Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | VODAFONE GROUP PUBLIC LTD CO | |
Entity Central Index Key | 0000839923 | |
Document Type | 20-F | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,676,624,411 | 0 |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | FY |
Consolidated income statement
Consolidated income statement € in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 EUR (€) € / shares | Mar. 31, 2017 EUR (€) € / shares | Mar. 31, 2016 EUR (€) € / shares | |
Consolidated income statement | |||
Revenue | € 46,571 | € 47,631 | € 49,810 |
Cost of sales | (32,771) | (34,576) | (36,713) |
Gross profit | 13,800 | 13,055 | 13,097 |
Selling and distribution expenses | (4,011) | (4,349) | (4,603) |
Administrative expenses | (5,644) | (6,080) | (6,379) |
Share of results of equity accounted associates and joint ventures | (59) | 47 | 60 |
Impairment losses | (569) | ||
Other income /(expenses) | 213 | 1,052 | (286) |
Operating profit | 4,299 | 3,725 | 1,320 |
Non-operating expenses | (32) | (1) | (3) |
Investment income | 685 | 474 | 539 |
Finance costs | (1,074) | (1,406) | (2,046) |
Profit/(loss) before taxation | 3,878 | 2,792 | (190) |
Income tax credit/(expense) | 879 | (4,764) | (4,937) |
Profit/(loss) for the financial year from continuing operations | 4,757 | (1,972) | (5,127) |
(Loss)/profit for the financial year from discontinued operations | (1,969) | (4,107) | 5 |
Profit/(loss) for the financial year | 2,788 | (6,079) | (5,122) |
Attributable to: | |||
Owners of the parent | 2,439 | (6,297) | (5,405) |
Non-controlling interests | 349 | 218 | 283 |
Profit/(loss) for the financial year | € 2,788 | € (6,079) | € (5,122) |
Earnings/(loss) per share | |||
Basic - From continuing operations (in euros per share) | € / shares | € 0.1587 | € (0.0783) | € (0.2027) |
Diluted - From continuing operations (in euros per share) | € / shares | 0.1582 | (0.0783) | (0.2027) |
Basic - Total Group (in eurocents per share) | € / shares | 0.0878 | (0.2251) | (0.2025) |
Diluted - Total Group (in eurocents per share) | € / shares | € 0.0876 | € (0.2251) | € (0.2025) |
Consolidated statement of compr
Consolidated statement of comprehensive income € in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 EUR (€) | Mar. 31, 2017 EUR (€) | Mar. 31, 2016 EUR (€) | |
Consolidated statement of comprehensive income | |||
Profit/(loss) for the financial year: | € 2,788 | € (6,079) | € (5,122) |
Items that may be reclassified to the income statement in subsequent years: | |||
Gains/(losses) on revaluation of available-for-sale investments, net of tax | 9 | 2 | (3) |
Foreign exchange translation differences, net of tax | (1,909) | (1,201) | (3,030) |
Foreign exchange (gains)/losses transferred to the income statement | (80) | 282 | |
Fair value (gains)/losses transferred to the income statement | 4 | ||
Other, net of tax | (339) | 110 | 56 |
Total items that may be reclassified to the income statement in subsequent years | (2,319) | (1,085) | (2,695) |
Items that will not be reclassified to the income statement in subsequent years: | |||
Net actuarial (losses)/gains on defined benefit pension schemes, net of tax | (70) | (272) | 174 |
Total items that will not be reclassified to the income statement in subsequent years | (70) | (272) | 174 |
Other comprehensive expense | (2,389) | (1,357) | (2,521) |
Total comprehensive income/(expense) for the year | 399 | (7,436) | (7,643) |
Attributable to: | |||
Owners of the parent | 187 | (7,535) | (7,579) |
Non-controlling interests | 212 | 99 | (64) |
Total comprehensive income/(expense) for the year | € 399 | € (7,436) | € (7,643) |
Consolidated statement of finan
Consolidated statement of financial position - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Non-current assets | ||
Goodwill | € 26,734 | € 26,808 |
Other intangible assets | 16,523 | 19,412 |
Plant, property and equipment | 28,325 | 30,204 |
Investments in associates and joint ventures | 2,538 | 3,138 |
Other investments | 3,204 | 3,459 |
Deferred tax assets | 26,200 | 24,300 |
Post employment benefits | 110 | 57 |
Trade and other receivables | 4,026 | 4,569 |
Total non-current assets | 107,660 | 111,947 |
Current assets | ||
Inventory | 581 | 576 |
Taxation recoverable | 106 | 150 |
Trade and other receivables | 9,975 | 9,861 |
Other investments | 8,795 | 6,120 |
Cash and cash equivalents | 4,674 | 8,835 |
Total current assets | 24,131 | 25,542 |
Assets held for sale | 13,820 | 17,195 |
Total assets | 145,611 | 154,684 |
Equity | ||
Called up share capital | 4,796 | 4,796 |
Additional paid-in capital | 150,197 | 151,808 |
Treasury shares | (8,463) | (8,610) |
Accumulated losses | (106,695) | (105,851) |
Accumulated other comprehensive income | 27,805 | 30,057 |
Total attributable to owners of the parent | 67,640 | 72,200 |
Non-controlling interests | 967 | 1,525 |
Put options over non-controlling interests | (6) | |
Total non-controlling interests | 967 | 1,519 |
Total equity | 68,607 | 73,719 |
Non-current liabilities | ||
Long-term borrowings | 32,908 | 34,523 |
Deferred tax liabilities | 644 | 535 |
Post employment benefits | 520 | 651 |
Provisions | 1,065 | 1,130 |
Trade and other payables | 2,843 | 1,737 |
Total non current liabilities | 37,980 | 38,576 |
Current liabilities | ||
Short-term borrowings | 10,351 | 12,051 |
Taxation liabilities | 541 | 661 |
Provisions | 891 | 1,049 |
Trade and other payables | 16,242 | 16,834 |
Total current liabilities | 28,025 | 30,595 |
Liabilities held for sale | 10,999 | 11,794 |
Total equity and liabilities | € 145,611 | € 154,684 |
Consolidated statement of chang
Consolidated statement of changes in equity € in Millions, $ in Millions | Equity share-holder's funds EUR (€) | Share capital EUR (€) | Additional paid-in capital. EUR (€) | Treasury shares. EUR (€) | Retained losses EUR (€) | Currency reserve EUR (€) | Pensions reserve EUR (€) | Investment reserve EUR (€) | Revaluation surplus EUR (€) | Other reserve EUR (€) | Non-controlling Interests. EUR (€) | USD ($) | EUR (€) |
Beginning balance at Mar. 31, 2015 | € 91,510 | € 5,246 | € 161,801 | € (9,747) | € (85,882) | € 19,765 | € (1,004) | € 53 | € 1,227 | € 51 | € 2,198 | € 93,708 | |
Issue or reissue of shares | 18 | 2 | 147 | (131) | 18 | ||||||||
Share-based payments | 161 | 161 | 161 | ||||||||||
Issue of mandatory convertible bonds | 3,480 | 3,480 | 3,480 | ||||||||||
Transactions with non-controlling interests in subsidiaries | (44) | (44) | (19) | (63) | |||||||||
Dividends | (4,233) | (4,233) | (332) | (4,565) | |||||||||
Comprehensive income | (7,579) | (5,405) | (2,401) | 174 | (3) | 56 | (64) | (7,643) | |||||
(Loss)/profit from continuing operations | (5,405) | (5,405) | 283 | $ (5,405) | (5,122) | ||||||||
OCI - before tax | (2,248) | (2,535) | 216 | (4) | 75 | (343) | (2,591) | ||||||
OCI - taxes | (208) | (148) | (42) | 1 | (19) | (4) | (212) | ||||||
Transfer to the income statement | 282 | 282 | 282 | ||||||||||
Other | 12 | (450) | (13,750) | 823 | 12 | 13,377 | 28 | 40 | |||||
Ending balance at Mar. 31, 2016 | 83,325 | 4,796 | 151,694 | (8,777) | (95,683) | 30,741 | (830) | 50 | 1,227 | 107 | 1,811 | 85,136 | |
Issue or reissue of shares | 19 | 2 | 167 | (150) | 19 | ||||||||
Share-based payments | 112 | 112 | 112 | ||||||||||
Transactions with non-controlling interests in subsidiaries | (12) | (12) | 17 | 5 | |||||||||
Dividends | (3,709) | (3,709) | (410) | (4,119) | |||||||||
Comprehensive income | (7,535) | (6,297) | (1,082) | (272) | 6 | 110 | 99 | (7,436) | |||||
(Loss)/profit from continuing operations | (6,297) | (6,297) | 218 | (6,297) | (6,079) | ||||||||
OCI - before tax | (1,212) | (1,096) | (274) | 2 | 156 | (121) | (1,333) | ||||||
OCI - taxes | (30) | 14 | 2 | (46) | 2 | (28) | |||||||
Transfer to the income statement | 4 | 4 | 4 | ||||||||||
Other | 2 | 2 | |||||||||||
Ending balance at Mar. 31, 2017 | 72,200 | 4,796 | 151,808 | (8,610) | (105,851) | 29,659 | (1,102) | 56 | 1,227 | 217 | 1,519 | 73,719 | |
Issue or reissue of shares | 14 | (1,741) | 1,882 | (127) | 14 | ||||||||
Share-based payments | 130 | 130 | 130 | ||||||||||
Transactions with non-controlling interests in subsidiaries | 805 | 805 | 311 | 1,116 | |||||||||
Disposal of subsidiaries | (769) | (769) | |||||||||||
