​ 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France ​ ​ Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares EuroPlaza Tour, 20 Avenue Andre Prothin, La Défense Cedex-France (149153), 92400, Courbevoie, France ​ ​ Vodafone Automotive France S.A.S 100.00 Ordinary shares Vodafone Enterprise France SAS 100.00 New euro shares Rue Champollion, 22300, Lannion, France ​ ​ Apollo Submarine Cable System Ltd – French Branch 2 100.00 Branch Germany ​ ​ Aachener Str. 746-750, 50933, Köln, Germany ​ ​ Arena Sport Rechte Marketing GmbH i.L (in liquidation) 100.00 Ordinary shares Altes Forsthaus 2, 67661, Kaiserslautern, Germany ​ ​ TKS Telepost Kabel-Service Kaiserslautern GmbH 3 93.84 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany ​ ​ Kabel Deutschland Holding AG 93.84 Ordinary shares Vodafone Customer Care GmbH 3 93.84 Ordinary shares Vodafone Deutschland GmbH 93.84 Ordinary shares ​ ​ ​ ​ ​ Company name % of share class held Share class Buschurweg 4, 76870, Kandel, Germany ​ ​ Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand-Braun-Platz 1, 40549, Duesseldorf, Germany ​ ​ Vodafone Enterprise Germany GmbH 100.00 Ordinary shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnutzige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Vodafone West GmbH 100.00 Ordinary shares Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany ​ ​ KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung 3 93.84 Ordinary shares Helmholtzstaße. 2-9, Gerbäude 10587, Berlin, Germany ​ ​ Vodafone Service GmbH 100.00 Ordinary shares Holzmarkt 1, 50676, Köln, North Rhine-Westphalia, Germany ​ ​ Grandcentrix GmbH 100.00 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany ​ ​ "Urbana Teleunion" Rostock GmbH & Co.KG 3 65.69 Ordinary shares Prinzenallee 11-13, 40549, Düsseldorf, Germany ​ ​ Vantage Towers AG 81.74 Ordinary shares Vantage Towers Erste Verwaltungsgesellschaft mbH 4 81.74 Ordinary shares Vantage Towers Zweite Verwaltungsgesellschaft mbH 4 81.74 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany ​ ​ KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung 3 93.84 Ordinary shares Ghana ​ ​ Manet Tower A, South Liberation Link, Airport City, Accra, Ghana ​ ​ Ghana Telecommunications Company Limited 70.00 Ordinary shares, Preference shares Vodacom Business (Ghana) Limited 70.00 Ordinary shares, Preference shares Vodafone Ghana Mobile Financial Services Limited 70.00 Ordinary shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana ​ ​ National Communications Backbone Company Limited 70.00 Ordinary shares Greece ​ ​ 1-3 Tzavella str, 152 31 Halandri, Athens, Greece ​ ​ Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares 12,5 km National Road Athens – Lamia, Metamorfosi / Athens, 14452, Greece ​ ​ Vodafone Innovus S.A. 99.87 Ordinary shares 2 Adrianeiou str, Athens, 11525, Greece ​ ​ Vantage Towers Single Member Societe Anonyme 4 81.74 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece ​ ​ 360 Connect S.A. 99.87 Ordinary shares Guernsey ​ ​ Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey ​ ​ FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey ​ ​ VBA Holdings Limited 5 60.50 Ordinary shares and non-voting, irredeemable, non-cumulative preference shares VBA International Limited 5 60.50 Ordinary shares, and non-voting, irredeemable, non-convertible, non-cumulative preference shares Hong Kong ​ ​ Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong ​ ​ Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary ​ ​ 40-44 Hungaria Krt., Budapest, H-1087, Hungary ​ ​ VSSB Vodafone Szolgáltató Központ Budapest Zártkörűen Működő Részvénytársaság 100.00 Registered ordinary shares 6 Lechner Ödön fasor, Budapest, 1096, Hungary ​ ​ Vantage Towers Zártkörűen Működő Részvénytársaság 4 81.74 Ordinary shares Vodafone Magyarország Távközlési Zártkörűen Működő Részvénytársaság 100.00 Series A Registered common shares India ​ ​ 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka, 560103, India ​ ​ Cable & Wireless Networks India Private Limited 100.00 Equity shares Cable and Wireless (India) Limited - Branch 2 100.00 Branch Cable and Wireless Global (India) Private Limited 100.00 Equity shares 201 - 206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra, 400018, India ​ ​ Omega Telecom Holdings Private Limited 100.00 Equity shares Vodafone India Services Private Ltd 100.00 Equity shares Business Mantri, Tower B, Wing no - B1 & B2, 3rd Floor, S. No. - 197, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India ​ ​ Vodafone Global Services Private Ltd 100.00 Equity shares E-47, Bankra Super Market, Bankra, Howrah, West Bengal, 711403, India ​ ​ Usha Martin Telematics Limited 100.00 Equity shares Ireland ​ ​ 2nd Floor, Palmerston House, Fenian Street, Dublin 2, Ireland ​ ​ Vodafone International Financing Designated Activity Company 100.00 Ordinary shares 38/39 Fitzwilliam Square West, Dublin 2,D02 NX53, Ireland ​ ​ Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland ​ ​ Vantage Towers Limited 4 81.74 Ordinary shares VF Ireland Property Holdings Limited 100.00 Ordinary euro shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy ​ ​ Piazzale Luigi Cadorna, 4, 20123, Milano, Italy ​ ​ Vodafone Global Enterprise (Italy) S.R.L. 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy ​ ​ Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy ​ ​ Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Vodafone Automotive Telematics Srl 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea, Tourin, Italy ​ ​ VEI S.r.l. 100.00 Partnership interest shares Vodafone Italia S.p.A. 100.00 Ordinary shares Via Lorenteggio 240, 20147, Milan, Italy ​ ​ Vodafone Enterprise Italy S.r.L 100.00 Euro shares Vodafone Gestioni S.p.A. 100.00 Ordinary shares Vodafone Servizi E Tecnologie S.R.L. 100.00 Equity shares ​ ​ ​ ​ ​ ​ Company name % of share class held Share class Via per Carpi 26/B, 42015, Correggio (RE), Italy ​ ​ VND S.p.A 100.00 Ordinary shares Japan ​ ​ KAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222-0033, Japan ​ ​ Vodafone Automotive Japan KK 100.00 Ordinary shares Marunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome, Level 15 , Chiyoda-ku, Tokyo, Japan ​ ​ Vodafone Enterprise U.K. – Japanese Branch 2 100.00 Branch Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey ​ ​ 44 Esplanade, St Helier, JE4 9WG, Jersey ​ ​ ​ Aztec Limited 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance Limited 99.99 Ordinary shares Vodafone International 2 Limited 100.00 Ordinary shares Vodafone Jersey Dollar Holdings Limited 100.00 Limited liability shares Vodafone Jersey Finance 100.00 Ordinary shares Vodafone Jersey Yen Holdings Unlimited 100.00 Limited liability shares Kenya ​ ​ 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya ​ ​ M-PESA Holding Co. Limited 100.00 Equity shares Vodafone Kenya Limited 5 65.43 Ordinary voting shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya ​ ​ Vodacom Business (Kenya) Limited 5 48.40 Ordinary shares, Ordinary B shares Korea, Republic of ​ ​ ASEM Tower Level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of ​ ​ Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho ​ ​ 585 Mabile Road, Vodacom Park, Maseru, Lesotho ​ ​ Vodacom Lesotho (Pty) Limited 5 48.40 Ordinary shares Luxembourg ​ ​ 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg ​ ​ Tomorrow Street GP S.à r.l. 100.00 Ordinary shares Vodafone Asset Management Services S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Global Businesses S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary euro shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg 5 S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à r.l. 100.00 Ordinary shares Malaysia ​ ​ Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia ​ ​ Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta ​ ​ Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta ​ ​ Vodafone Holdings Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Vodafone Insurance Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Mauritius ​ ​ 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius ​ ​ Mobile Wallet VM1 5 60.50 Ordinary shares Mobile Wallet VM2 5 60.50 Ordinary shares VBA (Mauritius) Limited 5 60.50 Ordinary shares, Redeemable preference shares Vodacom International Limited 5 60.50 Ordinary shares, Non-cumulative preference shares Fifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity, Ebene, Mauritius ​ ​ Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Mexico ​ ​ Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San José Insurgentes, Alcaldía Benito Juárez, C.P. 03900, Ciudad de México, Mexico ​ ​ Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Mozambique ​ ​ Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique ​ ​ Vodacom Moçambique, SA 5 51.42 Ordinary shares Vodafone M-Pesa, S.A 5 51.42 Ordinary shares Netherlands ​ ​ Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands ​ ​ Vodafone Enterprise Netherlands B.V. 100.00 Ordinary shares Vodafone Europe B.V. 100.00 Ordinary shares Vodafone International Holdings B.V. 100.00 Ordinary shares Vodafone Panafon International Holdings B.V. 99.87 Ordinary shares Rivium Quadrant 175, 2909 LC, Capelle aan den IJssel, Netherlands ​ ​ Central Tower Holding Company B.V. 4 81.74 Ordinary shares and special shares Zuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands ​ ​ IoT.nxt USA BV 5 30.87 Ordinary shares IOT.NXT B.V. 5 30.87 Ordinary shares IoT.nxt Europe BV 5 30.87 Ordinary shares New Zealand ​ ​ 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand ​ ​ Vodafone Enterprise Hong Kong Limited -New Zealand Branch 2 100.00 Branch Norway ​ ​ c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway ​ ​ Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom ​ ​ Vodafone Limited – Norway Branch 2 100.00 Branch Oman ​ ​ Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman ​ ​ Vodafone Services LLC 100.00 Shares Poland ​ ​ ul. Towarowa 28, 00-839,Warsaw, Poland ​ ​ Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share class Portugal ​ ​ Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal ​ ​ Oni Way - Infocomunicacoes, S.A 100.00 Ordinary shares Vantage Towers, S.A. 4 81.74 Ordinary shares Vodafone Enterprise Spain, S.L.U. – Portugal Branch 2 100.00 Branch Vodafone Portugal – Comunicacoes Pessoais, S.A. 100.00 Ordinary shares Romania ​ ​ 1 A Constantin Ghercu Street, 10th Floor, 6 th District, Bucharest, Romania ​ ​ UPC Services S.R.L. (in liquidation) 100.00 Ordinary shares 201 Barbu Vacarescu, 4th Floor, 2nd District, Bucharest, Romania ​ ​ Vodafone Romania S.A 100.00 Ordinary shares 201 Barbu Vacarescu, 5th Floor, 2nd District, Bucharest, Romania ​ ​ Vodafone External Services S.R.L. 100.00 Ordinary shares 201 Barbu Vacarescu Street, Mezzanine, District 2, Bucharest, Romania ​ ​ Vodafone Foundation 100.00 Sole member 201 Barbu Vacarescu Street, Mezzanine, Room 1, District 2, Bucharest, Romania ​ ​ Vantage Towers S.R.L. 4 81.74 Ordinary shares 62D Nordului Street, District 1, Bucharest, Romania ​ ​ UPC Foundation 100.00 Sole member Oltenitei Street no. 2, City Offices Building, 3rd Floor, Bucharest, 4th District, Romania ​ ​ Vodafone România Technologies SRL 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucharest, Romania ​ ​ Vodafone România M – Payments SRL 100.00 Ordinary shares Șoseaua Vestului no. 1A, West Mall Ploiești, First Floor, Ploiești, Romania ​ ​ Evotracking SRL 100.00 Ordinary shares Russian Federation ​ ​ Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation ​ ​ Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Serbia ​ ​ Vladimira Popovića 38-40, New Belgrade, 11070, Serbia ​ ​ Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch 2 100.00 Branch Singapore ​ ​ Asia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore ​ ​ Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia ​ ​ Prievozská 6, Bratislava, 821 09, Slovakia ​ ​ Vodafone Czech Republic A.S. – Slovakia Branch 2 100.00 Branch Suché mýto 1, Bratislava, 811 03, Slovakia ​ ​ Vodafone Global Network Limited – Slovakia Branch 2 100.00 Branch South Africa ​ ​ 319 Frere Road, Glenwood, 4001, South Africa ​ ​ Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa ​ ​ Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary no par value shares Bylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra Road, Centurion,Highveld Ext 73, 0046, South Africa ​ ​ 10T Holdings (Proprietary) Limited 5 30.86 Ordinary shares IoT.nxt (Pty) Limited 5 30.86 Ordinary shares IOT.nxt Development (Pty) Limited 5 30.86 Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa ​ ​ GS Telecom (Pty) Limited 5 60.50 Ordinary shares Infinity Services Partner Company 5 60.50 Ordinary shares Jupicol (Proprietary) Limited 5 42.35 Ordinary shares Mezzanine Ware (RF) Proprietary Limited 5 54.45 Ordinary shares Motifprops 1 (Proprietary) Limited 5 60.50 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 5 60.50 Ordinary shares Storage Technology Services (Pty) Limited 5 30.85 Ordinary shares Vodacom (Pty) Limited 5 60.50 Ordinary shares, Ordinary A shares Vodacom Business Africa Group (Pty) Limited 5 60.50 Ordinary shares Vodacom Financial Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Group Limited 60.50 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Insurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom International Holdings (Pty) Limited 5 60.50 Ordinary shares Vodacom Life Assurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom Payment Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No.2 (Pty) Limited 5 60.50 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 5 60.50 Ordinary shares XLink Communications (Proprietary) Limited 5 60.50 Ordinary A Shares Spain ​ ​ Antracita, 7 – 28045, Madrid , Spain ​ ​ Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain ​ ​ Vodafone Enabler España, S.L. 100.00 Ordinary shares Vodafone Energía, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary shares, Ordinary euro shares Vodafone España S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios S.L.U. 100.00 Ordinary shares Calle San Severo 22, 28042, Madrid, Spain ​ ​ Vantage Towers, S.L.U. 4 81.74 Ordinary shares Torre Norte Adif, Explanada de la Estación no 7, 29002, Málaga, Spain ​ ​ Vodafone Intelligent Solutions España, S.L.U. 100.00 Ordinary shares Sweden ​ ​ c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden ​ ​ Vodafone Enterprise Sweden AB 100.00 Ordinary shares, Shareholder’s contribution shares Switzerland ​ ​ Schiffbaustrasse 2, 8005, Zurich, Switzerland ​ ​ Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Taiwan ​ ​ 22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan ​ ​ Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of ​ ​ 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of ​ ​ M-Pesa Limited 5 45.37 Ordinary A shares, Ordinary B shares Shared Networks Tanzania Limited 5 45.37 Ordinary shares Vodacom Tanzania Public Limited Company 5 45.37 Ordinary shares 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of ​ ​ Gateway Communications Tanzania Limited (in liquidation) 5 59.89 Ordinary shares Turkey ​ ​ Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, 34398, Turkey ​ ​ Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Dijital Yayincilik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Kule ve Altyapi Hizmetleri A.S. 100.00 Ordinary shares Vodafone Mall Ve Electronik Hizmetler Ticaret AS 100.00 Ordinary shares Vodafone Medya Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Net İletişim Hizmetleri A.S. 100.00 Ordinary shares Vodafone Telekomunikasyon A.S. 100.00 Registered shares İTÜ Ayazağa Kampüsü, Koru Yolu, Arı Teknokent Arı 3 Binası, Maslak, İstanbul, 586553, Turkey ​ ​ Vodafone Teknoloji Hizmetleri A.S. 100.00 Registered shares Maslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663, Sarıyer Istanbul, Turkey ​ ​ Vodafone Sigorta Aracilik Hismetleri A.S. 100.00 Ordinary shares Maslak Mah.AOS 55. Sok. 42 Maslak B BLOK Sit.No: 4 / 665, Sarıyer / Istanbul, Turkey ​ ​ Vodafone Elektronik Para Ve Ödeme Hizmetleri A.S. 100.00 Registered shares Maslak Mah. AOS 55.Sokak 42 Maslak Sitesi No:4 Kat 18, Ic Kapi: 664 Sarıyer Istanbul, Turkey ​ ​ Vodafone Finansman A.S. 100.00 Ordinary shares Ukraine ​ ​ Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine ​ ​ LLC Vodafone Enterprise Ukraine 100.00 Ordinary shares ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share class United Arab Emirates ​ ​ 16-SD 129,Ground Floor, Building 16-Co Work,Dubai Internet City,United Arab Emirates ​ ​ Vodacom Fintech Services FZ-LLC 5 60.50 Ordinary shares Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates ​ ​ Vodafone Enterprise Europe (UK) Limited – Dubai Branch 2 100.00 Branch United Kingdom ​ ​ 1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR, Scotland ​ ​ Thus Group Holdings Limited 100.00 Ordinary shares Thus Group Limited 100.00 Ordinary shares Thus Profit Sharing Trustees Limited 100.00 Ordinary shares 11 Staple Inn, London,WC1V 7QH,United Kingdom ​ ​ Vodacom Business Africa Group Services Limited 5 60.50 Ordinary shares, Preference shares Vodacom Investments Company Proprietary Limited 5 60.50 Ordinary shares Vodacom UK Limited 5 60.50 Ordinary shares, Non-redeemable ordinary A shares, Ordinary B shares, Non-redeemable preference shares 784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom ​ ​ Vodafone (NI) Limited 100.00 Ordinary shares Edinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ, United Kingdom ​ ​ Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland ​ ​ Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares, D Ordinary Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom ​ ​ Apollo Submarine Cable System Limited 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D shares Cable & Wireless Aspac Holdings Limited 100.00 Ordinary shares Cable & Wireless CIS Services Limited 100.00 Ordinary shares Cable & Wireless Communications Data Network Services Limited 100.00 'A' Ordinary shares, 'B' Ordinary shares Cable & Wireless Europe Holdings Limited 100.00 Ordinary shares Cable & Wireless Global Business Services Limited 100.00 Ordinary shares Cable & Wireless Global Holding Limited 100.00 Ordinary shares Cable & Wireless Global Telecommunication Services Limited 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares, Redeemable preference shares Cable & Wireless Worldwide Voice Messaging Limited 100.00 Ordinary shares Cable and Wireless (India) Limited 100.00 Ordinary shares Cable and Wireless Nominee Limited 100.00 Ordinary shares Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares General Mobile Corporation Limited (in process of dissolution) 100.00 Ordinary shares London Hydraulic Power Company (The) 100.00 Ordinary shares, 5% Non-Cumulative preference shares MetroHoldings Limited 100.00 Ordinary shares ML Integration Group Limited 100.00 Ordinary shares Navtrak Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Talkland International Limited (in process of dissolution) 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares The Eastern Leasing Company Limited 100.00 Ordinary shares Thus Limited 100.00 Ordinary shares Vizzavi Limited 100.00 Ordinary shares Voda Limited 100.00 Ordinary shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 2. 100.00 Ordinary shares Vodafone 4 UK 100.00 Ordinary shares Vodafone 5 Limited 100.00 Ordinary shares Vodafone 5 UK 100.00 Ordinary shares Vodafone 6 UK 100.00 Ordinary shares Vodafone Americas 4 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Vodafone Benelux Limited 100.00 Ordinary shares, Preference shares Vodafone Cellular Limited 1 100.00 Ordinary shares ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share class Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 1 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 1 100.00 Ordinary shares Vodafone Distribution Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Corporate Secretaries Limited 100.00 Ordinary shares Vodafone Enterprise Equipment Limited 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited 100.00 Ordinary shares Vodafone Enterprise U.K. 100.00 Ordinary shares Vodafone Euro Hedging Limited 100.00 Ordinary shares Vodafone Euro Hedging Two 100.00 Ordinary shares Vodafone Europe UK 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone European Portal Limited 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Luxembourg Limited 100.00 Ordinary shares Vodafone Finance Sweden 100.00 Ordinary shares, Ordinary deferred Vodafone Finance UK Limited 100.00 Ordinary shares Vodafone Financial Operations 100.00 Ordinary shares Vodafone Global Content Services Limited 100.00 Ordinary shares, 5% fixed rate non-voting preference shares Vodafone Global Enterprise Limited 100.00 Ordinary shares, Deferred shares, B deferred shares Vodafone Group (Directors) Trustee Limited 1 100.00 Ordinary shares Vodafone Group Pension Trustee Limited 1 100.00 Ordinary shares Vodafone Group Services Limited 100.00 Ordinary shares, Deferred shares Vodafone Group Services No.2 Limited 1 100.00 Ordinary shares Vodafone Group Share Trustee Limited 1 100.00 Ordinary shares Vodafone Holdings Luxembourg Limited 100.00 Ordinary shares Vodafone Intermediate Enterprises Limited 100.00 Ordinary s

Subsidiaries exempt from audit

Subsidiaries exempt from audit	12 Months Ended
	Mar. 31, 2022
Subsidiaries exempt from audit
Subsidiaries exempt from audit	32. Subsidiaries exempt from audit The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 March 2022. ​ Name ​ Registration number ​ Name ​ Registration number ​ ​ ​ ​ ​ ​ ​ ​ Bluefish Communications Limited ​ 5142610 ​ Vodafone Enterprise Europe (UK) Limited ​ 3137479 ​ Cable & Wireless Aspac Holdings Limited ​ 4705342 ​ Vodafone Euro Hedging Limited ​ 3954207 ​ Cable & Wireless CIS Services Limited ​ 2964774 ​ Vodafone Euro Hedging Two ​ 4055111 ​ Cable & Wireless Europe Holdings Limited ​ 4659719 ​ Vodafone Europe UK ​ 5798451 ​ Cable & Wireless Global Business Services Limited ​ 3537591 ​ Vodafone European Investments ​ 3961908 ​ Cable & Wireless Global Holding Limited ​ 3740694 ​ Vodafone European Portal Limited ​ 3973442 ​ Cable & Wireless UK Holdings Limited ​ 3840888 ​ Vodafone Finance Luxembourg Limited ​ 5754479 ​ Cable & Wireless Worldwide Limited ​ 7029206 ​ Vodafone Finance Sweden ​ 2139168 ​ Cable & Wireless Worldwide Voice Messaging ​ 1981417 ​ Vodafone Finance UK Limited ​ 3922620 ​ Limited ​ ​ ​ Vodafone Financial Operations ​ 4016558 ​ Cable & Wireless Nominee Limited ​ 3249884 ​ Vodafone Global Content Services Limited ​ 4064873 ​ Energis (Ireland) Limited ​ NI035793 ​ Vodafone Holdings Luxembourg Limited ​ 4200970 ​ Energis Communications Limited ​ 2630471 ​ Vodafone Intermediate Enterprises Limited ​ 3869137 ​ Energis Squared Limited ​ 3037442 ​ Vodafone International Holdings Limited ​ 2797426 ​ General Mobile Corporation Limited ​ 2585763 ​ Vodafone International Operations Limited ​ 2797438 ​ London Hydraulic Power Company (The) ​ ZC000055 ​ Vodafone Investment UK ​ 5798385 ​ MetroHoldings Limited ​ 3511122 ​ Vodafone Investments Limited ​ 1530514 ​ ML Integration Group Limited ​ 3252903 ​ Vodafone IP Licensing Limited ​ 6846238 ​ Talkland International Limited ​ 2354106 ​ Vodafone Marketing UK ​ 6858585 ​ The Eastern Leasing Company Limited ​ 1672832 ​ Vodafone Mobile Communications Limited ​ 3942221 ​ Thus Group Holdings Limited ​ SC192666 ​ Vodafone Mobile Enterprises Limited ​ 3961390 ​ Thus Group Limited ​ SC226738 ​ Vodafone Mobile Network Limited ​ 3961482 ​ Voda Limited ​ 1847509 ​ Vodafone Nominees Limited ​ 1172051 ​ Vodafone 2. ​ 4083193 ​ Vodafone Oceania Limited ​ 3973427 ​ Vodafone 4 UK ​ 6357658 ​ Vodafone Overseas Finance Limited ​ 4171115 ​ Vodafone 5 Limited ​ 6688527 ​ Vodafone Overseas Holdings Limited ​ 2809758 ​ Vodafone 5 UK ​ 2960479 ​ Vodafone Panafon UK ​ 6326918 ​ Vodafone 6 UK ​ 8809444 ​ Vodafone Property Investments Limited ​ 3903420 ​ Vodafone Americas 4 ​ 6389457 ​ Vodafone UK Limited ​ 2227940 ​ Vodafone Benelux Limited ​ 4200960 ​ Vodafone Worldwide Holdings Limited ​ 3294074 ​ Vodafone Cellular Limited ​ 896318 ​ Vodafone Yen Finance Limited ​ 4373166 ​ Vodafone Consolidated Holdings Limited ​ 5754561 ​ Vodaphone Limited ​ 2373469 ​ Vodafone Corporate Secretaries Limited ​ 2357692 ​ Vodata Limited ​ 2502373 ​ Vodafone Enterprise Corporate Secretaries Limited ​ 2303594 ​ Your Communications Group Limited ​ 4171876 ​ Vodafone Enterprise Equipment Limited ​ 1648524 ​ ​ ​ ​ ​ ​ ​

Basis of preparation (Policies)

Basis of preparation (Policies)	12 Months Ended
	Mar. 31, 2022
Basis of preparation
Accounting convention	Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value.
Basis of consolidation	Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31 ‘Related undertakings’ to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures and associates (see note 12 ‘Investments in associates and joint arrangements’ to the consolidated financial statements).
Foreign currencies	Foreign currencies The consolidated financial statements are presented in euro, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Changes in the fair value of monetary securities denominated in foreign currency are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the consolidated income statement and other changes in carrying amount are recognised in the consolidated statement of comprehensive income. Translation differences on non-monetary financial assets, such as investments in equity securities classified at fair value through other comprehensive income, are reported as part of the fair value gain or loss and are included in the consolidated statement of comprehensive income. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange loss recognised in the consolidated income statement for the year ended 31 March 2022 is €309 million (31 March 2021: €13 million loss; 2020: €146 million loss). The net gains and net losses are recorded within operating profit (2022: €24 million charge; 2021: €3 million credit; 2020: €61 million credit), financing costs (2022: €284 million charge; 2021: €23 million charge; 2020: €205 million charge) and income tax expense (2022: €1 million charge; 2021: €7 million credit; 2020: €2 million charge). The foreign exchange gains and losses included within other income and non- operating expense arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign exchange gains and losses previously recognised in the consolidated statement of comprehensive income.
Current or non-current classification	Current or non-current classification Assets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and investments in associates and joint ventures are reported as non-current. Liabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. For provisions, where the timing of settlement is uncertain, amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as non-current.
Inventory	Inventory Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
New accounting pronouncements adopted	New accounting pronouncements adopted on 1 April 2021 The Group adopted the following new accounting policies on 1 April 2021 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group’s financial reporting on adoption, are: – Amendments to IFRS 16 ‘Covid-19-Related Rent Concessions’ and ‘Covid-19-Related Rent Concessions beyond 30 June 2021’; and – Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 ‘Interest Rate Benchmark Reform - Phase 2’. New accounting pronouncements and basis of preparation changes to be adopted on or after 1 April 2022 The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2022: – Annual Improvements to IFRS Standards 2018-2020; – Amendments to IAS 16 ‘Property, Plant and Equipment: Proceeds before Intended Use’; – Amendments to IAS 37 ‘Onerous Contracts - Cost of Fulfilling a Contract’; and – Amendments to IFRS 3 ‘Reference to the Conceptual Framework’. These amendments have been endorsed by the UK Endorsement Board. The Group’s financial reporting will be presented in accordance with the above new standards from 1 April 2022. The changes are not expected to have a material impact on the consolidated income statement, consolidated statement of financial position or consolidated statement of cash flows. In addition, it is expected that Turkey will meet the requirements to be designated as a hyper-inflationary economy under IAS 29 ‘Financial Reporting in Hyper-Inflationary Economies’ in the quarter to 30 June 2022 and that the Group’s financial reporting relating to Turkey during the year ending 31 March 2023 will be in accordance with IAS 29. Under IAS 29, Turkish Lira results and non-monetary asset and liability balances are revalued to present value equivalent local currency amounts (adjusted based on an inflation index) before translation to euros at reporting-date exchange rates. New accounting pronouncements to be adopted on or after 1 April 2023 The following new standards and narrow-scope amendments have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2023; they were not endorsed by the EU at 31 December 2020 and have not yet been endorsed by the UK Endorsement Board. – IFRS 17 ‘Insurance Contracts’ and Amendments to IFRS 17 ‘Insurance Contracts’; – Amendments to IAS 1 ‘Classification of Liabilities as Current or Non-Current’; – Amendments to IAS 1 ‘Disclosure of Accounting Policies’; – Amendment to IAS 8 ‘Definition of Accounting Estimates’; and – Amendment to IAS 12 ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’. The Group is assessing the impact of these new standards and the Group’s financial reporting will be presented in accordance with these standards from 1 April 2023 as applicable.
Revenue	Revenue When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (‘obligations’) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and fixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with the Group’s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to connecting customers to the Group’s network for the future provision of services are not considered to meet the criteria to be recognised as obligations except to the extent that the control of related equipment passes to customers. The Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in contract acquisition costs. The transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not directly observable, estimation techniques are used maximising the use of external inputs. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer and cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised when the Group provides the related service during the agreed service period. Revenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the intermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the intermediary or the expiry of any right of return. Where refunds are issued to customers they are deducted from revenue in the relevant service period. When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details. Customers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of the related service agreement. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by the Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a contract liability is recognised. When contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other equipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is deemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk.
Contract-related costs	Contract-related costs When costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the statement of financial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered. The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets in the statement of financial position when the related payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts payable to agents are deducted from revenue recognised (see above).
Segmental analysis	Segmental analysis The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related products. Following the IPO of Vantage Towers A.G. (‘Vantage Towers’) in March 2021, the Group has updated its segmental reporting structure to reflect the way in which the Group now manages its operations with Vantage Towers now reported as a new segment within the Vodafone Group’s financial results. This change in reporting structure has taken effect for the year ended 31 March 2022 onwards. 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 remain as previously disclosed. Segmental information for the years ended 31 March 2021 and 31 March 2020 is presented on the previous basis of segmental reporting. 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 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 smaller operating segments into the Other Europe and Other Markets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe region (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. A reconciliation of adjusted EBITDAaL, the Group’s measure of segment profit, to the Group’s profit or loss before taxation for the financial year is shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 15,208 14,386 14,881 Restructuring costs ​ (346) ​ (356) ​ (695) Interest on lease liabilities 398 374 330 Loss on disposal of owned assets (28) (30) (54) Depreciation and amortisation on owned assets (9,858) (10,187) (10,454) Share of results of equity accounted associates and joint ventures 211 342 (2,505) Impairment losses – – (1,685) Other income 79 568 4,281 Operating profit 5,664 5,097 4,099 Non-operating expense ​ – ​ – ​ (3) Investment income ​ 254 ​ 330 ​ 248 Finance costs ​ (1,964) ​ (1,027) ​ (3,549) Profit before taxation ​ 3,954 ​ 4,400 ​ 795 ​
Impairment losses	Goodwill Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. The determination of the Group’s cash-generating units is primarily based on the geographic area where the Group supplies communications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic area. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Management prepares formal five year plans for the Group’s cash-generating units, which are the basis for the value in use calculations. Property, plant and equipment, finite lived intangible assets and equity accounted investments At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity- accounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss reversal is recognised immediately in the income statement.
Investment income and financing costs	Investment income comprises interest received from short-term investments and other receivables. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements.
Taxation	Income tax expense represents the sum of the current and deferred taxes. Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date. The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity.
Discontinued operations and assets held for sale	The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (‘assets’) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale; this also applies in respect of assets held by equity accounted associates and joint ventures. Where operations constitute a separately reportable segment (see note 2 ‘Revenue disaggregation and segmental analysis’) and have been disposed of, or are classified as held for sale, the Group classifies such operations as discontinued. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.
Intangible assets	Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group completes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent, on management’s judgement. Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting period date. Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal. Finite lived intangible assets Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. Licence and spectrum fees Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence renewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives from the commencement of related network services. Computer software Computer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are recognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads. Software integral to an item of hardware equipment is classified as property, plant and equipment. Costs associated with maintaining software programs are recognised as an expense when they are incurred. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for use. Other intangible assets Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the income statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each class of intangible asset reflects the Group’s consumption of the economic benefit from that asset.
Property, plant and equipment	Land and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any accumulated impairment losses. Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as follows: Land and buildings ​ ​ ​ – Freehold buildings 25 - 50 years – Leasehold premises ​ the term of the lease ​ Equipment, fixtures and fittings ​ ​ ​ – Network infrastructure and other 1 - 35 years ​ Depreciation is not provided on freehold land. Right-of-use assets arising from the Group's lease arrangements are depreciated over their reasonably certain lease term, as determined under the Group's leases policy (see note 20 ‘Leases’ and ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details). The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income statement.
Investments in associates and joint arrangements	Interests in joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint operations or joint ventures. Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis. Any goodwill arising on the acquisition of the Group’s interest in a joint operation is accounted for in accordance with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary. Joint ventures A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 ‘Discontinued operations and assets and liabilities held for sale’), are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above.
Other investments	Other investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including transaction costs. Debt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through profit and loss. Equity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following derecognition of the investment.
Trade and other receivables	Trade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is accreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the Group establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other comprehensive income; all other trade receivables are recorded at amortised cost. The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management deems them not to be collectible.
Trade and other payables	Trade payables are not interest-bearing and are stated at their nominal value.
Provisions	Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. Asset retirement obligations In the course of the Group’s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in nature. Legal and regulatory The Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The Directors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the Group see note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. Restructuring The Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year. Other Other comprise various items that do not fall within the Group’s other categories of provisions.
Called up share capital	Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.
Cash and cash equivalents	Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit or loss for the period. All other cash and cash equivalents are measured at amortised cost.
Leases	As a lessee When the Group leases an asset, a ‘right-of-use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset’s useful life or the end of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment (as described in note 11 ‘Property, plant and equipment’). If right-of-use assets are considered to be impaired, the carrying value is reduced accordingly. Lease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group’s assessment of the lease term changes; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset. As a lessor Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease. Where the Group is an intermediate lessor, the interests in the head lease and the sub-lease are accounted for separately and the lease classification of a sub-lease is determined by reference to the right-of-use asset arising from the head lease. Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease commencement with interest income recognised over the lease term. Lease income is recognised as revenue for transactions that are part of the Group’s ordinary activities (primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group’s fibre and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components. The Group’s leasing activities as a lessee The Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base stations, space on mobile base stations to place active RAN equipment and network space (primarily rack space or duct space). In addition, the Group leases fibre and other fixed connectivity to provide internal connectivity for the Group’s operations and on a wholesale basis from other operators to provide fixed connectivity services to the Group’s customers. The Group’s general approach to determining lease term by class of asset is described in note 1 under critical accounting judgements and key sources of estimation uncertainty. Most of the Group’s leases include future price increases through fixed percentage increases, indexation to inflation measures on a periodic basis or rent review clauses. Other than fixed percentage increases the lease liability does not reflect the impact of these future increases unless the measurement date has passed. The Group’s leases contain no material variable payments clauses other than those related to the number of operators sharing space on third party mobile base stations. The Group sub-leases excess retail and office properties under both operating and finance leases; see disclosure on the Group’s leasing activities as a lessor below on page 179. Optional lease periods Where practicable the Group seeks to include extension or break options in leases to provide operational flexibility, therefore many of the Group’s lease contracts contain optional periods. The Group’s policy on assessing and reassessing whether it is reasonably certain that the optional period will be included in the lease term is described in note 1 ‘Basis of preparation’ under ‘critical accounting judgements and key sources of estimation uncertainty’. After initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a significant change in circumstances, which was not anticipated at the time of the previous assessment. Significant events or significant changes in circumstances could include merger and acquisition or similar activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed management plans indicating a different conclusion on optional periods to the previous assessment. Where a significant event or significant change in circumstances does not occur, the lease term and therefore lease liability and right-of-use asset value, will decline over time. The Group’s cash outflow for leases in the year ended 31 March 2022 was €4,338 million (2021: €4,234 million) and, absent significant future changes in the volume of the Group’s activities or strategic changes to use more or fewer owned assets this level of cash outflow from leases would be expected to continue for future periods, subject to contractual price increases. The future cash outflows included within lease liabilities are shown in the maturity analysis below. The maturity analysis only includes the reasonably certain payments to be made; cash outflows in these future periods will likely exceed these amounts as payments will be made on optional periods not considered reasonably certain at present and on new leases entered into in future periods. The Group’s leases for customer connectivity are normally either under regulated access or network sharing or similar preferential access arrangements and as a result the Group normally has significant flexibility over the term it can lease such connections for; generally the notice period required to cancel the lease is less than the notice period included in the service contract with the end customer. As a result, the Group does not have any significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when the service agreement ends. In some circumstances the Group is committed to minimum spend amounts for connectivity leases, which are included within reported lease liabilities. Sale and leaseback Sale and leaseback transactions entered into by the Group were not material, individually or in aggregate.
Borrowings	Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 22 ‘Capital and financial risk management’). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method.
Capital and financial risk management	Financial instruments Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group’s consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Financial liabilities under put option arrangements The Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group’s subsidiary Kabel Deutschland AG, under the terms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to put their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no non-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised in financing costs. Derivative financial instruments and hedge accounting The Group’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group’s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. The Group designates certain derivatives as: – hedges of the change in fair value of recognised assets and liabilities (‘fair value hedges’); – hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (‘cash flow hedges’); or – hedges of net investments in foreign operations. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income statement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and losses recognised in the income statement for the period. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. For net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign operation is disposed of.
Post employment benefits	For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value. Actuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income statement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. Other movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated income statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the Group’s share of the results of equity accounted operations, as appropriate. The Group’s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due.
Share-based payments	The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is a calculation of the closing price of the Company’s shares on the day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: ​ – 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and – 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis.
Business combinations	Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity.
Commitments	A commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. The amounts below are the minimum amounts that we are committed to pay.
Contingent liabilities and legal proceedings	Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably.
Subsidiaries	Subsidiaries Accounting policies A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Revenue disaggregation and se_2

Revenue disaggregation and segmental analysis (Tables)	12 Months Ended
	Mar. 31, 2022
Revenue disaggregation and segmental analysis
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment ​ Adjusted ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany 11,616 1,126 12,742 365 21 13,128 5,669 Italy 4,379 525 4,904 108 10 5,022 1,699 UK 5,154 1,333 6,487 69 33 6,589 1,395 Spain 3,714 369 4,083 73 24 4,180 957 Other Europe 5,001 528 5,529 105 19 5,653 1,606 Vodacom 4,635 950 5,585 384 24 5,993 2,125 Other Markets 3,420 404 3,824 6 – 3,830 1,335 Vantage Towers ​ – ​ – ​ – ​ 1,252 ​ – ​ 1,252 ​ 619 Common Functions 2 522 53 575 838 1 1,414 (197) Eliminations (238) (1) (239) (1,242) – (1,481) – Group ​ 38,203 5,287 43,490 1,958 132 45,580 15,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue EBITDAaL 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 11,616 1,126 12,742 424 21 13,187 ​ 5,978 Italy 4,379 525 4,904 108 10 5,022 ​ 1,699 UK 5,154 1,333 6,487 69 33 6,589 ​ 1,457 Spain 3,714 369 4,083 92 24 4,199 ​ 1,041 Other Europe 5,001 528 5,529 189 19 5,737 ​ 1,770 Vodacom 4,635 950 5,585 384 24 5,993 ​ 2,125 Other Markets 3,420 404 3,824 6 – 3,830 ​ 1,335 Common Functions 2 522 53 575 838 1 1,414 ​ (197) Eliminations (238) (1) (239) (152) – (391) ​ – Group 38,203 5,287 43,490 1,958 132 45,580 ​ 15,208 Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2 Comprises central teams and business functions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment ​ Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL 31 March 2021 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany 11,520 1,055 12,575 380 29 12,984 5,634 Italy 4,458 446 4,904 97 13 5,014 1,597 UK 4,848 1,206 6,054 44 53 6,151 1,367 Spain 3,788 292 4,080 64 22 4,166 1,044 Other Europe 4,859 549 5,408 124 17 5,549 1,760 Vodacom 4,083 800 4,883 282 16 5,181 1,873 Other Markets 3,312 441 3,753 12 – 3,765 1,228 Common Functions 2 470 36 506 862 – 1,368 (117) Eliminations (197) (1) (198) (171) – (369) – Group 37,141 4,824 41,965 1,694 150 43,809 14,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue EBITDAaL 31 March 2020 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 10,696 1,055 11,751 300 25 12,076 ​ 5,077 Italy 4,833 583 5,416 101 12 5,529 ​ 2,068 UK 5,020 1,333 6,353 63 68 6,484 ​ 1,500 Spain 3,904 318 4,222 51 23 4,296 ​ 1,009 Other Europe 4,890 539 5,429 94 18 5,541 ​ 1,738 Vodacom 4,470 864 5,334 190 7 5,531 ​ 2,088 Other Markets 3,796 552 4,348 36 2 4,386 ​ 1,400 Common Functions 2 494 53 547 1,020 – 1,567 ​ 1 Eliminations (232) (2) (234) (202) – (436) ​ – Group 37,871 5,295 43,166 1,653 155 44,974 ​ 14,881 ​ Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2 Comprises central teams and business functions. ​
Schedule of reconciliation of adjusted EBITDA to operating profit/(loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 15,208 14,386 14,881 Restructuring costs ​ (346) ​ (356) ​ (695) Interest on lease liabilities 398 374 330 Loss on disposal of owned assets (28) (30) (54) Depreciation and amortisation on owned assets (9,858) (10,187) (10,454) Share of results of equity accounted associates and joint ventures 211 342 (2,505) Impairment losses – – (1,685) Other income 79 568 4,281 Operating profit 5,664 5,097 4,099 Non-operating expense ​ – ​ – ​ (3) Investment income ​ 254 ​ 330 ​ 248 Finance costs ​ (1,964) ​ (1,027) ​ (3,549) Profit before taxation ​ 3,954 ​ 4,400 ​ 795 ​
Schedule of segmental assets and cash flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Depreciation ​ ​ Non-current ​ Capital ​ Right-of-use ​ additions to ​ and ​ ​ ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany ​ 43,190 ​ 2,670 ​ 795 ​ – ​ 3,981 ​ – Italy ​ 10,519 ​ 840 ​ 670 ​ 255 ​ 1,929 ​ – UK ​ 6,226 ​ 832 ​ 580 ​ 229 ​ 1,905 ​ – Spain ​ 6,433 ​ 676 ​ 422 ​ 291 ​ 1,499 ​ – Other Europe ​ 8,548 ​ 1,009 ​ 502 ​ 126 ​ 1,511 ​ – Vodacom ​ 6,383 ​ 853 ​ 187 ​ – ​ 920 ​ – Other Markets ​ 2,467 ​ 530 ​ 229 ​ – ​ 598 ​ – Vantage Towers ​ 8,179 ​ 366 ​ 320 ​ – ​ 523 ​ – Common Functions ​ 2,103 ​ 844 ​ 123 ​ – ​ 979 ​ – Group ​ 94,048 ​ 8,620 ​ 3,828 ​ 901 ​ 13,845 ​ – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Depreciation ​ ​ Non-current ​ Capital ​ Right-of-use ​ additions to ​ and ​ ​ ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany 47,310 2,885 ​ 909 – 4,112 – Italy 10,519 840 ​ 670 255 1,929 – UK 7,612 888 ​ 639 229 2,073 – Spain 7,066 704 ​ 478 291 1,567 – Other Europe 10,588 1,076 ​ 593 126 1,667 – Vodacom 6,383 853 ​ 187 – 920 – Other Markets 2,467 530 ​ 229 – 598 – Common Functions 2,103 844 ​ 123 – 979 – Group ​ 94,048 ​ 8,620 ​ 3,828 ​ 901 ​ 13,845 ​ – ​ Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment (excluding right-of-use assets,), computer software and development costs, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ ​ ​ Non-current Capital Right-of-use Other additions to and ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2021 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany ​ 47,563 ​ 2,772 ​ 1,133 ​ 1 ​ 4,836 ​ – Italy 10,707 805 758 17 2,025 – UK 7,968 822 1,138 – 2,202 – Spain 7,213 772 700 9 1,579 – Other Europe 10,369 968 1,016 431 1,727 – Vodacom 5,839 703 174 – 872 – Other Markets 2,988 512 247 439 666 – Common Functions 2,145 829 140 – 194 – Group 94,792 8,183 5,306 897 14,101 – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current Capital Right-of-use Other additions to Depreciation and ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2020 €m €m €m €m €m €m Germany ​ 48,266 ​ 2,278 ​ 912 ​ 1,613 ​ 4,805 ​ – Italy 11,119 697 1,645 24 1,958 – UK 7,790 753 733 – 2,160 – Spain 7,229 761 386 – 1,763 (840) Other Europe 9,138 823 298 29 1,706 (740) Vodacom 5,400 802 174 55 939 – Other Markets 2,963 587 290 55 672 – Common Functions 2,217 821 155 – 171 (105) Group 94,122 7,522 4,593 1,776 14,174 (1,685) ​ Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment (excluding right-of-use assets,), computer software and development costs, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions.

Operating profit (Tables)

Operating profit (Tables)	12 Months Ended
	Mar. 31, 2022
Operating profit.
Schedule of operating profit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Amortisation of intangible assets (note 10) 4,044 4,421 4,459 Depreciation of property, plant and equipment (note 11): ​ ​ ​ Owned assets 5,857 5,766 5,995 Leased assets 3,944 3,914 3,720 Impairment losses (note 4) – – 1,685 Staff costs (note 24) 5,334 5,157 5,462 Amounts related to inventory included in cost of sales ​ 5,671 ​ 5,160 ​ 5,699 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (1,092) (995) (902) Gain on disposal of Indus Towers Limited 1 ​ 110 ​ – ​ – Pledge arrangements in respect of Indus Towers Limited 1 (note 29) ​ (15) ​ (429) ​ – Net gain on formation of TPG Telecom 1 (note 12) ​ – ​ 1,043 ​ – Net gain on formation of Indus Towers Limited 1 (note 12) ​ – ​ 292 ​ – Settlement of tender offer to KDG shareholders 1 ​ – ​ (204) ​ – Net gain on disposal of Vodafone New Zealand 1 ​ – ​ – ​ (1,078) Net gain on disposal of tower infrastructure in Italy 1 ​ – ​ – ​ (3,356) Net gain on disposal of Vodafone Malta 1 – – (170) ​ Note: 1 Included in Other income and expense in the Consolidated income statement.
Schedule of auditors remuneration	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ Re-presented 1 ​ ​ ​ ​ €m ​ €m ​ €m Parent company 4 3 4 Subsidiaries 2 19 18 17 Subsidiaries - new accounting standards 3 ​ – ​ – ​ 1 Audit fees 4 23 21 22 ​ ​ ​ ​ ​ ​ ​ Vantage Towers IPO 5 ​ – ​ 11 ​ 5 Audit-related 6 ​ 2 ​ – ​ 1 Corporate finance 7 ​ – ​ – ​ 1 Non-audit fees 2 11 7 ​ ​ ​ ​ ​ ​ ​ Total fees 25 32 29 ​ Notes: 1 Audit fees of subsidiaries for the year ended 31 March 2021 have increased by €1 million compared to the amount previously reported. Similarly, Vantage Towers IPO non-audit fees have increased by €3 million. This is to include fees agreed during the year ended 31 March 2022 but which related to the year ended 31 March 2021. 2 During the year ended 31 March 2021, audit fees of €1 million were incurred for incremental financial statement audit services during the IPO of Vantage Towers A.G. 3 Fees for the implementation of new accounting standards, notably IFRS 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’. 4 Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to €1 million in each of the years presented. 5 Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021. 6 Fees for statutory and regulatory filings during the year. 7 At the time of the Board decision to recommend Ernst & Young LLP as the statutory auditor for the year ended 31 March 2020 in February 2019, Ernst & Young LLP were providing a range of services to the Group. All services that were prohibited by the Financial Reporting Council (‘FRC’) or Securities and Exchange Commission (‘SEC’) for a statutory auditor to provide ceased by 31 March 2019. All engagements that were not prohibited by the FRC or SEC but were not in accordance with the Group’s own internal approval policy for non-audit services, ceased early in the financial year ended 31 March 2020 to enable a smooth transition to alternative suppliers, where required.

Impairment losses (Tables)

Impairment losses (Tables)	12 Months Ended
	Mar. 31, 2022
Impairment losses
Schedule of impairment charges recognised	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Cash-generating unit ​ Reportable segment ​ €m ​ €m ​ €m Spain Spain – – 840 Ireland ​ Other Europe ​ – ​ – ​ 630 Romania ​ Other Europe ​ – ​ – ​ 110 Vodafone Automotive ​ Common Functions ​ – ​ – ​ 105 ​ – – 1,685
Schedule of carrying value of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Germany 20,335 20,335 Vantage Towers Germany ​ 2,565 ​ 2,565 Italy 2,481 2,481 Other 6,503 6,350 ​ 31,884 31,731 ​
Schedule of key assumptions used in the value in use calculations	Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption ​ How determined Projected adjusted EBITDAaL ​ Projected adjusted EBITDAaL has been based on past experience adjusted for the following: ​ ​ – In Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data bundles, and new products and services are introduced. Fixed revenue is expected to continue to grow as penetration is increased and more products and services are sold to customers; ​ ​ – Outside of Europe, revenue is expected to continue to grow as the penetration of faster data-enabled devices rises along with higher data bundle attachment rates, and new products and services are introduced. The Other Markets segment is also expected to benefit from increased usage and penetration of M-Pesa in Africa; and ​ ​ – Margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and by positive factors such as the efficiencies expected from the implementation of Group initiatives. Projected capital expenditure ​ The cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital expenditure required to maintain our networks, provide products and services in line with customer expectations, including of higher data volumes and speeds, and to meet the population coverage requirements of certain of the Group’s licences. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and gigabit networks. Outside of Europe, capital expenditure will be required for the continued rollout of current and next generation mobile networks in emerging markets. Capital expenditure includes cash outflows for the purchase of property, plant and equipment and computer software. Projected licence and spectrum payments ​ To enable the continued provision of products and services, the cash flow forecasts for licence and spectrum payments for each relevant cash-generating unit include amounts for expected renewals and newly available spectrum. Beyond the five year forecast period, a long-run cost of spectrum is assumed. Long-term growth rate ​ For the purposes of the Group’s value in use calculations, a long ‑ term growth rate into perpetuity is applied immediately at the end of the five year forecast period and is based on the lower of: ​ ​ – the nominal GDP growth rate forecasts for the country of operation; and ​ ​ – the long-term compound annual growth rate in adjusted EBITDAaL as estimated by management. ​ ​ Long-term compound annual growth rates determined by management may be lower than forecast nominal GDP growth rates due to the following market-specific factors: competitive intensity levels, maturity of business, regulatory environment or sector-specific inflation expectations. Pre-tax risk adjusted discount rate ​ The discount rate applied to the cash flows of each of the Group’s cash-generating units is generally based on the risk free rate for ten year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. ​ ​ These rates are adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific cash-generating unit. In making this adjustment, inputs required are the equity market risk premium (that is the required return over and above a risk free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to reflect the risk of the specific cash-generating unit relative to the market as a whole. ​ ​ In determining the risk adjusted discount rate, management has applied an adjustment for the systematic risk to each of the Group’s cash-generating companies determined using an average of the betas of comparable listed telecommunications companies and, where available and appropriate, across a specific territory. Management has used a forward-looking equity market risk premium that takes into consideration both studies by independent economists, the long-term average equity market risk premium and the market risk premiums typically used by valuations practitioners. The risk adjusted discount rate is also based on typical leverage ratios of telecommunications companies in each cash-generating units’ respective market or region.
Schedule of assumptions used in valuation of impairment loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculation ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ ​ Germany Italy Germany Other ​ ​ % % ​ % ​ % Pre-tax risk adjusted discount rate ​ 7.4 9.3 6.1 6.2 - 22.5 Long-term growth rate ​ 0.5 1.5 1.5 1.0 - 8.9 Projected adjusted EBITDAaL 1 ​ (0.1) (0.2) 11.0 (5.4) - 13.0 Projected capital expenditure 2 ​ 19.6 - 21.8 15.0 - 16.3 32.0 - 62.1 10.0 - 51.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ Germany Italy UK Spain ​ ​ pps ​ pps ​ pps ​ pps Pre-tax risk adjusted discount rate ​ 1.4 0.3 1.3 0.1 Long-term growth rate ​ (1.4) (0.3) (1.5) (0.1) Projected adjusted EBITDAaL 1 ​ (4.1) (0.9) (3.1) (0.4) Projected capital expenditure 2 ​ 12.6 1.8 4.3 0.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ Germany ​ Italy ​ UK ​ Spain ​ €bn €bn €bn €bn Base case as at 31 March 2022 ​ 7.3 ​ 0.4 ​ 1.3 ​ 0.1 Change in pre-tax risk adjusted discount rate ​ ​ ​ ​ ​ ​ ​ ​ Decrease by 1pps ​ 14.9 ​ 1.7 ​ 2.8 ​ 1.0 Increase by 1pps ​ 1.7 ​ (0.7) ​ 0.3 ​ (0.6) Change in long-term growth rate ​ ​ ​ ​ ​ ​ ​ ​ Decrease by 1pps ​ 1.6 ​ (0.6) ​ 0.4 ​ (0.5) Increase by 1pps ​ 15.6 ​ 1.7 ​ 2.8 ​ 0.9 Change in projected adjusted EBITDAaL 1 ​ ​ ​ ​ ​ ​ ​ ​ Decrease by 5pps ​ (1.4) ​ (1.6) ​ (0.7) ​ (1.1) Increase by 5pps ​ 17.9 ​ 2.8 ​ 3.8 ​ 1.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ ​ % ​ % ​ % ​ % ​ % ​ % Pre-tax risk adjusted discount rate 7.4 10.5 9.2 7.7 9.9 6.0 Long-term growth rate 0.5 0.5 0.5 0.5 1.0 1.5 Projected adjusted EBITDAaL 1 1.2 2.1 4.9 0.5 0.9 8.4 Projected capital expenditure 2 19.7-21.5 14.4-15.9 15.7-17.6 12.6-15.1 12.3-15.2 39.1-56.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ pps pps pps pps pps pps Pre-tax risk adjusted discount rate ​ 1.3 0.7 0.4 0.7 0.7 5.2 Long-term growth rate ​ (1.3) (0.8) ​ (0.5) ​ (0.7) (0.9) (4.9) Projected adjusted EBITDAaL 1 ​ (4.0) (1.5) ​ (1.5) ​ (1.6) (1.9) (19.3) Projected capital expenditure 2 ​ 12.7 3.0 ​ 1.6 ​ 2.8 1.9 162.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ €bn €bn €bn €bn €bn €bn Base case as at 31 March 2021 7.4 0.6 0.3 0.1 0.1 3.5 Change in projected adjusted EBITDAaL 1 Decrease by 5pps (1.6) (1.3) (0.6) (0.2) (0.1) 2.4 Increase by 5pps 18.2 2.9 1.4 0.5 0.3 5.0 Change in long-term growth rate Decrease by 1pps 1.5 (0.1) (0.3) – – 2.2 Increase by 1pps 16.0 1.6 1.0 0.3 0.2 6.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ UK Portugal Czech Republic Hungary ​ pps pps pps pps Pre-tax risk adjusted discount rate 0.8 0.9 1.2 0.3 Long-term growth rate (0.8) (1.0) (1.3) (0.4) Projected adjusted EBITDAaL 1 (1.7) (2.2) (3.0) (0.7) Projected capital expenditure 2 2.5 3.7 7.5 1.5 ​ Notes: 1 Projected adjusted EBITDAaL is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata adjustment has been made to true up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculation ​ ​ ​ ​ ​ ​ Vodafone ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Automotive ​ ​ % % % % % % Pre-tax risk adjusted discount rate 7.5 ​ 10.3 ​ 9.2 ​ 7.6 ​ 10.2 ​ 9.1 Long-term growth rate 0.5 ​ 0.5 ​ 0.5 ​ 0.5 ​ 1.0 ​ 1.9 Projected adjusted EBITDAaL 1 3.8 ​ 0.2 ​ 8.2 ​ 3.0 ​ 8.0 ​ 31.3 Projected capital expenditure 2 20.1-20.7 ​ 12.5-13.4 ​ 16.2-18.1 ​ 10.7-15.2 ​ 13.7-18.5 ​ 14.1-23.4 ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to ​ equal recoverable amount ​ ​ Germany ​ Italy ​ ​ pps ​ pps Pre-tax risk adjusted discount rate 1.1 1.7 Long-term growth rate (1.0) (2.0) Projected adjusted EBITDAaL 1 (3.2) (3.1) Projected capital expenditure 2 11.4 7.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value (prior to recognition of impairment charges) ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ €bn €bn €bn €bn €bn Base case as at 31 March 2020 6.6 1.8 (0.8) (0.6) (0.1) Change in projected adjusted EBITDAaL 1 Decrease by 5pps (3.3) (1.0) (2.3) (1.1) (0.3) Increase by 5pps 18.4 5.1 0.9 – 0.1 Change in long-term growth rate Decrease by 1pps 0.2 0.8 (1.5) (0.8) (0.2) Increase by 1pps 15.8 3.0 – (0.4) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ UK Portugal Czech Republic Hungary ​ ​ pps ​ pps ​ pps ​ pps Pre-tax risk adjusted discount rate 1.1 1.5 1.7 1.9 Long-term growth rate (1.3) (1.6) (1.8) (2.2) Projected adjusted EBITDAaL 1 (2.3) (3.4) (4.0) (3.9) Projected capital expenditure 2 4.5 7.1 12.5 9.1 ​ Notes: 1 Projected adjusted EBITDAaL is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing.

Investment income and financi_2

Investment income and financing costs (Tables)	12 Months Ended
	Mar. 31, 2022
Investment income and financing costs
Schedule of investment income and financing costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Investment income Financial assets measured at amortised cost 249 306 157 Financial assets measured at fair value through profit and loss 5 24 91 ​ 254 330 248 Financing costs Financial liabilities measured at amortised cost ​ ​ Bonds ​ 1,546 ​ 1,722 ​ 1,580 Lease liabilities ​ 398 ​ 374 ​ 330 Bank loans and other liabilities 1 469 463 626 Interest on derivatives (428) (485) (354) Mark-to-market on derivatives (341) (1,070) 1,162 Financial assets measured at fair value through profit and loss ​ 36 ​ – ​ – Foreign exchange 284 23 205 ​ 1,964 1,027 3,549 Net financing costs 1,710 697 3,301 ​ Note: 1 Interest capitalised for the year ended 31 March 2022 was €17 million (2021: €17 million, 2020: €25 million)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Mar. 31, 2022
Taxation
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Income tax expense ​ €m ​ €m ​ €m United Kingdom corporation tax expense/(credit): Current year 22 24 42 Adjustments in respect of prior years 17 3 (6) ​ 39 27 36 Overseas current tax expense/(credit): ​ ​ ​ Current year 993 872 900 Adjustments in respect of prior years 81 (30) 80 ​ 1,074 842 980 Total current tax expense 1,113 869 1,016 Deferred tax on origination and reversal of temporary differences: ​ ​ ​ United Kingdom deferred tax (791) (94) (318) Overseas deferred tax 1,008 3,089 552 Total deferred tax expense 217 2,995 234 Total income tax expense 1,330 3,864 1,250 ​
Schedule of tax charged/(credited) directly to other comprehensive income	Tax charged/(credited) directly to other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Current tax – (17) (26) Deferred tax 648 (1,009) 830 Total tax charged/(credited) directly to other comprehensive income 648 (1,026) 804 ​
Schedule of tax charged/(credited) directly to equity	Tax credited directly to equity ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Deferred tax – (2) – Total tax credited directly to equity – (2) – ​
Schedule of factors affecting the tax expense for the year	The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ ​ ​ ​ (restated)* ​ ​ Continuing profit before tax as shown in the consolidated income statement 3,954 4,400 795 ​ ​ ​ ​ ​ ​ ​ Aggregated expected income tax expense 1,191 1,124 226 Impairment losses with no tax effect – – 332 Disposal of Group investments (1) (8) (332) (1,113) Effect of taxation of associates and joint ventures, reported within profit before tax (66) 56 728 Deferred tax charge/(credit) following revaluation of investments in Luxembourg 1,455 2,120 * (348) Previously unrecognised temporary differences we expect to use in the future, including in Luxembourg (708) (45) (14) Previously recognised temporary differences and losses we no longer expect to use in the future 74 699 * – Current year temporary differences (including losses) that we currently do not expect to use 116 170 352 Adjustments in respect of prior year tax liabilities 13 (10) (86) Impact of tax credits and irrecoverable taxes 74 90 52 Deferred tax on overseas earnings 2 – 3 Effect of current year changes in statutory tax rates on deferred tax balances (2) (667) (45) 757 Financing costs not deductible/(taxable) for tax purposes ​ 46 ​ (62) ​ 174 Revaluation of assets for tax purposes in Italy and Turkey ​ (357) ​ – ​ – Expenses not deductible for tax purposes 165 99 187 Income tax expense 1,330 3,864 1,250 ​ Notes: * During the year ended 31 March 2022, we revised the calculation of certain impairment reversals recognised by our Luxembourg holding companies for the year ended 31 March 2021; this had no impact on the amount of deferred tax assets recognised at that date but has changed the amount of our unrecognised deferred tax assets by €0.7 billion (unrecognised losses of €2.8 billion).. Further details can be found on page 158. We have adjusted certain 31 March 2021 disclosures as denoted by an *. 1 2021 includes the tax exempt gains relating to the TPG Telecom Limited merger in Australia and Indus Towers Limited in India. 2020 relates to tax exempt disposal gains on Vodafone New Zealand, Vodafone Malta and the merger of the Italian towers with INWIT. 2 2022 includes the increase in future UK tax rate to 25% . 2020 includes the impact of a lower corporate tax rate in Luxembourg and the retention of the 19% corporate tax rate in the UK. ​
Schedule of analysis of movements in net deferred tax	​ ​ ​ ​ ​ €m 1 April 2021 19,474 Foreign exchange movements (29) Charged to the income statement (217) Charged directly to OCI (648) Charged directly to equity – Arising on acquisitions and disposals (11) 31 March 2022 1 18,569 ​
Schedule of other information related to deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Net ​ ​ credited/ ​ ​ ​ ​ ​ ​ ​ recognised ​ ​ (expensed) ​ Gross ​ Gross ​ Less ​ deferred tax ​ ​ in income ​ deferred ​ deferred tax ​ amounts ​ (liability)/ ​ ​ statement ​ tax asset ​ liability ​ unrecognised ​ asset ​ ​ €m ​ €m ​ €m ​ €m ​ €m Accelerated tax depreciation 672 2,589 (1,361) (58) 1,170 Intangible assets 643 666 (1,801) 11 (1,124) Tax losses (1,450) 28,977 – (10,341) 18,636 Treasury related items (90) 616 (372) (562) (318) Temporary differences relating to revenue recognition ​ (9) ​ 3 ​ (666) ​ – ​ (663) Temporary differences relating to leases (3) 1,754 (1,577) – 177 Other temporary differences ​ 20 ​ 1,148 ​ (379) ​ (78) ​ 691 31 March 2022 1 (217) 35,753 (6,156) (11,028) 18,569 ​ Analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 19,089 Deferred tax liability (520) 31 March 2022 1 18,569 ​ At 31 March 2021, deferred tax assets and liabilities, before offset of balances within countries, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Net ​ ​ credited/ ​ ​ ​ ​ ​ ​ ​ recognised ​ ​ (expensed) ​ Gross ​ Gross ​ Less ​ deferred tax ​ ​ in income ​ deferred ​ deferred tax ​ amounts ​ (liability)/ ​ ​ statement ​ tax asset* ​ liability* ​ unrecognised* ​ asset ​ ​ €m ​ €m ​ €m ​ €m ​ €m Accelerated tax depreciation 716 2,331 (2,034) (9) 288 Intangible assets 336 434 (1,938) 13 (1,491) Tax losses (3,292) 30,490 – (10,400) 20,090 Treasury related items (9) 761 (37) (392) 332 Temporary differences relating to revenue recognition ​ (84) ​ 3 ​ (651) ​ – ​ (648) Temporary differences relating to leases (34) 1,758 (1,568) – 190 Other temporary differences ​ (627) ​ 1,095 ​ (335) ​ (47) ​ 713 31 March 2021 1 (2,994) 36,872 (6,563) (10,835) 19,474 ​ At 31 March 2021, analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 21,569 Deferred tax liability (2,095) 31 March 2021 1 19,474 ​ Note: 1 The Group does not discount deferred tax assets. This is in accordance with IAS 12.
Schedule of carry forward of losses and expiration period	As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the amount ultimately paid may differ materially from the amount accrued and could therefore affect the Group's overall profitability and cash flows in future periods. See Note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. At 31 March 2022, the gross amount and expiry dates of losses available for carry forward are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ ​ ​ 5 years ​ 6 years ​ Unlimited ​ Total ​ ​ €m ​ €m ​ €m ​ €m Losses for which a deferred tax asset is recognised 19 ​ 259 ​ 79,848 ​ 80,126 Losses for which no deferred tax is recognised 334 ​ 13,162 ​ 23,928 ​ 37,424 ​ 353 ​ 13,421 ​ 103,776 ​ 117,550 ​ At 31 March 2021, the gross amount and expiry dates of losses available for carry forward were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ ​ ​ 5 years ​ 6 years ​ Unlimited* ​ Total ​ ​ €m ​ €m ​ €m ​ €m Losses for which a deferred tax asset is recognised 63 ​ 222 ​ 86,623 ​ 86,908 Losses for which no deferred tax is recognised 245 ​ 13,217 ​ 26,290 ​ 39,752 ​ 308 ​ 13,439 ​ 112,913 ​ 126,660 ​

Discontinued operations and a_2

Discontinued operations and assets held for sale (Tables)	12 Months Ended
	Mar. 31, 2022
Discontinued operations and assets held for sale
Schedule of assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ €m €m Non-current assets Investments in associates and joint ventures ​ 959 ​ 1,257 Assets held for sale 959 1,257

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Mar. 31, 2022
Earnings per share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Millions 2021 Millions 2020 Millions Weighted average number of shares for basic earnings per share 29,012 29,592 29,422 Effect of dilutive potential shares: restricted shares and share options 97 ​ 91 – Weighted average number of shares for diluted earnings per share 29,109 29,683 29,422 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ 2021 ​ 2020 ​ ​ ​ €m ​ ​ €m ​ €m ​ Profit/(loss) for earnings per share from continuing operations 2,088 ​ 112 (920) ​ Profit/(loss) for basic and diluted earnings per share 2,088 ​ 112 (920) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ eurocents ​ eurocents eurocents ​ Basic earnings/(loss) per share from continuing operations 7.20 c ​ 0.38 c (3.13) c ​ Basic earnings/(loss) per share ​ 7.20 c ​ 0.38 c (3.13) c ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ eurocents ​ ​ eurocents ​ eurocents ​ ​ Diluted earnings/(loss) per share from continuing operations ​ 7.17 c ​ 0.38 c (3.13) c ​ Diluted earnings/(loss) per share ​ 7.17 c ​ 0.38 c (3.13) c ​

Equity dividends (Tables)

Equity dividends (Tables)	12 Months Ended
	Mar. 31, 2022
Equity dividends
Schedule of dividends declared and proposed	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Declared during the financial year Final dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share, 2019: 4.16 eurocents per share) 1,254 1,205 1,112 Interim dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share) ​ 1,229 ​ 1,207 ​ 1,205 ​ ​ 2,483 ​ 2,412 ​ 2,317 Proposed after the end of the year and not recognised as a liability ​ ​ ​ ​ ​ ​ Final dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share) ​ 1,265 ​ 1,260 ​ 1,205

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Mar. 31, 2022
Intangible assets.
Schedule of estimated useful lives of finite lived intangible assets	​ ​ ​ ​ – Licence and spectrum fees 3 – 40 years – Computer software ​ 3 – 5 years – Brands ​ 1 – 10 years – Customer bases ​ 2 – 32 years
Schedule of reconciliation of changes in goodwill and intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licence and Computer Customer ​ ​ ​ ​ Goodwill ​ spectrum fees 1 ​ software ​ bases ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Cost ​ ​ 1 April 2020 99,170 32,691 16,768 ​ 11,964 453 161,046 Exchange movements 107 234 43 ​ 144 ​ 11 539 Arising on acquisition 87 – – ​ 200 – 287 Additions – 896 2,462 ​ 1 8 3,367 Disposals – (293) (1,651) ​ (1) (2) (1,947) Other – – 211 ​ – (4) 207 31 March 2021 99,364 33,528 17,833 ​ 12,308 466 163,499 Exchange movements ​ (21) ​ (148) ​ (60) ​ 80 ​ 1 ​ (148) Arising on acquisition ​ (10) ​ – ​ – ​ 54 ​ – ​ 44 Additions ​ – ​ 901 ​ 2,727 ​ – ​ 7 ​ 3,635 Disposals ​ – ​ (356) ​ (2,823) ​ – ​ (1) ​ (3,180) Other ​ – ​ 1 ​ 36 ​ – ​ (10) ​ 27 31 March 2022 ​ 99,333 ​ 33,926 ​ 17,713 ​ 12,442 ​ 463 ​ 163,877 Accumulated impairment losses and amortisation ​ ​ ​ 1 April 2020 67,792 20,360 11,737 ​ 6,705 443 107,037 Exchange movements (159) 255 3 ​ 131 11 241 Amortisation charge for the year ​ – ​ 1,721 ​ 2,210 ​ 488 ​ 2 ​ 4,421 Disposals – (293) (1,643) ​ – (1) (1,937) Other – – 189 ​ – (1) 188 31 March 2021 67,633 22,043 12,496 ​ 7,324 454 109,950 Exchange movements ​ (184) ​ (35) ​ (72) ​ 70 ​ 1 ​ (220) Amortisation charge for the year ​ – ​ 1,306 ​ 2,225 ​ 509 ​ 4 ​ 4,044 Disposals ​ – ​ (351) ​ (2,821) ​ – ​ (1) ​ (3,173) Other ​ – ​ – ​ 39 ​ – ​ (7) ​ 32 31 March 2022 ​ 67,449 ​ 22,963 ​ 11,867 ​ 7,903 ​ 451 ​ 110,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ 31 March 2021 31,731 11,485 5,337 ​ 4,984 12 53,549 31 March 2022 ​ 31,884 ​ 10,963 ​ 5,846 ​ 4,539 ​ 12 ​ 53,244 ​ Note: 1 Includes €229 million in relation to licences and spectrum issued in the UK, which was settled from a deposit made in the year ended 31 March 2021 as part of the auction process. The consolidated statement of cash flows for the year ended 31 March 2022 includes a return of €167 million in relation to the portion of the deposit refunded.
Schedule of net book value of significant licenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ Expiry dates ​ €m ​ €m Germany 2025/2033/2040 3,270 3,564 Italy 2029/2037 3,415 3,429 UK 2023/2033/2038/2041 1,209 1,383 Spain ​ 2028/2030/2031/2038/2041 ​ 809 ​ 567 ​

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Mar. 31, 2022
Property, plant and equipment
Schedule of details of property, plant and equipment, estimated useful lives	Land and buildings ​ ​ ​ – Freehold buildings 25 - 50 years – Leasehold premises ​ the term of the lease ​ Equipment, fixtures and fittings ​ ​ ​ – Network infrastructure and other 1 - 35 years ​
Schedule of details of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, ​ ​ ​ Land and ​ fixtures ​ ​ ​ ​ buildings ​ and fittings ​ Total ​ ​ €m ​ €m ​ €m Cost 1 April 2020 2,261 72,305 74,566 Exchange movements 25 188 213 Arising on acquisition 74 19 93 Additions 47 5,666 5,713 Disposals (100) ​ (2,512) (2,612) Other 8 308 316 31 March 2021 2,315 75,974 78,289 Exchange movements ​ 1 ​ (265) ​ (264) Arising on acquisition ​ (74) ​ 44 ​ (30) Additions ​ 41 ​ 5,845 ​ 5,886 Disposals ​ (200) ​ (2,280) ​ (2,480) Other ​ 263 ​ 2 ​ 265 31 March 2022 ​ 2,346 ​ 79,320 ​ 81,666 Accumulated depreciation and impairment 1 April 2020 1,269 44,933 46,202 Exchange movements 8 114 122 Charge for the year 39 5,727 5,766 Disposals (97) (2,448) (2,545) Other (3) 77 74 31 March 2021 1,216 48,403 49,619 Exchange movements ​ 3 ​ (171) ​ (168) Charge for the year ​ 117 ​ 5,740 ​ 5,857 Disposals ​ (191) ​ (2,240) ​ (2,431) Other ​ 224 ​ (223) ​ 1 31 March 2022 ​ 1,369 ​ 51,509 ​ 52,878 Net book value 31 March 2021 1,099 27,571 28,670 31 March 2022 ​ 977 ​ 27,811 ​ 28,788
Schedule of right-of-use assets arising from the group's lease arrangements	Right-of-use assets arising from the Group’s lease arrangements are recorded within property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ €m ​ €m Property, plant and equipment (owned assets) 28,788 28,670 Right-of-use assets 1 12,016 12,573 31 March 40,804 41,243 ​ Note: 1 Additions of €3,828 million (2021: €5,306 million) and a depreciation charge of €3,944 million (2021: €3,914 million) were recorded in respect of right-of-use assets during the year to 31 March 2022 .