Dividends | (3,961) | (3,961) | (306) | (4,267) | |||||||||
Comprehensive income | 187 | 2,439 | (1,852) | (70) | 9 | (339) | 212 | 399 | |||||
(Loss)/profit from continuing operations | 2,439 | 2,439 | 349 | $ 2,439 | 2,788 | ||||||||
OCI - before tax | (2,077) | (1,641) | (94) | 9 | (351) | (140) | (2,217) | ||||||
OCI - taxes | (95) | (131) | 24 | 12 | 3 | (92) | |||||||
Transfer to the income statement | (80) | (80) | (80) | ||||||||||
Repurchase of treasury | (1,735) | (1,735) | (1,735) | ||||||||||
Ending balance at Mar. 31, 2018 | € 67,640 | € 4,796 | € 150,197 | € (8,463) | € (106,695) | € 27,807 | € (1,172) | € 65 | € 1,227 | € (122) | € 967 | € 68,607 |
Consolidated statement of cha_2
Consolidated statement of changes in equity (Parenthetical) - EUR (€) € in Millions, shares in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated statement of changes in equity | ||||
Impact of the Group's cash flow hedges, net gain deferred to other comprehensive income | € 1,811 | € 787 | € 337 | |
Net gain recycled to the income statement | 1,460 | 654 | 294 | |
Tax credit related to issue of mandatory convertible bonds | € 8 | € 9 | € 5 | |
Reissue of treasury shares | 729.1 | |||
Reissue of treasury shares, value | € 1,742 |
Consolidated statement of cash
Consolidated statement of cash flows - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated statement of cash flows | |||
Inflow from operating activities | € 13,600 | € 14,223 | € 14,336 |
Cash flows from investing activities | |||
Purchase of interests in subsidiaries, net of cash acquired | (9) | (28) | (57) |
Purchase of interests in associates and joint ventures | (33) | 499 | (3) |
Purchase of intangible assets | (3,246) | (2,576) | (5,618) |
Purchase of property, plant and equipment | (4,917) | (6,285) | (8,265) |
Purchase of investments | (3,901) | (2,219) | (106) |
Disposal of interests in subsidiaries, net of cash disposed | 239 | 2 | |
Disposal of interests in associates and joint ventures | 115 | 4 | |
Disposal of property, plant and equipment | 41 | 43 | 164 |
Disposal of investments | 1,250 | 3,597 | 1,888 |
Dividends received from associates and joint ventures | 489 | 433 | 92 |
Interest received | 378 | 434 | 342 |
Cash flows from discontinued operations | (247) | (2,327) | (2,308) |
Outflow from investing activities | (9,841) | (8,423) | (13,871) |
Cash flows from financing activities | |||
Issue of ordinary share capital and reissue of treasury shares | 20 | 25 | 25 |
Net movement in short-term borrowings | (534) | 1,293 | (11) |
Proceeds from issue of long-term borrowings | 4,440 | 7,326 | 9,157 |
Repayment of borrowings | (4,664) | (9,267) | (3,784) |
Purchase of treasury shares | (1,766) | ||
Issue of subordinated mandatory convertible bonds | 3,480 | ||
Equity dividends paid | (3,920) | (3,714) | (4,188) |
Dividends paid to non-controlling shareholders in subsidiaries | (310) | (413) | (309) |
Other transactions with non-controlling shareholders in subsidiaries | 1,097 | 5 | (67) |
Other movements in loans with associates and joint ventures | (194) | 70 | (31) |
Interest paid | (991) | (1,264) | (1,324) |
Tax on financing activities | (110) | ||
Cash flows from discontinued operations | (302) | (3,157) | 1,134 |
(Outflow)/inflow from financing activities | (7,234) | (9,096) | 4,082 |
Net cash (outflow)/inflow | (3,475) | (3,296) | 4,547 |
Cash and cash equivalents at beginning of the financial year | 9,302 | 12,911 | 9,492 |
Exchange loss on cash and cash equivalents | (433) | (313) | (1,128) |
Cash and cash equivalents at end of the financial year | € 5,394 | € 9,302 | € 12,911 |
Consolidated statement of cas_2
Consolidated statement of cash flows (Parenthetical) € in Millions | 12 Months Ended |
Mar. 31, 2018 EUR (€) | |
Consolidated statement of cash flows | |
Cash inflow on derivative financial instruments | € 140 |
Basis of preparation
Basis of preparation | 12 Months Ended |
Mar. 31, 2018 | |
Basis of preparation | |
Basis of preparation | 1. Basis of preparation This section describes the critical accounting judgements and estimates that management has identified as having a potentially material impact on the Group’s consolidated financial statements and sets out our significant accounting policies that relate to the financial statements as a whole. Where an accounting policy is generally applicable to a specific note to the financial statements, the policy is described within that note. We have also detailed below the new accounting pronouncements that we will adopt in future years and our current view of the impact they will have on our financial reporting. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board (‘IASB’) and are also prepared in accordance with IFRS adopted by the European Union (‘EU’), the Companies Act 2006 and Article 4 of the EU IAS Regulations. The consolidated financial statements are prepared on a going concern basis. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. A discussion on the Group’s critical accounting judgements and key sources of estimation uncertainty is detailed below. Actual results 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. On 1 April 2016, the Group’s presentation currency changed from sterling to the euro to better align with the geographic split of the Group’s operations. The results of Vodafone India are presented in results from discontinued operations in the current and prior periods and its assets and liabilities reported in assets and liabilities held for sale, respectively, at 31 March 2018. 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 in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the Group’s reported financial position, results or cash flows; it may later be determined that a different choice may have been more appropriate. 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 2019. As at 31 March 2018, management has identified critical judgements in respect of revenue recognition (gross versus net), classification of joint arrangements and whether to recognise a provision or disclose a contingent liability. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post employment benefits, and impairments and estimates that are not considered to be critical in respect of the useful economic lives of finite lived intangibles and property, plant and equipment. During the year to 31 March 2018, the Group had no significant acquisitions and no disposals of subsidiaries via contribution into joint arrangements, consequently there are no critical estimates disclosed in respect of such transactions. 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. Provisions for uncertain tax positions are no longer considered a critical estimate as the provision predominantly relates to a large number of immaterial issues across the Group’s markets and the risk of a material change in estimate in the next financial year is not considered to be significant. Critical judgements are exercised in respect of tax disputes in India, including the cases relating to our acquisition of Vodafone India. These critical accounting judgements, estimates and related disclosures have been discussed with the Company’s Audit and Risk Committee. Critical accounting judgements and key sources of estimation uncertainty Revenue recognition Gross versus net presentation When the Group sells goods or services as a principal, income and payments to suppliers are reported on a gross basis in revenue and operating costs. If the Group sells goods or services as an agent, revenue and payments to suppliers are recorded in revenue on a net basis, representing the margin earned. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its business partners; such judgements impact the amount of reported revenue and operating expenses but do not impact reported assets, liabilities or cash flows. 