Investments in associates and_2

Investments in associates and joint ventures (Tables)	12 Months Ended
	Mar. 31, 2022
Investments in associates and joint arrangements.
Schedule of joint operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of ​ Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholding 1 ​ shareholding 1 Name of joint operation ​ Principal activity ​ registration ​ 2022 ​ 2021 Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK ​ 50.0 50.0 ​ Note: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
Schedule of joint ventures and associates	​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Investments in joint ventures 3,781 4,249 Investments in associates 487 421 31 March 4,268 4,670
Schedule of joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholdings 1 ​ shareholdings 1 Name of joint venture ​ Principal activity ​ registration ​ 2022 ​ 2021 Infrastructture Wireless Italiane (INWIT) S.p.A. 2 ​ Network infrastructure ​ Italy ​ 33.2 ​ 33.2 VodafoneZiggo Group Holding B.V. Network operator Netherlands ​ 50.0 50.0 TPG Telecom Limited 3 ​ Network operator ​ Australia ​ 25.1 ​ 25.1 Vodafone Idea Limited 4 ​ Network operator ​ India ​ 47.6 ​ 44.4 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2022 the fair value of the Group’s interest in INWIT S.p.A. was €3,238 million (2021: €3,026 million) based on the quoted share price on the Milan Stock Exchange. 3 At 31 March 2022 the fair value of the Group’s interest in TPG Telecom Limited was AUD 2,818 million ( €1,902 million) (2021: AUD 2,948 million ( €1,911 million)) based on the quoted share price on ASX. 4 At 31 March 2022 the fair value of the Group’s interest in Vodafone Idea Limited was INR 148 billion ( €1,750 million) (2021: INR 118 billion ( €1,373 million)) based on the quoted share price on the National Stock Exchange of India.
Schedule of aggregated financial information for group's joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from ​ ​ Investment in joint ventures ​ continuing operations 2 ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m INWIT S.p.A. 2,851 2,920 27 3 – VodafoneZiggo Group Holding B.V. ​ 822 ​ 1,190 ​ (19) ​ (232) ​ (64) TPG Telecom Limited 1 ​ 84 ​ 104 ​ (5) ​ 98 ​ (35) Indus Towers Limited – – – – 19 Vodafone Idea Limited – – – – (2,546) Other 24 35 (14) (15) (125) Total 3,781 4,249 (11) (146) (2,751) ​ Notes: 1 Amounts presented reflect Vodafone Hutchison Australia Pty Limited results only until the date of the merger with TPG Telecom Limited on 26 June 2020, subsequent of which the combined results are presented. 2 Total Other comprehensive (expense)/income is not materially different to profit/(loss) from continuing operations.
Schedule of financial information of each of Group's material equity accounted joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ ​ VodafoneZiggo Group Holding B.V. ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 785 ​ 562 ​ – 4,056 4,010 3,948 Operating expenses ​ (70) ​ (46) ​ – ​ (2,104) ​ (2,058) ​ (2,163) Depreciation and amortisation (513) ​ (398) ​ – (1,592) (1,658) (1,528) Other income ​ – ​ – ​ – ​ – ​ 25 ​ – Operating profit ​ 202 ​ 118 ​ – ​ 360 ​ 319 ​ 257 Interest income – ​ – ​ – – – – Interest expense (90) ​ (101) ​ – (276) (658) (343) Profit/(loss) before tax ​ 112 ​ 17 ​ – ​ 84 ​ (339) ​ (86) Income tax expense (30) ​ (7) ​ – (121) (125) (42) Profit/(loss) from continuing operations 1 82 ​ 10 ​ – (37) (464) (128) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPG Telecom Limited ​ Vodafone Idea Limited ​ 2022 ​ 2021 ​ 2020 2022 2021 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ Revenue 3,375 ​ 3,010 ​ 2,108 4,450 4,847 5,704 Operating expenses (2,292) ​ (2,096) ​ (1,489) (2,802) (3,133) (4,938) Depreciation and amortisation (914) ​ (769) ​ (508) (2,390) (2,442) (2,426) Other income – ​ – ​ – (34) (2,135) (6,627) Operating profit/(loss) 169 ​ 145 ​ 111 (776) (2,863) (8,287) Interest income – ​ 1 ​ 4 14 32 147 Interest expense (122) ​ (201) ​ (256) (2,297) (2,035) (1,740) Profit/(loss) before tax 47 ​ (55) ​ (141) (3,059) (4,866) (9,880) Income tax (expense)/credit ​ (27) ​ 495 ​ – ​ 2 ​ – ​ – Profit/(loss) from continuing operations 1 20 ​ 440 ​ (141) (3,057) (4,866) ​ (9,880) ​ Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. VodafoneZiggo Group Holding B.V. ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position ​ Non-current assets 14,532 14,422 16,521 16,978 Current assets 270 256 739 911 Total assets 14,802 14,678 17,260 17,889 Equity shareholders’ funds 8,595 8,801 1,643 2,380 Non-current liabilities 5,672 5,536 13,187 13,025 Current liabilities 535 341 2,430 2,484 Cash and cash equivalents within current assets 96 120 190 330 Non-current liabilities excluding trade and other payables and provisions 5,420 5,314 13,007 12,466 Current liabilities excluding trade and other payables and provisions 319 185 1,282 1,154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPG Telecom Limited Vodafone Idea Limited 1 ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position Non-current assets 10,638 10,272 17,267 17,975 Current assets 898 679 2,693 2,648 Total assets 11,536 10,951 19,960 20,623 Equity shareholders’ funds 3,129 3,121 (10,214) (7,457) Non-current liabilities 7,227 6,884 23,266 20,769 Current liabilities 1,180 946 6,908 7,315 Cash and cash equivalents within current assets 435 268 365 260 Non-current liabilities excluding trade and other payables and provisions 7,173 6,825 23,241 14,187 Current liabilities excluding trade and other payables and provisions 121 83 3,334 3,914 ​ Note: 1 Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 ‘Contingent liabilities and legal proceedings’ for more detail.
Reconciliation of summarised financial information present to the carrying amount of our interest in joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ VodafoneZiggo Group Holding B.V. ​ 2022 2021 2020 2022 2021 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Equity shareholders’ funds 8,595 8,801 ​ 1,643 2,380 ​ Interest in joint ventures 1 2,851 2,920 ​ 822 1,190 ​ Carrying value ​ 2,851 ​ 2,920 ​ ​ ​ 822 ​ 1,190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from continuing operations ​ 82 ​ 10 ​ – ​ (37) ​ (464) ​ (128) Share of profit/(loss) 1 ​ 27 ​ 3 ​ – ​ (19) ​ (232) ​ (64) Share of profit/(loss) 27 3 – (19) (232) (64) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPG Telecom Limited ​ Vodafone Idea Limited ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ 2021 ​ 2020 ​ €m €m €m €m €m €m Equity shareholders’ funds/(deficit) 3,129 3,121 ​ (10,214) (7,457) ​ Interest in joint ventures 1 27 ​ 50 ​ ​ (4,863) ​ (3,310) ​ ​ Impairment – ​ – ​ ​ (257) ​ (252) ​ ​ Goodwill 57 ​ 54 ​ ​ – ​ – ​ ​ Investment proportion not recognised – ​ – ​ ​ 5,120 ​ 3,562 ​ ​ Carrying value 84 104 ​ – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from continuing operations 20 ​ 440 ​ (141) (3,057) ​ (4,866) ​ (9,880) Share of (loss)/profit 1 ​ (5) ​ 98 ​ (70) ​ (1,357) ​ (2,160) ​ (4,386) Share of loss not recognised – ​ – ​ 35 1,357 ​ 2,160 ​ 1,840 Share of (loss)/profit 1 (5) ​ 98 ​ (35) – ​ – ​ (2,546) ​ Note: 1 The Group’s effective ownership percentages of Vodafone Idea Limited, VodafoneZiggo Group Holding B.V., Inwit S.p.A. and TPG Telecom Limited are 47.6% , 50.0% , 33.2% and 25.1% respectively, rounded to the nearest tenth of one percent.
Schedule of associates	Unless otherwise stated, the Company’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholding 1 shareholding 1 Name of associate ​ Principal activity ​ registration ​ 2022 2021 Indus Towers Limited 2 ​ Network infrastructure ​ India ​ 21.0 ​ 28.1 Safaricom PLC 3 Network operator Kenya 40.0 ​ 40.0 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2022, the fair value of the Group’s interest in Indus Towers Limited was INR 126 billion ( €1,494 million) (2021: INR 186 billion ( €2,161 million)) based on the closing quoted share price on the National Stock Exchange of India. 3 At 31 March 2022, the fair value of the Group’s interest in Safaricom PLC was KES 546 billion ( €4,270 million) (2021: KES 580 billion ( €4,513 million)) based on the closing quoted share price on the Nairobi Stock Exchange. The Group also holds two non-voting shares.
Schedule of aggregated financial information for group's associates	The tables below and overleaf provide aggregated financial information for the Group’s associates as it relates to the amounts recognised in the income statement, statement of comprehensive income and consolidated statement of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ Profit from continuing operations 1 ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Safaricom PLC ​ 428 ​ 421 ​ 217 ​ 217 ​ 247 Indus Towers Limited 1 ​ – ​ – ​ – ​ 274 ​ – Other ​ 59 ​ – ​ 5 ​ (3) ​ (1) Total 487 421 222 ​ 488 246 ​ Note: 1. Indus Towers Limited was classified as held for sale at 31 March 2022 and 31 March 2021. See note 7 'Discontinued operations and assets held for sale'. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Safaricom PLC ​ Indus Towers Limited ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 2,318 2,083 2,310 3,122 2,421 2,365 Operating expenses (1,164) (1,030) (1,122) (1,480) (1,247) (1,336) Depreciation and amortisation (309) (299) (295) (598) (477) (268) Other income/(expense) – – – – 412 (592) Operating profit 845 754 893 1,044 1,109 169 Interest income 9 12 26 – 61 32 Interest expense (59) (27) (18) (140) (194) (196) Profit before tax 795 739 901 904 976 5 Income tax (expense)/credit (270) (197) (282) (272) (168) 39 Profit from continuing operations and total comprehensive income ​ 525 ​ 542 ​ 619 ​ 632 ​ 808 ​ 44 Attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - Owners of the parent ​ 542 ​ 542 ​ 619 ​ 632 ​ 808 ​ 44 - Non-controlling interests (17) – – – – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of financial position Non-current assets 2,173 1,333 5,359 5,271 Current assets 510 438 1,685 1,198 Total assets 2,683 1,771 7,044 6,469 Equity shareholders' funds 1,066 1,045 3,774 3,083 Non-controlling interests ​ 312 ​ – ​ ​ ​ – ​ – ​ ​ Non-current liabilities 558 131 2,101 1,936 Current liabilities 747 595 1,169 1,450 Cash and cash equivalents within current assets 241 208 278 230 Non-current liabilities excluding trade and other payables and provisions 465 93 1,795 1,656 Current liabilities excluding trade and other payables and provisions 241 149 638 906 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity shareholders' funds 1,066 1,045 3,774 3,083 Interest in associates 425 418 794 867 Goodwill 3 3 261 342 Transferred to assets held for sale – – (959) (1,257) Investment proportion not recognised – – (96) 48 Carrying value 428 421 – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit from continuing operations 542 542 619 632 808 44 Share of profit 217 217 247 178 306 19 Share of profit not recognised – – – (178) (32) – Share of profit 217 217 247 – 274 19 ​

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Mar. 31, 2022
Other investments.
Schedule of other investments Included within non-current assets	​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Included within non-current assets Equity securities 1 143 128 Debt securities 2 930 797 ​ 1,073 925
Schedule of current other investments Included within current assets	​ ​ ​ ​ ​ ​ Included within current assets Short-term investments: Bonds and debt securities 3 1,446 1,053 Managed investment funds 1 3,349 2,954 ​ ​ 4,795 ​ 4,007 Collateral assets 4 ​ 698 ​ 3,107 Other investments 5 2,438 2,045 ​ 7,931 9,159 ​ Notes: 1 Items measured at a fair value, € 91 million (2021: € nil ) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Items are measured at amortised cost and have a fair value of € 830 million (2021: € 788 million) with a valuation basis of level 1 classification. 3 Items are measured at fair value and the valuation basis is level 1 classification. 4 Items are measured at amortised cost and the carrying amount approximates fair value. 5 Includes investments measured at a fair value of € 1,460 million (2021: €1,057 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value.

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Mar. 31, 2022
Trade and other receivables
Schedule of trade and other receivables	​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Included within non-current assets Trade receivables 34 52 Trade receivables held at fair value through other comprehensive income 606 278 Net investment in leases ​ 134 ​ 104 Contract assets ​ 495 ​ 528 Contract-related costs ​ 630 ​ 580 Other receivables 37 76 Prepayments 231 247 Derivative financial instruments 1 4,216 2,912 ​ 6,383 4,777 Included within current assets ​ ​ Trade receivables ​ 3,300 ​ 3,625 Trade receivables held at fair value through other comprehensive income 802 466 Net investment in leases ​ 66 ​ 36 Contract assets 3,056 3,038 Contract-related costs 1,403 1,364 Amounts owed by associates and joint ventures ​ 241 ​ 184 Other receivables 869 889 Prepayments 872 1,082 Derivative financial instruments 1 410 239 ​ 11,019 10,923 ​ Note: 1 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Mar. 31, 2022
Trade and other payables
Schedule of trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Included within non-current liabilities Other payables 452 424 Accruals 28 47 Contract liabilities 530 519 Derivative financial instruments 1 1,506 3,919 ​ 2,516 4,909 Included within current liabilities ​ ​ ​ ​ Trade payables 7,327 6,739 Amounts owed to associates and joint ventures 40 36 Other taxes and social security payable 1,114 1,196 Other payables 2,032 2,349 Accruals 2 6,991 5,688 Contract liabilities 1,991 1,971 Derivative financial instruments 1 166 91 ​ 19,661 18,070 ​ Notes: 1 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Includes €1,434 million (2021: € 339 million) payable in relation to the irrevocable and non-discretionary share buyback programmes.

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Mar. 31, 2022
Provisions
Schedule of Provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 2020 955 502 545 530 2,532 Exchange movements 6 (11) 4 7 6 Acquisition of subsidiaries ​ 6 ​ – ​ – ​ – ​ 6 Amounts capitalised in the year 294 – – – 294 Amounts charged to the income statement – 138 153 167 458 Utilised in the year − payments (32) (54) (243) (175) (504) Amounts released to the income statement (7) (47) (33) (66) (153) 31 March 2021 1,222 528 426 463 2,639 Exchange movements ​ 3 ​ (25) ​ (4) ​ 5 ​ (21) Amounts capitalised in the year 297 – – – 297 Amounts charged to the income statement – 216 216 139 571 Utilised in the year − payments (51) (128) (295) (197) (671) Amounts released to the income statement (1) (142) (41) (83) (267) 31 March 2022 1,470 449 302 327 2,548 ​
Schedule of Provisions analysed between current and non-current	31 March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m Current liabilities 43 235 241 148 667 Non-current liabilities 1,427 214 61 179 1,881 ​ 1,470 449 302 327 2,548 ​ 31 March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m Current liabilities 43 273 353 223 892 Non-current liabilities 1,179 255 73 240 1,747 ​ 1,222 528 426 463 2,639

Called up share capital (Tables

Called up share capital (Tables)	12 Months Ended
	Mar. 31, 2022
Called up share capital
Schedule of called up share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ ​ Number ​ €m ​ Number ​ €m Ordinary shares of 20 20 ⁄ 21 US cents each allotted, issued and fully paid: 1,2,3 1 April 28,816,835,778 4,797 28,815,914,978 4,797 Allotted during the year 792,090 – 920,800 – 31 March 28,817,627,868 4,797 28,816,835,778 4,797 ​ Notes: 1 At 31 March 2022 there were 50,000 (2021: 50,000 ) 7% cumulative fixed rate shares of £1 each in issue. 2 At 31 March 2022 the Group held 447,576,522 (2021: 592,642,309 ) treasury shares with a nominal value of €75 million (2021: €99 million). The market value of shares held was €661 million (2021: €918 million). During the year, 68,306,442 (2021: 63,830,400 ) treasury shares were reissued under Group share schemes. 3 On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling £1.72 billion with a 2 year maturity date in 2021 and £1.72 billion with a 3 year maturity date in 2022. During the year, 1,518,629,693 treasury shares were issued in settlement of tranche 2 of the maturing subordinated mandatory convertible bond, whilst in the year ended 31 March 2021, 1,426,793,872 ordinary shares were issued in settlement of tranche 1. For further details see note 21 ‘Borrowings’.

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	12 Months Ended
	Mar. 31, 2022
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ Notes ​ €m ​ €m ​ €m Profit/(loss) for the financial year 2,624 536 (455) Non-operating expense – – 3 Investment income 5 (254) (330) (248) Financing costs 5 1,964 1,027 3,549 Income tax expense 6 1,330 3,864 1,250 Operating profit 5,664 5,097 4,099 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 173 146 146 Depreciation and amortisation 10, 11 13,845 14,101 14,174 Loss on disposal of property, plant and equipment and intangible assets ​ 30 17 51 Share of result of equity accounted associates and joint ventures 12 (211) (342) 2,505 Impairment losses 4 – – 1,685 Other income 3 (79) (568) (4,281) (Increase)/decrease in inventory ​ (162) (68) 68 (Increase)/decrease in trade and other receivables 14 (638) 582 (38) Increase/(decrease) in trade and other payables 15 384 (730) (100) Cash generated by operations 19,006 18,235 18,309 Net tax paid (925) (1,020) (930) Net cash flow from operating activities 18,081 17,215 17,379

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Mar. 31, 2022
Cash and cash equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash at bank and in hand 2,220 2,705 Money market funds 1 5,276 3,116 Cash and cash equivalents as presented in the statement of financial position 7,496 5,821 Bank overdrafts (125) (31) Cash and cash equivalents as presented in the statement of cash flows 7,371 5,790 ​ Note: 1 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2022
Leases
Schedule of maturity profile of the Group's lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ €m ​ €m Within one year ​ 3,130 3,419 In more than one year but less than two years ​ 2,189 2,142 In more than two years but less than three years ​ 1,759 1,661 In more than three years but less than four years ​ 1,579 1,457 In more than four years but less than five years ​ 1,387 1,316 In more than five years ​ 4,242 4,696 ​ ​ 14,286 14,691 Effect of discounting ​ (1,747) (1,659) Lease liability - as disclosed in note 21 'Borrowings' ​ 12,539 13,032
Schedule of the Group's income as a lessor	​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ €m €m Operating leases ​ ​ Lease revenue (note 2 'Revenue disaggregation and segmental analysis') ​ 758 559 Income from leases not recognised as revenue ​ 45 180
Schedule of committed amounts to be received from the Group's operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Within one In one to two In two to In three to four In four to five In more than ​ ​ year ​ years ​ three years ​ years ​ years ​ five years ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m 31 March 2022 ​ ​ ​ ​ ​ ​ ​ ​ Committed operating lease payments due to the Group as a lessor ​ 513 ​ 250 ​ 161 ​ 128 ​ 114 ​ 343 ​ 1,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Committed operating lease payments due to the Group as a lessor ​ 510 ​ 261 ​ 175 ​ 134 ​ 115 ​ 395 ​ 1,590

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Mar. 31, 2022
Borrowings
Schedule of Total borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Non-current borrowings ​ ​ ​ Bonds ​ 46,156 44,634 Bank loans 629 ​ 761 Lease liabilities (note 20) ​ 9,810 9,909 Bank borrowings secured against Indian assets ​ — ​ 385 Other borrowings 1 ​ 1,536 ​ 3,583 ​ ​ 58,131 ​ 59,272 Current borrowings ​ ​ ​ ​ Bonds 1,875 2,251 Bank loans 688 658 Lease liabilities (note 20) 2,729 3,123 Collateral liabilities ​ 2,914 ​ 962 Bank borrowings secured against Indian assets ​ 1,382 862 Other borrowings 1 2,373 632 ​ 11,961 ​ 8,488 Borrowings ​ 70,092 67,760 ​ Note: 1 Includes € 1,273 million (2021: € 3,312 million) and € 2,165 million (2021: € 381 million) of licence and spectrum fees payable in non-current and current borrowings respectively.

Capital and financial risk ma_2

Capital and financial risk management (Tables)	12 Months Ended
	Mar. 31, 2022
Capital and financial risk management
Schedule of capital management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ €m €m Borrowings (note 21) 70,092 67,760 Cash and cash equivalents (note 19) (7,496) (5,821) Derivative financial instruments included in trade and other receivables (note 14) (4,626) (3,151) Derivative financial instruments included in trade and other payables (note 15) 1,672 4,010 Short-term investments (note 13) (4,795) (4,007) Collateral assets (note 13) ​ (698) ​ (3,107) Financial liabilities under put option arrangements ​ 494 ​ 492 Equity 56,977 57,816 Capital 111,620 113,992 ​
Schedule of financial instruments exposure to credit risk	​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash at bank and in hand (note 19) 2,220 2,705 Money market funds (note 19) ​ 5,276 ​ 3,116 Managed investment funds (note 13) 3,349 2,954 Current bonds and debt securities (note 13) 1,446 1,053 Non-current debt securities (note 13) ​ 930 ​ 797 Collateral assets (note 13) ​ 698 ​ 3,107 Other investments (note 13) ​ 2,438 ​ 2,045 Derivative financial instruments (note 14) 4,626 3,151 Trade receivables (note 14) 1 6,083 5,924 Contract assets and other receivables (note 14) 4,457 4,531 Performance bonds and other guarantees (note 29) 2,866 2,728 ​ 34,389 32,111 ​ Note: 1 Includes amounts guaranteed under sales of trade receivables €1,341 million (2021: €1,503 million)
Schedule of cash collateral, which is reported within short-term borrowings, held by Group	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Collateral liabilities 2,914 962
Schedule of movements in the allowance for expected credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables held ​ ​ ​ ​ ​ ​ Trade receivables held ​ at fair value through ​ ​ Contract assets ​ at amortised cost ​ other comprehensive income ​ 2022 2021 2022 2021 2022 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 101 137 1,480 1,431 57 51 Exchange movements 1 2 (70) (47) — – Amounts charged to credit losses on financial assets 114 63 394 592 53 9 Other 1 (133) (101) (462) (496) (2) (3) 31 March 83 101 1,342 1,480 108 57 ​ Note: 1 Primarily utilisation of the provision.
Schedule of ageing of receivables that are past due	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31-60 ​ 61-180 ​ 180 ​ ​ ​ ​ Due ​ or less ​ days ​ days ​ days+ ​ Total 31 March 2022 €m ​ €m €m €m €m €m Gross carrying amount 2,411 ​ 650 182 390 1,043 4,676 Expected credit loss allowance (123) ​ (83) (53) (190) (893) (1,342) Net carrying amount 2,288 ​ 567 129 200 150 3,334 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31–60 ​ 61–180 ​ 180 ​ ​ ​ ​ Due ​ or less ​ days ​ days ​ days+ ​ Total 31 March 2021 €m ​ €m €m €m €m €m Gross carrying amount 2,568 ​ 717 177 405 1,290 5,157 Expected credit loss allowance (30) ​ (72) (62) (211) (1,105) (1,480) Net carrying amount 2,538 ​ 645 115 194 185 3,677 ​ Note: 1 Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other comprehensive income are not materially past due. ​
Schedule of maturity analysis for non-derivative financial liabilities on an undiscounted basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade payables and ​ ​ ​ ​ Bank loans ​ Bonds ​ Lease liabilities ​ Other 2 ​ Total borrowings ​ other financial liabilities 3 ​ Total Maturity profile 1 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Within one year 700 3,569 3,130 6,823 14,222 16,884 ​ 31,106 In one to two years 33 6,190 2,189 417 8,829 29 ​ 8,858 In two to three years 411 3,786 1,759 207 6,163 — ​ 6,163 In three to four years 2 5,746 1,579 199 7,526 — ​ 7,526 In four to five years 205 6,253 1,387 678 8,523 — ​ 8,523 In more than five years 21 43,514 4,242 136 47,913 — ​ 47,913 ​ 1,372 69,058 14,286 8,460 93,176 16,913 ​ 110,089 Effect of discount/financing rates (55) (21,027) (1,747) (255) (23,084) (1) ​ (23,085) 31 March 2022 1,317 48,031 12,539 8,205 70,092 16,912 ​ 87,004 Within one year 674 3,774 3,419 2,516 10,383 15,304 ​ 25,687 In one to two years 174 3,329 2,142 2,575 8,220 49 ​ 8,269 In two to three years 440 5,964 1,661 399 8,464 – ​ 8,464 In three to four years 173 2,784 1,457 166 4,580 – ​ 4,580 In four to five years 2 5,506 1,316 199 7,023 – ​ 7,023 In more than five years 23 45,538 4,696 986 51,243 – ​ 51,243 ​ 1,486 66,895 14,691 6,841 89,913 15,353 ​ 105,266 Effect of discount/financing rates (67) (20,010) (1,659) (417) (22,153) (2) ​ (22,155) 31 March 2021 1,419 46,885 13,032 6,424 67,760 15,351 ​ 83,111 ​ Notes: 1 Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause (2021: €30 million of debt in relation to the mandatorily convertible bond that matured on 12 March 2022 was subject to a material adverse change clause which would have accelerated conversion of the £ 1.7 billion principal recognised in equity – see note 21 ‘Borrowings’). 2 Includes spectrum licence payables with maturity profile €2,319 million (2021: €381 million) within one year, €165 million (2021: €2,171 million) in one to two years, €199 million (2021: €165 million) in two to three years, €199 million (2021: €165 million) in three to four years, €662 million (2021: €199 million) in four to five years and €136 million (2021: €986 million) in more than five years. Also includes €2,914 million (2021: €962 million) in relation to cash received under collateral support agreements shown within 1 year. 3 Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables.
Schedule of maturity analysis for derivative financial liabilities on an undiscounted basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Payable ​ Receivable ​ Total ​ Payable ​ Receivable ​ Total ​ €m €m €m €m €m €m Within one year ​ (12,671) ​ 13,470 ​ 799 ​ (16,218) ​ 16,864 ​ 646 In one to two years ​ (5,897) ​ 6,399 ​ 502 ​ (3,121) ​ 3,723 ​ 602 In two to three years ​ (2,584) ​ 3,158 ​ 574 ​ (5,623) ​ 5,978 ​ 355 In three to four years ​ (3,373) ​ 3,864 ​ 491 ​ (2,518) ​ 2,903 ​ 385 In four to five years ​ (1,699) ​ 2,139 ​ 440 ​ (3,305) ​ 3,620 ​ 315 In more than five years ​ (34,097) ​ 40,129 ​ 6,032 ​ (33,777) ​ 37,399 ​ 3,622 ​ ​ (60,321) ​ 69,159 ​ 8,838 ​ (64,562) ​ 70,487 ​ 5,925 Effect of discount/financing rates ​ ​ ​ (5,884) ​ ​ ​ (6,784) Financial derivative net receivable/(payable) ​ ​ ​ 2,954 ​ ​ ​ (859)
Schedule of sensitivity of Group's adjusted operating profit to strengthening major currency	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ €m €m Increase/ (decrease) in Profit before taxation ​ ​ ​ ​ ZAR 13% change (2021: 15%) 134 152 TRY 39% change (2021: 26%) ​ 83 ​ 87 GBP 2% change (2021: 3%) (67) (23) ​
Schedule of carrying values and nominal amounts of derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ Opening ​ (Gain)/ ​ Gain/(Loss) ​ Closing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ balance ​ Loss ​ recycled to ​ balance ​ ​ ​ ​ ​ Euro ​ ​ Nominal ​ value ​ value ​ 1 April ​ deferred to ​ financing ​ 31 March ​ Maturity ​ ​ ​ interest ​ ​ amounts ​ Assets ​ Liabilities ​ 2021 ​ OCI ​ costs ​ 2022 1 ​ year ​ FX rate ​ rate At 31 March 2022 €m €m €m €m €m €m €m ​ ​ % Cash flow hedges - foreign currency risk 3 Cross-currency and foreign exchange swaps US dollar bonds 20,995 2,745 10 501 (3,257) 1,272 (1,484) 2036 1.18 2.76 Australian dollar bonds 736 50 – (24) (12) 31 (5) 2024 1.56 0.92 Swiss franc bonds 624 16 1 30 (59) 49 20 2026 1.08 1.26 Pound sterling bonds 3,498 61 145 323 (239) 25 109 2043 0.86 2.97 Hong Kong dollar bonds 233 8 3 13 (18) 12 7 2028 9.08 1.48 Japanese yen bonds 78 – 6 11 (7) (2) 2 2037 128.53 2.47 Norwegian krona bonds 241 – 16 3 (7) 7 3 2026 9.15 1.12 Foreign exchange forwards 2 ​ 244 ​ – ​ 69 ​ – ​ (72) ​ 3 ​ (69) ​ 2022 ​ 12.34 ​ – Cash flow hedges - foreign currency and interest rate risk 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross currency swaps - US dollar bonds 417 24 – 8 (33) 24 (1) 2023 1.17 1.07 Cash flow hedges - interest rate risk 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps - Euro loans – – – (1) – 1 – – – – Net investment hedge - foreign exchange risk 5 ​ – ​ ​ ​ ​ ​ ​ ​ ​ Cross-currency and foreign exchange swaps - South African rand investment 1,555 – 113 959 174 – ​ 1,133 2022 17.29 0.31 ​ 28,621 2,904 363 1,823 (3,530) 1,422 (285) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ Opening ​ ​ ​ Gain/(Loss) ​ Closing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ balance ​ (Gain)/Loss ​ recycled to ​ balance ​ ​ ​ ​ ​ Euro ​ ​ Nominal ​ value ​ value ​ 1 April ​ deferred to ​ financing ​ 31 March ​ Maturity ​ ​ ​ interest ​ ​ amounts ​ Assets ​ Liabilities ​ 2020 ​ OCI ​ costs ​ 2021 1 ​ year ​ FX rate ​ rate At 31 March 2021 €m €m €m €m €m €m €m ​ ​ % Cash flow hedges – foreign currency risk 3 Cross-currency and foreign exchange swaps US dollar bonds 18,995 621 1,070 (3,922) 5,900 (1,477) 501 2036 1.18 2.82 Australian dollar bonds 736 38 – (26) (102) 104 (24) 2024 1.56 0.92 Swiss franc bonds 624 – 45 28 28 (26) 30 2026 1.08 1.26 Pound sterling bonds 2,585 40 199 94 1 228 323 2047 0.89 2.59 Hong Kong dollar bonds 233 – 13 (4) 34 (17) 13 2028 9.08 1.48 Japanese yen bonds 78 – 12 6 13 (8) 11 2037 128.53 2.47 Norwegian krona bonds 241 – 22 (3) (23) 29 3 2026 9.15 1.12 Cash flow hedges – foreign currency and interest rate risk 3 Cross currency swaps - US dollar bonds 417 – 8 18 52 (62) 8 2023 1.17 1.07 Cash flow hedges – interest rate risk 3 Interest rate swaps – Euro loans 568 – – 7 (11) 3 (1) 2021 – 1.21 Fair value hedges – interest rate risk 4 Interest rate swaps – Eurobonds 186 131 – – – – – 2028 – – Net investment hedge – foreign exchange risk 5 Cross-currency and foreign exchange swaps – South African rand investment 1,785 – 23 631 328 – ​ 959 2021 17.30 0.31 ​ 26,448 830 1,392 (3,171) 6,220 (1,226) 1,823 ​ ​ ​ ​ ​ ​ ​ Notes: 1 Fair value movement deferred into other comprehensive income includes €1,318 million loss (2021: €1,164 million loss) and €1 million gain (2021: €2 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively. 2 Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of €146 million and $109 million ( €98 million) with weighted average exchange rates of 12.45 and 10.95 respectively to Turkish lira. 3 For cashflow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was €nil (2021: €nil ). 4 The fair value hedge was de-designated during the financial year. The carrying value of the bond de-designated during the financial year includes 5 €66 million loss (2021: €76 million loss) of cumulative fair value adjustment for the hedged interest risk. Hedge ineffectiveness is €nil (2021: €8 million gain). The carrying value of bonds includes an additional €760 million loss (2021: €774 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships. 6 Hedge ineffectiveness of swaps designated in a net investment hedge during the period was €nil (2021: €nil ).
Summary of changes in assets and liabilities arising from financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and liabilities ​ ​ ​ ​ Derivative assets ​ Financial liabilities ​ ​ ​ arising from ​ ​ Borrowings ​ and liabilities ​ under put options ​ Other liabilities ​ financing activities ​ €m €m €m €m €m 1 April 2021 ​ 67,760 ​ 859 ​ 492 ​ 491 ​ 69,602 Cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from issuance of long-term borrowings ​ 2,548 ​ – ​ – ​ – ​ 2,548 Repayment of borrowings ​ (8,248) ​ – ​ – ​ – ​ (8,248) Net movement in short-term borrowings ​ 3,002 ​ – ​ – ​ – ​ 3,002 Net movement in derivatives ​ – ​ (293) ​ – ​ – ​ (293) Interest paid ​ (2,246) ​ 469 ​ (17) ​ (10) ​ (1,804) Purchase of treasury shares ​ – ​ – ​ – ​ (2,087) ​ (2,087) Non-cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value movements ​ – ​ (2,631) ​ – ​ – ​ (2,631) Foreign exchange ​ 1,386 ​ (930) ​ – ​ (15) ​ 441 Interest costs ​ 2,356 ​ (428) ​ 19 ​ 13 ​ 1,960 Lease additions ​ 3,410 ​ – ​ – ​ – ​ 3,410 Other 1 ​ 124 ​ – ​ – ​ 3,106 ​ 3,230 31 March 2022 ​ 70,092 ​ (2,954) ​ 494 ​ 1,498 ​ 69,130 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and liabilities ​ ​ ​ ​ Derivative assets ​ Financial liabilities ​ ​ ​ arising from ​ ​ Borrowings ​ and liabilities ​ under put options ​ Other liabilities ​ financing activities ​ €m €m €m €m €m 1 April 2020 ​ 74,925 ​ (4,409) ​ 1,850 ​ 170 ​ 72,536 Cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from issuance of long-term borrowings ​ 4,359 ​ – ​ – ​ – ​ 4,359 Repayment of borrowings ​ (12,237) ​ – ​ – ​ – ​ (12,237) Net movement in short-term borrowings ​ (2,791) ​ – ​ – ​ – ​ (2,791) Net movement in derivatives ​ – ​ 279 ​ – ​ – ​ 279 Interest paid ​ (2,421) ​ 452 ​ (141) ​ (42) ​ (2,152) Purchase of treasury shares ​ – ​ – ​ – ​ (62) ​ (62) Payments for settlement of written put options ​ – ​ – ​ (1,482) ​ – ​ (1,482) Non-cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value movements ​ (9) ​ 3,594 ​ – ​ – ​ 3,585 Foreign exchange ​ (1,480) ​ 1,428 ​ – ​ (2) ​ (54) Interest costs ​ 2,459 ​ (485) ​ 62 ​ 11 ​ 2,047 Lease additions ​ 4,578 ​ – ​ – ​ – ​ 4,578 Acquisitions of subsidiaries ​ 234 ​ – ​ – ​ – ​ 234 Other 1 ​ 143 ​ – ​ 203 ​ 416 ​ 762 31 March 2021 ​ 67,760 ​ 859 ​ 492 ​ 491 ​ 69,602 ​ Note: 1 Movement in Other liabilities primarily relate to share buyback programmes.
Schedule of Group's financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable master netting or similar agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related amounts not set off in the balance sheet ​ ​ ​ ​ ​ ​ ​ Amounts ​ Right of set off ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ presented in ​ with derivative ​ Collateral ​ ​ ​ ​ ​ Gross amount ​ Amount set off ​ balance sheet ​ counterparties ​ (liabilities)/assets 1 ​ Net amount At 31 March 2022 ​ €m €m €m €m €m €m Derivative financial assets ​ 4,626 – 4,626 (1,365) (2,914) 347 Derivative financial liabilities ​ (1,672) – (1,672) 1,365 368 61 Total ​ 2,954 – 2,954 – (2,546) 408 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related amounts not set off in the balance sheet ​ ​ ​ ​ ​ ​ Amounts ​ Right of set off ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ presented in ​ with derivative ​ Collateral ​ ​ ​ ​ Gross amount ​ Amount set off ​ balance sheet ​ counterparties ​ (liabilities)/assets 1 ​ Net amount At 31 March 2021 €m €m €m €m €m €m Derivative financial assets 3,151 – 3,151 (1,989) (962) 200 Derivative financial liabilities (4,010) – (4,010) 1,989 2,194 173 Total (859) – (859) – 1,232 373 ​ Note: 1 Excludes collateral of € 330 million (2021: € 913 million) pledged as initial margin that does not offset against existing mark to market balances as at 31 March.

Directors and key management _2

Directors and key management compensation (Tables)	12 Months Ended
	Mar. 31, 2022
Directors and key management compensation
Schedule of aggregate emoluments of directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Salaries and fees 4 4 4 Incentive schemes 1 3 3 2 Other benefits 2 – – 1 ​ 7 7 7 ​ Notes: 1 Excludes gains from long-term incentive plans. 2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions.
Schedule of aggregate compensation for key management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ €m ​ €m ​ €m Short-term employee benefits 28 28 27 Share-based payments 8 11 7 ​ 36 39 34 ​ ​ Note: 1 The prior year comparatives for share-based payments have been re-presented to reflect the market value of the vested shares provided to key management personnel in the reported period. The previous presentation was based on the value of share awards granted and recognised over the vesting period, however the grants were subject to various vesting conditions. The revised measurement basis is considered to provide a more appropriate measure of actual compensation received by key management personnel in the period. The re-presentation decreases the previously disclosed amounts by €12 million and €23 million for the years ended 31 March 2021 and 31 March 2020, respectively .

Employees (Tables)

Employees (Tables)	12 Months Ended
	Mar. 31, 2022
Employees
Schedule of number of employees by activity and segment	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ Employees ​ Employees ​ Employees By activity Operations 15,404 14,893 14,616 Selling and distribution 25,499 26,874 28,133 Customer care and administration 56,038 54,739 52,470 ​ 96,941 96,506 95,219 By segment ​ ​ ​ Germany 15,256 15,798 15,199 Italy 5,765 5,818 5,980 Spain 4,194 4,257 4,316 UK 9,198 9,584 10,295 Other Europe 15,106 15,460 14,646 Vodacom 7,973 7,810 7,773 Other Markets 9,336 9,498 10,515 Vantage Towers 1 ​ 502 ​ – ​ – Common Functions 29,611 28,281 26,495 Total 96,941 96,506 95,219
Schedule of cost incurred in respect of employees (including Directors)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Wages and salaries 4,469 4,238 4,571 Social security costs 578 549 531 Other pension costs (note 25) 168 235 226 Share-based payments (note 26) 119 135 134 Total 5,334 5,157 5,462

Post employment benefits (Table

Post employment benefits (Tables)	12 Months Ended
	Mar. 31, 2022
Post employment benefits
Schedule of income statement expense for defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Defined contribution plans 197 204 180 Defined benefit plans (29) 31 46 Total amount charged to income statement (note 24) 168 235 226 ​
Schedule of actuarial assumptions for defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ % ​ % ​ % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 3.3 2.9 2.2 Rate of increase in salaries 3 3.1 2.7 2.5 Discount rate 2.5 1.8 2.0 ​ Notes: 1 Figures shown represent a weighted average assumption of the individual plans. 2 The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation. 3 Relates only to schemes open to future accrual primarily in Germany, Ireland and India.
Schedule of charges made to consolidated income statement and consolidated statement of comprehensive income on basis of actuarial assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Current service cost 38 37 37 Net past service (credit)/costs 1 (71) 2 – Net interest charge/(income) 4 (8) 9 Total net (credit)/cost included within staff costs (29) 31 46 Actuarial gains/(losses) recognised in the SOCI 627 (686) 640 ​ Note: 1 A change in Germany relating to the provision of death and disability benefits effective from 1 April 2021 resulted in a past service credit of €49 million; further net past service credits were recognised in the year ended 31 March 2022 for the Vodafone UK plan relating to the offer of a pension increase exchange to all members at retirement and benefit clarifications.
Schedule of fair value of assets and present value of liabilities under defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net surplus/ ​ ​ Assets ​ Liabilities ​ (deficit) ​ ​ €m ​ €m ​ €m 1 April 2020 6,906 (6,754) 152 Service cost – (39) (39) Interest income/(cost) 137 (129) 8 Return on plan assets excluding interest income 466 – 466 Actuarial losses arising from changes in financial assumptions – (1,118) (1,118) Actuarial losses arising from experience adjustments – (34) (34) Employer cash contributions 125 – 125 Member cash contributions 10 (10) – Benefits paid (243) 243 – Exchange rate movements 244 (249) (5) Other movements (13) 5 (8) 31 March 2021 7,632 (8,085) (453) Service cost – (38) (38) Past service credit ​ – ​ 71 ​ 71 Interest income/(cost) 140 (144) (4) Return on plan assets excluding interest income 58 – 58 Actuarial gains arising from changes in demographic assumptions ​ – ​ 7 ​ 7 Actuarial gains arising from changes in financial assumptions – 483 483 Actuarial gains arising from experience adjustments ​ – ​ 79 ​ 79 Employer cash contributions 60 – 60 Member cash contributions 17 (17) – Benefits paid (241) 241 – Exchange rate movements 52 (45) 7 Other movements (3) 7 4 31 March 2022 7,715 (7,441) 274 ​ An analysis of the net surplus/(deficit) is provided below for the Group as a whole. ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Analysis of net surplus/(deficit): Total fair value of plan assets 7,715 7,632 Present value of funded plan liabilities (7,337) (7,968) Net surplus/(deficit) for funded plans 378 (336) Present value of unfunded plan liabilities (104) (117) Net surplus/(deficit) 274 (453) Net surplus/(deficit) is analysed as: ​ ​ Assets 1 555 60 Liabilities (281) (513) ​ Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. An analysis of net surplus/(deficit) is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CWW Section ​ ​ Vodafone Section ​ ​ 2022 ​ 2021 ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ ​ €m ​ €m Analysis of net surplus/(deficit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of plan assets 2,850 ​ 2,912 3,399 3,298 Present value of plan liabilities (2,565) ​ (2,852) (3,166) (3,457) Net surplus/(deficit) 285 ​ 60 233 (159) Net surplus/(deficit) are analysed as: ​ ​ ​ ​ ​ Assets 285 ​ 60 233 – Liabilities – ​ – – (159)
Schedule of fair value of pension assets	​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash and cash equivalents 55 247 Equity investments: ​ ​ With quoted prices in an active market 849 1,376 Without quoted prices in an active market 359 294 Debt instruments: ​ ​ With quoted prices in an active market 1,334 4,589 Without quoted prices in an active market 317 559 Property: ​ ​ With quoted prices in an active market 29 26 Without quoted prices in an active market 460 494 Derivatives: 1 ​ ​ Without quoted prices in an active market 2,195 (1,557) Investment fund 1,161 604 Annuity policies ​ ​ ​ ​ With quoted prices in an active market 34 4 Without quoted prices ​ 922 ​ 996 Total 7,715 7,632 ​ Note: 1 Derivatives include collateral held in the form of cash. Assets are valued using ‘level 2’ inputs under IFRS 13 ‘Fair Value Measurement’ principles and classified as unquoted accordingly.
Schedule of sensitivity analysis under defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate of inflation Rate of increase in salaries Discount rate Life expectancy ​ ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 1 year ​ Increase by 1 year ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m (Decrease)/increase in present value of defined benefit obligation 1 (547) 552 (1) 1 770 (668) (248) 248 ​ Note: 1 The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. In presenting this sensitivity analysis, the change in the present value of the defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit method at the end of the year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. The rate of inflation assumption sensitivity factors in the impact of changes to all assumptions relating to inflation including the rate of increase in salaries, pension increases and deferred revaluations.