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 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, Spain and India 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 “Impairment reviews” on page 108). Where tax losses are forecast to be recovered beyond the five year period, the availability of taxable profits is assessed using the cash flows and long-term growth rates used for the value in use calculations. The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the telecommunications business including the potential impacts of changes in the market structure, trends in customer pricing, the costs associated with the acquisition and retention of customers, future technological evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences. Changes in the estimates which underpin the Group’s forecasts could have an impact on the amount of future taxable profits and could have a significant impact on the period over which the deferred tax asset would be recovered. The Group only considers substantively enacted tax laws when assessing the amount and availability of tax losses to offset against the future taxable profits. See note 6 “Taxation” to the consolidated financial statements. Uncertain tax positions The tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group uses in-house tax experts when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The most significant judgement in this area relates to the Group’s tax disputes in India, including the cases relating to the Group’s acquisition of Vodafone India. Further details of these are included in note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements. Joint arrangements The Group participates in a number of joint arrangements where control of the arrangement is shared with one or more other parties. Judgement is required to classify joint arrangements in a separate legal entity as either a joint operation or as a joint venture which depends on management’s assessment of the legal form and substance of the arrangement taking into account relevant facts and circumstances such as whether the owners have rights to substantially all the economic outputs and, in substance, settle the liabilities of the entity. The classification can have a material impact on the consolidated financial statements. The Group’s share of assets, liabilities, revenue, expenses and cash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group’s investment and share of results of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement respectively. See note 12 “Investments in associates and joint arrangements” to the consolidated financial statements. Finite lived intangible assets Other intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and the costs of purchasing and developing computer software. Where intangible assets are acquired through business combinations and no active market for the assets exists, the fair value of these assets is determined by discounting estimated future net cash flows generated by the asset. Estimates relating to the future cash flows and discount rates used may have a material effect on the reported amounts of finite lived intangible assets. Estimation of useful life The useful life over which intangible assets are amortised depends on management’s estimate of the period over which economic benefit will be derived from the asset. Useful lives are periodically reviewed to ensure that they remain appropriate. Management’s estimates of useful life have a material impact on the amount of amortisation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of intangible assets in the year to 31 March 2019 if these estimates were revised. The basis for determining the useful life for the most significant categories of intangible assets is discussed below. Customer bases The estimated useful life principally reflects management’s view of the average economic life of the customer base and is assessed by reference to customer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation charge. Capitalised software For computer software, the estimated useful life is based on management’s view, considering historical experience with similar products as well as anticipation of future events which may impact their life such as changes in technology. The useful life will not exceed the duration of a licence. Property, plant and equipment Property, plant and equipment represents 19.5% (2017: 19.5%) of the Group’s total assets; estimates and assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11 “Property, plant and equipment” to the consolidated financial statements for further details. Estimation of useful life The depreciation charge for an asset is derived using estimates of its expected useful life and expected residual value, which are reviewed annually. Management’s estimates of useful life have a material impact on the amount of depreciation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of property, plant and equipment in the year to 31 March 2019 if these estimates were revised. Management determines the useful lives and residual values for assets when they are acquired, based on experience with similar assets and taking into account other relevant factors such as any expected changes in technology. Post employment benefits Management uses estimates when determining the Group’s liabilities and expenses arising for defined benefit pension schemes. Management is required to estimate the future rates of inflation, salary increases, discount rates and longevity of members, each of which may have a material impact on the defined benefit obligations that are recorded. Further details, including a sensitivity analysis, are included in note 25 “Post employment benefits” to the consolidated financial statements. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigation 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 and, for finite lived assets, if events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment testing requires management to judge whether the carrying value of assets can be supported by the net present value of future cash flows that they generate. Calculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including management’s expectations of: – growth in adjusted EBITDA, calculated as adjusted operating profit before depreciation and amortisation; – timing and amount of future capital expenditure, licence and spectrum payments; – long-term growth rates; and – appropriate discount rates to reflect the risks involved. Management prepares formal five year forecasts for the Group’s operations, which are used to estimate their value in use; a long-term growth rate into perpetuity has been determined as the lower of: – the nominal GDP growth rates for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA in years six to ten estimated by management. Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group’s impairment evaluation and hence reported assets and profits or losses. Further details, including a sensitivity analysis, are included in note 4 “Impairment losses” to the consolidated financial statements. For discontinued operations, impairment testing requires management to determine whether the carrying value of the discontinued operation can be supported by the fair value less costs to sell. Where not observable in a quoted market, management have determined fair value less costs to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Significant accounting policies applied in the current reporting period that relate to the financial statements as a whole Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 32 “Related undertakings” to the consolidated financial statements) and joint operations that are subject to joint control (see note 12 “Investments in associates and joint arrangements” to the consolidated financial statements). 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 classified as available-for-sale are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the 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 as available-for-sale, are reported as part of the fair value gain or loss and are included in the consolidated statement of comprehensive income. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2018 is €295 million (31 March 2017: €637 million loss; 2016: €1,141 million loss). The net gains and net losses are recorded within operating profit (2018: €65 million credit; 2017: €133 million charge; 2016: €24 million credit), non-operating income and expense (2018: €nil; 2017: €nil; 2016: €282 million charge), investment and financing income (2018: €141 million credit; 2017: €505 million charge; 2016: €872 million charge) and income tax expense (2018: €9 million credit; 2017: €1 million credit; 2016: €11 million charge). The foreign exchange gains and losses included within other income and expense and non-operating income and expense arise on the disposal of interests in joint ventures, associates and investments from the recycling of foreign exchange gains previously recognised in the consolidated statement of comprehensive income. 