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Mar. 31, 2022
Share-based payments
Schedule of movements in outstanding ordinary share options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary share options ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ Millions ​ Millions ​ Millions 1 April ​ 62 ​ 53 ​ 46 Granted during the year ​ 20 ​ 35 ​ 39 Forfeited during the year ​ (2) ​ (1) ​ (1) Exercised during the year ​ (1) ​ – ​ – Expired during the year ​ (18) ​ (25) ​ (31) 31 March ​ 61 ​ 62 ​ 53 Weighted average exercise price: ​ ​ ​ ​ 1 April ​ ​ £1.07 ​ ​ £1.19 ​ ​ £1.40 Granted during the year ​ ​ £0.95 ​ ​ £1.03 ​ ​ £1.06 Forfeited during the year ​ ​ £1.06 ​ ​ £1.16 ​ ​ £1.36 Exercised during the year ​ ​ £1.17 ​ ​ £1.23 ​ ​ £1.50 Expired during the year ​ ​ £1.10 ​ ​ £1.27 ​ ​ £1.34 31 March ​ ​ £1.02 ​ ​ £1.07 ​ ​ £1.19 ​
Summary of options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2022 31 March 2021 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ Weighted ​ average ​ ​ ​ Weighted ​ average ​ ​ Outstanding ​ average ​ contractual ​ Outstanding ​ average ​ contractual ​ ​ shares ​ exercise ​ life ​ shares ​ exercise ​ life ​ ​ Millions ​ price ​ Months ​ Millions ​ price ​ Months Vodafone Group Sharesave Plan: ​ ​ £0.91 – £1.89 ​ 61 ​ ​ £1.02 24 62 £1.07 30 ​
Schedule of movements in non-vested shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ average fair ​ ​ ​ average fair ​ ​ ​ average fair ​ ​ ​ ​ value at ​ ​ ​ value at ​ ​ ​ value at ​ ​ Millions ​ grant date ​ Millions ​ grant date ​ Millions ​ grant date 1 April 267 ​ ​ £1.20 245 ​ ​ £1.41 200 ​ ​ £1.92 Granted 113 ​ ​ £1.17 108 ​ ​ £0.99 135 ​ ​ £1.00 Vested (68) ​ ​ £1.44 (56) ​ ​ £1.56 (44) ​ ​ £2.10 Forfeited (42) ​ ​ £1.52 (30) ​ ​ £1.10 (46) ​ ​ £1.76 31 March 270 ​ ​ £1.07 267 ​ ​ £1.20 245 ​ ​ £1.41 ​

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	12 Months Ended
	Mar. 31, 2022
Acquisitions and disposals
Summary of other transactions with non-controlling shareholders in subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash consideration received/(paid) ​ ​ ​ ​ Vantage Towers IPO ​ 217 ​ 2,000 Vantage Towers Greece ​ – ​ (288) Other ​ (28) ​ (49) ​ ​ 189 ​ 1,663
Schedule of aggregate cash consideration in respect of purchase or disposal of subsidiaries, net of cash	​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ €m €m Cash consideration paid ​ ​ Acquisitions during the year ​ – ​ 13 8 Net cash acquired – (2) ​ – 136 ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ €m ​ €m Cash consideration received ​ ​ ​ ​ Vodafone New Zealand ​ – ​ (37) Tower infrastructure in Italy ​ – ​ 192 Other disposals during the period ​ – ​ 3 Net cash disposed ​ – ​ (1) ​ ​ – ​ 157

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Mar. 31, 2022
Commitments
Schedule of capital commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company and subsidiaries Share of joint operations Group ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Contracts placed for future capital expenditure not provided in the financial statements 1 ​ 4,388 3,993 140 133 4,527 4,126 ​ Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets.

Contingent liabilities and le_2

Contingent liabilities and legal proceedings (Tables)	12 Months Ended
	Mar. 31, 2022
Contingent liabilities and legal proceedings
Schedule of contingent liabilities	​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ €m €m Performance bonds 1 430 381 Other guarantees 2 2,436 2,347 ​ Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of a US $3.5 billion loan facility (2021: US $3.5 billion loan facility), which forms part of the Group’s overall joint venture investment in TPG Telecom Ltd. The Group’s share of these loan balances is included in the net investment in joint venture (see note 12 ‘Investments in associates and joint arrangements’). Other guarantees also include INR 42.5 billion (2021: INR 42.5 billion) in relation to the secondary pledge over shares owned by Vodafone Group in Indus Towers. See page 201. ​

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Mar. 31, 2022
Related party transactions
Schedule of transactions with joint arrangements and associates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ €m ​ €m ​ €m Sales of goods and services to associates 20 14 32 Purchase of goods and services from associates 10 5 4 Sales of goods and services to joint arrangements 221 203 305 Purchase of goods and services from joint arrangements 298 109 97 Interest income receivable from joint arrangements 1 ​ 48 ​ 65 ​ 71 Interest expense payable to joint arrangements 1 52 56 – Trade balances owed: ​ ​ ​ by associates 8 3 4 to associates 6 5 4 by joint arrangements 139 88 157 to joint arrangements 34 31 37 Other balances owed by associates ​ 80 ​ 56 ​ – Other balances owed by joint arrangements 1 1,080 955 1,083 Other balances owed to joint arrangements 2 1,561 1,575 2,017 ​ Notes: 1 Amounts arise primarily through VodafoneZiggo, TPG Telecom Limited and INWIT S.p.A.. Interest is paid in line with market rates. 2 Amounts are primarily in relation to leases of tower space from INWIT S.p.A.

Related undertakings (Tables)

Related undertakings (Tables)	12 Months Ended
	Mar. 31, 2022
Related undertakings
Schedule of investment in subsidiaries, associated undertakings and joint arrangements	​ ​ ​ ​ Company name % of share class held Share class Albania ​ ​ Autostrada Tirane-Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania ​ ​ Vodafone Albania Sh.A 99.94 Ordinary shares ​ Lagjia Kongresi Përmetit, Bulevardi "Jakov Xoxa", pallati nr. 5, kati nr. 1, Fier, Albania ​ ​ ApNet SHPK 99.94 Ordinary shares Rruga "Ibrahim Rugova", Sky Tower, Kati i 5, Hyrja 2, Tiranë, 1000, Albania ​ ​ _VOIS Albania ShpK. 100.00 Ordinary shares Argentina ​ ​ Cerrito 348, 5 to B, C1010AAH, Buenos Aires, Argentina ​ ​ CWGNL S.A. (in process of dissolution) 100.00 Ordinary shares Australia ​ ​ Mills Oakley , Level 7, 151 Clarence Street, Sydney NSW 2000, Australia ​ ​ Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria ​ ​ c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria ​ ​ Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain ​ ​ RSM Bahrain, 3rd Floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain ​ ​ Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium ​ ​ Malta House, rue Archimède 25, 1000 Bruxelles, Belgium ​ ​ Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil ​ ​ Avenida Cidade Jardim, 400, 7th and 20th Floors, Jardim Paulistano, São Paulo, Brazil, 01454-000 ​ ​ Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil ​ ​ Cobra do Brasil Serviços de Telemàtica ltda. (in process of dissolution) 70.00 Ordinary shares Av Paulista 37 - 4º andar, Sala 427, Bela Vista, CEP, 01311 - 902, São Paulo, Brazil ​ ​ Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria ​ ​ 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria ​ ​ Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Canada ​ ​ c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H 1W8, Canada ​ ​ Vodafone Canada Inc. 100.00 Common shares Cayman Islands ​ ​ One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands ​ ​ CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile ​ ​ 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile ​ ​ Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China ​ ​ Building 21, 11, Kangding St., BDA, Beijing, 100176 - China ​ ​ Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Level 9, Tower 2, China Central Place, Room 941, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China ​ ​ Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. Beijing Branch 2 100.00 Branch Room 1603, 16 th Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China ​ ​ Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the ​ ​ 292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic Republic of the Congo ​ ​ Vodacom Congo (RDC) SA 5 30.85 Ordinary shares Building Comimmo II Ground Floor Right, 3157 Boulevard du 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo, The Democratic Republic of the ​ ​ Vodacash S.A. 5 30.85 Ordinary shares Cyprus ​ ​ Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus ​ ​ Vodafone Evde Operations Ltd 100.00 Ordinary shares Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic ​ ​ náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic ​ ​ Nadace Vodafone Česká Republika 100.00 Trustee Oskar Mobil S.R.O. 100.00 Ordinary shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - Czech Branch 2 100.00 Branch Praha 4, Nusle, Závišova 502/5, 14000, Czech Republic ​ ​ Vantage Towers 2 s.r.o. 100.00 Ordinary shares Vantage Towers s.r.o. 4 81.74 Ordinary shares Závišova Real Estate, s.r.o. 100.00 Ordinary shares Denmark ​ ​ Tuborg Boulevard 12, 2900, Hellerup, Denmark ​ ​ Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt ​ ​ 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt ​ ​ Starnet 55.00 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt ​ ​ Sarmady Communications 55.00 Ordinary shares Building no. 2109 “VHUB1”, Smart Village, Cairo Alexandria, Egypt ​ ​ Vodafone International Services LLC 100.00 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt ​ ​ Vodafone Egypt Telecommunications S.A.E. 55.00 Ordinary shares Smart Village C3 Vodafone Building, Egypt ​ ​ Vodafone Data 55.00 Ordinary shares Vodafone Building Zahraa EL Maadi, Building A, Service Area D, Maadi, Cairo, Egypt ​ ​ Vodafone For Trading 54.95 Ordinary shares Finland ​ ​ c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland ​ ​ Vodafone Enterprise Finland OY 100.00 Ordinary shares France ​ ​ 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France ​ ​ Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares EuroPlaza Tour, 20 Avenue Andre Prothin, La Défense Cedex-France (149153), 92400, Courbevoie, France ​ ​ Vodafone Automotive France S.A.S 100.00 Ordinary shares Vodafone Enterprise France SAS 100.00 New euro shares Rue Champollion, 22300, Lannion, France ​ ​ Apollo Submarine Cable System Ltd – French Branch 2 100.00 Branch Germany ​ ​ Aachener Str. 746-750, 50933, Köln, Germany ​ ​ Arena Sport Rechte Marketing GmbH i.L (in liquidation) 100.00 Ordinary shares Altes Forsthaus 2, 67661, Kaiserslautern, Germany ​ ​ TKS Telepost Kabel-Service Kaiserslautern GmbH 3 93.84 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany ​ ​ Kabel Deutschland Holding AG 93.84 Ordinary shares Vodafone Customer Care GmbH 3 93.84 Ordinary shares Vodafone Deutschland GmbH 93.84 Ordinary shares ​ ​ ​ ​ ​ Company name % of share class held Share class Buschurweg 4, 76870, Kandel, Germany ​ ​ Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand-Braun-Platz 1, 40549, Duesseldorf, Germany ​ ​ Vodafone Enterprise Germany GmbH 100.00 Ordinary shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnutzige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Vodafone West GmbH 100.00 Ordinary shares Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany ​ ​ KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung 3 93.84 Ordinary shares Helmholtzstaße. 2-9, Gerbäude 10587, Berlin, Germany ​ ​ Vodafone Service GmbH 100.00 Ordinary shares Holzmarkt 1, 50676, Köln, North Rhine-Westphalia, Germany ​ ​ Grandcentrix GmbH 100.00 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany ​ ​ "Urbana Teleunion" Rostock GmbH & Co.KG 3 65.69 Ordinary shares Prinzenallee 11-13, 40549, Düsseldorf, Germany ​ ​ Vantage Towers AG 81.74 Ordinary shares Vantage Towers Erste Verwaltungsgesellschaft mbH 4 81.74 Ordinary shares Vantage Towers Zweite Verwaltungsgesellschaft mbH 4 81.74 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany ​ ​ KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung 3 93.84 Ordinary shares Ghana ​ ​ Manet Tower A, South Liberation Link, Airport City, Accra, Ghana ​ ​ Ghana Telecommunications Company Limited 70.00 Ordinary shares, Preference shares Vodacom Business (Ghana) Limited 70.00 Ordinary shares, Preference shares Vodafone Ghana Mobile Financial Services Limited 70.00 Ordinary shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana ​ ​ National Communications Backbone Company Limited 70.00 Ordinary shares Greece ​ ​ 1-3 Tzavella str, 152 31 Halandri, Athens, Greece ​ ​ Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares 12,5 km National Road Athens – Lamia, Metamorfosi / Athens, 14452, Greece ​ ​ Vodafone Innovus S.A. 99.87 Ordinary shares 2 Adrianeiou str, Athens, 11525, Greece ​ ​ Vantage Towers Single Member Societe Anonyme 4 81.74 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece ​ ​ 360 Connect S.A. 99.87 Ordinary shares Guernsey ​ ​ Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey ​ ​ FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey ​ ​ VBA Holdings Limited 5 60.50 Ordinary shares and non-voting, irredeemable, non-cumulative preference shares VBA International Limited 5 60.50 Ordinary shares, and non-voting, irredeemable, non-convertible, non-cumulative preference shares Hong Kong ​ ​ Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong ​ ​ Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary ​ ​ 40-44 Hungaria Krt., Budapest, H-1087, Hungary ​ ​ VSSB Vodafone Szolgáltató Központ Budapest Zártkörűen Működő Részvénytársaság 100.00 Registered ordinary shares 6 Lechner Ödön fasor, Budapest, 1096, Hungary ​ ​ Vantage Towers Zártkörűen Működő Részvénytársaság 4 81.74 Ordinary shares Vodafone Magyarország Távközlési Zártkörűen Működő Részvénytársaság 100.00 Series A Registered common shares India ​ ​ 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka, 560103, India ​ ​ Cable & Wireless Networks India Private Limited 100.00 Equity shares Cable and Wireless (India) Limited - Branch 2 100.00 Branch Cable and Wireless Global (India) Private Limited 100.00 Equity shares 201 - 206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra, 400018, India ​ ​ Omega Telecom Holdings Private Limited 100.00 Equity shares Vodafone India Services Private Ltd 100.00 Equity shares Business Mantri, Tower B, Wing no - B1 & B2, 3rd Floor, S. No. - 197, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India ​ ​ Vodafone Global Services Private Ltd 100.00 Equity shares E-47, Bankra Super Market, Bankra, Howrah, West Bengal, 711403, India ​ ​ Usha Martin Telematics Limited 100.00 Equity shares Ireland ​ ​ 2nd Floor, Palmerston House, Fenian Street, Dublin 2, Ireland ​ ​ Vodafone International Financing Designated Activity Company 100.00 Ordinary shares 38/39 Fitzwilliam Square West, Dublin 2,D02 NX53, Ireland ​ ​ Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland ​ ​ Vantage Towers Limited 4 81.74 Ordinary shares VF Ireland Property Holdings Limited 100.00 Ordinary euro shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy ​ ​ Piazzale Luigi Cadorna, 4, 20123, Milano, Italy ​ ​ Vodafone Global Enterprise (Italy) S.R.L. 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy ​ ​ Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy ​ ​ Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Vodafone Automotive Telematics Srl 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea, Tourin, Italy ​ ​ VEI S.r.l. 100.00 Partnership interest shares Vodafone Italia S.p.A. 100.00 Ordinary shares Via Lorenteggio 240, 20147, Milan, Italy ​ ​ Vodafone Enterprise Italy S.r.L 100.00 Euro shares Vodafone Gestioni S.p.A. 100.00 Ordinary shares Vodafone Servizi E Tecnologie S.R.L. 100.00 Equity shares ​ ​ ​ ​ ​ ​ Company name % of share class held Share class Via per Carpi 26/B, 42015, Correggio (RE), Italy ​ ​ VND S.p.A 100.00 Ordinary shares Japan ​ ​ KAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222-0033, Japan ​ ​ Vodafone Automotive Japan KK 100.00 Ordinary shares Marunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome, Level 15 , Chiyoda-ku, Tokyo, Japan ​ ​ Vodafone Enterprise U.K. – Japanese Branch 2 100.00 Branch Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey ​ ​ 44 Esplanade, St Helier, JE4 9WG, Jersey ​ ​ ​ Aztec Limited 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance Limited 99.99 Ordinary shares Vodafone International 2 Limited 100.00 Ordinary shares Vodafone Jersey Dollar Holdings Limited 100.00 Limited liability shares Vodafone Jersey Finance 100.00 Ordinary shares Vodafone Jersey Yen Holdings Unlimited 100.00 Limited liability shares Kenya ​ ​ 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya ​ ​ M-PESA Holding Co. Limited 100.00 Equity shares Vodafone Kenya Limited 5 65.43 Ordinary voting shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya ​ ​ Vodacom Business (Kenya) Limited 5 48.40 Ordinary shares, Ordinary B shares Korea, Republic of ​ ​ ASEM Tower Level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of ​ ​ Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho ​ ​ 585 Mabile Road, Vodacom Park, Maseru, Lesotho ​ ​ Vodacom Lesotho (Pty) Limited 5 48.40 Ordinary shares Luxembourg ​ ​ 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg ​ ​ Tomorrow Street GP S.à r.l. 100.00 Ordinary shares Vodafone Asset Management Services S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Global Businesses S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary euro shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg 5 S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à r.l. 100.00 Ordinary shares Malaysia ​ ​ Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia ​ ​ Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta ​ ​ Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta ​ ​ Vodafone Holdings Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Vodafone Insurance Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Mauritius ​ ​ 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius ​ ​ Mobile Wallet VM1 5 60.50 Ordinary shares Mobile Wallet VM2 5 60.50 Ordinary shares VBA (Mauritius) Limited 5 60.50 Ordinary shares, Redeemable preference shares Vodacom International Limited 5 60.50 Ordinary shares, Non-cumulative preference shares Fifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity, Ebene, Mauritius ​ ​ Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Mexico ​ ​ Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San José Insurgentes, Alcaldía Benito Juárez, C.P. 03900, Ciudad de México, Mexico ​ ​ Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Mozambique ​ ​ Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique ​ ​ Vodacom Moçambique, SA 5 51.42 Ordinary shares Vodafone M-Pesa, S.A 5 51.42 Ordinary shares Netherlands ​ ​ Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands ​ ​ Vodafone Enterprise Netherlands B.V. 100.00 Ordinary shares Vodafone Europe B.V. 100.00 Ordinary shares Vodafone International Holdings B.V. 100.00 Ordinary shares Vodafone Panafon International Holdings B.V. 99.87 Ordinary shares Rivium Quadrant 175, 2909 LC, Capelle aan den IJssel, Netherlands ​ ​ Central Tower Holding Company B.V. 4 81.74 Ordinary shares and special shares Zuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands ​ ​ IoT.nxt USA BV 5 30.87 Ordinary shares IOT.NXT B.V. 5 30.87 Ordinary shares IoT.nxt Europe BV 5 30.87 Ordinary shares New Zealand ​ ​ 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand ​ ​ Vodafone Enterprise Hong Kong Limited -New Zealand Branch 2 100.00 Branch Norway ​ ​ c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway ​ ​ Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom ​ ​ Vodafone Limited – Norway Branch 2 100.00 Branch Oman ​ ​ Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman ​ ​ Vodafone Services LLC 100.00 Shares Poland ​ ​ ul. Towarowa 28, 00-839,Warsaw, Poland ​ ​ Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share class Portugal ​ ​ Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal ​ ​ Oni Way - Infocomunicacoes, S.A 100.00 Ordinary shares Vantage Towers, S.A. 4 81.74 Ordinary shares Vodafone Enterprise Spain, S.L.U. – Portugal Branch 2 100.00 Branch Vodafone Portugal – Comunicacoes Pessoais, S.A. 100.00 Ordinary shares Romania ​ ​ 1 A Constantin Ghercu Street, 10th Floor, 6 th District, Bucharest, Romania ​ ​ UPC Services S.R.L. (in liquidation) 100.00 Ordinary shares 201 Barbu Vacarescu, 4th Floor, 2nd District, Bucharest, Romania ​ ​ Vodafone Romania S.A 100.00 Ordinary shares 201 Barbu Vacarescu, 5th Floor, 2nd District, Bucharest, Romania ​ ​ Vodafone External Services S.R.L. 100.00 Ordinary shares 201 Barbu Vacarescu Street, Mezzanine, District 2, Bucharest, Romania ​ ​ Vodafone Foundation 100.00 Sole member 201 Barbu Vacarescu Street, Mezzanine, Room 1, District 2, Bucharest, Romania ​ ​ Vantage Towers S.R.L. 4 81.74 Ordinary shares 62D Nordului Street, District 1, Bucharest, Romania ​ ​ UPC Foundation 100.00 Sole member Oltenitei Street no. 2, City Offices Building, 3rd Floor, Bucharest, 4th District, Romania ​ ​ Vodafone România Technologies SRL 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucharest, Romania ​ ​ Vodafone România M – Payments SRL 100.00 Ordinary shares Șoseaua Vestului no. 1A, West Mall Ploiești, First Floor, Ploiești, Romania ​ ​ Evotracking SRL 100.00 Ordinary shares Russian Federation ​ ​ Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation ​ ​ Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Serbia ​ ​ Vladimira Popovića 38-40, New Belgrade, 11070, Serbia ​ ​ Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch 2 100.00 Branch Singapore ​ ​ Asia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore ​ ​ Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia ​ ​ Prievozská 6, Bratislava, 821 09, Slovakia ​ ​ Vodafone Czech Republic A.S. – Slovakia Branch 2 100.00 Branch Suché mýto 1, Bratislava, 811 03, Slovakia ​ ​ Vodafone Global Network Limited – Slovakia Branch 2 100.00 Branch South Africa ​ ​ 319 Frere Road, Glenwood, 4001, South Africa ​ ​ Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa ​ ​ Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary no par value shares Bylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra Road, Centurion,Highveld Ext 73, 0046, South Africa ​ ​ 10T Holdings (Proprietary) Limited 5 30.86 Ordinary shares IoT.nxt (Pty) Limited 5 30.86 Ordinary shares IOT.nxt Development (Pty) Limited 5 30.86 Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa ​ ​ GS Telecom (Pty) Limited 5 60.50 Ordinary shares Infinity Services Partner Company 5 60.50 Ordinary shares Jupicol (Proprietary) Limited 5 42.35 Ordinary shares Mezzanine Ware (RF) Proprietary Limited 5 54.45 Ordinary shares Motifprops 1 (Proprietary) Limited 5 60.50 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 5 60.50 Ordinary shares Storage Technology Services (Pty) Limited 5 30.85 Ordinary shares Vodacom (Pty) Limited 5 60.50 Ordinary shares, Ordinary A shares Vodacom Business Africa Group (Pty) Limited 5 60.50 Ordinary shares Vodacom Financial Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Group Limited 60.50 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Insurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom International Holdings (Pty) Limited 5 60.50 Ordinary shares Vodacom Life Assurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom Payment Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No.2 (Pty) Limited 5 60.50 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 5 60.50 Ordinary shares XLink Communications (Proprietary) Limited 5 60.50 Ordinary A Shares Spain ​ ​ Antracita, 7 – 28045, Madrid , Spain ​ ​ Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain ​ ​ Vodafone Enabler España, S.L. 100.00 Ordinary shares Vodafone Energía, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary shares, Ordinary euro shares Vodafone España S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios S.L.U. 100.00 Ordinary shares Calle San Severo 22, 28042, Madrid, Spain ​ ​ Vantage Towers, S.L.U. 4 81.74 Ordinary shares Torre Norte Adif, Explanada de la Estación no 7, 29002, Málaga, Spain ​ ​ Vodafone Intelligent Solutions España, S.L.U. 100.00 Ordinary shares Sweden ​ ​ c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden ​ ​ Vodafone Enterprise Sweden AB 100.00 Ordinary shares, Shareholder’s contribution shares Switzerland ​ ​ Schiffbaustrasse 2, 8005, Zurich, Switzerland ​ ​ Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Taiwan ​ ​ 22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan ​ ​ Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of ​ ​ 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of ​ ​ M-Pesa Limited 5 45.37 Ordinary A shares, Ordinary B shares Shared Networks Tanzania Limited 5 45.37 Ordinary shares Vodacom Tanzania Public Limited Company 5 45.37 Ordinary shares 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of ​ ​ Gateway Communications Tanzania Limited (in liquidation) 5 59.89 Ordinary shares Turkey ​ ​ Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, 34398, Turkey ​ ​ Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Dijital Yayincilik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Kule ve Altyapi Hizmetleri A.S. 100.00 Ordinary shares Vodafone Mall Ve Electronik Hizmetler Ticaret AS 100.00 Ordinary shares Vodafone Medya Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Net İletişim Hizmetleri A.S. 100.00 Ordinary shares Vodafone Telekomunikasyon A.S. 100.00 Registered shares İTÜ Ayazağa Kampüsü, Koru Yolu, Arı Teknokent Arı 3 Binası, Maslak, İstanbul, 586553, Turkey ​ ​ Vodafone Teknoloji Hizmetleri A.S. 100.00 Registered shares Maslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663, Sarıyer Istanbul, Turkey ​ ​ Vodafone Sigorta Aracilik Hismetleri A.S. 100.00 Ordinary shares Maslak Mah.AOS 55. Sok. 42 Maslak B BLOK Sit.No: 4 / 665, Sarıyer / Istanbul, Turkey ​ ​ Vodafone Elektronik Para Ve Ödeme Hizmetleri A.S. 100.00 Registered shares Maslak Mah. AOS 55.Sokak 42 Maslak Sitesi No:4 Kat 18, Ic Kapi: 664 Sarıyer Istanbul, Turkey ​ ​ Vodafone Finansman A.S. 100.00 Ordinary shares Ukraine ​ ​ Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine ​ ​ LLC Vodafone Enterprise Ukraine 100.00 Ordinary shares ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share class United Arab Emirates ​ ​ 16-SD 129,Ground Floor, Building 16-Co Work,Dubai Internet City,United Arab Emirates ​ ​ Vodacom Fintech Services FZ-LLC 5 60.50 Ordinary shares Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates ​ ​ Vodafone Enterprise Europe (UK) Limited – Dubai Branch 2 100.00 Branch United Kingdom ​ ​ 1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR, Scotland ​ ​ Thus Group Holdings Limited 100.00 Ordinary shares Thus Group Limited 100.00 Ordinary shares Thus Profit Sharing Trustees Limited 100.00 Ordinary shares 11 Staple Inn, London,WC1V 7QH,United Kingdom ​ ​ Vodacom Business Africa Group Services Limited 5 60.50 Ordinary shares, Preference shares Vodacom Investments Company Proprietary Limited 5 60.50 Ordinary shares Vodacom UK Limited 5 60.50 Ordinary shares, Non-redeemable ordinary A shares, Ordinary B shares, Non-redeemable preference shares 784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom ​ ​ Vodafone (NI) Limited 100.00 Ordinary shares Edinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ, United Kingdom ​ ​ Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland ​ ​ Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares, D Ordinary Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom ​ ​ Apollo Submarine Cable System Limited 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D shares Cable & Wireless Aspac Holdings Limited 100.00 Ordinary shares Cable & Wireless CIS Services Limited 100.00 Ordinary shares Cable & Wireless Communications Data Network Services Limited 100.00 'A' Ordinary shares, 'B' Ordinary shares Cable & Wireless Europe Holdings Limited 100.00 Ordinary shares Cable & Wireless Global Business Services Limited 100.00 Ordinary shares Cable & Wireless Global Holding Limited 100.00 Ordinary shares Cable & Wireless Global Telecommunication Services Limited 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares, Redeemable preference shares Cable & Wireless Worldwide Voice Messaging Limited 100.00 Ordinary shares Cable and Wireless (India) Limited 100.00 Ordinary shares Cable and Wireless Nominee Limited 100.00 Ordinary shares Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares General Mobile Corporation Limited (in process of dissolution) 100.00 Ordinary shares London Hydraulic Power Company (The) 100.00 Ordinary shares, 5% Non-Cumulative preference shares MetroHoldings Limited 100.00 Ordinary shares ML Integration Group Limited 100.00 Ordinary shares Navtrak Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Talkland International Limited (in process of dissolution) 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares The Eastern Leasing Company Limited 100.00 Ordinary shares Thus Limited 100.00 Ordinary shares Vizzavi Limited 100.00 Ordinary shares Voda Limited 100.00 Ordinary shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 2. 100.00 Ordinary shares Vodafone 4 UK 100.00 Ordinary shares Vodafone 5 Limited 100.00 Ordinary shares Vodafone 5 UK 100.00 Ordinary shares Vodafone 6 UK 100.00 Ordinary shares Vodafone Americas 4 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Vodafone Benelux Limited 100.00 Ordinary shares, Preference shares Vodafone Cellular Limited 1 100.00 Ordinary shares ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share class Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 1 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 1 100.00 Ordinary shares Vodafone Distribution Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Corporate Secretaries Limited 100.00 Ordinary shares Vodafone Enterprise Equipment Limited 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited 100.00 Ordinary shares Vodafone Enterprise U.K. 100.00 Ordinary shares Vodafone Euro Hedging Limited 100.00 Ordinary shares Vodafone Euro Hedging Two 100.00 Ordinary shares Vodafone Europe UK 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone European Portal Limited 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Luxembourg Limited 100.00 Ordinary shares Vodafone Finance Sweden 100.00 Ordinary shares, Ordinary deferred Vodafone Finance UK Limited 100.00 Ordinary shares Vodafone Financial Operations 100.00 Ordinary shares Vodafone Global Content Services Limited 100.00 Ordinary shares, 5% fixed rate non-voting preference shares Vodafone Global Enterprise Limited 100.00 Ordinary shares, Deferred shares, B deferred shares Vodafone Group (Directors) Trustee Limited 1 100.00 Ordinary shares Vodafone Group Pension Trustee Limited 1 100.00 Ordinary shares Vodafone Group Services Limited 100.00 Ordinary shares, Deferred shares Vodafone Group Services No.2 Limited 1 100.00 Ordinary shares Vodafone Group Share Trustee Limited 1 100.00 Ordinary shares Vodafone Holdings Luxembourg Limited 100.00 Ordinary shares Vodafone Intermediate Enterprises Limited 100.00 Ordinary shares Vodafone International 2 Limited – UK Branch 2 100.00 Branch Vodafone International Holdings Limited 100.00 Ordinary shares Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investment UK 100.00 Ordinary shares Vodafone Investments Australia Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone Limited 100.00 Ordinary shares Vodafone Marketing UK 100.00 Ordinary shares Vodafone Mobile Communications Limited 100.00 Ordinary shares Vodafone Mobile Enterprises Limited 100.00 A-ordinary shares, Ordinary one pound shares Vodafone Mobile Network Limited 100.00 A-ordinary shares, Ordinary one pound shares Vodafone Nominees Limited 1 100.00 Ordinary shares Vodafone Oceania Limited 100.00 Ordinary shares Vodafone Old Show Ground Site Management Limited 100.00 Ordinary shares Vodafone Overseas Finance Limited 100.00 Ordinary shares Vodafone Overseas Holdings Limited 100.00 Ordinary shares Vodafone Panafon UK 99.87 Ordinary shares Vodafone Partner Services Limited 100.00 Ordinary shares, Redeemable preference shares Vodafone Property Investments Limited 100.00 Ordinary shares Vodafone Retail (Holdings) Limited 100.00 Ordinary shares Vodafone Sales & Services Limited 100.00 Ordinary shares Vodafone UK Foundation 100.00 Sole member Vodafone UK Limited 1 100.00 Ordinary shares Vodafone Ventures Limited 1 100.00 Ordinary shares Vodafone Worldwide Holdings Limited 100.00 Ordinary shares; Cumulative preference Vodafone Yen Finance Limited 100.00 Ordinary shares Vodafone-Central Limited 100.00 Ordinary shares Vodaphone Limited 100.00 Ordinary shares Vodata Limited 100.00 Ordinary shares Your Communications Group Limited 100.00 B Ordinary shares, Redeemable preference shares United States ​ ​ 1209 Orange, Orange Street,Wilmington,New Castle DE 19801,United States ​ ​ IoT nxt USA Inc 5 30.87 Common stock 145 West 45th St., 8th Floor, New York NY 10036, United States ​ ​ Cable & Wireless Americas Systems, Inc. 100.00 Common stock shares Vodafone Americas Virgi
Schedule of selected financial data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Egypt ​ Vantage Towers ​ ​ Vodacom Group Limited ​ Telecommunications S.A.E ​ A.G. ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Summary comprehensive income information Revenue 5,993 5,181 1,814 1,537 1,252 Profit for the financial year 1,002 891 314 271 345 Other comprehensive expense (2) (17) – – – Total comprehensive income 1,000 874 314 271 345 Other financial information ​ ​ ​ ​ ​ Profit for the financial year allocated to non-controlling interests 353 310 141 122 66 Dividends paid to non-controlling interests 294 307 194 84 52 Summary financial position information ​ ​ ​ ​ ​ Non-current assets 7,253 6,592 1,630 1,765 11,137 Current assets 3,123 2,671 440 640 704 Total assets 10,376 9,263 2,070 2,405 11,841 Non-current liabilities (2,191) (2,617) (83) (198) (5,251) Current liabilities (3,539) (2,406) (1,197) (1,217) (1,055) Total assets less total liabilities 4,646 4,240 790 990 5,535 Equity shareholders' funds 3,624 3,332 474 587 4,522 Non-controlling interests 1,022 908 316 403 1,013 Total equity 4,646 4,240 790 990 5,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of cash flows ​ ​ ​ ​ ​ Net cash inflow from operating activities 1,946 1,711 755 523 1,110 Net cash outflow from investing activities (666) (424) (284) (418) (232) Net cash outflow from financing activities (1,177) (1,251) (749) (7) (861) Net cash inflow/(outflow) 103 36 (278) 98 17 Cash and cash equivalents brought forward 876 826 348 273 48 Exchange gain/(loss) on cash and cash equivalents 46 14 2 (23) – Cash and cash equivalents 1,025 876 72 348 65 ​ Note: 1 Vantage Towers A.G. was listed on the Frankfurt Stock exchange on 18 March 2021, resulting in the recognition of non-controlling interests of €1,019 million in year ending 31 March 2021 in the Group’s consolidated Statement of financial position. Non-current assets, current assets, non-current liabilities and current liabilities for Vantage Towers A.G. were €10,899 million, €490 million, €4,976 million and €958 million respectively, in the year ending 31 March 2021 in the Group's consolidated Statement of financial position.

Subsidiaries exempt from audit

Subsidiaries exempt from audit (Tables)	12 Months Ended
	Mar. 31, 2022
Subsidiaries exempt from audit
Schedule of subsidiaries exempt from audit	​ Name ​ Registration number ​ Name ​ Registration number ​ ​ ​ ​ ​ ​ ​ ​ Bluefish Communications Limited ​ 5142610 ​ Vodafone Enterprise Europe (UK) Limited ​ 3137479 ​ Cable & Wireless Aspac Holdings Limited ​ 4705342 ​ Vodafone Euro Hedging Limited ​ 3954207 ​ Cable & Wireless CIS Services Limited ​ 2964774 ​ Vodafone Euro Hedging Two ​ 4055111 ​ Cable & Wireless Europe Holdings Limited ​ 4659719 ​ Vodafone Europe UK ​ 5798451 ​ Cable & Wireless Global Business Services Limited ​ 3537591 ​ Vodafone European Investments ​ 3961908 ​ Cable & Wireless Global Holding Limited ​ 3740694 ​ Vodafone European Portal Limited ​ 3973442 ​ Cable & Wireless UK Holdings Limited ​ 3840888 ​ Vodafone Finance Luxembourg Limited ​ 5754479 ​ Cable & Wireless Worldwide Limited ​ 7029206 ​ Vodafone Finance Sweden ​ 2139168 ​ Cable & Wireless Worldwide Voice Messaging ​ 1981417 ​ Vodafone Finance UK Limited ​ 3922620 ​ Limited ​ ​ ​ Vodafone Financial Operations ​ 4016558 ​ Cable & Wireless Nominee Limited ​ 3249884 ​ Vodafone Global Content Services Limited ​ 4064873 ​ Energis (Ireland) Limited ​ NI035793 ​ Vodafone Holdings Luxembourg Limited ​ 4200970 ​ Energis Communications Limited ​ 2630471 ​ Vodafone Intermediate Enterprises Limited ​ 3869137 ​ Energis Squared Limited ​ 3037442 ​ Vodafone International Holdings Limited ​ 2797426 ​ General Mobile Corporation Limited ​ 2585763 ​ Vodafone International Operations Limited ​ 2797438 ​ London Hydraulic Power Company (The) ​ ZC000055 ​ Vodafone Investment UK ​ 5798385 ​ MetroHoldings Limited ​ 3511122 ​ Vodafone Investments Limited ​ 1530514 ​ ML Integration Group Limited ​ 3252903 ​ Vodafone IP Licensing Limited ​ 6846238 ​ Talkland International Limited ​ 2354106 ​ Vodafone Marketing UK ​ 6858585 ​ The Eastern Leasing Company Limited ​ 1672832 ​ Vodafone Mobile Communications Limited ​ 3942221 ​ Thus Group Holdings Limited ​ SC192666 ​ Vodafone Mobile Enterprises Limited ​ 3961390 ​ Thus Group Limited ​ SC226738 ​ Vodafone Mobile Network Limited ​ 3961482 ​ Voda Limited ​ 1847509 ​ Vodafone Nominees Limited ​ 1172051 ​ Vodafone 2. ​ 4083193 ​ Vodafone Oceania Limited ​ 3973427 ​ Vodafone 4 UK ​ 6357658 ​ Vodafone Overseas Finance Limited ​ 4171115 ​ Vodafone 5 Limited ​ 6688527 ​ Vodafone Overseas Holdings Limited ​ 2809758 ​ Vodafone 5 UK ​ 2960479 ​ Vodafone Panafon UK ​ 6326918 ​ Vodafone 6 UK ​ 8809444 ​ Vodafone Property Investments Limited ​ 3903420 ​ Vodafone Americas 4 ​ 6389457 ​ Vodafone UK Limited ​ 2227940 ​ Vodafone Benelux Limited ​ 4200960 ​ Vodafone Worldwide Holdings Limited ​ 3294074 ​ Vodafone Cellular Limited ​ 896318 ​ Vodafone Yen Finance Limited ​ 4373166 ​ Vodafone Consolidated Holdings Limited ​ 5754561 ​ Vodaphone Limited ​ 2373469 ​ Vodafone Corporate Secretaries Limited ​ 2357692 ​ Vodata Limited ​ 2502373 ​ Vodafone Enterprise Corporate Secretaries Limited ​ 2303594 ​ Your Communications Group Limited ​ 4171876 ​ Vodafone Enterprise Equipment Limited ​ 1648524 ​ ​ ​ ​ ​

Basis of preparation (Details)

Basis of preparation (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Basis of preparation
Cash and cash equivalents	€ 7,371	€ 5,790	€ 13,288	€ 13,605

Basis of preparation (Details_2

Basis of preparation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Basis of Preparation
Minimum undiscounted forecast period for assessing future taxable profits	5 years
Threshold forecast period of recovery of tax losses	5 years
Portion of property, plant and equipment in total assets (as a percent)	26.50%	26.60%
Minimum compound annual growth rate in adjusted EBITDA for five years forecast (in years)	6 years
Maximum compound annual growth rate in adjusted EBITDA for five years forecast (in years)	10 years
Net foreign exchange loss	€ 309	€ 13	€ 146
Operating profit
Basis of Preparation
Net foreign exchange loss		24
Net foreign exchange gain		3	61
Investment and financing income
Basis of Preparation
Net foreign exchange loss	284	23	205
Income tax expense
Basis of Preparation
Net foreign exchange loss	€ 1		€ 2
Net foreign exchange gain		€ 7
Land | Minimum
Basis of Preparation
Maximum Lease Term For Land And Buildings	5 years
Buildings | Maximum
Basis of Preparation
Maximum Lease Term For Land And Buildings	10 years

Revenue disaggregation and se_3

Revenue disaggregation and segmental analysis (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Segmental analysis
Service revenue	€ 38,203	€ 37,141	€ 37,871
Equipment revenue	5,287	4,824	5,295
Revenue from contracts with customers	43,490	41,965	43,166
Other revenue	1,958	1,694	1,653
Interest revenue	132	150	155
Total segment revenue	45,580	43,809	44,974
Adjusted EBITDAaL	15,208	14,386	14,881
Amount of total future revenue from the Group's contracts with customers with performance obligations not satisfied	€ 20,013	21,038	20,336
Vodafone Egypt
Segmental analysis
Proportion of ownership interest in subsidiary	55.00%
Germany.
Segmental analysis
Service revenue	€ 11,616	11,520	10,696
Equipment revenue	1,126	1,055	1,055
Revenue from contracts with customers	12,742	12,575	11,751
Other revenue	365	380	300
Interest revenue	21	29	25
Total segment revenue	13,128	12,984	12,076
Adjusted EBITDAaL	5,669	5,634	5,077
Italy.
Segmental analysis
Service revenue	4,379	4,458	4,833
Equipment revenue	525	446	583
Revenue from contracts with customers	4,904	4,904	5,416
Other revenue	108	97	101
Interest revenue	10	13	12
Total segment revenue	5,022	5,014	5,529
Adjusted EBITDAaL	1,699	1,597	2,068
UK.
Segmental analysis
Service revenue	5,154	4,848	5,020
Equipment revenue	1,333	1,206	1,333
Revenue from contracts with customers	6,487	6,054	6,353
Other revenue	69	44	63
Interest revenue	33	53	68
Total segment revenue	6,589	6,151	6,484
Adjusted EBITDAaL	1,395	1,367	1,500
Spain sub segment
Segmental analysis
Service revenue	3,714	3,788	3,904
Equipment revenue	369	292	318
Revenue from contracts with customers	4,083	4,080	4,222
Other revenue	73	64	51
Interest revenue	24	22	23
Total segment revenue	4,180	4,166	4,296
Adjusted EBITDAaL	957	1,044	1,009
Other Europe.
Segmental analysis
Service revenue	5,001	4,859	4,890
Equipment revenue	528	549	539
Revenue from contracts with customers	5,529	5,408	5,429
Other revenue	105	124	94
Interest revenue	19	17	18
Total segment revenue	5,653	5,549	5,541
Adjusted EBITDAaL	1,606	1,760	1,738
Vodacom.
Segmental analysis
Service revenue	4,635	4,083	4,470
Equipment revenue	950	800	864
Revenue from contracts with customers	5,585	4,883	5,334
Other revenue	384	282	190
Interest revenue	24	16	7
Total segment revenue	5,993	5,181	5,531
Adjusted EBITDAaL	2,125	1,873	2,088
Vantage Towers
Segmental analysis
Other revenue	1,252
Total segment revenue	1,252
Adjusted EBITDAaL	619
Other Markets.
Segmental analysis
Service revenue	3,420	3,312	3,796
Equipment revenue	404	441	552
Revenue from contracts with customers	3,824	3,753	4,348
Other revenue	6	12	36
Interest revenue			2
Total segment revenue	3,830	3,765	4,386
Adjusted EBITDAaL	1,335	1,228	1,400
Common Functions
Segmental analysis
Service revenue	522	470	494
Equipment revenue	53	36	53
Revenue from contracts with customers	575	506	547
Other revenue	838	862	1,020
Interest revenue	1
Total segment revenue	1,414	1,368	1,567
Adjusted EBITDAaL	(197)	(117)	1
Eliminations
Segmental analysis
Service revenue	(238)	(197)	(232)
Equipment revenue	(1)	(1)	(2)
Revenue from contracts with customers	(239)	(198)	(234)
Other revenue	(1,242)	(171)	(202)
Total segment revenue	(1,481)	(369)	(436)
Within one year
Segmental analysis
Amount of total future revenue from the Group's contracts with customers with performance obligations not satisfied	12,913	€ 14,110	€ 13,456
Previous basis of segment reporting
Segmental analysis
Service revenue	38,203
Equipment revenue	5,287
Revenue from contracts with customers	43,490
Other revenue	1,958
Interest revenue	132
Total segment revenue	45,580
Adjusted EBITDAaL	15,208
Previous basis of segment reporting | Germany.
Segmental analysis
Service revenue	11,616
Equipment revenue	1,126
Revenue from contracts with customers	12,742
Other revenue	424
Interest revenue	21
Total segment revenue	13,187
Adjusted EBITDAaL	5,978
Previous basis of segment reporting | Italy.
Segmental analysis
Service revenue	4,379
Equipment revenue	525
Revenue from contracts with customers	4,904
Other revenue	108
Interest revenue	10
Total segment revenue	5,022
Adjusted EBITDAaL	1,699
Previous basis of segment reporting | UK.
Segmental analysis
Service revenue	5,154
Equipment revenue	1,333
Revenue from contracts with customers	6,487
Other revenue	69
Interest revenue	33
Total segment revenue	6,589
Adjusted EBITDAaL	1,457
Previous basis of segment reporting | Spain sub segment
Segmental analysis
Service revenue	3,714
Equipment revenue	369
Revenue from contracts with customers	4,083
Other revenue	92
Interest revenue	24
Total segment revenue	4,199
Adjusted EBITDAaL	1,041
Previous basis of segment reporting | Other Europe.
Segmental analysis
Service revenue	5,001
Equipment revenue	528
Revenue from contracts with customers	5,529
Other revenue	189
Interest revenue	19
Total segment revenue	5,737
Adjusted EBITDAaL	1,770
Previous basis of segment reporting | Vodacom.
Segmental analysis
Service revenue	4,635
Equipment revenue	950
Revenue from contracts with customers	5,585
Other revenue	384
Interest revenue	24
Total segment revenue	5,993
Adjusted EBITDAaL	2,125
Previous basis of segment reporting | Other Markets.
Segmental analysis
Service revenue	3,420
Equipment revenue	404
Revenue from contracts with customers	3,824
Other revenue	6
Total segment revenue	3,830
Adjusted EBITDAaL	1,335
Previous basis of segment reporting | Common Functions
Segmental analysis
Service revenue	522
Equipment revenue	53
Revenue from contracts with customers	575
Other revenue	838
Interest revenue	1
Total segment revenue	1,414
Adjusted EBITDAaL	(197)
Previous basis of segment reporting | Eliminations
Segmental analysis
Service revenue	(238)
Equipment revenue	(1)
Revenue from contracts with customers	(239)
Other revenue	(152)
Total segment revenue	€ (391)

Revenue disaggregation and se_4

Revenue disaggregation and segmental analysis - Non-current assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Segmental assets and cash flow
Right-of-use asset additions	€ 3,828	€ 5,306
Depreciation and amortisation	9,858	10,187	€ 10,454
Impairment loss			(1,685)
Operating free cash flow	19,006	18,235	18,309
Germany.
Segmental assets and cash flow
Non-current assets	43,190	47,563	48,266
Capital expenditure	2,670	2,772	2,278
Right-of-use asset additions	795	1,133	912
Other expenditure on intangible assets		1	1,613
Depreciation and amortisation	3,981	4,836	4,805
Italy.
Segmental assets and cash flow
Non-current assets	10,519	10,707	11,119
Capital expenditure	840	805	697
Right-of-use asset additions	670	758	1,645
Other expenditure on intangible assets	255	17	24
Depreciation and amortisation	1,929	2,025	1,958
UK.
Segmental assets and cash flow
Non-current assets	6,226	7,968	7,790
Capital expenditure	832	822	753
Right-of-use asset additions	580	1,138	733
Other expenditure on intangible assets	229
Depreciation and amortisation	1,905	2,202	2,160
Spain sub segment
Segmental assets and cash flow
Non-current assets	6,433	7,213	7,229
Capital expenditure	676	772	761
Right-of-use asset additions	422	700	386
Other expenditure on intangible assets	291	9
Depreciation and amortisation	1,499	1,579	1,763
Impairment loss			(840)
Other Europe.
Segmental assets and cash flow
Non-current assets	8,548	10,369	9,138
Capital expenditure	1,009	968	823
Right-of-use asset additions	502	1,016	298
Other expenditure on intangible assets	126	431	29
Depreciation and amortisation	1,511	1,727	1,706
Impairment loss			(740)
Vodacom.
Segmental assets and cash flow
Non-current assets	6,383	5,839	5,400
Capital expenditure	853	703	802
Right-of-use asset additions	187	174	174
Other expenditure on intangible assets			55
Depreciation and amortisation	920	872	939
Other Markets.
Segmental assets and cash flow
Non-current assets	2,467	2,988	2,963
Capital expenditure	530	512	587
Right-of-use asset additions	229	247	290
Other expenditure on intangible assets		439	55
Depreciation and amortisation	598	666	672
Vantage Towers
Segmental assets and cash flow
Non-current assets	8,179
Capital expenditure	366
Right-of-use asset additions	320
Depreciation and amortisation	523
Common Functions
Segmental assets and cash flow
Non-current assets	2,103	2,145	2,217
Capital expenditure	844	829	821
Right-of-use asset additions	123	140	155
Depreciation and amortisation	979	194	171
Impairment loss			(105)
Group
Segmental assets and cash flow
Non-current assets	94,048	94,792	94,122
Capital expenditure	8,620	8,183	7,522
Right-of-use asset additions	3,828	5,306	4,593
Other expenditure on intangible assets	901	897	1,776
Depreciation and amortisation	13,845	€ 14,101	14,174
Impairment loss			€ (1,685)
As previously presented | Germany.
Segmental assets and cash flow
Non-current assets	47,310
Capital expenditure	2,885
Right-of-use asset additions	909
Depreciation and amortisation	4,112
As previously presented | Italy.
Segmental assets and cash flow
Non-current assets	10,519
Capital expenditure	840
Right-of-use asset additions	670
Other expenditure on intangible assets	255
Depreciation and amortisation	1,929
As previously presented | UK.
Segmental assets and cash flow
Non-current assets	7,612
Capital expenditure	888
Right-of-use asset additions	639
Other expenditure on intangible assets	229
Depreciation and amortisation	2,073
As previously presented | Spain sub segment
Segmental assets and cash flow
Non-current assets	7,066
Capital expenditure	704
Right-of-use asset additions	478
Other expenditure on intangible assets	291
Depreciation and amortisation	1,567
As previously presented | Other Europe.
Segmental assets and cash flow
Non-current assets	10,588
Capital expenditure	1,076
Right-of-use asset additions	593
Other expenditure on intangible assets	126
Depreciation and amortisation	1,667
As previously presented | Vodacom.
Segmental assets and cash flow
Non-current assets	6,383
Capital expenditure	853
Right-of-use asset additions	187
Depreciation and amortisation	920
As previously presented | Other Markets.
Segmental assets and cash flow
Non-current assets	2,467
Capital expenditure	530
Right-of-use asset additions	229
Depreciation and amortisation	598
As previously presented | Common Functions
Segmental assets and cash flow
Non-current assets	2,103
Capital expenditure	844
Right-of-use asset additions	123
Depreciation and amortisation	979
As previously presented | Group
Segmental assets and cash flow
Non-current assets	94,048
Capital expenditure	8,620
Right-of-use asset additions	3,828
Other expenditure on intangible assets	901
Depreciation and amortisation	€ 13,845

Revenue disaggregation and se_5

Revenue disaggregation and segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Segmental revenue and profit
Adjusted EBITDAaL	€ 15,208	€ 14,386	€ 14,881
Restructuring costs	(346)	(356)	(695)
Interest on lease liabilities	398	374	330
Loss on disposal of property, plant & equipment and intangible assets	(28)	(30)	(54)
Depreciation and amortisation on owned assets	(9,858)	(10,187)	(10,454)
Share of results of equity accounted associates and joint ventures	211	342	(2,505)
Impairment losses			(1,685)
Other income	79	568	4,281
Operating profit	5,664	5,097	4,099
Non-operating expense			(3)
Investment income	254	330	248
Financing costs	(1,964)	(1,027)	(3,549)
Profit before taxation	€ 3,954	€ 4,400	€ 795
Vodafone Egypt
Segmental revenue and profit
Proportion of ownership interest in subsidiary	55.00%

Operating profit (Details)

Operating profit (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Depreciation of property, plant and equipment (note 11):
Leased assets	€ 3,944	€ 3,914
Impairment losses (note 4)			€ 1,685
Staff costs (note 24)	5,334	5,157	5,462
Operating profit
Operating profit
Amortisation of intangible assets (note 10)	4,044	4,421	4,459
Depreciation of property, plant and equipment (note 11):
Owned assets	5,857	5,766	5,995
Leased assets	3,944	3,914	3,720
Impairment losses (note 4)	0		1,685
Staff costs (note 24)	5,334	5,157	5,462
Amounts related to inventory included in cost of sales	5,671	5,160	5,699
Own costs capitalised attributable to the construction or acquisition of property, plant and equipment	1,092	995	902
Operating profit | Vodafone New Zealand Limited
Depreciation of property, plant and equipment (note 11):
Net gain on disposal (note 27)	0		(1,078)
Operating profit | Tower infrastructure in Italy
Depreciation of property, plant and equipment (note 11):
Net gain on disposal (note 27)	0		(3,356)
Operating profit | Vodafone Malta
Depreciation of property, plant and equipment (note 11):
Net gain on disposal (note 27)	0		€ (170)
VodafoneZiggo Group Holding B.V. | Operating profit
Depreciation of property, plant and equipment (note 11):
Settlement of tender offer to KDG shareholders	0	204
TPG Telecom | Operating profit
Depreciation of property, plant and equipment (note 11):
Net gain on formation	0	1,043
Indus Towers Limited | Operating profit
Depreciation of property, plant and equipment (note 11):
Net gain on formation	0	292
Pledge arrangements in respect of Indus Towers Limited	15	€ 429
Net gain on disposal (note 27)	€ (110)

Operating profit - Remuneration

Operating profit - Remuneration of Group's auditor (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Remuneration of Group's auditor
Audit fees	€ 23	€ 21	€ 22
Vantage Towers IPO		11	5
Audit-related	2		1
Corporate finance			1
Non-audit fees	2	11	7
Total fees	25	32	29
Increase in audit fees		1
Vantage Towers
Remuneration of Group's auditor
Vantage Towers IPO		1
Increase in audit fees		3
Parent company
Remuneration of Group's auditor
Audit fees	4	3	4
Subsidiaries
Remuneration of Group's auditor
Audit fees	19	€ 18	17
Subsidiaries | New accounting standards
Remuneration of Group's auditor
Audit fees	€ 1		€ 1

Impairment losses (Details)

Impairment losses (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2020
Impairment losses
Impairment losses (note 4)		€ 1,685
Goodwill.
Impairment losses
Management plans period (in years)	5 years
Spain.
Impairment losses
Impairment losses (note 4)		840
Ireland
Impairment losses
Impairment losses (note 4)		630
Romania.
Impairment losses
Impairment losses (note 4)		110
Vodafone Automotive
Impairment losses
Impairment losses (note 4)		€ 105

Impairment losses - Goodwill (D

Impairment losses - Goodwill (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Impairment losses
Goodwill	€ 31,884	€ 31,731
Germany. | Vodafone
Impairment losses
Goodwill	20,335	20,335
Germany. | Vantage Towers
Impairment losses
Goodwill	2,565	2,565
Italy.
Impairment losses
Goodwill	2,481	2,481
Other
Impairment losses
Goodwill	€ 6,503	€ 6,350

Impairment losses - Key assumpt

Impairment losses - Key assumptions used in value in use calculations (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Impairment losses
Key assumptions cash flow forecast period for licence and spectrum payments initial period for renewals and newly available spectrum	5 years
Key assumptions period for management plan used in long term growth rate.	5 years
Key assumption period management used forward looking equity market risk premium	10 years
Assumptions used in value in use calculation
Impairment loss recognised in profit or loss			€ 1,685
Vodafone Automotive
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate			9.10%
Long-term growth rate			1.90%
Projected adjusted EBITDAaL (as a percent)			31.30%
Impairment loss recognised in profit or loss			€ 105
Recoverable amount of asset or cash-generating unit			€ 0
Growth rate used to extrapolate cash flow projections			1.90%
Vodafone Automotive | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			14.10%
Vodafone Automotive | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			23.40%
Germany
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	7.40%	7.40%	7.50%
Long-term growth rate	0.50%	0.50%	0.50%
Projected adjusted EBITDAaL (as a percent)	(0.10%)	1.20%	3.80%
Amount by which unit's recoverable amount exceeds its carrying amount	€ 7,300	€ 7,400	€ 6,600
Growth rate used to extrapolate cash flow projections	0.50%	0.50%	0.50%
Germany | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	19.60%	19.70%	20.10%
Germany | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	21.80%	21.50%	20.70%
Germany | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	1.40%	1.30%	1.10%
Long-term growth rate	(1.40%)	(1.30%)	(1.00%)
Projected adjusted EBITDAaL (as a percent)	(4.10%)	(4.00%)	(3.20%)
Projected capital expenditure (as a percent)	12.60%	12.70%	11.40%
Growth rate used to extrapolate cash flow projections	(1.40%)	(1.30%)	(1.00%)
Germany | Base Case
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 7,300	€ 7,400	€ 6,600
Germany | Decrease in discount rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	14,900
Germany | Increase in discount rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	1,700
Germany | Decrease in EBITDA by 5 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(1,400)	(1,600)	(3,300)
Germany | Increase in EBITDA by 5 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	17,900	18,200	18,400
Germany | Decrease in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	1,600	1,500	200
Germany | Increase in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 15,600	€ 16,000	€ 15,800
Italy
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	9.30%	10.50%	10.30%
Long-term growth rate	1.50%	0.50%	0.50%
Projected adjusted EBITDAaL (as a percent)	(0.20%)	2.10%	0.20%
Amount by which unit's recoverable amount exceeds its carrying amount	€ 400	€ 600	€ 1,800
Growth rate used to extrapolate cash flow projections	1.50%	0.50%	0.50%
Italy | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	15.00%	14.40%	12.50%
Italy | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	16.30%	15.90%	13.40%
Italy | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	0.30%	0.70%	1.70%
Long-term growth rate	(0.30%)	(0.80%)	(2.00%)
Projected adjusted EBITDAaL (as a percent)	(0.90%)	(1.50%)	(3.10%)
Projected capital expenditure (as a percent)	1.80%	3.00%	7.90%
Growth rate used to extrapolate cash flow projections	(0.30%)	(0.80%)	(2.00%)
Italy | Base Case
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 400	€ 600	€ 1,800
Italy | Decrease in discount rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	1,700
Italy | Increase in discount rate by 1 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(700)
Italy | Decrease in EBITDA by 5 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(1,600)	(1,300)	(1,000)
Italy | Increase in EBITDA by 5 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	2,800	2,900	5,100
Italy | Decrease in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			800
Recoverable amount less carrying amount	(600)	(100)
Italy | Increase in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 1,700	€ 1,600	€ 3,000
Vantage Towers Germany
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	6.10%	6.00%
Long-term growth rate	1.50%	1.50%
Projected adjusted EBITDAaL (as a percent)	11.00%	8.40%
Amount by which unit's recoverable amount exceeds its carrying amount		€ 3,500
Growth rate used to extrapolate cash flow projections	1.50%	1.50%
Vantage Towers Germany | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	32.00%	39.10%
Vantage Towers Germany | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	62.10%	56.20%
Vantage Towers Germany | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		5.20%
Long-term growth rate		(4.90%)
Projected adjusted EBITDAaL (as a percent)		(19.30%)
Projected capital expenditure (as a percent)		162.60%
Growth rate used to extrapolate cash flow projections		(4.90%)
Vantage Towers Germany | Base Case
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 3,500
Vantage Towers Germany | Decrease in EBITDA by 5 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		2,400
Vantage Towers Germany | Increase in EBITDA by 5 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		5,000
Vantage Towers Germany | Decrease in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		2,200
Vantage Towers Germany | Increase in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 6,100
UK.
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 1,300
UK. | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	1.30%	0.80%	1.10%
Long-term growth rate	(1.50%)	(0.80%)	(1.30%)
Projected adjusted EBITDAaL (as a percent)	(3.10%)	(1.70%)	(2.30%)
Projected capital expenditure (as a percent)	4.30%	2.50%	4.50%
Growth rate used to extrapolate cash flow projections	(1.50%)	(0.80%)	(1.30%)
UK. | Base Case
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 1,300
UK. | Decrease in discount rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	2,800
UK. | Increase in discount rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	300
UK. | Decrease in EBITDA by 5 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(700)
UK. | Increase in EBITDA by 5 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	3,800
UK. | Decrease in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	400
UK. | Increase in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	2,800
Spain
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		9.20%	9.20%
Long-term growth rate		0.50%	0.50%
Projected adjusted EBITDAaL (as a percent)		4.90%	8.20%
Amount by which unit's recoverable amount exceeds its carrying amount	€ 100	€ 300
Impairment loss recognised in profit or loss			€ 800
Recoverable amount of asset or cash-generating unit			€ 5,600
Growth rate used to extrapolate cash flow projections		0.50%	0.50%
Spain | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		15.70%	16.20%
Spain | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		17.60%	18.10%
Spain | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	0.10%	0.40%
Long-term growth rate	(0.10%)	(0.50%)
Projected adjusted EBITDAaL (as a percent)	(0.40%)	(1.50%)
Projected capital expenditure (as a percent)	0.50%	1.60%
Growth rate used to extrapolate cash flow projections	(0.10%)	(0.50%)
Spain | Base Case
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 100	€ 300
Recoverable amount less carrying amount			€ (800)
Spain | Decrease in discount rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	1,000
Spain | Increase in discount rate by 1 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(600)
Spain | Decrease in EBITDA by 5 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(1,100)	(600)	(2,300)
Spain | Increase in EBITDA by 5 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	1,500	1,400	900
Spain | Decrease in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(500)	(300)	€ (1,500)
Spain | Increase in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 900	€ 1,000
Ireland.
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		7.70%	7.60%
Long-term growth rate		0.50%	0.50%
Projected adjusted EBITDAaL (as a percent)		0.50%	3.00%
Amount by which unit's recoverable amount exceeds its carrying amount		€ 100
Impairment loss recognised in profit or loss			€ 630
Recoverable amount of asset or cash-generating unit			€ 1,200
Growth rate used to extrapolate cash flow projections		0.50%	0.50%
Ireland. | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		12.60%	10.70%
Ireland. | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		15.10%	15.20%
Ireland. | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		0.70%
Long-term growth rate		(0.70%)
Projected adjusted EBITDAaL (as a percent)		(1.60%)
Projected capital expenditure (as a percent)		2.80%
Growth rate used to extrapolate cash flow projections		(0.70%)
Ireland. | Base Case
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 100
Recoverable amount less carrying amount			€ (600)
Ireland. | Decrease in EBITDA by 5 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount		(200)	(1,100)
Ireland. | Increase in EBITDA by 5 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		500
Ireland. | Decrease in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount			(800)
Ireland. | Increase in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 300
Recoverable amount less carrying amount			€ (400)
Romania.
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		9.90%	10.20%
Long-term growth rate		1.00%	1.00%
Projected adjusted EBITDAaL (as a percent)		0.90%	8.00%
Amount by which unit's recoverable amount exceeds its carrying amount		€ 100
Impairment loss recognised in profit or loss			€ 110
Recoverable amount of asset or cash-generating unit			€ 900
Growth rate used to extrapolate cash flow projections		1.00%	1.00%
Romania. | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		12.30%	13.70%
Romania. | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		15.20%	18.50%
Romania. | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		0.70%
Long-term growth rate		(0.90%)
Projected adjusted EBITDAaL (as a percent)		(1.90%)
Projected capital expenditure (as a percent)		1.90%
Growth rate used to extrapolate cash flow projections		(0.90%)
Romania. | Base Case
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 100
Recoverable amount less carrying amount			€ (100)
Romania. | Decrease in EBITDA by 5 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount		(100)	(300)
Romania. | Increase in EBITDA by 5 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		300	100
Romania. | Decrease in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Recoverable amount less carrying amount			€ (200)
Romania. | Increase in long-term growth rate by 1 pps
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 200
Portugal | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		0.90%	1.50%
Long-term growth rate		(1.00%)	(1.60%)
Projected adjusted EBITDAaL (as a percent)		(2.20%)	(3.40%)
Projected capital expenditure (as a percent)		3.70%	7.10%
Growth rate used to extrapolate cash flow projections		(1.00%)	(1.60%)
Czech Republic | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		1.20%	1.70%
Long-term growth rate		(1.30%)	(1.80%)
Projected adjusted EBITDAaL (as a percent)		(3.00%)	(4.00%)
Projected capital expenditure (as a percent)		7.50%	12.50%
Growth rate used to extrapolate cash flow projections		(1.30%)	(1.80%)
Hungary | Change in assumption that would lead to impairment loss being recognised
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		0.30%	1.90%
Long-term growth rate		(0.40%)	(2.20%)
Projected adjusted EBITDAaL (as a percent)		(0.70%)	(3.90%)
Projected capital expenditure (as a percent)		1.50%	9.10%
Growth rate used to extrapolate cash flow projections		(0.40%)	(2.20%)
Other | Minimum
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	6.20%
Long-term growth rate	1.00%
Projected adjusted EBITDAaL (as a percent)	(5.40%)
Projected capital expenditure (as a percent)	10.00%
Growth rate used to extrapolate cash flow projections	1.00%
Other | Maximum
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	22.50%
Long-term growth rate	8.90%
Projected adjusted EBITDAaL (as a percent)	13.00%
Projected capital expenditure (as a percent)	51.40%
Growth rate used to extrapolate cash flow projections	8.90%

Impairment losses - Joint opera

Impairment losses - Joint operations (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cornerstone Telecommunications Infrastructure Limited
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50.00%	50.00%

Investment income and financi_3

Investment income and financing costs (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Investment income.
Financial assets measured at amortised cost	€ 249	€ 306	€ 157
Financial assets measured at fair value through profit and loss	5	24	91
Investment income	254	330	248
Financial liabilities measured at amortised cost
Bonds	1,546	1,722	1,580
Lease liabilities	398	374	330
Bank loans and other liabilities1	469	463	626
Interest on derivatives	(428)	(485)	(354)
Mark-to-market on derivatives	(341)	(1,070)	1,162
Financial assets measured at fair value through profit and loss	(36)
Foreign exchange	284	23	205
Financing costs	1,964	1,027	3,549
Net financing costs	1,710	697	3,301
Interest capitalised	€ 17	€ 17	€ 25

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Current tax (expense)/income
Total current tax expense	€ (1,113)	€ (869)	€ (1,016)
Deferred tax credit/(expense)	(217)	(2,995)	(234)
Total income tax credit/(expense)	(1,330)	(3,864)	(1,250)
Tax (credited)/charged directly to other comprehensive income
Current tax		(17)	(26)
Deferred tax	648	(1,009)	830
Total tax charged/(credited) directly to other comprehensive income	€ 648	(1,026)	804
Tax (credited)/charged directly to equity
Deferred tax		(2)
Total tax charged/(credited) directly to equity		(2)
Vodafone Egypt
Current tax (expense)/income
Proportion of ownership interest in subsidiary	55.00%
United Kingdom
Current tax (expense)/income
Current period	€ (22)	(24)	(42)
Adjustments in respect of prior periods	(17)	(3)	6
Total current tax expense	(39)	(27)	(36)
Deferred tax credit/(expense)	791	94	318
Spectrum Payments	10,700
Overseas
Current tax (expense)/income
Current period	(993)	(872)	(900)
Adjustments in respect of prior periods	(81)	30	(80)
Total current tax expense	(1,074)	(842)	(980)
Deferred tax credit/(expense)	€ (1,008)	€ (3,089)	€ (552)

Taxation - Factors affecting ta

Taxation - Factors affecting tax expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of accounting profit multiplied by applicable tax rates
Continuing profit/(loss) before tax as shown in the consolidated income statement	€ 3,954	€ 4,400	€ 795
Aggregated expected income tax expense/(credit)	1,191	1,124	226
Impairment losses with no tax effect			332
Disposal of Group investments	(8)	(332)	(1,113)
Effect of taxation of associates and joint ventures, reported within profit before tax	(66)	56	728
Deferred tax charge/(credit) following revaluation of investments in Luxembourg	1,455	2,120	(348)
Previously unrecognised temporary differences we expect to use in the future, including in Luxembourg	(708)	(45)	(14)
Previously recognised temporary differences and losses we no longer expect to use in the future	74	699
Current year temporary differences (including losses) that we currently do not expect to use	116	170	352
Adjustments in respect of prior year tax liabilities	13	(10)	(86)
Impact of tax credits and irrecoverable taxes	74	90	52
Deferred tax on overseas earnings	2		3
Effect of current year changes in statutory tax rates on deferred tax balances	(667)	(45)	757
Financing costs not deductible/(taxable) for tax purposes	46	(62)	174
Revaluation of assets for tax purposes in Italy and Turkey	(357)
Expenses not deductible for tax purposes	165	99	187
Total income tax expense	1,330	€ 3,864	€ 1,250
Unrecognized Deferred Tax Assets	700
Unrecognized Deferred Tax Losses	€ 2,800
UK
Reconciliation of accounting profit multiplied by applicable tax rates
Corporate tax retention percentage	19.00%
Tax rate effect from change in tax rate	25.00%

Taxation - Analysis of movement

Taxation - Analysis of movements in net deferred tax (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Analysis of movements in net deferred tax balance
Beginning balance	€ 19,474
Foreign exchange movements	(29)
Charged to the income statement	(217)	€ (2,994)
Charged directly to OCI	648
Charged directly to equity		2
Arising on acquisition and disposals	(11)
Ending balance	€ 18,569	€ 19,474

Taxation - Deferred tax assets

Taxation - Deferred tax assets and liabilities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Taxation
Amount credited/(expensed) in income statement	€ (217)	€ (2,994)
Gross deferred tax asset	35,753	36,872
Gross deferred tax liability	(6,156)	(6,563)
Less amounts unrecognised	(11,028)	(10,835)
Net recognised deferred tax (liability)/asset	18,569	19,474
Deferred tax assets and liabilities
Deferred tax assets	19,089	21,569
Deferred tax liabilities	(520)	(2,095)
Net deferred tax assets	18,569	19,474
Accelerated tax depreciation
Taxation
Amount credited/(expensed) in income statement	672	716
Gross deferred tax asset	2,589	2,331
Gross deferred tax liability	(1,361)	(2,034)
Less amounts unrecognised	(58)	(9)
Net recognised deferred tax (liability)/asset	1,170	288
Deferred tax assets and liabilities
Net deferred tax assets	1,170	288
Intangible assets
Taxation
Amount credited/(expensed) in income statement	643	336
Gross deferred tax asset	666	434
Gross deferred tax liability	(1,801)	(1,938)
Less amounts unrecognised	11	13
Net recognised deferred tax (liability)/asset	(1,124)	(1,491)
Deferred tax assets and liabilities
Net deferred tax assets	(1,124)	(1,491)
Tax losses
Taxation
Amount credited/(expensed) in income statement	(1,450)	(3,292)
Gross deferred tax asset	28,977	30,490
Less amounts unrecognised	(10,341)	(10,400)
Net recognised deferred tax (liability)/asset	18,636	20,090
Deferred tax assets and liabilities
Net deferred tax assets	18,636	20,090
Tax losses | Luxembourg
Deferred tax assets and liabilities
Deferred tax assets	16,298	17,394
Tax losses | Germany
Deferred tax assets and liabilities
Deferred tax assets	2,170	2,529
Treasury related items
Taxation
Amount credited/(expensed) in income statement	(90)	(9)
Gross deferred tax asset	616	761
Gross deferred tax liability	(372)	(37)
Less amounts unrecognised	(562)	(392)
Net recognised deferred tax (liability)/asset	(318)	332
Deferred tax assets and liabilities
Net deferred tax assets	(318)	332
Temporary differences relating to revenue recognition
Taxation
Amount credited/(expensed) in income statement	(9)	(84)
Gross deferred tax asset	3	3
Gross deferred tax liability	(666)	(651)
Net recognised deferred tax (liability)/asset	(663)	(648)
Deferred tax assets and liabilities
Net deferred tax assets	(663)	(648)
Temporary differences relating to leases
Taxation
Amount credited/(expensed) in income statement	(3)	(34)
Gross deferred tax asset	1,754	1,758
Gross deferred tax liability	(1,577)	(1,568)
Net recognised deferred tax (liability)/asset	177	190
Deferred tax assets and liabilities
Net deferred tax assets	177	190
Other temporary differences
Taxation
Amount credited/(expensed) in income statement	20	(627)
Gross deferred tax asset	1,148	1,095
Gross deferred tax liability	(379)	(335)
Less amounts unrecognised	(78)	(47)
Net recognised deferred tax (liability)/asset	691	713
Deferred tax assets and liabilities
Net deferred tax assets	€ 691	€ 713

Taxation - Unused tax losses an

Taxation - Unused tax losses and tax credits (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Taxation
Provision for potential tax liability	€ 463	€ 606
Losses for which a deferred tax asset is recognised	80,126	86,908
Losses for which no deferred tax is recognised	37,424	39,752
Total unused tax losses or tax credits	117,550	126,660
Luxembourg
Taxation
Losses for which no deferred tax is recognised	9,136	9,136
Total unused tax losses or tax credits	65,348	72,552
Within 0 to 5 years
Taxation
Losses for which a deferred tax asset is recognised	19	63
Losses for which no deferred tax is recognised	334	245
Total unused tax losses or tax credits	353	308
Beyond 6 years
Taxation
Losses for which a deferred tax asset is recognised	259	222
Losses for which no deferred tax is recognised	13,162	13,217
Total unused tax losses or tax credits	13,421	13,439
Not later than 20 years | Luxembourg
Taxation
Losses for which no deferred tax is recognised		4,891
Unlimited
Taxation
Losses for which a deferred tax asset is recognised	79,848	86,623
Losses for which no deferred tax is recognised	23,928	26,290
Total unused tax losses or tax credits	€ 103,776	€ 112,913

Taxation - Deferred tax asset_2

Taxation - Deferred tax assets on losses (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income tax expense
Unused Tax Losses Available for Carryforward	€ 117,550	€ 126,660
Previously unrecognised deferred tax asset losses	708	45	€ 14
Unremitted earnings of subsidiaries for which no deferred tax liability has been recognised	8,599	7,522
Reversal of previous impairments	74	699
Deferred tax liability	520	2,095
Losses for which no deferred tax is recognised	37,424	39,752
Deferred tax assets	19,089	21,569
Treasury items and other items
Income tax expense
Deductible temporary differences for which no deferred tax asset is recognised	2,365	2,092
Not later than sixty years
Income tax expense
Previously unrecognised deferred tax asset losses	699
Luxembourg
Income tax expense
Unused Tax Losses Available for Carryforward	65,348	72,552
Unused tax losses expired for which no deferred tax asset recognized	13,298	12,975
Reversal of previous impairments	(6,000)	(9,000)	€ (12,000)
Losses for which no deferred tax is recognised	9,136	9,136
Luxembourg | Tax losses
Income tax expense
Deferred tax assets	16,298	17,394
Luxembourg | Tax losses on tax deductible impairments following the 2017 Luxembourg tax reform
Income tax expense
Deferred tax assets	€ 0
Extension of forecast utilisation timeframe in periods where tax losses are not utilised	1 year
Luxembourg | Not later than 10 years
Income tax expense
Deferred tax assets	€ 3,546	2,881
Luxembourg | Not later than 20 years
Income tax expense
Losses for which no deferred tax is recognised		4,891
Deferred tax assets	6,953
Germany
Income tax expense
Unused Tax Losses Available for Carryforward	13,955	16,296
Germany | Tax losses
Income tax expense
Deferred tax assets	2,170	2,529
Spain
Income tax expense
Losses for which no deferred tax is recognised	4,627	4,334
Spain | Tax losses
Income tax expense
Deferred tax assets	0
UK
Income tax expense
Tax losses arising from subsidiaries for offset against future capital gains	8,444	8,285
UK | Tax losses that can only be offset against future capital gains
Income tax expense
Deferred tax assets	0
Italy
Income tax expense
Deferred tax assets	411	162
Italy | Tax losses
Income tax expense
Deferred tax assets	€ 71	€ 27
Minimum | Luxembourg
Income tax expense
Utilisation period of tax losses (in years)	45 years
Percentage of change in forecast income (as a percent)	5.00%
Change in tax losses utilisation period (in years)	2 years
Impairment loss expiration period	12 years
Minimum | Luxembourg | Internal financing, centralised procurement, and international roaming activities
Income tax expense
Annual taxable profit consistently generated	€ 1,000
Minimum | Germany
Income tax expense
Utilisation period of tax losses (in years)	4 years
Percentage of change in forecast income (as a percent)	5.00%
Change in tax losses utilisation period (in years)	1 year
Maximum | Luxembourg
Income tax expense
Utilisation period of tax losses (in years)	48 years
Percentage of change in forecast income (as a percent)	10.00%
Change in tax losses utilisation period (in years)	5 years
Impairment loss expiration period	17 years
Maximum | Germany
Income tax expense
Utilisation period of tax losses (in years)	8 years
Percentage of change in forecast income (as a percent)	10.00%

Discontinued operations and a_3

Discontinued operations and assets held for sale - Discontinued operations (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Non-current assets
Investments in associates and joint ventures	€ 4,268	€ 4,670
Total assets held for sale	€ 959	€ 1,257
Indus Towers
Assets held for sale
Proportion of ownership interest in joint venture	21.00%	28.10%
Non current assets held for sale
Non-current assets
Investments in associates and joint ventures	€ 959	€ 1,257
Total assets held for sale	€ 959	€ 1,257

Earnings per shares (Details)

Earnings per shares (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share (in shares)	29,012	29,592	29,422
Effect of dilutive potential shares: restricted shares and share options (in shares)	97	91
Weighted average number of shares for diluted earnings per share (in shares)	29,109	29,683	29,422
(Loss)/earnings for basic and diluted earnings per share
Profit/(loss) for earnings per share from continuing operations	€ 2,088	€ 112	€ (920)
Profit/(loss) for basic and diluted earnings per share	€ 2,088	€ 112	€ (920)
Basic (loss)/earnings per share
Basic earnings/(loss) per share from continuing operations	€ 0.0720	€ 0.0038	€ (0.0313)
Basic earnings/(loss) per share	0.0720	0.0038	(0.0313)
Diluted (loss)/earnings per share
Diluted earnings/(loss) per share from continuing operations	0.0717	0.0038	(0.0313)
Diluted earnings/(loss) per share	€ 0.0717	€ 0.0038	€ (0.0313)

Equity dividends (Details)

Equity dividends (Details) - EUR (€) € / shares in Units, € in Millions	12 Months Ended
	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, 2019: 4.16 eurocents per share)	€ 1,254	€ 1,205	€ 1,112
Interim dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share)	1,229	1,207	1,205
Total dividends declared and paid during the financial year	€ 2,483	€ 2,412	€ 2,317
Proposed after the end of the reporting period and not recognised as a liability:
Dividends per share, proposed after the end of the year and not recognised as a liability	€ 0.0450	€ 0.0450	€ 0.0450
Final dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share)	€ 1,265	€ 1,260	€ 1,205
Final dividends
Declared during the financial period:
Dividends per share, declared and paid during the financial year	€ 0.0450	€ 0.0450	€ 0.0416
Interim dividends
Declared during the financial period:
Dividends per share, declared and paid during the financial year	€ 0.0450	€ 0.0450	€ 0.0450