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 2017 On 1 April 2017 the Group adopted the following new accounting policies to comply with amendments to IFRS. The accounting pronouncements, none of which is considered by the Group as significant on adoption, are: -- -- -- While the amendments to IAS 7 will have no impact on the Group’s accounting, additional disclosures are included to reconcile the movements in assets and liabilities during the year resulting from financing activities. New accounting pronouncements to be adopted on 1 April 2018 On 1 April 2018 the Group will adopt the following standards, which have been issued by the IASB and endorsed by the EU; these standards will have a significant impact on the Group’s financial reporting: – IFRS 15 “Revenue from Contracts with Customers”; and – IFRS 9 “Financial Instruments”. Additional information on the impact of these significant standards is discussed below. The following pronouncements, which have also been issued by the IASB and endorsed by the EU, will be adopted by the Group on 1 April 2018; these standards are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group: – – – – New accounting pronouncements to be adopted on or after 1 April 2019 On 1 April 2019 the Group will adopt IFRS 16 “ Leases”, which has been issued by the IASB and endorsed by the EU. This is a significant new standard for the Group and the expected impacts are discussed below. The following pronouncements, which are potentially relevant to the Group, have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2019; except where otherwise noted, they have not yet been endorsed by the EU. The Group’s financial reporting will be presented in accordance with these new standards, which are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group, from 1 April 2019. – Amendments to IAS 28 “Long-term Interests in Associates and Joint Ventures”; – IFRIC 23 “Uncertainty over Income Tax Treatments”; –“ Improvements to IFRS 2015-2017 Cycle”; – Amendment to IAS 19 “Plan Amendment, Curtailment or Settlement”; and – Amendments to IFRS 9 “Prepayment Features with Negative Compensation”, which has been endorsed by the EU. In addition, the Group will adopt the following standard, which has been issued by the IASB and has not yet been endorsed by the EU: – IFRS 17 “Insurance Contracts”, which is effective for accounting periods beginning on or after 1 January 2021. The Group is currently assessing the impact of the accounting changes that will arise under IFRS 17; however, the changes are not expected to have a material impact on the consolidated income statement and consolidated statement of financial position. IFRS 9 “Financial Instruments” IFRS 9 “Financial Instruments” was issued in July 2014 to replace IAS 39 “Financial Instruments: Recognition and Measurement” and has been endorsed by the EU. The standard is effective for accounting periods beginning on or after 1 January 2018 and will be adopted by the Group on 1 April 2018. IFRS 9 will impact the classification and measurement of the Group’s financial instruments, revises the requirements for when hedge accounting can be applied and requires certain additional disclosures. The primary changes resulting from IFRS 9 on the Group’s accounting for financial instruments are as follows : – – Whilst hedge accounting requirements are revised under IFRS 9, no material changes to the Group’s hedge accounting have been identified. The Group will adopt IFRS 9 with the cumulative retrospective impact on the classification and measurement of financial instruments reflected as an adjustment to equity on the date of adoption. In order to comply with the transition requirements of IFRS 15 the Group will report financial information both under IFRS 15 and also under the pre-existing revenue standard (IAS 18, Revenue) for the year commencing 1 April 2018. The Group’s current estimate of the primary financial impact of adoption of IFRS 9 on an IAS 18 accounting basis on the consolidated statement of financial position on adoption is a reduction in cumulative retained earnings at 1 April 2018 of between €200 million and €300 million, inclusive of the impact of deferred tax movements but excluding the impact on equity accounted joint ventures and associates. No material impact is expected from implementing IFRS 9 on an IAS 18 basis on the consolidated income statement or on the consolidated statement of cash flows. IFRS 15 “Revenue from Contracts with Customers” IFRS 15 “Revenue from Contracts with Customers”, was issued in May 2014 and subsequent amendments, “Clarifications to IFRS 15” were issued in April 2016; both have been endorsed by the EU. IFRS 15, as amended, is effective for accounting periods beginning on or after 1 January 2018. IFRS 15 sets out the requirements for recognising revenue and costs from contracts with customers and includes extensive disclosure requirements; it will have a material impact on the Group’s reporting of revenue and costs as follows: – Deliverables in contracts with customers that qualify as separate “performance obligations” will be identified and the contractual transaction price receivable from customers must then be allocated to the performance obligations on a relative standalone selling price basis. The performance obligations identified will depend on the nature of individual customer contracts, but might typically be identified for mobile handsets, other equipment provided to customers and for services provided to customers such as mobile and fixed line. Stand-alone selling prices will be based on observable sales prices; however, where stand-alone selling prices are not directly observable, estimates will be made maximising the use of observable inputs. Revenue will be recognised either at a point in time or over time when the respective performance obligations in a contract are delivered to the customer. – – – – Certain incremental costs incurred in acquiring a contract with a customer will be deferred on the consolidated statement of financial position and amortised as revenue is recognised under the related contract; this will generally lead to the later recognition of charges for some commissions payable to third party dealers and employees. In addition, certain types of contract acquisition costs will be deducted from revenue as they are considered to relate to the funding of customer discounts. – In addition certain costs incurred in fulfilling customer contracts will be deferred on the consolidated statement of financial position and recognised as related revenue is recognised under the contract. Such deferred costs are likely to relate to the provision of deliverables to customers that do not qualify as performance obligations and for which revenue is not recognised; currently such costs are generally expensed as incurred. The impact of the changes above on the Group’s reportable segments will depend largely on the extent to which customers receive discounted goods or services, such as mobile handsets, when they enter into airtime service agreements with the Group in the relevant markets. The combined impact of the changes is expected to increase the gross profit, or reduce the gross loss, recorded at inception on many customer contracts; in such cases, this will typically reduce the gross profit reported during the remainder of the contract; however, these timing differences will not impact the total gross profit reported for a customer contract over the contract term. In applying IFRS 15, and in determining the accounting impacts described above, the Group will be required to make material judgements. The most significant judgements are expected to be: – – The Group will adopt IFRS 15 with the cumulative retrospective impact reflected as an adjustment to equity on the date of adoption; and with disclosure of the