Intangible assets - Accumulated

Intangible assets - Accumulated impairment losses and amortisation (Details) - EUR (€) € in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 53,549,000
Balance at the end of the period	53,244,000	€ 53,549,000
Significant licences | Germany
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	3,564,000
Balance at the end of the period	3,270,000	3,564,000
Significant licences | Italy
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	3,429,000
Balance at the end of the period	3,415,000	3,429,000
Significant licences | UK
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	1,383,000
Balance at the end of the period	1,209,000	1,383,000
Significant licences | Spain sub segment
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	567,000
Balance at the end of the period	809,000	567,000
Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	31,731,000
Balance at the end of the period	31,884,000	31,731,000
Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	11,485,000
Balance at the end of the period	10,963,000	11,485,000
Proceeds from refunding of intangible assets	167,000
Licence and spectrum fees | UK
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 229,000
Balance at the end of the period		229,000
Licence and spectrum fees | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Licence and spectrum fees | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	40 years
Computer software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 5,337,000
Balance at the end of the period	5,846,000	5,337,000
Net book value of assets under construction not depreciated	€ 1,955,000	1,541,000
Computer software | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Computer software | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	5 years
Brands | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	1 year
Brands | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	10 years
Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 4,984,000
Balance at the end of the period	€ 4,539,000	4,984,000
Customer bases | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	2 years
Customer bases | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	32 years
Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 12,000
Balance at the end of the period	12,000	12,000
Cost
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	163,499,000	161,046,000
Exchange movements	(148,000)	539,000
Arising on acquisition	44,000	287,000
Additions	3,635,000	3,367,000
Disposals	(3,180,000)	(1,947,000)
Other	27,000	207,000
Balance at the end of the period	163,877,000	163,499,000
Cost | Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	99,364,000	99,170,000
Exchange movements	(21,000)	107,000
Arising on acquisition	10,000	87,000
Balance at the end of the period	99,333,000	99,364,000
Cost | Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	33,528,000	32,691,000
Exchange movements	(148,000)	234,000
Additions	901,000	896,000
Disposals	(356,000)	(293,000)
Other	1,000
Balance at the end of the period	33,926,000	33,528,000
Cost | Computer software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	17,833,000	16,768,000
Exchange movements	(60,000)	43,000
Additions	2,727,000	2,462,000
Disposals	(2,823,000)	(1,651,000)
Other	36,000	211,000
Balance at the end of the period	17,713,000	17,833,000
Cost | Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	12,308,000	11,964,000
Exchange movements	80,000	144,000
Arising on acquisition	54,000	200,000
Additions		1,000
Disposals		(1,000)
Balance at the end of the period	12,442,000	12,308,000
Cost | Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	466,000	453,000
Exchange movements	1,000	11,000
Additions	7,000	8,000
Disposals	(1,000)	(2,000)
Other	(10,000)	(4,000)
Balance at the end of the period	463,000	466,000
Accumulated impairment losses and amortisation
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(109,950)	(107,037,000)
Exchange movements	220	(241,000)
Amortisation charge for the year	4,044	4,421,000
Disposals	3,173,000	1,937,000
Other	(32,000)	(188,000)
Balance at the end of the period	(110,633,000)	(109,950)
Accumulated impairment losses and amortisation | Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(67,633)	(67,792,000)
Exchange movements	184	159,000
Balance at the end of the period	(67,449,000)	(67,633)
Accumulated impairment losses and amortisation | Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(22,043)	(20,360,000)
Exchange movements	35	(255,000)
Amortisation charge for the year	1,306	1,721,000
Disposals	351,000	293,000
Balance at the end of the period	(22,963,000)	(22,043)
Accumulated impairment losses and amortisation | Computer software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(12,496)	(11,737,000)
Exchange movements	72	(3,000)
Amortisation charge for the year	2,225	2,210,000
Disposals	2,821,000	1,643,000
Other	(39,000)	(189,000)
Balance at the end of the period	(11,867,000)	(12,496)
Accumulated impairment losses and amortisation | Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(7,324)	(6,705,000)
Exchange movements	(70)	(131,000)
Amortisation charge for the year	509	488,000
Balance at the end of the period	(7,903,000)	(7,324)
Accumulated impairment losses and amortisation | Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(454)	(443,000)
Exchange movements	(1)	(11,000)
Amortisation charge for the year	4	2,000
Disposals	1,000	1,000
Other	7,000	1,000
Balance at the end of the period	€ (451,000)	€ (454)

Property, plant and equipment -

Property, plant and equipment - Accumulated depreciation and impairment (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of property, plant and equipment
Balance at the beginning of period	€ 28,670
Balance at the end of the period	28,788	€ 28,670
Land and buildings
Reconciliation of property, plant and equipment
Balance at the beginning of period	1,099
Balance at the end of the period	977	1,099
Net book value of assets recognised in the course of construction	€ 12	15
Freehold buildings | Minimum
Property, plant and equipment
Useful lives, property, plant and equipment	25 years
Freehold buildings | Maximum
Property, plant and equipment
Useful lives, property, plant and equipment	50 years
Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Balance at the beginning of period	€ 27,571
Balance at the end of the period	27,811	27,571
Net book value of assets recognised in the course of construction	2,353	2,243
Equipment, fixtures and fittings | Property, plant and equipment subject to operating leases
Reconciliation of property, plant and equipment
Balance at the beginning of period	1,102
Balance at the end of the period	€ 948	1,102
Network infrastructure and other | Minimum
Property, plant and equipment
Useful lives, property, plant and equipment	1 year
Network infrastructure and other | Maximum
Property, plant and equipment
Useful lives, property, plant and equipment	35 years
Cost
Reconciliation of property, plant and equipment
Balance at the beginning of period	€ 78,289	74,566
Exchange movements	(264)	213
Arising on acquisition	30	93
Additions	5,886	5,713
Disposals	2,480	2,612
Other	265	316
Balance at the end of the period	81,666	78,289
Cost | Land and buildings
Reconciliation of property, plant and equipment
Balance at the beginning of period	2,315	2,261
Exchange movements	1	25
Arising on acquisition	74	74
Additions	41	47
Disposals	200	100
Other	263	8
Balance at the end of the period	2,346	2,315
Cost | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Balance at the beginning of period	75,974	72,305
Exchange movements	(265)	188
Arising on acquisition	44	19
Additions	5,845	5,666
Disposals	2,280	2,512
Other	2	308
Balance at the end of the period	79,320	75,974
Cost | Equipment, fixtures and fittings | Property, plant and equipment subject to operating leases
Reconciliation of property, plant and equipment
Balance at the beginning of period	2,930
Balance at the end of the period	2,998	2,930
Accumulated impairment losses and amortisation
Reconciliation of property, plant and equipment
Balance at the beginning of period	(49,619)	(46,202)
Exchange movements	168	(122)
Charge for the year	5,857	5,766
Disposals	(2,431)	(2,545)
Other	(1)	(74)
Balance at the end of the period	(52,878)	(49,619)
Accumulated impairment losses and amortisation | Land and buildings
Reconciliation of property, plant and equipment
Balance at the beginning of period	(1,216)	(1,269)
Exchange movements	(3)	(8)
Charge for the year	117	39
Disposals	(191)	(97)
Other	(224)	3
Balance at the end of the period	(1,369)	(1,216)
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Balance at the beginning of period	(48,403)	(44,933)
Exchange movements	171	(114)
Charge for the year	5,740	5,727
Disposals	(2,240)	(2,448)
Other	223	(77)
Balance at the end of the period	(51,509)	(48,403)
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings | Property, plant and equipment subject to operating leases
Reconciliation of property, plant and equipment
Balance at the beginning of period	1,828
Balance at the end of the period	€ 2,050	€ 1,828

Property, plant and equipment_2

Property, plant and equipment - Right-of-use assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, plant and equipment
Property, plant and equipment (owned assets)	€ 28,788	€ 28,670
Right-of-use assets	12,016	12,573
Total property, plant and equipment	40,804	41,243
Additions to right-of-use assets	3,828	5,306
Depreciation, right-of-use assets	€ 3,944	€ 3,914

Investments in associates and_3

Investments in associates and joint ventures - Summary of Investments (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2019
Investment in associates and joint arrangements
Investment in joint ventures	€ 3,781	€ 4,249
Investment in associates	487	421
Total investment in joint ventures and associates	4,268	4,670
Joint ventures [member]
Investment in associates and joint arrangements
Investment in joint ventures	3,781	4,249
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Investment in joint ventures	822	1,190
INWIT S.p.A.
Investment in associates and joint arrangements
Investment in joint ventures	2,851	2,920
Indus Towers Limited
Investment in associates and joint arrangements
Investment in joint ventures	1,000
Vodafone Idea Limited
Investment in associates and joint arrangements
Investment in joint ventures			€ 0	€ 0
Other joint ventures
Investment in associates and joint arrangements
Investment in joint ventures	€ 24	€ 35

Investments in associates and_4

Investments in associates and joint ventures - Joint ventures (Details) € in Millions, $ in Millions, ₨ in Billions	12 Months Ended
	Mar. 31, 2022EUR (€)	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Mar. 31, 2022AUD ($)	Mar. 31, 2022INR (₨)	Mar. 31, 2021AUD ($)	Mar. 31, 2021INR (₨)	Sep. 30, 2019EUR (€)
Investment in associates and joint arrangements
Investment in joint ventures	€ 3,781	€ 4,249
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method	222	488	€ 246
Joint ventures [member]
Investment in associates and joint arrangements
Investment in joint ventures	3,781	4,249
Profit/(Loss) from continuing operations	€ (11)	€ (146)	(2,751)
TPG Telecom
Investment in associates and joint arrangements
Ownership interest in joint venture	25.05%	25.10%
Fair value of investments based on quoted share price	€ 1,902	€ 1,911		$ 2,818		$ 2,948
Remaining economic interest (as a percent)	49.90%
INWIT S.p.A.
Investment in associates and joint arrangements
Ownership interest in joint venture	33.20%	33.20%
Fair value of investments based on quoted share price	€ 3,238	€ 3,026
Investment in joint ventures	2,851	2,920
Profit/(Loss) from continuing operations	€ 27	€ 3
Indus Towers Limited
Investment in associates and joint arrangements
Ownership interest in joint venture	21.00%
Investment in joint ventures	€ 1,000
Profit/(Loss) from continuing operations			19
Vodafone Idea Limited
Investment in associates and joint arrangements
Ownership interest in joint venture	47.60%	44.40%
Fair value of investments based on quoted share price	€ 1,750	€ 1,373			₨ 148		₨ 118
Investment in joint ventures			0					€ 0
Profit/(Loss) from continuing operations			(2,546)
Group's unrecognized share of accumulated losses in joint venture	5,120	3,562
Other joint ventures
Investment in associates and joint arrangements
Investment in joint ventures	24	35
Profit/(Loss) from continuing operations	€ (14)	(15)	€ (125)
Indus Towers Limited
Investment in associates and joint arrangements
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		€ 274
Cornerstone Telecommunications Infrastructure Limited
Investment in associates and joint arrangements
Percentage of stake owned	50.00%	50.00%

Investments in associates and_5

Investments in associates and joint arrangements - Income statement (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income statement and statement of comprehensive income
Revenue	€ 45,580	€ 43,809	€ 44,974
Depreciation and amortisation expense	(9,858)	(10,187)	(10,454)
Other income	79	568	4,281
Operating profit	5,664	5,097	4,099
Profit/(loss) before tax	3,954	4,400	795
Profit for the financial year	2,624	536	(455)
Profit from continuing operations, Owners of the parent	2,088	112	(920)
Non-controlling interests	536	424	465
Joint ventures where entity is venturer | INWIT S.p.A.
Income statement and statement of comprehensive income
Revenue	785	562
Operating expenses	(70)	(46)
Depreciation and amortisation expense	(513)	(398)
Operating profit	202	118
Interest expense	(90)	(101)
Profit/(loss) before tax	112	17
Income tax (expense)/credit	(30)	(7)
Profit for the financial year	82	10
Joint ventures where entity is venturer | VodafoneZiggo Group Holding B.V.
Income statement and statement of comprehensive income
Revenue	4,056	4,010	3,948
Operating expenses	(2,104)	(2,058)	(2,163)
Depreciation and amortisation expense	(1,592)	(1,658)	(1,528)
Other income		25
Operating profit	360	319	257
Interest expense	(276)	(658)	(343)
Profit/(loss) before tax	84	(339)	(86)
Income tax (expense)/credit	(121)	(125)	(42)
Profit for the financial year	(37)	(464)	(128)
Joint ventures where entity is venturer | TPG Telecom Limited
Income statement and statement of comprehensive income
Revenue	3,375	3,010	2,108
Operating expenses	(2,292)	(2,096)	(1,489)
Depreciation and amortisation expense	(914)	(769)	(508)
Operating profit	169	145	111
Interest income		1	4
Interest expense	(122)	(201)	(256)
Profit/(loss) before tax	47	(55)	(141)
Income tax (expense)/credit	(27)	495
Profit for the financial year	20	440	(141)
Joint ventures where entity is venturer | Vodafone Idea Limited
Income statement and statement of comprehensive income
Revenue	4,450	4,847	5,704
Operating expenses	(2,802)	(3,133)	(4,938)
Depreciation and amortisation expense	(2,390)	(2,442)	(2,426)
Other income	34	2,135	6,627
Operating profit	(776)	(2,863)	(8,287)
Interest income	14	32	147
Interest expense	(2,297)	(2,035)	(1,740)
Profit/(loss) before tax	(3,059)	(4,866)	(9,880)
Income tax (expense)/credit	2
Profit for the financial year	(3,057)	(4,866)	(9,880)
Associates | Safaricom Limited
Income statement and statement of comprehensive income
Revenue	2,318	2,083	2,310
Operating expenses	(1,164)	(1,030)	(1,122)
Depreciation and amortisation expense	(309)	(299)	(295)
Operating profit	845	754	893
Interest income	9	12	26
Interest expense	(59)	(27)	(18)
Profit/(loss) before tax	795	739	901
Income tax (expense)/credit	(270)	(197)	(282)
Profit for the financial year	525	542	619
Profit from continuing operations, Owners of the parent	542	542	619
Non-controlling interests	(17)
Associates | Indus Towers Ltd
Income statement and statement of comprehensive income
Revenue	3,122	2,421	2,365
Operating expenses	(1,480)	(1,247)	(1,336)
Depreciation and amortisation expense	(598)	(477)	(268)
Other income		(412)	592
Operating profit	1,044	1,109	169
Interest income		61	32
Interest expense	(140)	(194)	(196)
Profit/(loss) before tax	904	976	5
Income tax (expense)/credit	(272)	(168)	39
Profit for the financial year	632	808	44
Profit from continuing operations, Owners of the parent	€ 632	€ 808	€ 44

Investments in associates and_6

Investments in associates and joint arrangements - Statement of financial position (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement of financial position
Non-current assets	€ 125,416	€ 126,793
Total Assets	153,953	155,063
Equity shareholders' funds	56,977	57,816	€ 62,625	€ 63,188
Non-controlling interests	2,290	2,012
Non-current liabilities	63,329	68,536
Current liabilities	33,647	28,711
Cash and cash equivalents on formation	7,496	5,821
INWIT S.p.A. | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	14,532	14,422
Current assets	270	256
Total Assets	14,802	14,678
Equity shareholders' funds	8,595	8,801
Non-current liabilities	5,672	5,536
Current liabilities	535	341
Cash and cash equivalents on formation	96	120
Non-current liabilities excluding trade and other payables and provisions	5,420	5,314
Current liabilities excluding trade and other payables and provisions	319	185
VodafoneZiggo Group Holding B.V. | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	16,521	16,978
Current assets	739	911
Total Assets	17,260	17,889
Equity shareholders' funds	1,643	2,380
Non-current liabilities	13,187	13,025
Current liabilities	2,430	2,484
Cash and cash equivalents on formation	190	330
Non-current liabilities excluding trade and other payables and provisions	13,007	12,466
Current liabilities excluding trade and other payables and provisions	1,282	1,154
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds	3,129	3,121
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds	(10,214)	(7,457)
Safaricom Limited | Associates
Statement of financial position
Non-current assets	2,173	1,333
Current assets	510	438
Total Assets	2,683	1,771
Equity shareholders' funds	1,066	1,045
Non-controlling interests	312
Non-current liabilities	558	131
Current liabilities	747	595
Cash and cash equivalents on formation	241	208
Non-current liabilities excluding trade and other payables and provisions	465	93
Current liabilities excluding trade and other payables and provisions	241	149
Indus Towers Ltd | Associates
Statement of financial position
Non-current assets	5,359	5,271
Current assets	1,685	1,198
Total Assets	7,044	6,469
Equity shareholders' funds	3,774	3,083
Non-current liabilities	2,101	1,936
Current liabilities	1,169	1,450
Cash and cash equivalents on formation	278	230
Non-current liabilities excluding trade and other payables and provisions	1,795	1,656
Current liabilities excluding trade and other payables and provisions	638	906
Safaricom Limited
Statement of financial position
Dividend received	170	171	261
Vodafone Idea Limited
Statement of financial position
Non-current assets	17,267	17,975
Current assets	2,693	2,648
Total Assets	19,960	20,623
Equity shareholders' funds	(10,214)	(7,457)
Non-current liabilities	23,266	20,769
Current liabilities	6,908	7,315
Cash and cash equivalents on formation	365	260
Non-current liabilities excluding trade and other payables and provisions	23,241	14,187
Current liabilities excluding trade and other payables and provisions	3,334	3,914
VodafoneZiggo Group Holding B.V.
Statement of financial position
Dividend received	350	209	148
INWIT S.p.A.
Statement of financial position
Dividend received	96	42
TPG Telecom Limited
Statement of financial position
Non-current assets	10,638	10,272
Current assets	898	679
Total Assets	11,536	10,951
Equity shareholders' funds	3,129	3,121
Non-current liabilities	7,227	6,884
Current liabilities	1,180	946
Cash and cash equivalents on formation	435	268
Non-current liabilities excluding trade and other payables and provisions	7,173	6,825
Current liabilities excluding trade and other payables and provisions	121	€ 83
Dividend received	€ 22		€ 0

Investments in associates and_7

Investments in associates and joint arrangements - Reconciliation of summarised financial information (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019
Statement of financial position
Equity shareholders' funds	€ 56,977	€ 57,816	€ 62,625		€ 63,188
Goodwill	31,884	31,731
Investment in joint ventures	3,781	4,249
Investment in associates	487	421
Profit (loss) from continuing operations	2,624	536	(455)
Share of (loss)/profit	222	488	246
Profit/(loss) for the financial year	2,624	536	(455)
INWIT S.p.A. | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds	8,595	8,801
Interest in associates/joint ventures	2,851	2,920
Profit (loss) from continuing operations	82	10
Profit/(loss) for the financial year	82	10
VodafoneZiggo Group Holding B.V. | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds	1,643	2,380
Interest in associates/joint ventures	822	1,190
Profit (loss) from continuing operations	(37)	(464)	(128)
Profit/(loss) for the financial year	(37)	(464)	(128)
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds	3,129	3,121
Profit (loss) from continuing operations	20	440	(141)
Profit/(loss) for the financial year	20	440	(141)
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds	(10,214)	(7,457)
Profit (loss) from continuing operations	(3,057)	(4,866)	(9,880)
Profit/(loss) for the financial year	(3,057)	(4,866)	(9,880)
Safaricom Limited | Associates
Statement of financial position
Equity shareholders' funds	1,066	1,045
Profit (loss) from continuing operations	542	542	619
Profit/(loss) for the financial year	525	542	619
Indus Towers Ltd | Associates
Statement of financial position
Equity shareholders' funds	3,774	3,083
Profit (loss) from continuing operations	632	808	44
Profit/(loss) for the financial year	632	808	44
Safaricom Limited
Statement of financial position
Investment in associates	428	421
Share of (loss)/profit	217	217	247
Dividends received from investments accounted for using equity method, classified as investing activities	170	171	261
Safaricom Limited | Associates
Statement of financial position
Interest in associates/joint ventures	425	418
Goodwill	3	3
Investment in associates	428	421
Share of profit/(loss), 1	217	217	247
Share of (loss)/profit	217	217	247
Indus Towers Ltd
Statement of financial position
Share of (loss)/profit		274
Dividends received from investments accounted for using equity method, classified as investing activities		201
Indus Towers Ltd | Associates
Statement of financial position
Interest in associates/joint ventures	794	867
Goodwill	261	342
Transferred to assets held for sale	959	1,257
Investment proportion not recognised	(96)	48
Share of profit/(loss), 1	178	306	19
Share of loss not recognised	(178)	(32)
Share of (loss)/profit		274	19
Total for joint ventures
Statement of financial position
Investment in joint ventures	3,781	4,249
Share of (loss)/profit	(11)	(146)	(2,751)
Vodafone Idea Limited
Statement of financial position
Equity shareholders' funds	(10,214)	(7,457)
Investment proportion not recognised	€ 5,120	€ 3,562
Investment in joint ventures			0	€ 0
Share of (loss)/profit			(2,546)
Ownership interest in joint venture	47.60%	44.40%
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Interest in associates/joint ventures	€ (4,863)	€ (3,310)
Impairment	(257)	(252)
Investment proportion not recognised	5,120	3,562
Share of profit/(loss), 1	(1,357)	(2,160)	(4,386)
Share of loss not recognised	1,357	2,160	1,840
Share of (loss)/profit			(2,546)
VodafoneZiggo Group Holding B.V.
Statement of financial position
Investment in joint ventures	822	1,190
Share of (loss)/profit	(19)	(232)	(64)
Dividends received from investments accounted for using equity method, classified as investing activities	€ 350	€ 209	148
Ownership interest in joint venture	50.00%	50.00%
VodafoneZiggo Group Holding B.V. | Joint ventures where entity is venturer
Statement of financial position
Investment in joint ventures	€ 822	€ 1,190
Share of profit/(loss), 1	(19)	(232)	(64)
Share of (loss)/profit	(19)	(232)	(64)
INWIT S.p.A.
Statement of financial position
Investment in joint ventures	2,851	2,920
Share of (loss)/profit	27	3
Dividends received from investments accounted for using equity method, classified as investing activities	€ 96	€ 42
Ownership interest in joint venture	33.20%	33.20%
INWIT S.p.A. | Joint ventures where entity is venturer
Statement of financial position
Investment in joint ventures	€ 2,851	€ 2,920
Share of profit/(loss), 1	27	3
Share of (loss)/profit	27	3
Indus Towers Ltd
Statement of financial position
Investment in joint ventures	€ 1,000
Share of (loss)/profit			19
Ownership interest in joint venture	21.00%
TPG Telecom Limited
Statement of financial position
Equity shareholders' funds	€ 3,129	3,121
Investment in joint ventures	84	104
Share of (loss)/profit	(5)	98	(35)
Dividends received from investments accounted for using equity method, classified as investing activities	€ 22		0
Ownership interest in joint venture	25.10%
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Interest in associates/joint ventures	€ 27	50
Goodwill	57	54
Investment in joint ventures	84	104
Share of profit/(loss), 1	(5)	98	(70)
Share of loss not recognised			35
Share of (loss)/profit	(5)	98	(35)
Other joint ventures
Statement of financial position
Investment in joint ventures	24	35
Share of (loss)/profit	€ (14)	€ (15)	€ (125)

Investments in associates and_8

Investments in associates and joint arrangements - Associates (Details) € in Millions, ₨ in Billions, Ksh in Billions	12 Months Ended
	Mar. 31, 2022EUR (€)	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Mar. 31, 2022INR (₨)	Mar. 31, 2022KES (Ksh)	Mar. 31, 2021INR (₨)	Mar. 31, 2021KES (Ksh)
Investments in associates and joint arrangements
Investment in associates	€ 487	€ 421
Profit from continuing operations	€ 222	€ 488	€ 246
TPG Telecom
Investments in associates and joint arrangements
Ownership interest in joint venture	25.05%	25.10%
Indus Towers Limited
Investments in associates and joint arrangements
Ownership interest in joint venture	21.00%
Safaricom Limited
Investments in associates and joint arrangements
Percentage of shareholding in associate	40.00%	40.00%
Fair value of investment in associate	€ 4,270	€ 4,513			Ksh 546		Ksh 580
Investment in associates	428	421
Profit from continuing operations	€ 217	€ 217	247
Indus Towers Limited
Investments in associates and joint arrangements
Percentage of shareholding in associate	21.00%	28.10%
Fair value of investment in associate	€ 1,494	€ 2,161		₨ 126		₨ 186
Profit from continuing operations		274
Other Associates [Member]
Investments in associates and joint arrangements
Investment in associates	59
Profit from continuing operations	€ 5	€ (3)	€ (1)

Other investments (Details)

Other investments (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other investments
Non-current other investments	€ 1,073	€ 925
Current other investments	7,931	9,159
Collateral assets
Other investments
Current other investments	698	3,107
Equity securities
Other investments
Non-current other investments	143	128
Non-current debt securities
Other investments
Non-current other investments	930	797
Non-current debt securities | Level 1 | Financial assets at amortised cost | Not measured at fair value in statement of financial position but for which fair value is disclosed
Other investments
Financial assets, at fair value	830	788
Non-current debt securities | VodafoneZiggo Group Holding B.V.
Other investments
Amounts receivable	885	764
Short-term investments
Other investments
Current other investments	4,795	4,007
Bonds and debt securities
Other investments
Current other investments	1,446	1,053
Bonds and debt securities | Germany
Other investments
Current other investments		499
Bonds and debt securities | Japanese
Other investments
Current other investments	681
Bonds and debt securities | FRANCE
Other investments
Current other investments	200	554
Bonds and debt securities | BELGIUM
Other investments
Current other investments	501	0
Bonds and debt securities | UK
Other investments
Current other investments	64	0
Managed investment funds
Other investments
Current other investments	€ 3,349	2,954
Liquid days	90 days
Other investments
Other investments
Current other investments	€ 2,438	2,045
Other investments | Level 1 | Financial assets at fair value
Other investments
Current other investments	1,460	1,057
Equity securities and managed investment funds | Level 1 | Financial assets at fair value
Other investments
Other investments	€ 91	€ 0

Trade and other receivables (De

Trade and other receivables (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Trade and other non-current receivables [abstract]
Trade receivables	€ 34	€ 52
Trade receivables held at fair value through other comprehensive income	606	278
Net investment in leases	134	104
Contract assets	495	528
Contract-related costs	630	580
Other receivables	37	76
Prepayments	231	247
Derivative financial instruments	4,216	2,912
Total trade and other non-current receivables	6,383	4,777
Trade and other current receivables [abstract]
Trade receivables	3,300	3,625
Trade receivables held at fair value through other comprehensive income	802	466
Net investment in leases	66	36
Contract assets	3,056	3,038
Contract-related costs	1,403	1,364
Amounts owed by associates and joint ventures	241	184
Other receivables	869	889
Prepayments	872	1,082
Derivative financial instruments	410	239
Total trade and other current receivables	11,019	10,923
Costs incurred to obtain customer contracts	1,967	1,883
Costs incurred to fulfil customer contracts	66	61
Amortisation and impairment expense	€ 1,517	€ 1,497

Trade and other payables (Detai

Trade and other payables (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Included within non-current liabilities:
Other payables	€ 452	€ 424
Accruals	28	47
Contract liabilities	530	519
Derivative financial instruments	1,506	3,919
Total trade and other non-current payables	2,516	4,909
Included within current liabilities:
Trade payables	7,327	6,739
Amounts owed to associates and joint ventures	40	36
Other taxes and social security payable	1,114	1,196
Other payables	2,032	2,349
Accruals	6,991	5,688
Contract liabilities	1,991	1,971
Derivative financial instruments	166	91
Total trade and other current payables	19,661	18,070
Payable in relation to the irrevocable and non-discretionary share buyback programme	1,434	339
Revenue recognised during the year	1,971
Vodafone UK plan
Included within non-current liabilities:
Other payables	€ 351	€ 383

Provisions (Details)

Provisions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of changes in other provisions
Beginning balance	€ 2,639	€ 2,532
Exchange movements	(21)	6
Acquisition of subsidiaries		6
Amounts capitalised in the year	297	294
Amounts charged to the income statement	571	458
Utilised in the year - payments	(671)	(504)
Amounts released to the income statement	(267)	(153)
Ending balance	2,548	2,639
Asset retirement obligations
Reconciliation of changes in other provisions
Beginning balance	1,222	955
Exchange movements	3	6
Acquisition of subsidiaries		6
Amounts capitalised in the year	297	294
Utilised in the year - payments	(51)	(32)
Amounts released to the income statement	(1)	(7)
Ending balance	1,470	1,222
Legal and regulatory
Reconciliation of changes in other provisions
Beginning balance	528	502
Exchange movements	(25)	(11)
Amounts charged to the income statement	216	138
Utilised in the year - payments	(128)	(54)
Amounts released to the income statement	(142)	(47)
Ending balance	449	528
Restructuring provision
Reconciliation of changes in other provisions
Beginning balance	426	545
Exchange movements	(4)	4
Amounts charged to the income statement	216	153
Utilised in the year - payments	(295)	(243)
Amounts released to the income statement	(41)	(33)
Ending balance	302	426
Other.
Reconciliation of changes in other provisions
Beginning balance	463	530
Exchange movements	5	7
Amounts charged to the income statement	139	167
Utilised in the year - payments	(197)	(175)
Amounts released to the income statement	(83)	(66)
Ending balance	€ 327	€ 463

Provisions - Current and non-cu

Provisions - Current and non-current (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Provisions
Current provisions	€ 667	€ 892
Non-current provisions	1,881	1,747
Total Provisions	2,548	2,639	€ 2,532
Asset retirement obligations
Provisions
Current provisions	43	43
Non-current provisions	1,427	1,179
Total Provisions	1,470	1,222	955
Legal and regulatory
Provisions
Current provisions	235	273
Non-current provisions	214	255
Total Provisions	449	528	502
Restructuring provision
Provisions
Current provisions	241	353
Non-current provisions	61	73
Total Provisions	302	426	545
Other.
Provisions
Current provisions	148	223
Non-current provisions	179	240
Total Provisions	€ 327	€ 463	€ 530

Called up share capital (Detail

Called up share capital (Details) £ / shares in Units, € in Millions, £ in Millions	Mar. 05, 2019GBP (£)shares	Mar. 31, 2021EUR (€)shares	Mar. 31, 2022EUR (€)shares	Mar. 31, 2021EUR (€)shares	Mar. 31, 2022£ / shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance | €			€ 4,797
Ending balance | €		€ 4,797	€ 4,797	€ 4,797
Reissue of treasury shares		1,427,000,000
2 year maturity date in 2021
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Subordinated mandatory convertible bonds | £	£ 1,720
3 year maturity date due in 2022
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Subordinated mandatory convertible bonds | £	£ 1,720
Tranche 1
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Bonds are convertible to ordinary shares	1,426,793,872
Ordinary shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance (in shares)			28,816,835,778	28,815,914,978
Allotted during the year (in shares)			792,090	920,800
Ending balance (in shares)		28,816,835,778	28,817,627,868	28,816,835,778
Beginning balance | €			€ 4,797	€ 4,797
Ending balance | €		€ 4,797	€ 4,797	€ 4,797
Number of treasury shares held		592,642,309	447,576,522	592,642,309
Nominal value of treasury shares | €		€ 99	€ 75	€ 99
Market value of treasury shares | €		€ 918	€ 661	€ 918
Reissue of treasury shares			68,306,442	63,830,400
Ordinary shares | Tranche 2
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Reissue of treasury shares			1,518,629,693
7% cumulative fixed rate shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance (in shares)			50,000
Ending balance (in shares)		50,000	50,000	50,000
Par value per share | £ / shares					£ 1

Reconciliation of net cash fl_3

Reconciliation of net cash flow from operating activities (Details)-old - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of net cash flow from operating activities
Profit/(loss) for the financial year	€ 2,624	€ 536	€ (455)
Non-operating expense			3
Investment income	(254)	(330)	(248)
Finance costs	1,964	1,027	3,549
Income tax expense	1,330	3,864	1,250
Operating profit/(loss)	5,664	5,097	4,099
Adjustments for:
Share-based payments and other non-cash charges	173	146	146
Depreciation and amortisation	13,845	14,101	14,174
Loss on disposal of property, plant and equipment and intangible assets	30	17	51
Share of result of equity accounted associates and joint ventures	(211)	(342)	2,505
Impairment losses			1,685
Other income	(79)	(568)	(4,281)
(Increase)/decrease in inventory	(162)	(68)	68
(Increase)/decrease in trade and other receivables	(638)	582	(38)
Increase/(decrease) in trade and other payables	384	(730)	(100)
Cash generated by operations	19,006	18,235	18,309
Net tax paid	(925)	(1,020)	(930)
Net cash flow from operating activities	€ 18,081	€ 17,215	€ 17,379

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Cash and cash equivalents
Cash at bank and in hand	€ 2,220	€ 2,705
Money market funds	5,276	3,116
Cash and cash equivalents as presented in the statement of financial position	7,496	5,821
Bank overdrafts	(125)	(31)
Cash and cash equivalents as presented in the statement of cash flows	7,371	5,790	€ 13,288	€ 13,605
Restricted cash and cash equivalents	1,554	1,741
Cash balance that can be used to repay intercompany liabilities	€ 932	€ 879

Leases - Sale and Leaseback (De

Leases - Sale and Leaseback (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases
Cash outflow for leases	€ 4,338	€ 4,234

Leases - Maturity profile of le

Leases - Maturity profile of lease liabilities (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Leases
Undiscounted lease liability	€ 14,286	€ 14,691
Effect of discounting	(1,747)	(1,659)
Lease liabilities	12,539	13,032
Within one year
Leases
Undiscounted lease liability	3,130	3,419
In more than one year but less than two years
Leases
Undiscounted lease liability	2,189	2,142
In more than two years but less than three years
Leases
Undiscounted lease liability	1,759	1,661
In more than three years but less than four years
Leases
Undiscounted lease liability	1,579	1,457
In more than four years but less than five years
Leases
Undiscounted lease liability	1,387	1,316
In more than five years
Leases
Undiscounted lease liability	€ 4,242	€ 4,696

Leases - As a Lessor (Details)

Leases - As a Lessor (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating leases
Lease contracts not yet commenced, undiscounted value	€ 51	€ 82
Lease revenue (note 2 "Revenue disaggregation and segmental analysis")	758	559
Income from leases not recognised as revenue	45	180
Committed operating lease income due to the Group as a lessor	1,509	1,590
Within one year
Operating leases
Committed operating lease income due to the Group as a lessor	513	510
In more than one year but less than two years
Operating leases
Committed operating lease income due to the Group as a lessor	250	261
In more than two years but less than three years
Operating leases
Committed operating lease income due to the Group as a lessor	161	175
In more than three years but less than four years
Operating leases
Committed operating lease income due to the Group as a lessor	128	134
In more than four years but less than five years
Operating leases
Committed operating lease income due to the Group as a lessor	114	115
In more than five years
Operating leases
Committed operating lease income due to the Group as a lessor	€ 343	€ 395

Borrowings - Total Borrowings (

Borrowings - Total Borrowings (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Borrowings and capital resources
Current borrowings	€ 11,961	€ 8,488
Non-current borrowings	58,131	59,272
Borrowings	(70,092)	(67,760)
Associates
Borrowings and capital resources
Secured bank borrowings	1,382	1,247
Bonds
Borrowings and capital resources
Current borrowings	1,875	2,251
Non-current borrowings	46,156	44,634
Accumulated fair value hedge adjustment on hedged item included in carrying amount, liabilities	1,316	1,390
Bonds | Currency swap contract
Borrowings and capital resources
Impact of hedging instrument not reflected in carrying value of borrowings	1,456	127
Bonds | Not measured at fair value in statement of financial position but for which fair value is disclosed
Borrowings and capital resources
Non-current borrowings	46,156	44,634
Financial liabilities at fair value	46,348	48,630
Bank loans
Borrowings and capital resources
Current borrowings	688	658
Non-current borrowings	629	761
Collateral liabilities
Borrowings and capital resources
Current borrowings	2,914	962
Lease liabilities.
Borrowings and capital resources
Current borrowings	2,729	3,123
Non-current borrowings	9,810	9,909
Bank borrowings secured against Indian assets
Borrowings and capital resources
Current borrowings	1,382	862
Non-current borrowings		385
Secured bank borrowings	1,400
Other short-term borrowings
Borrowings and capital resources
Licence and Spectrum Fees Payable in current borrowings	2,165	381
Current borrowings	2,373	632
Other long-term borrowings
Borrowings and capital resources
Licence and Spectrum Fees Payable in non current borrowings	1,273	3,312
Non-current borrowings	1,536	€ 3,583
Derivative instruments in designated hedge relationships
Borrowings and capital resources
Net debt	€ 1,316

Borrowings - Commercial paper p

Borrowings - Commercial paper programmes (Details) € in Millions, $ in Billions	Mar. 31, 2022EUR (€)	Mar. 31, 2022USD ($)	Mar. 31, 2021EUR (€)
Liquidity and capital resources
Borrowings drawn	€ 70,092		€ 67,760
Commercial paper programme
Liquidity and capital resources
Borrowing capacity	3,600	$ 4
US commercial paper programme
Liquidity and capital resources
Borrowing capacity	13,500	$ 15
Euro commercial paper programme
Liquidity and capital resources
Borrowing capacity	10,000
Syndicated bank facilities
Liquidity and capital resources
Borrowing capacity	4,000
Borrowings drawn	€ 0

Borrowings - Bonds and Own shar

Borrowings - Bonds and Own shares (Details) € / shares in Units, € in Millions, ¥ in Billions, £ in Billions, kr in Billions, SFr in Billions, $ in Billions, $ in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2022EUR (€)	Mar. 31, 2021EUR (€)shares	Mar. 31, 2022GBP (£)shares	Mar. 31, 2022EUR (€)shares	Mar. 31, 2022USD ($)shares	Mar. 31, 2022AUD ($)shares	Mar. 31, 2022HKD ($)shares	Mar. 31, 2022NOK (kr)shares	Mar. 31, 2022CHF (SFr)shares	Mar. 31, 2022JPY (¥)shares	Mar. 12, 2019GBP (£)	Mar. 12, 2019EUR (€)€ / shares
Liquidity and capital resources
Borrowings		€ (67,760)		€ (70,092)
Maximum
Liquidity and capital resources
Treasury shares | shares		2,043,732,147	1,911,661,729	1,911,661,729	1,911,661,729	1,911,661,729	1,911,661,729	1,911,661,729	1,911,661,729	1,911,661,729
Percentage of issued share capital held as treasury shares	6.60%	7.10%
Euro medium-term note programme
Liquidity and capital resources
Borrowing capacity				€ 30,000
Bonds
Liquidity and capital resources
Notional amount				46,700
Repurchase of own bonds	€ 2,100
Bonds | Vantage Towers AG
Liquidity and capital resources
Borrowing capacity				5,000
Borrowings				(2,200)
Bonds | US Dollar
Liquidity and capital resources
Bonds issued | $					$ 25.3
Bonds | Euro
Liquidity and capital resources
Bonds issued				€ 16,200
Bonds | Sterling
Liquidity and capital resources
Bonds issued | £			£ 3
Bonds | Australia, Dollars
Liquidity and capital resources
Bonds issued | $						$ 1.2
Bonds | Hong Kong, Dollars
Liquidity and capital resources
Bonds issued | $							$ 2.1
Bonds | Norway, Krone
Liquidity and capital resources
Bonds issued | kr								kr 2.2
Bonds | Switzerland, Francs
Liquidity and capital resources
Bonds issued | SFr									SFr 0.7
Bonds | Japanese government securities
Liquidity and capital resources
Bonds issued | ¥										¥ 10
US shelf programme
Liquidity and capital resources
Notional amount | $					$ 2.5
Convertible bonds
Liquidity and capital resources
Bonds issued | £											£ 3.4
Notional amount											3.4	€ 3,800
Financial liabilities at fair value											0.1	€ 100
Bonds mature between 2020 and 2059 | Minimum.
Liquidity and capital resources
Borrowing interest rate		0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Bonds mature between 2020 and 2059 | Maximum
Liquidity and capital resources
Borrowing interest rate		7.875%	7.875%	7.875%	7.875%	7.875%	7.875%	7.875%	7.875%	7.875%
Convertible bonds maturing on 12 March 2021
Liquidity and capital resources
Bonds issued | £											£ 1.7
Borrowing interest rate											1.20%	1.20%
Conversion price | € / shares												€ 1.2055
Convertible bonds maturing on 12 March 2022
Liquidity and capital resources
Bonds issued | £											£ 1.7
Borrowing interest rate											1.50%	1.50%
Conversion price | € / shares												€ 1.1326

Capital and financial risk ma_3

Capital and financial risk management - Capital management (Details) - EUR (€) € in Millions, shares in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Fair value of financial instruments
Borrowings (note 21)	€ 70,092	€ 67,760
Cash and cash equivalents (Note 19)	(7,496)	(5,821)
Derivative financial instruments included in trade and other receivables	(4,626)	(3,151)
Derivative financial instruments included in trade and other payables	1,672	4,010
Investments	(7,931)	(9,159)
Collateral assets (note 13)	(698)	(3,107)
Financial liabilities under put option arrangements	494	492
Equity shareholders' funds	56,977	57,816	€ 62,625	€ 63,188
Capital	€ 111,620	€ 113,992
Number of shares equivalent in cash at settlement	1,452	2,494
Maximum payable under guarantees	€ 1,341	€ 1,503
Provision of guarantees by entity	0
Purchased outstanding supplier invoices	2,400	2,300
Short-term investments
Fair value of financial instruments
Investments	€ (4,795)	€ (4,007)

Capital and financial risk ma_4

Capital and financial risk management - Financial risk management (Details) € in Millions	12 Months Ended
	Mar. 31, 2022EUR (€)item	Mar. 31, 2021EUR (€)
Capital and financial risk management
Number of times per year the treasury risk committee meets | item	3
Bonds subject to financial covenant ratios	€ 0
Bonds having change of control clause	€ 38,000	€ 37,000

Capital and financial risk ma_5

Capital and financial risk management - Financial risk management - Combined cash and cash equivalent and short term investments and Undrawn revolving credit facilities (Details) - EUR (€) € in Billions	Mar. 31, 2022	Mar. 31, 2021
Capital and financial risk management
Combined cash and cash equivalent and short term investments	€ 12.3
Undrawn revolving credit facilities	8.2	€ 8
Revolving credit facility
Capital and financial risk management
Undrawn revolving credit facilities	€ 7.6

Capital and financial risk ma_6

Capital and financial risk management - Credit risk - Maximum exposure to credit risk (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Capital and financial risk management
Guaranteed amount on sale of trade receivables	€ 1,341	€ 1,503
Credit risk
Capital and financial risk management
Maximum exposure to credit risk	34,389	32,111
Credit risk | Cash at bank and in hand
Capital and financial risk management
Maximum exposure to credit risk	2,220	2,705
Credit risk | Money Market funds
Capital and financial risk management
Maximum exposure to credit risk	5,276	3,116
Credit risk | Managed investment funds.
Capital and financial risk management
Maximum exposure to credit risk	3,349	2,954
Credit risk | Current bonds and debt securities
Capital and financial risk management
Maximum exposure to credit risk	1,446	1,053
Credit risk | Non-current debt securities
Capital and financial risk management
Maximum exposure to credit risk	930	797
Credit risk | Collateral assets
Capital and financial risk management
Maximum exposure to credit risk	698	3,107
Credit risk | Other investments (note 13)
Capital and financial risk management
Maximum exposure to credit risk	2,438	2,045
Credit risk | Derivative financial instruments
Capital and financial risk management
Maximum exposure to credit risk	4,626	3,151
Credit risk | Trade receivables
Capital and financial risk management
Maximum exposure to credit risk	6,083	5,924
Credit risk | Contract assets and other receivables
Capital and financial risk management
Maximum exposure to credit risk	4,457	4,531
Credit risk | Performance bonds and other guarantees
Capital and financial risk management
Maximum exposure to credit risk	€ 2,866	€ 2,728

Capital and financial risk ma_7

Capital and financial risk management - Credit risk - Financing activities - General information (Details) - Credit risk	Mar. 31, 2022item
Capital and financial risk management
Maximum investment in AAA unsecured money market mutual funds (as a percent)	10.00%
Number of managed investment funds	2

Capital and financial risk ma_8

Capital and financial risk management - Credit risk - Financing activities - Cash collateral (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Credit risk
Capital and financial risk management
Cash collateral	€ 2,914	€ 962

Capital and financial risk ma_9

Capital and financial risk management - Credit risk - Operating activities - General information (Details)	12 Months Ended
	Mar. 31, 2022
Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Measurement period of expected credit losses	24 months

Capital and financial risk m_10

Capital and financial risk management - Credit risk - Operating activities - Movements in allowance for expected credit losses (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contract assets and other receivables
Capital and financial risk management
Allowance for expected credit losses at beginning of period	€ 101	€ 137
Exchange movements	1	2
Amounts charged to credit losses on financial assets	114	63
Other	(133)	(101)
Allowance for expected credit losses at end of period	83	101
Trade receivables | Amortised cost
Capital and financial risk management
Allowance for expected credit losses at beginning of period	1,480	1,431
Exchange movements	(70)	(47)
Amounts charged to credit losses on financial assets	394	592
Other	(462)	(496)
Allowance for expected credit losses at end of period	1,342	1,480
Trade receivables | FVOCI
Capital and financial risk management
Allowance for expected credit losses at beginning of period	57	51
Amounts charged to credit losses on financial assets	53	9
Other	(2)	(3)
Allowance for expected credit losses at end of period	€ 108	€ 57

Capital and financial risk m_11

Capital and financial risk management - Credit risk - Operating activities - Trade receivables past due (Details) - Trade receivables - Amortised cost - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Credit risk for trade receivables
Financial assets	€ 3,334	€ 3,677
Gross carrying amount
Credit risk for trade receivables
Financial assets	4,676	5,157
Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(1,342)	(1,480)
Current
Credit risk for trade receivables
Financial assets	2,288	2,538
Current | Gross carrying amount
Credit risk for trade receivables
Financial assets	2,411	2,568
Current | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(123)	(30)
30 days or less
Credit risk for trade receivables
Financial assets	567	645
30 days or less | Gross carrying amount
Credit risk for trade receivables
Financial assets	650	717
30 days or less | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(83)	(72)
Between 31 and 60 days
Credit risk for trade receivables
Financial assets	129	115
Between 31 and 60 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	182	177
Between 31 and 60 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(53)	(62)
Between 61 and 180 days
Credit risk for trade receivables
Financial assets	200	194
Between 61 and 180 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	390	405
Between 61 and 180 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(190)	(211)
Greater than 180 days
Credit risk for trade receivables
Financial assets	150	185
Greater than 180 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	1,043	1,290
Greater than 180 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	€ (893)	€ (1,105)

Capital and financial risk m_12

Capital and financial risk management - Liquidity risk - Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Capital and financial risk management
Cash and cash equivalents	€ 7,496	€ 5,821

Capital and financial risk m_13

Capital and financial risk management - Liquidity risk - Borrowings (Details) € in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2022EUR (€)	Mar. 31, 2022USD ($)	Mar. 31, 2021EUR (€)
Borrowings and capital resources
Undrawn revolving credit facilities	€ 8.2		€ 8
Minimum
Borrowings and capital resources
Long-term borrowings maturity (in years)	1 year
Maximum
Borrowings and capital resources
Long-term borrowings maturity (in years)	37 years
Revolving credit facility
Borrowings and capital resources
Undrawn revolving credit facilities	€ 7.6
Revolving credit facility | Maximum | US Dollar
Borrowings and capital resources
Principal amount		$ 4	€ 3.6
Revolving credit facility | Maximum | Euro
Borrowings and capital resources
Principal amount	€ 4

Capital and financial risk m_14

Capital and financial risk management - Liquidity risk - Maturity profile for non-derivative financial liabilities - Tabular disclosure (Details) - Liquidity risk - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 110,089	€ 105,266
Effect of discount/financing rates	(23,085)	(22,155)
Anticipated future cash flows, net	87,004	83,111
Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	31,106	25,687
In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,858	8,269
In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,163	8,464
In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	7,526	4,580
In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,523	7,023
In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	47,913	51,243
Trade payables and other financial liabilities
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	16,913	15,353
Effect of discount/financing rates	(1)	(2)
Anticipated future cash flows, net	16,912	15,351
Trade payables and other financial liabilities | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	16,884	15,304
Trade payables and other financial liabilities | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	29	49
Bank loans and Commercial paper
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,372	1,486
Effect of discount/financing rates	(55)	(67)
Anticipated future cash flows, net	1,317	1,419
Bank loans and Commercial paper | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	700	674
Bank loans and Commercial paper | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	33	174
Bank loans and Commercial paper | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	411	440
Bank loans and Commercial paper | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2	173
Bank loans and Commercial paper | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	205	2
Bank loans and Commercial paper | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	21	23
Bonds
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	69,058	66,895
Effect of discount/financing rates	(21,027)	(20,010)
Anticipated future cash flows, net	48,031	46,885
Bonds | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,569	3,774
Bonds | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,190	3,329
Bonds | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,786	5,964
Bonds | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,746	2,784
Bonds | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,253	5,506
Bonds | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	43,514	45,538
Lease liabilities.
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	14,286	14,691
Effect of discount/financing rates	(1,747)	(1,659)
Anticipated future cash flows, net	12,539	13,032
Lease liabilities. | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,130	3,419
Lease liabilities. | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,189	2,142
Lease liabilities. | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,759	1,661
Lease liabilities. | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,579	1,457
Lease liabilities. | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,387	1,316
Lease liabilities. | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,242	4,696
Other borrowings
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,460	6,841
Effect of discount/financing rates	(255)	(417)
Anticipated future cash flows, net	8,205	6,424
Other borrowings | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,823	2,516
Other borrowings | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	417	2,575
Other borrowings | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	207	399
Other borrowings | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	199	166
Other borrowings | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	678	199
Other borrowings | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	136	986
Total borrowings
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	93,176	89,913
Effect of discount/financing rates	(23,084)	(22,153)
Anticipated future cash flows, net	70,092	67,760
Total borrowings | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	14,222	10,383
Total borrowings | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,829	8,220
Total borrowings | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,163	8,464
Total borrowings | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	7,526	4,580
Total borrowings | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,523	7,023
Total borrowings | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 47,913	€ 51,243

Capital and financial risk m_15

Capital and financial risk management - Liquidity risk - Maturity profile for non-derivative financial liabilities - Additional information (Details) - Liquidity risk € in Millions, £ in Billions	12 Months Ended
	Mar. 31, 2021GBP (£)	Mar. 31, 2022EUR (€)	Mar. 31, 2021EUR (€)
Non-derivative financial liabilities
Mandatorily convertible bonds		€ 0	€ 30
Conversion of principal amount recognised in equity | £	£ 1.7
Within one year
Non-derivative financial liabilities
Spectrum licence payables		2,319	381
Cash collateral		2,914	962
In more than one year but less than two years
Non-derivative financial liabilities
Spectrum licence payables		165	2,171
In more than two years but less than three years
Non-derivative financial liabilities
Spectrum licence payables		199	165
In more than three years but less than four years
Non-derivative financial liabilities
Spectrum licence payables		199	165
In more than four years but less than five years
Non-derivative financial liabilities
Spectrum licence payables		662	199
In more than five years
Non-derivative financial liabilities
Spectrum licence payables		€ 136	€ 986

Capital and financial risk m_16

Capital and financial risk management - Liquidity risk - Maturity profile for derivative financial liabilities (Details) - Liquidity risk - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Financial derivatives
Financial derivatives, payable	€ (60,321)	€ (64,562)
Financial derivatives, receivable	69,159	70,487
Financial derivatives	8,838	5,925
Effect of discount/financing rates	(5,884)	(6,784)
Financial derivative net receivable/(payable)	2,954	(859)
Within one year
Financial derivatives
Financial derivatives, payable	(12,671)	(16,218)
Financial derivatives, receivable	13,470	16,864
Financial derivatives	799	646
In more than one year but less than two years
Financial derivatives
Financial derivatives, payable	(5,897)	(3,121)
Financial derivatives, receivable	6,399	3,723
Financial derivatives	502	602
In more than two years but less than three years
Financial derivatives
Financial derivatives, payable	(2,584)	(5,623)
Financial derivatives, receivable	3,158	5,978
Financial derivatives	574	355
In more than three years but less than four years
Financial derivatives
Financial derivatives, payable	(3,373)	(2,518)
Financial derivatives, receivable	3,864	2,903
Financial derivatives	491	385
In more than four years but less than five years
Financial derivatives
Financial derivatives, payable	(1,699)	(3,305)
Financial derivatives, receivable	2,139	3,620
Financial derivatives	440	315
In more than five years
Financial derivatives
Financial derivatives, payable	(34,097)	(33,777)
Financial derivatives, receivable	40,129	37,399
Financial derivatives	€ 6,032	€ 3,622

Capital and financial risk m_17

Capital and financial risk management - Market risk - Interest rate management (Details) - Interest rate risk - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	1.00%
Increase in profit before tax due to reasonably possible increase in designated risk component	€ 420	€ 782

Capital and financial risk m_18

Capital and financial risk management - Market risk - Foreign exchange risk management - General information (Details) - Foreign exchange risk - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	11.00%
Minimum foreign exchange transaction exposure per currency per month period	€ 5
Minimum foreign exchange transaction exposure per currency over six month period	€ 15
Sterling
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	6.00%
South African rand
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	4.00%
Percentage of sensitivity to foreign exchange movements on hedging liabilities strengthening	13.00%	15.00%
Decrease in equity due to sensitivity to foreign exchange movements	€ 221	€ 285
Increase in equity due to sensitivity to foreign exchange movements	€ 371	€ 469
Percentage of reasonably possible increase in risk assumption	5.00%	6.00%
Other currency
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	1.00%

Capital and financial risk m_19

Capital and financial risk management - Market risk - Foreign exchange risk management - Tabular disclosure (Details) - Currency appreciation risk - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
South African rand
Capital and financial risk management
Operating profit	€ 134	€ 152
Percentage of retranslation for operating profit	13.00%	15.00%
Turkey & Romania
Capital and financial risk management
Operating profit	€ 83	€ 87
Percentage of retranslation for operating profit	39.00%	26.00%
Sterling
Capital and financial risk management
Operating profit	€ (67)	€ (23)
Percentage of retranslation for operating profit	2.00%	3.00%

Capital and financial risk m_20

Capital and financial risk management - Equity risk (Details) - Equity risk - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	7.00%	7.00%
Increase Decrease in profit before tax due to reasonably possible increase in designated risk component	€ 36	€ 283

Capital and financial risk m_21

Capital and financial risk management - Changes in assets and liabilities arising from financing activities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	€ 69,602	€ 72,536
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	2,548	4,359
Repayment of borrowings	(8,248)	(12,237)
Net movement in short-term borrowings	3,002	(2,791)
Net movement in derivatives	(293)	279
Interest paid	(1,804)	(2,152)
Purchase of treasury shares		(62)
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	(2,087)	(1,482)
Non-cash movements
Fair value movements	(2,631)	3,585
Foreign exchange	441	(54)
Interest costs	1,960	2,047
Lease additions	3,410	4,578
Acquisitions of subsidiaries		234
Other	3,230	762
Collateral pledged as initial margin that does not offset against existing mark to market balances	330	913
Balance at the end	69,130	69,602
Total borrowings
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	67,760	74,925
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	2,548	4,359
Repayment of borrowings	(8,248)	(12,237)
Net movement in short-term borrowings	3,002	(2,791)
Interest paid	(2,246)	(2,421)
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0
Non-cash movements
Fair value movements	0	(9)
Foreign exchange	1,386	(1,480)
Interest costs	2,356	2,459
Lease additions	3,410	4,578
Acquisitions of subsidiaries		234
Other	124	143
Balance at the end	70,092	67,760
Derivative assets and liabilities
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	859	(4,409)
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Net movement in derivatives	(293)	279
Interest paid	469	452
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0
Non-cash movements
Fair value movements	(2,631)	3,594
Foreign exchange	(930)	1,428
Interest costs	(428)	(485)
Lease additions	0	0
Other		0
Balance at the end	(2,954)	859
Financial liabilities under put options
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	492	1,850
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Interest paid	(17)	(141)
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0	(1,482)
Non-cash movements
Fair value movements	0
Interest costs	19	62
Lease additions	0	0
Other		203
Balance at the end	494	492
Other liabilities
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	491	170
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Interest paid	(10)	(42)
Purchase of treasury shares		(62)
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	(2,087)
Non-cash movements
Fair value movements	0
Foreign exchange	(15)	(2)
Interest costs	13	11
Lease additions	0	0
Other	3,106	416
Balance at the end	€ 1,498	€ 491

Capital and financial risk m_22

Capital and financial risk management - Risk management strategy of hedge relationships - Tabular disclosure (Details)	12 Months Ended
	Mar. 31, 2022EUR (€)$ / €£ / €$ / €¥ / €R / €$ / €kr / €SFr / €	Mar. 31, 2021EUR (€)¥ / €SFr / €$ / €$ / €kr / €£ / €$ / €
Risk management strategy of hedge relationships
Notional amount	28,621,000,000	26,448,000,000
Carrying value assets	€ 2,904,000,000	€ 830,000,000
Carrying value liabilities	363,000,000	1,392,000,000
Other comprehensive income
Opening balance	(1,823,000,000)	3,171,000,000
(Gain)/Loss deferred to OCI	3,530,000,000	(6,220,000,000)
Gain/(Loss) recycled to financing costs	(1,422,000,000)	1,226,000,000
Closing balance	285,000,000	(1,823,000,000)
Net ineffectiveness on the fair value hedges, recognised in the income statement	€ 760,000,000	774,000,000
Foreign exchange risk
Risk management strategy of hedge relationships
Notional amount	98,000,000
Other comprehensive income
Weighted average FX rate	12.45%
Weighted average Euro interest rate	10.95%
Foreign exchange risk | Euro
Risk management strategy of hedge relationships
Notional amount	146,000,000
Foreign exchange risk | US Dollar
Risk management strategy of hedge relationships
Notional amount	109,000,000
Cash flow hedges
Other comprehensive income
Loss from foreign currency basis outside the cash flow and net investment hedge relationships	€ 1,318,000,000	€ 1,164,000,000
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | US dollar bonds
Risk management strategy of hedge relationships
Notional amount	20,995,000,000	18,995,000,000
Carrying value assets	€ 2,745,000,000	€ 621,000,000
Carrying value liabilities	10,000,000	1,070,000,000
Other comprehensive income
Opening balance	(501,000,000)	3,922,000,000
(Gain)/Loss deferred to OCI	3,257,000,000	(5,900,000,000)
Gain/(Loss) recycled to financing costs	(1,272,000,000)	1,477,000,000
Closing balance	€ 1,484,000,000	€ (501,000,000)
Average FX rate | $ / €	1.18	1.18
Average euro interest rate	2.76%	2.82%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Australian dollar bonds
Risk management strategy of hedge relationships
Notional amount	736,000,000	736,000,000
Carrying value assets	€ 50,000,000	€ 38,000,000
Other comprehensive income
Opening balance	24,000,000	26,000,000
(Gain)/Loss deferred to OCI	12,000,000	102,000,000
Gain/(Loss) recycled to financing costs	(31,000,000)	(104,000,000)
Closing balance	€ 5,000,000	€ 24,000,000
Average FX rate | $ / €	1.56	1.56
Average euro interest rate	0.92%	0.92%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Swiss franc bonds
Risk management strategy of hedge relationships
Notional amount	624,000,000	624,000,000
Carrying value assets	€ 16,000,000
Carrying value liabilities	1,000,000	€ 45,000,000
Other comprehensive income
Opening balance	(30,000,000)	(28,000,000)
(Gain)/Loss deferred to OCI	59,000,000	(28,000,000)
Gain/(Loss) recycled to financing costs	(49,000,000)	26,000,000
Closing balance	€ (20,000,000)	€ (30,000,000)
Average FX rate | SFr / €	1.08	1.08
Average euro interest rate	1.26%	1.26%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Pound sterling bonds
Risk management strategy of hedge relationships
Notional amount	3,498,000,000	2,585,000,000
Carrying value assets	€ 61,000,000	€ 40,000,000
Carrying value liabilities	145,000,000	199,000,000
Other comprehensive income
Opening balance	(323,000,000)	(94,000,000)
(Gain)/Loss deferred to OCI	239,000,000	(1,000,000)
Gain/(Loss) recycled to financing costs	(25,000,000)	(228,000,000)
Closing balance	€ (109,000,000)	€ (323,000,000)
Average FX rate | £ / €	0.86	0.89
Average euro interest rate	2.97%	2.59%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Hong Kong dollar bonds
Risk management strategy of hedge relationships
Notional amount	233,000,000	233,000,000
Carrying value assets	€ 8,000,000
Carrying value liabilities	3,000,000	€ 13,000,000
Other comprehensive income
Opening balance	(13,000,000)	4,000,000
(Gain)/Loss deferred to OCI	18,000,000	(34,000,000)
Gain/(Loss) recycled to financing costs	(12,000,000)	17,000,000
Closing balance	€ (7,000,000)	€ (13,000,000)
Average FX rate | $ / €	9.08	9.08
Average euro interest rate	1.48%	1.48%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Japanese yen bonds
Risk management strategy of hedge relationships
Notional amount	78,000,000	78,000,000
Carrying value liabilities	€ 6,000,000	€ 12,000,000
Other comprehensive income
Opening balance	(11,000,000)	(6,000,000)
(Gain)/Loss deferred to OCI	7,000,000	(13,000,000)
Gain/(Loss) recycled to financing costs	2,000,000	8,000,000
Closing balance	€ (2,000,000)	€ (11,000,000)
Average FX rate | ¥ / €	128.53	128.53
Average euro interest rate	2.47%	2.47%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Norwegian krona bonds
Risk management strategy of hedge relationships
Notional amount	241,000,000	241,000,000
Carrying value liabilities	€ 16,000,000	€ 22,000,000
Other comprehensive income
Opening balance	(3,000,000)	3,000,000
(Gain)/Loss deferred to OCI	7,000,000	23,000,000
Gain/(Loss) recycled to financing costs	(7,000,000)	(29,000,000)
Closing balance	€ (3,000,000)	€ (3,000,000)
Average FX rate | kr / €	9.15	9.15
Average euro interest rate	1.12%	1.12%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Foreign exchange forwards [Member]
Risk management strategy of hedge relationships
Notional amount	244,000,000
Carrying value liabilities	€ 69,000,000
Other comprehensive income
(Gain)/Loss deferred to OCI	72,000,000
Gain/(Loss) recycled to financing costs	(3,000,000)
Closing balance	€ 69,000,000
Average FX rate	12.34
Cash flow hedges | Foreign currency and interest rate risk | Currency swap contract | US dollar bonds
Risk management strategy of hedge relationships
Notional amount	417,000,000	417,000,000
Carrying value assets	€ 24,000,000
Carrying value liabilities		€ 8,000,000
Other comprehensive income
Opening balance	(8,000,000)	(18,000,000)
(Gain)/Loss deferred to OCI	33,000,000	(52,000,000)
Gain/(Loss) recycled to financing costs	(24,000,000)	62,000,000
Closing balance	€ 1,000,000	€ (8,000,000)
Average FX rate | $ / €	1.17	1.17
Average euro interest rate	1.07%	1.07%
Cash flow hedges | Interest rate risk | Interest rate swaps | Euro loans
Risk management strategy of hedge relationships
Notional amount		568,000,000
Other comprehensive income
Opening balance	€ 1,000,000	€ (7,000,000)
(Gain)/Loss deferred to OCI		11,000,000
Gain/(Loss) recycled to financing costs	(1,000,000)	(3,000,000)
Closing balance		€ 1,000,000
Average euro interest rate		1.21%
Fair value hedges
Other comprehensive income
Loss from foreign currency basis outside the cash flow and net investment hedge relationships	66,000,000	€ 76,000,000
Fair value hedges | Interest rate risk
Other comprehensive income
Gain from foreign currency basis outside the cash flow and net investment hedge relationships		€ 8,000,000
Fair value hedges | Interest rate risk | Cross currency and foreign exchange swaps | Eurobonds
Risk management strategy of hedge relationships
Notional amount		186,000,000
Carrying value assets		€ 131,000,000
Net investment hedge
Other comprehensive income
Gain from foreign currency basis outside the cash flow and net investment hedge relationships	€ 1,000,000	€ 2,000,000
Net investment hedge | Foreign exchange risk | Cross currency and foreign exchange swaps | South African rand investment
Risk management strategy of hedge relationships
Notional amount	1,555,000,000	1,785,000,000
Carrying value liabilities	€ 113,000,000	€ 23,000,000
Other comprehensive income
Opening balance	(959,000,000)	(631,000,000)
(Gain)/Loss deferred to OCI	(174,000,000)	(328,000,000)
Closing balance	€ (1,133,000,000)	€ (959,000,000)
Average FX rate	17.29	17.30
Average euro interest rate	0.31%	0.31%

Capital and financial risk m_23

Capital and financial risk management - Net financial instruments - Derivative financial assets (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Derivative financial assets, Gross amount	€ 2,954
Derivative financial assets, Amounts presented in balance sheet	2,954
Derivative financial assets, Cash collateral	(2,546)
Derivative financial assets, Net amount	408
Gross amount		€ (859)
Amounts presented in balance sheet		(859)
Cash collateral		1,232
Net amount		373
Derivative financial liabilities
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Derivative financial assets, Net amount	61	173
Derivative financial liabilities, Gross amount	(1,672)	(4,010)
Derivative financial liabilities, Amounts presented in balance sheet	(1,672)	(4,010)
Derivative financial liabilities, Right of set off with derivative counterparties	1,365	1,989
Derivative financial liabilities, Cash collateral	368	2,194
Derivative financial assets
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Derivative financial assets, Gross amount	4,626	3,151
Derivative financial assets, Amounts presented in balance sheet	4,626	3,151
Derivative financial assets, Right of set off with derivative counterparties	(1,365)	(1,989)
Derivative financial assets, Cash collateral	(2,914)	(962)
Derivative financial assets, Net amount	€ 347	€ 200

Capital and financial risk m_24

Capital and financial risk management - Risk management strategy of hedge relationships - Additional information (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Risk management strategy of hedge relationships
Net ineffectiveness on the fair value hedges, recognised in the income statement	€ 760	€ 774
Fair value hedges
Risk management strategy of hedge relationships
Loss from foreign currency basis outside the cash flow and net investment hedge relationships	66	76
Cash flow hedges
Risk management strategy of hedge relationships
Loss from foreign currency basis outside the cash flow and net investment hedge relationships	1,318	1,164
Net investment hedge
Risk management strategy of hedge relationships
Gain from foreign currency basis outside the cash flow and net investment hedge relationships	€ 1	2
Interest rate risk | Fair value hedges
Risk management strategy of hedge relationships
Gain from foreign currency basis outside the cash flow and net investment hedge relationships		€ 8

Directors and key management _3

Directors and key management compensation - Directors (Details) € in Millions	12 Months Ended
	Mar. 31, 2022EUR (€)director	Mar. 31, 2021EUR (€)director	Mar. 31, 2020EUR (€)director
Directors and key management compensation
Salaries and fees	€ 4	€ 4	€ 4
Incentive schemes	3	3	2
Other benefits			1
Total	€ 7	€ 7	€ 7
Number of directors made gain on exercise of share options before tax | director	0	0	0

Directors and key management _4

Directors and key management compensation - Key management compensation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Directors and key management compensation
Short-term employee benefits	€ 28	€ 28	€ 27
Share-based payments	8	11	7
Total	€ 36	39	34
Decrease amount of previously disclosed		€ 12	€ 23

Employees (Details)

Employees (Details) € in Millions	12 Months Ended
	Mar. 31, 2022EUR (€)employee	Mar. 31, 2021EUR (€)employee	Mar. 31, 2020EUR (€)employee
Employees
Operations	15,404	14,893	14,616
Selling and distribution	25,499	26,874	28,133
Customer care and administration	56,038	54,739	52,470
Total number of employees	96,941	96,506	95,219
Costs incurred in respect of employees
Wages and salaries | €	€ 4,469	€ 4,238	€ 4,571
Social security costs | €	578	549	531
Other pension costs (note 25) | €	168	235	226
Share-based payments (note 26) | €	119	135	134
Total | €	€ 5,334	€ 5,157	€ 5,462
Germany segment
Employees
Total number of employees	15,256	15,798	15,199
Italy
Employees
Total number of employees	5,765	5,818	5,980
Spain, segment [Member]
Employees
Total number of employees	4,194	4,257	4,316
UK
Employees
Total number of employees	9,198	9,584	10,295
Other Europe
Employees
Total number of employees	15,106	15,460	14,646
Vodacom
Employees
Total number of employees	7,973	7,810	7,773
Other Markets
Employees
Total number of employees	9,336	9,498	10,515
Vantage Towers
Employees
Total number of employees	502
Common Functions
Employees
Total number of employees	29,611	28,281	26,495

Post employment benefits - Inco

Post employment benefits - Income statement expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Post employment benefits
Defined contribution plans	€ 197	€ 204	€ 180
Defined benefit plans	(29)	31	46
Total amount charged to income statement	€ 168	€ 235	€ 226

Post employment benefits - Defi

Post employment benefits - Defined benefit plans (Details) € in Millions, £ in Millions	Sep. 04, 2020GBP (£)	Sep. 04, 2020EUR (€)	Mar. 31, 2022EUR (€)	Mar. 31, 2021EUR (€)	Mar. 31, 2019GBP (£)	Mar. 31, 2019EUR (€)
Defined benefit pension plan
Post employment benefits
Plan (deficit) or surplus			€ 378	€ (336)
Contributions to be paid in next fiscal year			49
Vodafone UK plan | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus					£ (78)	€ (90)
Vodafone section
Post employment benefits
Plan (deficit) or surplus			233	(159)
Contribution to plan by employer due to deficit in actuarial valuation	£ 80	€ 90
Vodafone section | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus					(173)	(200)
CWW section
Post employment benefits
Plan (deficit) or surplus			€ 285	€ 60
CWW section | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus					£ 95	€ 110

Post employment benefits - Actu

Post employment benefits - Actuarial assumptions (Details) € in Millions	12 Months Ended
	Mar. 31, 2022EUR (€)age	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)
Post employment benefits
Total post-employment benefit expense in profit or loss, defined benefit plans	€ (29)	€ 31	€ 46
Actuarial (losses)/gains recognised in the SOCI	€ 483	€ (555)	€ 526
Defined benefit pension plan
Post employment benefits
Rate of inflation (as a percent)	3.30%	2.90%	2.20%
Rate of increase in salaries (as a percent)	3.10%	2.70%	2.50%
Discount rate (as a percent)	2.50%	1.80%	2.00%
Number of years pension will be available for male pensioner	23 years 4 months 24 days	23 years 4 months 24 days
Number of years pension will be available for female pensioner	25 years 4 months 24 days	25 years 4 months 24 days
Current retirement age for pensioner	65 years
Number of years pension will be available for male non-pensioner	25 years 4 months 24 days	25 years 4 months 24 days
Number of years pension will be available for female non-pensioner	27 years 6 months	27 years 4 months 24 days
Retirement age for availing pension by non-pensioner | age	65
Current eligible age for availing pension by non-pensioner | age	40
Current service cost	€ 38	€ 37	€ 37
Net past service (credit)/costs	(71)	2
Net interest charge/(income)	4	(8)	9
Total post-employment benefit expense in profit or loss, defined benefit plans	(29)	31	46
Actuarial gains/(losses) recognised in the SOCI	627	€ (686)	€ 640
German plan
Post employment benefits
Net past service (credit)/costs	€ (49)

Post employment benefits - Dura

Post employment benefits - Duration of benefit obligations (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Post employment benefits
Weighted average duration of defined benefit obligation	21 years	21 years

Post employment benefits - Fair

Post employment benefits - Fair value of assets and present value of liabilities of schemes (Details) - Pension plans - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Post employment benefits
Balance at beginning of the period	€ 453	€ (152)
Service cost	(38)	(39)
Past service credit	(71)
Interest income/(cost)	4	(8)
Return on plan assets excluding interest income	58	466
Actuarial gains/(losses) arising from changes in demographic assumptions	7
Actuarial gains (losses) arising from changes in financial assumptions	483	(1,118)
Actuarial gain (losses) arising from experience adjustments	79	(34)
Employer cash contributions	60	125
Exchange rate movements	(7)	5
Other movements	(4)	8
Balance at end of the period	(274)	453
Assets.
Post employment benefits
Balance at beginning of the period	(7,632)	(6,906)
Interest income/(cost)	(140)	(137)
Return on plan assets excluding interest income	58	466
Employer cash contributions	60	125
Member cash contributions	17	10
Benefits paid	(241)	(243)
Exchange rate movements	(52)	(244)
Other movements	3	13
Balance at end of the period	(7,715)	(7,632)
Liabilities.
Post employment benefits
Balance at beginning of the period	8,085	6,754
Service cost	(38)	(39)
Past service credit	(71)
Interest income/(cost)	144	129
Actuarial gains/(losses) arising from changes in demographic assumptions	7
Actuarial gains (losses) arising from changes in financial assumptions	483	(1,118)
Actuarial gain (losses) arising from experience adjustments	79	(34)
Member cash contributions	(17)	(10)
Benefits paid	241	243
Exchange rate movements	45	249
Other movements	(7)	(5)
Balance at end of the period	€ 7,441	€ 8,085

Post employment benefits - Anal

Post employment benefits - Analysis of net assets/(deficit) (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Net surplus/(deficit) is analysed as:
Assets	€ 555	€ 60
Liabilities	(281)	(513)
Defined benefit pension plan
Analysis of net surplus/(deficit):
Total fair value of plan assets	7,715	7,632
Present value of funded plan liabilities	(7,337)	(7,968)
Net surplus/(deficit) for funded schemes	378	(336)
Present value of unfunded scheme liabilities	(104)	(117)
Net surplus/(deficit)	274	(453)
Net surplus/(deficit) is analysed as:
Assets	555	60
Liabilities	(281)	(513)
CWW section
Analysis of net surplus/(deficit):
Total fair value of plan assets	2,850	2,912
Present value of funded plan liabilities	(2,565)	(2,852)
Net surplus/(deficit) for funded schemes	285	60
Net surplus/(deficit) is analysed as:
Assets	285	60
Vodafone section
Analysis of net surplus/(deficit):
Total fair value of plan assets	3,399	3,298
Present value of funded plan liabilities	(3,166)	(3,457)
Net surplus/(deficit) for funded schemes	233	(159)
Net surplus/(deficit) is analysed as:
Assets	€ 233
Liabilities		€ (159)

Post employment benefits - Fa_2

Post employment benefits - Fair value of pension assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Post employment benefits
Investment fund	€ 1,161
Defined benefit pension plan
Post employment benefits
Cash and cash equivalents	55	€ 247
Investment fund	1,161	604
Total fair value of plan assets	7,715	7,632
Actual return on plan assets	198	603
Defined benefit pension plan | Level 1
Post employment benefits
Equity investments	849	1,376
Debt instruments	1,334	4,589
Property	29	26
Annuity policies	34	4
Defined benefit pension plan | Level 2
Post employment benefits
Equity investments	359	294
Debt instruments	317	559
Property	460	494
Derivatives	2,195	(1,557)
Annuity policies	€ 922	€ 996

Post employment benefits - Sens

Post employment benefits - Sensitivity analysis (Details) € in Millions	12 Months Ended
	Mar. 31, 2022EUR (€)
Life expectancy
Sensitivity analysis
Increase in actuarial assumption life expectancy (in Years)	1 year
Decrease in actuarial assumption life expectancy (in Years)	1 year
Defined benefit pension plan | Rate of inflation
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ (547)
Increase in actuarial assumption	€ 552
Defined benefit pension plan | Rate of increase in salaries
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ (1)
Increase in actuarial assumption	€ 1
Defined benefit pension plan | Discount rate
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ 770
Increase in actuarial assumption	(668)
Defined benefit pension plan | Life expectancy
Sensitivity analysis
Decrease in actuarial assumption	(248)
Increase in actuarial assumption	€ 248

Share-based payments - Accounti

Share-based payments - Accounting policies (Details)	12 Months Ended
	Mar. 31, 2022
Share-based payments
Maximum percentage of ordinary share capital issued under all plans	10.00%
Maximum percentage of ordinary share capital issued under plans other than all-employee basis	5.00%

Share-based payments - Share op

Share-based payments - Share options and Share plans (Details) £ / shares in Units, £ in Millions, Option in Millions	12 Months Ended
	Mar. 31, 2022GBP (£)Option£ / shares	Mar. 31, 2021Option£ / shares	Mar. 31, 2020Option£ / shares	Mar. 31, 2018Option
Share options and Share plans
Outstanding shares | Option	61	62	53	46
Movements in outstanding ordinary share options
Balance at the beginning of the period (in shares) | Option	62	53
Granted (in shares) | Option	20	35	39
Forfeited (in shares) | Option	(2)	(1)	(1)
Exercised (in shares) | Option	(1)
Expired (in shares) | Option	(18)	(25)	(31)
Balance at the end of the period (in shares) | Option	61	62	53
Weighted average exercise price:
Weighted average exercise price at the beginning of the period	£ 1.07	£ 1.19
Granted (per share)	0.95	1.03	£ 1.06
Forfeited (per share)	1.06	1.16	1.36
Exercised. (per share)	1.17	1.23	1.50
Expired (per share)	1.10	1.27	1.34
Weighted average exercise price at the end of the period	1.02	£ 1.07	£ 1.19
Minimum
Weighted average exercise price:
Weighted average exercise price at the end of the period	0.91
Maximum
Weighted average exercise price:
Weighted average exercise price at the end of the period	£ 1.89
Vodafone Sharesave Plan
Share options and Share plans
Monthly savings, amount | £	£ 375
Discount rate for share options	0.20
Vodafone Sharesave Plan | Minimum
Share options and Share plans
Share option vesting period	3 years
Vodafone Sharesave Plan | Maximum
Share options and Share plans
Share option vesting period	5 years

Share-based payments - Summary

Share-based payments - Summary of options outstanding (Details) Option in Millions	12 Months Ended
	Mar. 31, 2022Option£ / shares	Mar. 31, 2021Option£ / shares	Mar. 31, 2020Option£ / shares	Mar. 31, 2018Option£ / shares
Summary of options outstanding and exercisable
Outstanding shares | Option	61	62	53	46
Weighted average exercise price	£ 1.02	£ 1.07	£ 1.19	£ 1.40
Weighted average remaining contractual life	24 months	30 months
Minimum
Summary of options outstanding and exercisable
Weighted average exercise price	£ 0.91
Maximum
Summary of options outstanding and exercisable
Weighted average exercise price	£ 1.89