impact of IFRS 15 on each line item in the financial statements in the reporting period. The transactions impacted by IFRS 15 are high in volume, value and complexity which has necessitated a phased approach to the development of new software solutions and changes to processes and related controls across the Group. The items discussed above are the main accounting changes for the Group under IFRS 15. The Group’s current estimate of the primary financial impact of these changes on the consolidated statement of financial position on adoption is a cumulative increase in: – On the assumption that there are no significant changes to business models or products offered, the Group expects the primary financial impacts of these changes on the consolidated income statement will be: – – The implementation of IFRS 15 is not expected to have any financial impact on the consolidated statement of cash flows. These impacts are based on the assessments undertaken to date. The exact financial impacts of the accounting changes of adopting IFRS 15 at 1 April 2018 may be revised as further analysis is completed prior to presentation of financial information for periods including the date of initial application. The Group expects to be in a position to issue further guidance on the impact of adopting IFRS 15 in conjunction with the first quarter trading update for the financial year commencing 1 April 2018. IFRS 16 “Leases” IFRS 16 “Leases” was issued in January 2016 to replace IAS 17 “Leases” and has been endorsed by the EU. The standard is effective for accounting periods beginning on or after 1 January 2019 and will be adopted by the Group on 1 April 2019. IFRS 16 will primarily change lease accounting for lessees; lease agreements will give rise to the recognition of an asset representing the right to use the leased item and a loan obligation for future lease payables. Lease costs will be recognised in the form of depreciation of the right to use asset and interest on the lease liability. Lessee accounting under IFRS 16 will be similar in many respects to existing IAS 17 accounting for finance leases, but will be substantively different to existing accounting for operating leases where rental charges are currently recognised on a straight-line basis and no lease asset or related lease creditor is recognised. Lessor accounting under IFRS 16 is similar to existing IAS 17 accounting and is not expected to have a material impact for the Group. The Group is assessing the impact of the accounting changes that will arise under IFRS 16; however, the following changes to lessee accounting will have a material impact as follows: – Right-of-use assets will be recorded for assets that are leased by the Group; currently no lease assets are included on the Group’s consolidated statement of financial position for operating leases. – Liabilities will be recorded for future lease payments in the Group’s consolidated statement of financial position for the “reasonably certain” period of the lease, which may include future lease periods for which the Group has extension options. Currently liabilities are generally not recorded for future operating lease payments, which are disclosed as commitments. The amount of lease liabilities will not equal the lease commitments reported on 31 March 2019, as they will be discounted to present value and the treatment of termination and extension options may differ, but may not be dissimilar. – Lease expenses will be for depreciation of right-of-use assets and interest on lease liabilities; interest will typically be higher in the early stages of a lease and reduce over the term. Currently operating lease rentals are expensed on a straight-line basis over the lease term within operating expenses. – Operating lease cash flows are currently included within operating cash flows in the consolidated statement of cash flows; under IFRS 16 these will be recorded as cash flows from financing activities reflecting the repayment of lease liabilities (borrowings) and related interest. A high volume of transactions will be impacted by IFRS 16 and material judgements are required in identifying and accounting for leases. The most significant judgement is expected to be determination of the lease term; under IFRS 16 the lease term includes extension periods where it is rea |
Segmental analysis
Segmental analysis | 12 Months Ended |
Mar. 31, 2018 | |
Segment analysis | |
Segment analysis | 2. Segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below. The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has a single group of related services and products, being the supply of communications services and products. Revenue is attributed to a country or region based on the location of the Group company reporting the revenue. Transactions between operating segments are charged at arm’s-length prices. Segment information is provided on the basis of geographic areas, being the basis on which the Group manages its worldwide interests, with each country in which the Group operates treated as an operating segment. The aggregation of operating segments into the Europe and AMAP regions reflects, in the opinion of management, the similar economic characteristics within each of those regions as well the similar products and services offered and supplied, classes of customers and the regulatory environment. In the case of the Europe region this largely reflects membership of the European Union, while for the AMAP region this largely includes emerging and developing economies that are in the process of rapid growth and industrialisation. Certain financial information is provided separately within the Europe region for Germany, Italy, the UK and Spain, and within the AMAP region for India and Vodacom, as these operating segments are individually material for the Group. The segmental revenue and profit of India are included in discontinued operations for all years reported and segmental assets and cash flows are included in assets and liabilities held for sale at 31 March 2018 and 31 March 2017. See note 7 “Discontinued operations and assets and liabilities held for resale” for details. Accounting policies Revenue Revenue is recognised to the extent the Group has delivered goods or rendered services under an agreement, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group. Revenue is measured at the fair value of the consideration receivable, exclusive of sales taxes and discounts. The Group principally obtains revenue from providing mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, interconnect fees, fixed and mobile broadband and related services such as providing televisual and music content, connection fees and equipment sales. Products and services may be sold separately or in bundled packages. Revenue for access charges, voice and video calls, messaging and fixed and mobile broadband provided to contract customers is recognised as services are performed, with unbilled revenue resulting from services already provided accrued at the end of each period and unearned revenue from services to be provided in future periods deferred. Revenue from the sale of prepaid credit is deferred until such time as the customer uses the airtime, or the credit expires. Revenue from interconnect fees is recognised at the time the services are performed. Revenue for the provision of televisual and music content is recognised when or as the Group performs the related service and, depending on the nature of the service, is recognised either at the gross amount billed to the customer or the amount receivable by the Group as commission for facilitating the service. Customer connection revenue is recognised together with the related equipment revenue to the extent that the aggregate equipment and connection revenue does not exceed the fair value of the equipment delivered to the customer. Any customer connection revenue not recognised, together with any related excess equipment revenue, is deferred and recognised over the period in which services are expected to be provided to the customer. Revenue for device sales is recognised when the device is delivered to the end customer and the significant risks and rewards of ownership have transferred. For device sales made to intermediaries, revenue is recognised if the significant risks associated with the device are transferred to the intermediary and the intermediary has no general right to return the device to receive a refund. If the significant risks are not transferred, revenue recognition is deferred until sale of the device to an end customer by the intermediary or the expiry of any right of return. In revenue arrangements including more than one deliverable, the arrangements are divided into separate units of accounting. Deliverables are considered separate units of accounting if the following two conditions are met: (i) the deliverable has value to the customer on a stand-alone basis and (ii) there is evidence of the fair value of the item. The arrangement consideration is allocated to each separate unit of accounting based on its relative fair value. The Group generally determines the fair value of individual elements based on prices at which the deliverable is regularly sold on a stand-alone basis after considering any appropriate volume discounts. Revenue allocated to deliverables is restricted to the amount that is receivable without the delivery of additional goods or services. This restriction typically applies to revenue recognised for devices provided to customers, including handsets. Commissions Intermediaries are given cash incentives by the Group to connect new customers and upgrade existing customers. For intermediaries who do not purchase products and services from the Group, such cash incentives are accounted for as an expense. Such cash incentives to other intermediaries are also accounted for as an expense if: – the Group receives an identifiable benefit in exchange for the cash incentive that is separable from sales transactions to that intermediary; and – the Group can reliably estimate the fair value of that benefit. Cash incentives that do not meet these criteria are recognised as a reduction of the related revenue. Segmental revenue and profit Segment Intra-region Regional Inter-region Group Adjusted revenue revenue revenue revenue revenue EBITDA €m €m €m €m €m €m 31 March 2018 Germany 10,847 (29) 10,818 (18) 10,800 4,010 Italy 6,204 (30) 6,174 (3) 6,171 2,329 UK 7,078 (21) 7,057 (7) 7,050 1,762 Spain 4,978 (35) 4,943 (2) 4,941 1,420 Other Europe 4,941 (45) 4,896 (10) 4,886 1,515 Europe 34,048 (160) 33,888 (40) 33,848 11,036 Vodacom 5,692 — 5,692 (7) 5,685 2,203 Other AMAP 5,770 — 5,770 (25) 5,745 1,554 AMAP 11,462 — 11,462 (32) 11,430 3,757 Common Functions 1,408 — 1,408 (115) 1,293 (56) Group 46,918 (160) 46,758 (187) 46,571 14,737 31 March 2017 Germany 10,600 (32) 10,568 (21) 10,547 3,617 Italy 6,101 (30) 6,071 (1) 6,070 2,229 UK 6,925 (23) 6,902 (6) 6,896 1,212 Spain 4,973 (37) 4,936 (1) 4,935 1,360 Other Europe 6,128 (55) 6,073 (5) 6,068 1,865 Europe 34,727 (177) 34,550 (34) 34,516 10,283 Vodacom 5,294 — 5,294 — 5,294 2,063 Other AMAP 6,479 — 6,479 (14) 6,465 1,791 AMAP 11,773 — 11,773 (14) 11,759 3,854 Common Functions 1,390 — 1,390 (34) 1,356 12 Group 47,890 (177) 47,713 (82) 47,631 14,149 31 March 2016 Germany 10,626 (36) 10,590 (9) 10,581 3,462 Italy 6,008 (22) 5,986 (1) 5,985 2,015 UK 8,428 (18) 8,410 (9) 8,401 1,756 Spain 4,959 (27) 4,932 (2) 4,930 1,250 Other Europe 6,599 (55) 6,544 (4) 6,540 2,002 Europe 36,620 (158) 36,462 (25) 36,437 10,485 Vodacom 5,325 — 5,325 — 5,325 2,028 Other AMAP 6,566 — 6,566 (20) 6,546 1,678 AMAP 11,891 — 11,891 (20) 11,871 3,706 Common Functions 1,567 — 1,567 (65) 1,502 (36) Group 50,078 (158) 49,920 (110) 49,810 14,155 Total revenue recorded in respect of the sale of goods for the year ended 31 March 2018 was €4,718 million (2017: €4,029 million, 2016: €4,472 million). The Group’s measure of segment profit, adjusted EBITDA, excludes depreciation, amortisation, impairment loss, restructuring costs, loss on disposal of fixed assets, the Group’s share of results in associates and joint ventures and other income and expense. A reconciliation of adjusted EBITDA to operating profit is shown overleaf. For a reconciliation of operating profit to profit for the financial year, see the Consolidated income statement on page 102. €m €m €m Adjusted EBITDA 14,737 14,149 14,155 Depreciation, amortisation and loss on disposal of fixed assets (9,910) (10,179) (10,386) Share of adjusted results in equity accounted associates and joint ventures 1 389 164 60 Adjusted operating profit 5,216 4,134 3,829 Impairment losses — — (569) Restructuring costs (156) (415) (316) Amortisation of acquired customer based and brand intangible assets (974) (1,046) (1,338) Other income/(expense) 213 1,052 (286) Operating profit 4,299 3,725 1,320 Note: 1 Excludes amortisation of acquired customer bases and brand intangible assets of €0.4 billion (2017: €0.1 billion, 2016: €nil). Segmental assets and cash flow Other Depreciation Non-current Capital expenditure on and Operating assets 1 expenditure 2 intangible assets amortisation Impairment loss free cash flow 3 €m €m €m €m €m €m 31 March 2018 Germany 25,444 1,673 24 3,095 — 2,147 Italy 9,232 797 629 1,479 — 1,607 UK 7,465 889 — 1,600 — 408 Spain 10,576 863 — 1,371 — 628 Other Europe 7,441 710 93 1,092 — 788 Europe 60,158 4,932 746 8,637 — 5,578 Vodacom 5,841 763 1 776 — 1,453 Other AMAP 3,607 729 — 923 — 725 AMAP 9,448 1,492 1 1,699 — 2,178 Common Functions 1,976 897 — 73 — (755) Group 71,582 7,321 747 10,409 — 7,001 31 March 2017 Germany 26,694 1,671 — 3,320 — 1,749 Italy 9,157 793 2 1,603 — 1,161 UK 8,210 950 — 1,768 — 57 Spain 11,035 746 — 1,378 — 344 Other Europe 7,574 878 38 1,088 — 619 Europe 62,670 5,038 40 9,157 — 3,930 Vodacom 6,039 736 2 738 — 1,347 Other AMAP 5,778 795 317 1,153 — 947 AMAP 11,817 1,531 319 1,891 — 2,294 Common Functions 1,937 915 — 38 — (597) Group 76,424 7,484 359 11,086 — 5,627 31 March 2016 Germany 28,210 2,362 2,081 3,330 — 866 Italy 9,799 1,516 232 1,668 — 496 UK 9,496 1,210 141 1,902 — 334 Spain 11,569 1,178 491 1,446 — (149) Other Europe 7,568 1,372 8 1,371 (569) 546 Europe 66,642 7,638 2,953 9,717 (569) 2,093 India 13,474 1,102 3,751 — — — Vodacom 5,290 847 23 725 — 1,071 Other AMAP 6,806 1,173 814 1,170 — 503 AMAP 25,570 3,122 4,588 1,895 — 1,574 Common Functions 1,867 901 — 85 — (459) Group 94,079 11,661 7,541 11,697 (569) 3,208 Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment and computer software, reported within intangibles. Excludes licences and spectrum additions. 3 The Group’s measure of segment cash flow is reconciled to the closest equivalent GAAP measure cash generated by operations, on pages 207 and 208. |
Operating profit
Operating profit | 12 Months Ended |
Mar. 31, 2018 | |
Operating profit | |
Operating profit | 3. Operating profit Detailed below are the key amounts recognised in arriving at our operating profit €m €m €m Net foreign exchange (gains)/losses 1 (65) 133 (24) Depreciation of property, plant and equipment (note 11): Owned assets 5,963 6,253 6,333 Leased assets 47 12 45 Amortisation of intangible assets (note 10) 4,399 4,821 5,319 Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) — — 569 Staff costs (note 24) 5,295 5,519 5,804 Amounts related to inventory included in cost of sales 6,045 6,464 7,739 Operating lease rentals payable 3,788 3,976 2,464 Loss on disposal of property, plant and equipment and intangible assets 36 22 27 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (829) (800) (764) Net gain on formation of VodafoneZiggo (note 27) 2 — (1,275) — Notes: 1 The year ended 31 March 2018 included €80 million credit (2017: €127 million charge) reported in other income and expense in the consolidated income statement. 2 Reported in other income and expense in the consolidated income statement. The total remuneration of the Group’s auditors, PricewaterhouseCoopers LLP and other member firms of PricewaterhouseCoopers International Limited, for services provided to the Group during the year ended 31 March 2018 is analysed below. €m €m €m Parent company 2 2 2 Subsidiaries 14 13 13 Subsidiaries - new accounting standards 1 5 1 — Audit fees: 21 16 15 Audit-related fees 2 5 4 2 Non-audit fees: 5 4 2 Total fees 26 20 17 Notes: 1 Includes fees in respect of audit procedures in relation to the forthcoming implementation of IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases”. 2 Relates to fees for statutory and regulatory filings. The amount for the year ended 31 March 2018 includes non-recurring fees that were incurred during the preparations for a potential IPO of Vodafone New Zealand and the merger of Vodafone India and Idea Cellular. The amount for the year ended 31 March 2017 primarily arose from work on regulatory filings prepared in anticipation of a potential IPO of Vodafone India that was under consideration prior to the agreement for the merger of Vodafone India and Idea Cellular. A description of the work performed by the Audit and Risk Committee in order to safeguard auditor independence when non-audit services are provided is set out in the Audit and Risk Committee report on pages 64 to 69. |