Share-based payments - Share aw

Share-based payments - Share awards and Other information (Details) £ / shares in Units, EquityInstruments in Millions	12 Months Ended
	Mar. 31, 2022GBP (£)EquityInstruments£ / shares	Mar. 31, 2021GBP (£)EquityInstruments£ / shares	Mar. 31, 2020GBP (£)EquityInstruments£ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation cost	£ 119,000,000	£ 135,000,000	£ 134,000,000
Average share price | £ / shares	£ 1.221	£ 1.208	£ 1.359
Share awards plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at the beginning of the period (in shares) | EquityInstruments	267	245	200
Granted (in shares) | EquityInstruments	113	108	135
Vested (in shares) | EquityInstruments	(68)	(56)	(44)
Forfeited (in shares) | EquityInstruments	(42)	(30)	(46)
Balance at the end of the period (in shares) | EquityInstruments	270	267	245
Weighted average fair value at the beginning of the period	£ 1.20	£ 1.41	£ 1.92
Granted (per share)	1.17	0.99	1
Vested (per share)	1.44	1.56	2.10
Forfeited (per share)	1.52	1.10	1.76
Weighted average fair value at the end of the period	1.07	1.20	1.41
Total fair value of shares vested during period	£ 98,000,000	£ 108,000,000	£ 92,000,000

Acquisitions and disposals - Ac

Acquisitions and disposals - Acquisitions (Details) € in Millions	12 Months Ended
	Mar. 31, 2021EUR (€)
Other acquisitions
Other matters
Consideration paid for acquisitions completed in prior periods	€ 138
Business combinations during fiscal 2021
Other matters
Cash transferred	13
Net cash acquired	(2)
Total cash consideration paid and net cash acquired	136
Consideration transferred consisting of equity instruments	178
Fair value of goodwill	82
Fair value of identifiable assets	468
Fair value of liabilities	312
Non-controlling interests recognised	€ 60

Acquisitions and disposals - Ag

Acquisitions and disposals - Aggregate cash consideration of disposal of subsidiaries (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure of detailed information about business combination [line items]
Cash consideration received	€ 157	€ 4,427
Net cash disposed	1
Vodafone New Zealand Limited
Disclosure of detailed information about business combination [line items]
Cash consideration received	(37)
Tower infrastructure in Italy
Disclosure of detailed information about business combination [line items]
Cash consideration received	192
Other disposals
Disclosure of detailed information about business combination [line items]
Cash consideration received	€ 3

Acquisitions and disposals - Ot

Acquisitions and disposals - Other transactions with non-controlling shareholders in subsidiaries (Details) - EUR (€) € in Millions	Mar. 25, 2021	Mar. 18, 2021	Apr. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid)				€ 189	€ 1,663
Vantage Towers AG
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid)				€ 217	2,000
Proceeds from IPO		€ 2,000	€ 217
Proportion of ownership interest in subsidiary				81.74%
Vantage Towers Greece
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid)					(288)
Payments for acquisition of non-controlling interests	€ 288
Percentage of non-controlling interests acquired	38.00%
Proportion of ownership interest in subsidiary	100.00%
Other
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid)				€ (28)	€ (49)

Acquisitions and disposals - Vo

Acquisitions and disposals - Vodafone Egypt (Other matters) (Details) € in Millions	Nov. 10, 2021EUR (€)R / shares	Nov. 09, 2021	Mar. 31, 2022
Vodacom
Other matters
Proportion of ownership interest in subsidiary	65.10%	60.50%	60.50%
Vodafone Egypt
Other matters
Proportion of ownership interest in subsidiary			55.00%
Vodafone Egypt | Vodacom
Other matters
Ownership interest transferred (in percentage)	55.00%
Vodacom | Vodafone Egypt
Other matters
Consideration transferred, acquisition-date fair value	€ 2,365
Equity interest amount	€ 1,892
Equity shares transferred	242
Share price | R / shares	€ 135.75
Cash transferred	€ 473

Commitments (Details)

Commitments (Details) - EUR (€) € in Millions	Mar. 31, 2022	Mar. 31, 2021
Commitments
Capital commitments from company and subsidiaries	€ 4,388	€ 3,993
Capital commitments from share of joint operations	140	133
Contracts placed for future capital expenditure not provided in the financial statements	4,527	€ 4,126
Spectrum Acquisition
Commitments
Capital commitments from company and subsidiaries	331
Contractual capital commitments that have been settled after the end of the reporting period	€ 197

Contingent liabilities and le_3

Contingent liabilities and legal proceedings - Contingent liabilities and UK pension schemes (Details) € in Millions, ₨ in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2022EUR (€)item	Mar. 31, 2022USD ($)item	Mar. 31, 2022INR (₨)item	Mar. 31, 2021EUR (€)	Mar. 31, 2021USD ($)	Mar. 31, 2021INR (₨)
Performance bonds
Contingent liabilities and legal proceedings - Conti
The group's potential exposure	€ 430			€ 381
Other guarantees. | Indus Towers Limited
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts | ₨						₨ 42.5
Other guarantees
Contingent liabilities and legal proceedings - Conti
The group's potential exposure	2,436			€ 2,347
Other guarantees | Indus Towers Limited
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts | ₨			₨ 42.5
UK pension schemes
Contingent liabilities and legal proceedings - Conti
Notional value of security	237
UK pension schemes, Vodafone Section
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts	€ 1,480
Number of guarantees under pension scheme | item	2	2	2
UK pension schemes, CWW Section
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts	€ 1,480
THUS Plc Group Scheme
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts	€ 118
Vodafone Hutchison Australia Pty Limited | Other guarantees.
Contingent liabilities and legal proceedings - Conti
Ownership interest in joint venture	50.00%
Loan facility covered under guarantee by group company | $		$ 3.5			$ 3.5

Contingent liabilities and le_4

Contingent liabilities and legal proceedings - Vodafone Idea (Details) € in Millions, ₨ in Billions	1 Months Ended		12 Months Ended
	Mar. 31, 2022EUR (€)	Mar. 31, 2022INR (₨)	Mar. 31, 2022EUR (€)	Mar. 31, 2022INR (₨)	Mar. 31, 2021EUR (€)	Mar. 31, 2021INR (₨)	Mar. 31, 2020EUR (€)	Sep. 30, 2019EUR (€)
Disclosure of contingent liabilities [line items]
Investment in joint ventures	€ 3,781		€ 3,781		€ 4,249
Vodafone Idea Limited
Disclosure of contingent liabilities [line items]
Issue of equity	524	₨ 45
Vodafone Idea Limited
Disclosure of contingent liabilities [line items]
Moratorium on spectrum and AGR payments			4 years
Investment in joint ventures							€ 0	€ 0
Share of losses in respect to joint venture			€ 0
Vodafone Idea and Idea Cellular legal case [Member] | Vodafone Idea Limited
Disclosure of contingent liabilities [line items]
Payments made under mechanism					€ 235	₨ 19
Maximum | Vodafone Idea and Idea Cellular legal case [Member]
Disclosure of contingent liabilities [line items]
The group's potential exposure	€ 743		€ 743	₨ 64

Contingent liabilities and le_5

Contingent liabilities and legal proceedings - Indus Tower merger (Details) € in Millions, shares in Millions, ₨ in Billions	1 Months Ended		2 Months Ended		12 Months Ended
	Nov. 30, 2020EUR (€)	Nov. 30, 2020INR (₨)	Mar. 31, 2022EUR (€)shares	Mar. 31, 2022INR (₨)shares	Mar. 31, 2022EUR (€)	Mar. 31, 2021EUR (€)shares	Mar. 31, 2020EUR (€)	Mar. 31, 2022INR (₨)	Mar. 31, 2021INR (₨)shares
Disclosure of contingent liabilities [line items]
Investment in newly issued VIL Equity | €					€ 445	€ 13	€ 1,424
Bank borrowings secured against Indian assets
Disclosure of contingent liabilities [line items]
Secured bank loans received | €			€ 1,400		1,400
Indus Towers and Bharti Infratel merger
Disclosure of contingent liabilities [line items]
Prepayments made	€ 279	₨ 24
Indus Towers and Bharti Infratel merger, primary pledge
Disclosure of contingent liabilities [line items]
Primary pledge shares owned | shares						190.7			190.7
Financial assets pledged as collateral for liabilities or contingent liabilities			€ 52		52	€ 544		₨ 4.4	₨ 47
Disposal of shares subject to primary pledge | shares			190.7	190.7
Amount on disposal of shares subject to primary pledge			€ 445	₨ 38.1
Vodafone Idea Limited | Indus Towers and Bharti Infratel merger, primary pledge
Disclosure of contingent liabilities [line items]
Investment in newly issued VIL Equity			393	₨ 33.7
Maximum | Indus Towers. | Indus Towers and Bharti Infratel merger, secondary pledge
Disclosure of contingent liabilities [line items]
Financial assets pledged as collateral for liabilities or contingent liabilities			€ 504		€ 504			₨ 42.5

Contingent liabilities and le_6

Contingent liabilities and legal proceedings - Other cases in the Group (Details) € in Millions, £ in Millions, ₨ in Billions	Feb. 12, 2016INR (₨)	Oct. 31, 2019EUR (€)	Jul. 31, 2019item	Mar. 31, 2022EUR (€)	Mar. 31, 2022GBP (£)	Sep. 29, 2017INR (₨)	Jul. 13, 2015GBP (£)	Jan. 03, 2013INR (₨)
Indian tax cases | Vodafone India Limited (VIL) and Vodafone India Services Private Limited (VISPL)
Contingent liabilities and legal proceedings - Conti
Amount of compensation sought by petitioner				€ 500,000
Percentage of penalty				300.00%	300.00%
Indian tax cases | Vodafone India Services Private Limited
Contingent liabilities and legal proceedings - Conti
Tax liability				€ 254
Interest payable				€ 614
Deposit amount with tax authorities | £							£ 20
Vodafone International Holdings BV withholding tax case [Member]
Contingent liabilities and legal proceedings - Conti
Amount of compensation sought by petitioner | ₨	₨ 221
Total tax payment demanded | ₨						₨ 190.7		₨ 142
Indian regulatory cases
Contingent liabilities and legal proceedings - Conti
Number of Public Interest Litigations | item			500
Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others | Vodafone India
Contingent liabilities and legal proceedings - Conti
Approximate of disputed amount | £					£ 1,000
Legal regulatory case, one time spectrum charges | Vodafone India
Contingent liabilities and legal proceedings - Conti
Amount of one time spectrum charges		€ 330

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Related party transactions
Interest income	€ 132	€ 150	€ 155
Associates
Related party transactions
Sales of goods and services	20	14	32
Purchase of goods and services	10	5	4
Trade balances owed (from)	8	3	4
Trade balances owed (to)	6	5	4
Other balances owed from	80	56
Joint arrangements
Related party transactions
Sales of goods and services	221	203	305
Purchase of goods and services	298	109	97
Interest income	48	65	71
Interest expense	52	56
Trade balances owed (from)	139	88	157
Trade balances owed (to)	34	31	37
Other balances owed from	1,080	955	1,083
Other balances owed to	€ 1,561	€ 1,575	€ 2,017

Related undertakings - Subsidia

Related undertakings - Subsidiaries (Details)	Nov. 10, 2021	Nov. 09, 2021	Mar. 31, 2022
Vodafone Albania Sh.A
Subsidiaries
% held by Group companies			99.94%
ApNet SHPK
Subsidiaries
% held by Group companies			99.94%
VOIS Albania ShpK
Subsidiaries
% held by Group companies			100.00%
CWGNL S.A
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Australia Pty Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Austria GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Bahrain W.L.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Belgium SA/NV
Subsidiaries
% held by Group companies			100.00%
Vodafone Servicos Empresariais Brasil Ltda
Subsidiaries
% held by Group companies			100.00%
Cobra do Brasil Servicos de Telematica ltda.
Subsidiaries
% held by Group companies			70.00%
Vodafone Empress Brasil Telecomunicacoes Ltda
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Bulgaria EOOD
Subsidiaries
% held by Group companies			100.00%
Vodafone Canada Inc.
Subsidiaries
% held by Group companies			100.00%
CGP Investments (Holdings) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Chile SA
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Technologies (Beijing) Co, Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Communications Technical Services (Shanghai) Co. Ltd
Subsidiaries
% held by Group companies			100.00%
Vodacom Congo (RDC) SA
Subsidiaries
% held by Group companies			30.85%
Vodacash S.A
Subsidiaries
% held by Group companies			30.85%
Vodafone Evde Operations Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Operations Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Communications Technical Service (Shanghai) Co, Ltd. Beijing Branch
Subsidiaries
% held by Group companies			100.00%
Oskar Mobil S.R.O.
Subsidiaries
% held by Group companies			100.00%
Nadace Vodafone esk Republika
Subsidiaries
% held by Group companies			100.00%
Arena Sport Rechte Marketing GmbH i.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone West GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Service GmbH
Subsidiaries
% held by Group companies			100.00%
Grandcentrix GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Hong Kong Limited - New Zealand Branch
Subsidiaries
% held by Group companies			100.00%
Vodafone Services LLC
Subsidiaries
% held by Group companies			100.00%
UPC External Services S.R.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Towers Spain S.L.U.
Subsidiaries
% held by Group companies			81.74%
Vodafone Dijital Yayincilik Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Navtrak Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone UK Foundation
Subsidiaries
% held by Group companies			100.00%
Vodafone Czech Republic A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Europe (UK) Limited - Czech Branch
Subsidiaries
% held by Group companies			100.00%
Vantage Towers 2 s.r.o.
Subsidiaries
% held by Group companies			100.00%
Vantage Towers s.r.o.
Subsidiaries
% held by Group companies			81.74%
Zavisova Real Estate, s.r.o.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Denmark A/S
Subsidiaries
% held by Group companies			100.00%
Vodafone For Trading
Subsidiaries
% held by Group companies			54.95%
Starnet
Subsidiaries
% held by Group companies			55.00%
Sarmady Communications
Subsidiaries
% held by Group companies			55.00%
Vodafone International Services LLC
Subsidiaries
% held by Group companies			100.00%
Vodafone Egypt
Subsidiaries
% held by Group companies			55.00%
Vodafone Data
Subsidiaries
% held by Group companies			55.00%
Vodafone Enterprise Finland OY
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Telematics Development S.A.S
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive France S.A.S
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise France SAS
Subsidiaries
% held by Group companies			100.00%
Apollo Submarine Cable System Ltd French Branch 2
Subsidiaries
% held by Group companies			100.00%
TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH
Subsidiaries
% held by Group companies			93.84%
Kabel Deutschland Holding AG
Subsidiaries
% held by Group companies			93.84%
Vodafone Customer Care GmbH3
Subsidiaries
% held by Group companies			93.84%
Vodafone Deutschland GmbH
Subsidiaries
% held by Group companies			93.84%
Vodafone Automotive Deutschland GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Germany GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Services GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Institut fur Gesellschaft und Kommunikation GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Stiftung Deutschland Gemeinnutzige GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Vierte Verwaltungs AG
Subsidiaries
% held by Group companies			100.00%
KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel- Kommunikation Mit Beschrankter Haftung
Subsidiaries
% held by Group companies			93.84%
Urbana Teleunion Rostock GmbH & Co.KG
Subsidiaries
% held by Group companies			65.69%
Vantage Towers AG
Subsidiaries
% held by Group companies			81.74%
KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung
Subsidiaries
% held by Group companies			93.84%
Vodacom Business (Ghana) Limited
Subsidiaries
% held by Group companies			70.00%
Ghana Telecommunications Company Limited
Subsidiaries
% held by Group companies			70.00%
National Communications Backbone Company Limited
Subsidiaries
% held by Group companies			70.00%
Vodafone Ghana Mobile Financial Services Limited
Subsidiaries
% held by Group companies			70.00%
Vodafone-Panafon Hellenic Telecommunications Company S.A.
Subsidiaries
% held by Group companies			99.87%
Vodafone Innovus S.A
Subsidiaries
% held by Group companies			99.87%
360 Connect S.A.
Subsidiaries
% held by Group companies			99.87%
FB Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Le Bunt Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Silver Stream Investments Limited
Subsidiaries
% held by Group companies			100.00%
VBA Holdings Limited
Subsidiaries
% held by Group companies			60.50%
VBA International Limited
Subsidiaries
% held by Group companies			60.50%
Vodafone Enterprise Hong Kong Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Magyarorszag Mobile Tavkozlesi Zartkoruen Mukodo Reszvenytarsasag
Subsidiaries
% held by Group companies			100.00%
VSSB Vodafone Shared Services Budapest Private Limited Company
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Global (India) Private Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Networks India Private Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless (India) Limited (India branch)
Subsidiaries
% held by Group companies			100.00%
Omega Telecom Holdings Private Limited
Subsidiaries
% held by Group companies			100.00%
Usha Martin Telematics Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Services Private Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone India Services Private Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone International Financing Designated Activity Company
Subsidiaries
% held by Group companies			100.00%
Vodafone Foundation
Subsidiaries
% held by Group companies			100.00%
VF Ireland Property Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Global Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Network Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Services Ireland Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ireland Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ireland Marketing Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ireland Retail Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise (Italy) S.R.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Italia S.p.A
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Electronic Systems S.r.L
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive SpA
Subsidiaries
% held by Group companies			100.00%
VEI S.r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Italia S.p.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Italy S.r.L
Subsidiaries
% held by Group companies			100.00%
Vodafone Gestioni S.p.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone Servizi E Tecnologie S.R.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise U.K. (Japanese Branch)
Subsidiaries
% held by Group companies			100.00%
VND S.p.A
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Japan K.K
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise (Japan) K.K.
Subsidiaries
% held by Group companies			100.00%
Aztec Limited
Subsidiaries
% held by Group companies			100.00%
Globe Limited
Subsidiaries
% held by Group companies			100.00%
Plex Limited
Subsidiaries
% held by Group companies			100.00%
Vizzavi Finance Limited
Subsidiaries
% held by Group companies			99.99%
Vodafone International 2 Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Jersey Dollar Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Jersey Finance
Subsidiaries
% held by Group companies			100.00%
Vodafone Jersey Yen Holdings Unlimited
Subsidiaries
% held by Group companies			100.00%
Vodafone Kenya Limited
Subsidiaries
% held by Group companies			65.43%
M-PESA Holding Co. Limited
Subsidiaries
% held by Group companies			100.00%
Vodacom Business (Kenya) Limited
Subsidiaries
% held by Group companies			48.40%
Vodafone Enterprise Korea Limited
Subsidiaries
% held by Group companies			100.00%
Vodacom Lesotho (Pty) Limited
Subsidiaries
% held by Group companies			48.40%
Tomorrow Street GP S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Asset Management Services S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Global Businesses S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Luxembourg S.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone International 1 S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone International M S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments Luxembourg S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Luxembourg 5 S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Luxembourg S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Procurement Company S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Roaming Services S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Services Company S.a.r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise (Malaysia) Sdn Bhd
Subsidiaries
% held by Group companies			100.00%
Vodafone Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Insurance Limited
Subsidiaries
% held by Group companies			100.00%
Mobile Wallet VM1
Subsidiaries
% held by Group companies			60.50%
Mobile Wallet VM2
Subsidiaries
% held by Group companies			60.50%
Al-Amin Investments Limited
Subsidiaries
% held by Group companies			100.00%
Array Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Asian Telecommunication Investments (Mauritius) Limited
Subsidiaries
% held by Group companies			100.00%
CCII (Mauritius), Inc.
Subsidiaries
% held by Group companies			100.00%
CGP India Investments Ltd.
Subsidiaries
% held by Group companies			100.00%
Euro Pacific Securities Ltd.
Subsidiaries
% held by Group companies			100.00%
Mobilvest
Subsidiaries
% held by Group companies			100.00%
Prime Metals Ltd.
Subsidiaries
% held by Group companies			100.00%
Trans Crystal Ltd.
Subsidiaries
% held by Group companies			100.00%
Vodafone Mauritius Ltd.
Subsidiaries
% held by Group companies			100.00%
Vodafone Telecommunications (India) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Tele-Services (India) Holdings Limited
Subsidiaries
% held by Group companies			100.00%
VBA (Mauritius) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom International Limited
Subsidiaries
% held by Group companies			60.50%
Vodafone Empresa Mexico S.de R.L. de C.V.
Subsidiaries
% held by Group companies			100.00%
Vodacom Mocambique, SA
Subsidiaries
% held by Group companies			51.42%
Vodafone M-Pesa, S.A
Subsidiaries
% held by Group companies			51.42%
Vodafone Enterprise Netherlands BV
Subsidiaries
% held by Group companies			100.00%
Vodafone Europe B.V.
Subsidiaries
% held by Group companies			100.00%
Vodafone International Holdings B.V.
Subsidiaries
% held by Group companies			100.00%
Vodafone Panafon International Holdings B.V.
Subsidiaries
% held by Group companies			99.87%
Vodafone Enterprise Norway AS
Subsidiaries
% held by Group companies			100.00%
Vodafone Limited (Norway Branch)
Subsidiaries
% held by Group companies			100.00%
Vodafone Business Poland sp. z o.o
Subsidiaries
% held by Group companies			100.00%
Oni Way - Infocomunicacoes, S.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone Portugal - Comunicacoes Pessoais, S.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Spain, S.L.U. - Portugal Branch
Subsidiaries
% held by Group companies			100.00%
Vodafone Romania S.A
Subsidiaries
% held by Group companies			100.00%
Vodafone Romania M-Payments SRL
Subsidiaries
% held by Group companies			100.00%
Vodafone Romania Technologies SRL
Subsidiaries
% held by Group companies			100.00%
Evotracking SRL
Subsidiaries
% held by Group companies			100.00%
Vodafone External Services S.R.L
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless CIS Svyaz LLC
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Equipment Limited Ogranak u Beogradu2
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Singapore Pte.Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Network Limited - Slovakia Branch
Subsidiaries
% held by Group companies			100.00%
XLink Communications (Proprietary) Limited
Subsidiaries
% held by Group companies			60.50%
Cable and Wireless Worldwide South Africa (Pty) Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Holdings (SA) Proprietary Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments (SA) Proprietary Limited
Subsidiaries
% held by Group companies			100.00%
GS Telecom (Pty) Limited
Subsidiaries
% held by Group companies			60.50%
10T Holdings (Proprietary) Limited
Subsidiaries
% held by Group companies			30.86%
IoT.nxt (Pty) Limited
Subsidiaries
% held by Group companies			30.86%
IOT.nxt Development (Pty) Limited
Subsidiaries
% held by Group companies			30.86%
Jupicol (Proprietary) Limited
Subsidiaries
% held by Group companies			42.35%
Mezzanine Ware Proprietary Limited (RF)
Subsidiaries
% held by Group companies			54.45%
Motifpros 1 (Proprietary) Limited
Subsidiaries
% held by Group companies			60.50%
Scarlet Ibis Investments 23 (Pty) Limited
Subsidiaries
% held by Group companies			60.50%
Storage Technology Services (Pty) Limited
Subsidiaries
% held by Group companies			30.85%
Vodacom (Pty) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom Business Africa Group (Pty) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom Financial Services (Proprietary) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom Group Limited [Member]
Subsidiaries
% held by Group companies	65.10%	60.50%	60.50%
Vodacom Insurance Administration Company (Proprietary) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom Insurance Company (RF) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom International Holdings (Pty) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom Life Assurance Company (RF) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom Payment Services (Proprietary) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom Properties No 1 (Proprietary) Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom Properties No.2 (Pty) Limited
Subsidiaries
% held by Group companies			60.50%
Wheatfields Investments 276 (Proprietary) Limited
Subsidiaries
% held by Group companies			60.50%
Vodafone Automotive Iberia S.L
Subsidiaries
% held by Group companies			100.00%
Vodafone Enabler Espana, S.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Spain SLU
Subsidiaries
% held by Group companies			100.00%
Vodafone Espana S.A.U.
Subsidiaries
% held by Group companies			100.00%
Vodafone Holdings Europe S.L.U.
Subsidiaries
% held by Group companies			100.00%
Vodafone ONO, S.A.U.
Subsidiaries
% held by Group companies			100.00%
Vodafone Servicios SL.U
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Sweden AB
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Switzerland AG
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise Taiwan Limited
Subsidiaries
% held by Group companies			100.00%
Gateway Communications Tanzania Limited
Subsidiaries
% held by Group companies			59.89%
M-Pesa Limited
Subsidiaries
% held by Group companies			45.37%
Shared Networks Tanzania Limited
Subsidiaries
% held by Group companies			45.37%
Vodacom Tanzania Public Limited Company
Subsidiaries
% held by Group companies			45.37%
Vodafone Bilgi Ve Iletisim Hizmetleri AS
Subsidiaries
% held by Group companies			100.00%
Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Kule ve Altyapi Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Medya Icerik Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Elektronik Para Ve Odeme Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Holding A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Net Iletisim Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Telekomunikasyon A.S
Subsidiaries
% held by Group companies			100.00%
Vodafone Teknoloji Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
LLC Vodafone Enterprise Ukraine
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Europe (UK) Limited - DUBAI BRANCH
Subsidiaries
% held by Group companies			100.00%
Thus Group Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Thus Group Limited
Subsidiaries
% held by Group companies			100.00%
Thus Profit Sharing Trustees Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone (NI) Limited
Subsidiaries
% held by Group companies			100.00%
Pinnacle Cellular Group Limited
Subsidiaries
% held by Group companies			100.00%
Pinnacle Cellular Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone (Scotland) Limited
Subsidiaries
% held by Group companies			100.00%
Energis (Ireland) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive UK Limited
Subsidiaries
% held by Group companies			100.00%
Vodacom Business Africa Group Services Limited
Subsidiaries
% held by Group companies			60.50%
Vodacom UK Limited
Subsidiaries
% held by Group companies			60.50%
Apollo Submarine Cable System Limited
Subsidiaries
% held by Group companies			100.00%
Bluefish Communications Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Aspac Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless CIS Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Communications Data Network Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Europe Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Global Business Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Global Holding Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Global Telecommunication Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless UK Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Worldwide Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Worldwide Voice Messaging Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless (India) Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Nominee Limited
Subsidiaries
% held by Group companies			100.00%
Central Communications Group Limited
Subsidiaries
% held by Group companies			100.00%
Energis Communications Limited
Subsidiaries
% held by Group companies			100.00%
Energis Squared Limited
Subsidiaries
% held by Group companies			100.00%
General Mobile Corporation Limited
Subsidiaries
% held by Group companies			100.00%
London Hydraulic Power Company
Subsidiaries
% held by Group companies			100.00%
Metro Holdings Limited
Subsidiaries
% held by Group companies			100.00%
ML Integration Group Limited
Subsidiaries
% held by Group companies			100.00%
Project Telecom Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Rian Mobile Limited
Subsidiaries
% held by Group companies			100.00%
Talkland International Limited
Subsidiaries
% held by Group companies			100.00%
Talkmobile Limited
Subsidiaries
% held by Group companies			100.00%
The Eastern Leasing Company Limited
Subsidiaries
% held by Group companies			100.00%
Thus Limited
Subsidiaries
% held by Group companies			100.00%
Vizzavi Limited
Subsidiaries
% held by Group companies			100.00%
Voda Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone (New Zealand) Hedging Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone 2.
Subsidiaries
% held by Group companies			100.00%
Vodafone 4 UK
Subsidiaries
% held by Group companies			100.00%
Vodafone 5 Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone 5 UK
Subsidiaries
% held by Group companies			100.00%
Vodafone 6 UK
Subsidiaries
% held by Group companies			100.00%
Vodafone Americas
Subsidiaries
% held by Group companies			100.00%
Vodafone Benelux Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Cellular Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Consolidated Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Corporate Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Corporate Secretaries Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone DC Pension Trustee Company Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Distribution Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Corporate Secretaries Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Equipment Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Europe (UK) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise U.K.
Subsidiaries
% held by Group companies			100.00%
Vodafone Euro Hedging Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Euro Hedging Two
Subsidiaries
% held by Group companies			100.00%
Vodafone Europe UK
Subsidiaries
% held by Group companies			100.00%
Vodafone European Investments
Subsidiaries
% held by Group companies			100.00%
Vodafone European Portal Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Finance Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Finance Luxembourg Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Finance Sweden
Subsidiaries
% held by Group companies			100.00%
Vodafone Finance UK Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Financial Operations
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Content Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group (Directors) Trustee Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Pension Trustee Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Services No.2 Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Share Trustee Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Holdings Luxembourg Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Intermediate Enterprises Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone International Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone International Operations Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Investment UK
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments Australia Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone IP Licensing Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Marketing UK
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Communications Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Enterprises Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Network Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Nominees Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Oceania Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Old Show Ground Site Management Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Overseas Finance Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Overseas Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Panafon UK
Subsidiaries
% held by Group companies			99.87%
Vodafone Partner Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Property Investments Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Retail (Holdings) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Sales & Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone UK Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ventures Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Worldwide Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Yen Finance Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone-Central Limited
Subsidiaries
% held by Group companies			100.00%
Vodaphone Limited
Subsidiaries
% held by Group companies			100.00%
Vodata Limited
Subsidiaries
% held by Group companies			100.00%
Your Communications Group Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless AmericasSystems, Inc.
Subsidiaries
% held by Group companies			100.00%
Vodafone Americas Virginia Inc.
Subsidiaries
% held by Group companies			100.00%
Vodafone US Inc.
Subsidiaries
% held by Group companies			100.00%
Unitymedia Finance LLC
Subsidiaries
% held by Group companies			100.00%
Vodafone Americas Foundation
Subsidiaries
% held by Group companies			100.00%
Vantage Towers Single Member Societe Anonyme
Subsidiaries
% held by Group companies			81.74%
Vantage Towers Zartkoruen Mukodo Reszvenytarsasag [Member]
Subsidiaries
% held by Group companies			81.74%
Vantage Towers Limited
Subsidiaries
% held by Group companies			81.74%
Central Tower Holding Company B.V.
Subsidiaries
% held by Group companies			81.74%
IoT.nxt USA BV
Subsidiaries
% held by Group companies			30.87%
IoT nxt USA Inc
Subsidiaries
% held by Group companies			30.87%
IOT.NXT BV
Subsidiaries
% held by Group companies			30.87%
IoT.nxt Europe BV
Subsidiaries
% held by Group companies			30.87%
Vantage Towers S.R.L.
Subsidiaries
% held by Group companies			81.74%
UPC Foundation
Subsidiaries
% held by Group companies			100.00%
Vodafone Sigorta Aracilik Hismetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vantage Towers Erste Verwaltungsgesellschaft mbH4
Subsidiaries
% held by Group companies			81.74%
Vantage Towers Zweite Verwaltungsgesellschaft mbH4
Subsidiaries
% held by Group companies			81.74%
Vodafone Automotive Telematics Srl
Subsidiaries
% held by Group companies			100.00%
Vantage Towers, S.A.
Subsidiaries
% held by Group companies			81.74%
Infinity Services Partner Company
Subsidiaries
% held by Group companies			60.50%
Vodafone Energia, S.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Intelligent Solutions Espana, S.L.U.
Subsidiaries
% held by Group companies			100.00%
Vodafone Mall Ve Electronik Hizmetler Ticaret AS
Subsidiaries
% held by Group companies			100.00%
Vodafone Finansman A.S.
Subsidiaries
% held by Group companies			100.00%
Vodacom Fintech Services FZ-LLC5
Subsidiaries
% held by Group companies			60.50%
Vodacom Investments Company Proprietary Limited
Subsidiaries
% held by Group companies			60.50%
Vodafone International 2 Limited - UK Branch
Subsidiaries
% held by Group companies			100.00%

Related undertakings - Associat

Related undertakings - Associated undertakings and joint arrangements (Details) - 12 months ended Mar. 31, 2022 € in Millions, Ksh in Millions	EUR (€)	KES (Ksh)
AAPT Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
ACN 088 889 230 Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
ACN 139 798 404 Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Adam Internet Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Adam Internet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Agile Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Alchemyit Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Blue Call Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Cable Licence Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Chariot Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Chime Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Connect Internet Solutions Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Connect West Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Destra Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Contracts Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Investments Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
FTTB Wholesale Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
H3GA Properties (No.3) Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Hosteddesktop.com Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iHug Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iiNet (Ozemail) Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iiNet Labs Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iiNet Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Internode Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IntraPower Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Intrapower Terrestrial Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IP Group Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IPN Services Xchange Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Jiva Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Kooee Comms Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Kooee Mobile Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Kooee Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mercury Connect Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobile JV Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobileworld Communications Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobileworld Operating Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Netspace Online Systems Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Numillar IPS Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Orchid Human Resources Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE International (Australia) Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE Networks Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE Transmission Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PowerTel Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Request Broadband Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Contracts Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Pattinson Telecommunications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
SPT Telecommunications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
SPTCom Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Telecom Enterprises Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Telecom New Zealand Australia Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Corporation Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Energy Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Finance Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Internet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG JV Company Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Network Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Telecom Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Broadcasting Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Capital Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Victoria Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Victoria Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Transflicks Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Trusted Cloud Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Trusted Cloud Solutions Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Value Added Network Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Virtual Desktop Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Foundation Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Hutchison Receivables Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Hutchison Spectrum Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Network Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
VtalkVoip Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Westnet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PPC 1 Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
COOP Mobil s.r.o.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.33%
Wataneya Telecommunications S.A.E
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Safaricom Telecommunications Ethiopia Private Limited Company 5
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	18.30%
MNP Deutschland Gesellschaft Burgerlichen Rechts
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.33%
Verwaltung "Urbana Teleunion" Rostock GmbH
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	46.92%
Safenet N.P,A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	24.97%
Tilegnous IKE
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.29%
Victus Networks S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	49.94%
Vodafone Foundation
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	46.90%
Vodafone Idea Technology Solutions Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
Vodafone Idea Communications Systems Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
Vodafone Idea Shared Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
Vodafone m-pesa Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
You Broadband India Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
Indus Towers Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	21.05%
FireFly Networks Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	23.81%
Aditya Birla Idea Payments Bank Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	23.33%
Connect (India) Mobile Technologies Private Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
Vodafone Idea Manpower Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.04%
Vodafone Idea Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
Vodafone Idea Business Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
Vodafone Idea Telecom Infrastructure Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47.61%
Siro DAC
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Siro JV Holdco Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Infrastrutture Wireless Italiane S.p.A
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	27.12%
Safaricom PLC
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	26.13%
M-PESA Africa Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	43.31%
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Tomorrow Street SCA
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Global Partnership For Ethiopia B.V.5
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	18.30%
Zoranet Connectivity Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Libertel B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Amsterdamse Beheer- en Consultingmaatschappij B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Esprit Telecom B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
FinCo Partner 1 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo V B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo VI B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE Holdco VII B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo VIII B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Financial Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Nederland Holding I B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Nederland Holding II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VodafoneZiggo Employment B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Ziggo Group B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VodafoneZiggo Group Holding B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ Financing I B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ Financing II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ FinCo B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ PropCo B V
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ Secured Financing B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
XB Facilities B V
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Deelnemingen B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Finance 2 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Netwerk II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Real Estate B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services Employment B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services Netwerk 2 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Zakelijk Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
ZUM B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Liberty Global Content Netherlands B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Zesko B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Bond Company B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Netwerk B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
iiNet (New Zealand) AKL Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG (NZ) Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Orchid Cybertech Services Inc
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Dualgrid Gesto de Redes Partilhadas, S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Sport TV Portugal, S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
Netgrid Telecom SRL
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Autoconnex Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	35.00%
Waterberg Lodge (Proprietary) Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	30.25%
Number Portability Company (Pty) Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	12.10%
Canard Spatial Technologies(Pty) Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	19.66%
AfriGis(Pty) Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	16.13%
Vodacom Trust Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	45.37%
Digital Mobile Spectrum Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
VodaFamily Ethiopia Holding Company Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	29.57%
Cable and Wireless Trade Mark Management Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Cornerstone Telecommunications Infrastructure Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	40.87%
Vodafone Hutchison Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LG Financing Partnership
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
PPC 1 (US) Inc.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Ziggo Financing Partnership
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Safaricom Limited
Associated undertakings and joint arrangements
Fair value of investment in associate	€ 10,693	Ksh 1,370,000
M-Pesa Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	43.31%
Vodacom Group Limited [Member]
Associated undertakings and joint arrangements
Proportion of ownership interest in subsidiary	60.50%
3.6 GHz Spectrum Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%

Related undertakings - Subsid_2

Related undertakings - Subsidiaries that have non-controlling interests (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Summary comprehensive income information
Revenue	€ 45,580	€ 43,809	€ 44,974
Profit for the financial year	2,624	536	(455)
Other comprehensive expense	2,340	(4,182)	2,574
Total comprehensive income/(expense) for the financial year	4,964	(3,646)	2,119
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	536	424	465
Summary financial position information
Non-current assets	125,416	126,793
Total assets	153,953	155,063
Non-current liabilities	(63,329)	(68,536)
Current liabilities	(33,647)	(28,711)
Equity shareholders' funds	54,687	55,804
Non-controlling interests	2,290	2,012
Total equity	56,977	57,816	62,625	€ 63,188
Statement of cash flows
Net cash flow from operating activities	18,081	17,215	17,379
Net cash flow from investing activities	(6,868)	(9,262)	(8,088)
Net cashflow from financing activities	(9,706)	(15,196)	(9,352)
Net cash inflow/(outflow)	1,507	(7,243)	(61)
Cash and cash equivalents at beginning of period	5,821
Exchange gain/(loss) on cash and cash equivalents	74	(255)	(256)
Cash and cash equivalents at end of period	7,496	5,821
Vodacom Group Limited [Member]
Summary comprehensive income information
Revenue	5,993	5,181
Profit for the financial year	1,002	891
Other comprehensive expense	(2)	(17)
Total comprehensive income/(expense) for the financial year	1,000	874
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	353	310
Dividends paid to non-controlling interests	294	307
Summary financial position information
Non-current assets	7,253	6,592
Current assets	3,123	2,671
Total assets	10,376	9,263
Non-current liabilities	(2,191)	(2,617)
Current liabilities	(3,539)	(2,406)
Total assets less total liabilities	4,646	4,240
Equity shareholders' funds	3,624	3,332
Non-controlling interests	1,022	908
Total equity	4,646	4,240
Statement of cash flows
Net cash flow from operating activities	1,946	1,711
Net cash flow from investing activities	(666)	(424)
Net cashflow from financing activities	(1,177)	(1,251)
Net cash inflow/(outflow)	103	36
Cash and cash equivalents at beginning of period	876	826
Exchange gain/(loss) on cash and cash equivalents	46	14
Cash and cash equivalents at end of period	1,025	876	826
Vodafone Egypt
Summary comprehensive income information
Revenue	1,814	1,537
Profit for the financial year	314	271
Total comprehensive income/(expense) for the financial year	314	271
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	141	122
Dividends paid to non-controlling interests	194	84
Summary financial position information
Non-current assets	1,630	1,765
Current assets	440	640
Total assets	2,070	2,405
Non-current liabilities	(83)	(198)
Current liabilities	(1,197)	(1,217)
Total assets less total liabilities	790	990
Equity shareholders' funds	474	587
Non-controlling interests	316	403
Total equity	790	990
Statement of cash flows
Net cash flow from operating activities	755	523
Net cash flow from investing activities	(284)	(418)
Net cashflow from financing activities	(749)	(7)
Net cash inflow/(outflow)	(278)	98
Cash and cash equivalents at beginning of period	348	273
Exchange gain/(loss) on cash and cash equivalents	2	(23)
Cash and cash equivalents at end of period	72	348	€ 273
Vantage Towers A G
Summary comprehensive income information
Revenue	1,252
Profit for the financial year	345
Total comprehensive income/(expense) for the financial year	345
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	66
Dividends paid to non-controlling interests	52
Summary financial position information
Non-current assets	11,137	10,899
Current assets	704	490
Total assets	11,841
Non-current liabilities	(5,251)	(4,976)
Current liabilities	(1,055)	(958)
Total assets less total liabilities	5,535
Equity shareholders' funds	4,522
Non-controlling interests	1,013
Total equity	5,535
Statement of cash flows
Net cash flow from operating activities	1,110
Net cash flow from investing activities	(232)
Net cashflow from financing activities	(861)
Net cash inflow/(outflow)	17
Cash and cash equivalents at beginning of period	48
Cash and cash equivalents at end of period	€ 65	48
Vantage Towers A G
Summary financial position information
Non-controlling interests		€ 1,019