Impairment losses
Impairment losses | 12 Months Ended |
Mar. 31, 2018 | |
Impairment losses | |
Impairment losses | 4. Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are expected to generate. We review the carrying value of assets for each country in which we operate at least annually. For further details of our impairment review process see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Goodwill Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash- generating units. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Group prepares and approves formal five year management plans for its operations, which are the basis for the value in use calculations. Property, plant and equipment and finite lived intangible assets At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible assets 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 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 in respect of goodwill are stated below. The impairment losses were based on value in use calculations. Cash-generating unit Reportable segment €m €m €m Romania Other Europe — — 569 — — 569 For the year ended 31 March 2018, the Group recorded a non-cash charge of €3,170 million (€2,245 million net of tax), included in discontinued operations, as a result of the re-measurement of Vodafone India's fair value less costs of disposal. See note 7 “Discontinued operations and assets and liabilities held for sale” for further details. For the year ended 31 March 2017, the Group recorded a non-cash impairment charge of €4,515 million in respect of the Group’s investment in India which, together with the recognition of an associated €840 million deferred tax asset, led to an overall €3,675 million reduction in the carrying value of Vodafone India, the results of which are included in discontinued operations (see note 7 “Discontinued operations and assets and liabilities held for sale”) for further details. Goodwill The remaining carrying value of goodwill at 31 March was as follows: €m €m Germany 12,479 12,479 Italy 3,654 3,654 Spain 3,814 3,814 19,947 19,947 Other 6,787 6,861 26,734 26,808 Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption How determined Projected adjusted EBITDA Projected adjusted EBITDA has been based on past experience adjusted for the following: – voice and messaging revenue is expected to benefit from increased usage from new customers, especially in emerging markets, the introduction of new services and traffic moving from fixed networks to mobile networks, though these factors will be offset by increased competitor activity, which may result in price declines, and the trend of falling termination and other regulated rates; – non-messaging data revenue is expected to continue to grow as the penetration of 3G (plus 4G where available) enabled devices and smartphones rise along with higher data bundle attachment rates, and new products and services are introduced; and – margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and the expectation of further termination rate cuts by regulators 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 roll out networks in emerging markets, to provide voice and data products and services and to meet the population coverage requirements of certain of the Group’s licences. Capital expenditure includes cash outflows for the purchase of property, plant and equipment and computer software. Projected licence and spectrum payments The cash flow forecasts for licence and spectrum payments for each operating company for the initial five years include amounts for expected renewals and newly available spectrum. Beyond that period, a long-run cost of spectrum is assumed. Long-term growth rate For businesses where the five year management plans are used for the Group’s value in use calculations, a long-term growth rate into perpetuity has been determined as the lower of: – the nominal GDP rates for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA in years six to ten estimated by management. Pre-tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group’s operations is generally based on the risk free rate for ten year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. These rates are adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific Group operating company. In making this adjustment, inputs required are the equity market risk premium (that is the required increased return required over and above a risk free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to reflect the risk of the specific Group operating company relative to the market as a whole. In determining the risk adjusted discount rate, management has applied an adjustment for the systematic risk to each of the Group’s operations determined using an average of the betas of comparable listed mobile 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 average equity market risk premium over the past ten years and the market risk premiums typically used by investment banks in evaluating acquisition proposals. Year ended 31 March 2018 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Spain Italy Romania % % % % Pre-tax adjusted discount rate 8.3 9.7 10.4 9.8 Long-term growth rate 0.5 1.5 1.0 1.5 Projected adjusted EBITDA 1 3.7 5.9 (2.6) 2.6 Projected capital expenditure 2 16.6-18.8 16.8-17.4 12.1-13.3 11.9-14.6 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis Other than as disclosed below, management believes that no reasonably possible change in any of the above key assumptions would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. The estimated recoverable amount of the Group’s operations in Germany, Spain and Romania exceed their carrying values by €7.7 billion, €0.3 billion and €nil respectively. The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2018. Change required for carrying value to equal recoverable amount Germany Spain Romania pps pps pps Pre-tax risk adjusted discount rate 2.0 0.2 0.1 Long-term growth rate (2.3) (0.2) (0.1) Projected adjusted EBITDA 1 (3.3) (0.3) (0.1) Projected capital expenditure 2 16.3 1.4 0.4 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The carrying values for Vodafone UK, Portugal, Ireland and Czech Republic include goodwill arising from their acquisition by the Group and/ or the purchase of operating licences or spectrum rights. While the recoverable amounts for these operating companies are not materially greater than their carrying value, each has a lower risk of giving rise to impairment that would be material to the Group given their relative size or the composition of their carrying value. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2018. Change required for carrying value to equal recoverable amount UK Ireland Portugal Czech Republic pps pps pps pps Pre-tax risk adjusted discount rate 0.5 0.6 1.0 3.1 Long-term growth rate (0.6) (0.7) (1.1) (4.0) Projected adjusted EBITDA 1 (0.8) (1.0) (1.5) (4.0) Projected capital expenditure 2 3.2 4.2 6.4 16.9 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Following the recent merger, the recoverable amount for VodafoneZiggo is not materially greater than its carrying value. If adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration in the operations of VodafoneZiggo and the entity’s expected future cash flows, this may lead to an impairment loss being recognised. Year ended 31 March 2017 During the year ended 31 March 2017, Vodafone India was classified as a discontinued operation and was consequently valued at fair value less costs of disposal. Vodafone India’s fair value less costs of disposal was not observable in a quoted market and accordingly was determined with reference to the outcomes from the application of a number of potential valuation techniques, which were considered to result in a “level 2” valuation 1 . As such significant judgement was required and involved the use of estimates. The two bases of valuation which were given the strongest weighting in the overall assessment of fair value are set out below. – – Note: 1 Level 2 classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Spain Italy Romania % % % % Pre-tax adjusted discount rate 8.4 9.7 10.3 9.0 Long-term growth rate 0.5 1.5 1.0 1.0 Projected adjusted EBITDA 1 3.0 7.9 (0.8) 0.1 Projected capital expenditure 2 14.9–16.5 14.3–15.8 12.7–14.2 12.6–15.9 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis Other than as disclosed below, management believed that no reasonably possible change in any of the above key assumptions would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. The estimated recoverable amount of the Group’s operations in Germany, Spain and Romania exceed their carrying values by €3.5 billion, €1.0 billion and €0.2 billion respectively. The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2017: Change required for carrying value to equal recoverable amount Germany Spain Romania pps pps pps Pre-tax risk adjusted discount rate 0.9 0.6 1.5 Long-term growth rate (1.0) (0.7) (1.7) Projected adjusted EBITDA 1 (1.6) (1.1) (1.9) Projected capital expenditure 2 7.6 4.4 7.1 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The carrying values for Vodafone UK, Portugal, Ireland and Czech Republic include goodwill arising from their acquisition by the Group and/ or the purchase of operating licences or spectrum rights. While the recoverable amounts for these operating companies were not materially greater than their carrying value, each had a lower risk of giving rise to impairment that would be material to the Group given their relative size or the composition of their carrying value. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2017: Change required for carrying value to equal recoverable amount UK Ireland Portugal Czech Republic pps pps pps pps Pre-tax risk adjusted discount rate 0.5 0.8 0.6 2.1 Long-term growth rate (0.6) (0.9) (0.6) (2.4) Projected adjusted EBITDA 1 (0.8) (1.2) (0.9) (2.8) Projected capital expenditure 2 3.2 4.3 3.9 12.0 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as of capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2016 During the year ended 31 March 2016 impairment charges of €569 million were recorded in respect of the Group’s investments in Romania. The impairment charge related solely to goodwill. The recoverable amount of Romania was €0.9 billion. The impairment charges were driven by lower projected cash flows within the business plans resulting in our reassessment of expected future business performance in the light of the current trading environment. The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Romania Germany Spain % % % Pre-tax risk adjusted discount rate 9.7 8.2 9.7 Long-term growth rate 1.0 0.5 1.5 Projected adjusted EBITDA 1 (0.3) 3.1 8.8 Projected capital expenditure 2 11.5–18.8 14.5-15.6 11.2-19.7 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis Other than as disclosed below, management believed that no reasonably possible change in any of the above key assumptions would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. The estimated recoverable amounts of the Group’s operations in Romania, Germany and Spain were equal to, or not materially greater than, their carrying values; consequently, any adverse change in key assumptions would, in isolation, cause a further impairment loss to be recognised. The estimated recoverable amounts of the Group’s operations in Germany and Spain exceeded their carrying values by €2.0 billion and €1.0 billion respectively. Change required for carrying value to equal the recoverable amount Germany Spain pps pps Pre-tax risk adjusted discount rate 0.5 0.6 Long-term growth rate (0.5) (0.8) Projected adjusted EBITDA 1 (0.9) (1.2) Projected capital expenditure 2 4.4 4.8 The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an (increase)/decrease to the aggregate impairment loss recognised in the year ended 31 March 2016. Romania Increase by 2pps Decrease by 2pps €bn €bn Pre-tax adjusted discount rate (0.2) 0.3 Long-term growth rate 0.3 (0.2) Projected adjusted EBITDA 1 0.2 (0.2) Projected capital expenditure 2 (0.1) 0.1 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. |
Investment income and financing
Investment income and financing costs | 12 Months Ended |
Mar. 31, 2018 | |
Investment income and financing costs | |
Investment income and financing costs | 5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables as well as certain foreign exchange movements. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements €m €m €m Investment income: Available-for-sale investments: Dividends received — — 1 Loans and receivables at amortised cost 339 426 529 Fair value through the income statement (held for trading) 24 20 9 Other 1 322 28 — 685 474 539 Financing costs: Items in hedge relationships: Other loans 74 170 224 Interest rate and cross-currency interest rate swaps (128) (235) (127) Fair value hedging instrument 48 22 (140) Fair value of hedged item (36) (16) 166 Other financial liabilities held at amortised cost: Bank loans and overdrafts 317 419 284 Bonds and other loans 2 885 1,243 926 Interest (credit)/charge on settlement of tax issues 3 (11) 47 19 Fair value through the income statement (held for trading): Derivatives – forward starting swaps and futures (75) (244) 121 Other 1,4 — — 573 1,074 1,406 2,046 Net financing costs 389 932 1,507 Notes: 1 Primarily comprises foreign exchange rate differences reflected in the income statement in relation to certain sterling and US dollar balances. 2 Amounts for 2018 include net foreign exchange losses of €181 million (2017: €533 million; 2016: €299 million). 3 Amounts for 2018 include a decrease (2017: increase, 2016: increase) in provision for potential interest on tax issues. 4 Interest capitalised for the year ended 31 March 2018 was €nil (2017: €nil, 2016: €n il). |
Taxation
Taxation | 12 Months Ended |
Mar. 31, 2018 | |
Taxation | |
Taxation | 6. Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future. Accounting policies Income tax expense represents the sum of the current and deferred taxes. Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date. The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate using management’s estimate of the most likely outcome. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity. Income tax expense €m €m €m United Kingdom corporation tax expense/(credit): Current year 1 70 27 (129) Adjustments in respect of prior years (5) (3) 53 65 24 (76) Overseas current tax expense/(credit): Current year 1,055 961 812 Adjustments in respect of prior years (102) (35) 21 953 926 833 Total current tax expense 1,018 950 757 Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax 39 (16) (32) Overseas deferred tax (1,936) 3,830 4,212 Total deferred tax (credit)/expense (1,897) 3,814 4,180 Total income tax (credit)/expense 2 (879) 4,764 4,937 Notes: 1 The 2016 credit relates to a claim under international conventions for the avoidance of double taxation. 2 The income statement tax charge includes tax relief on capitalised interest. UK operating profits are more than offset by statutory allowances for capital investment in the UK network and systems plus ongoing interest costs including those arising from the €10.3 billion of spectrum payments to the UK Government in 2000 and 2013. Tax on discontinued operations €m €m €m Tax credit on profit from ordinary activities of discontinued operations 1 (617) (973) (514) Tax charge relating to the gain on discontinuance 15 95 — Total tax credit on discontinued operations (602) (878) (514) Note: 1 2018 includes a €925m credit (2017: €840m credit) relating to the impairment of Vodafone India. Tax charged/(credited) directly to other comprehensive income €m €m €m Current tax 22 (16) (81) Deferred tax 70 44 293 Total tax charged directly to other comprehensive income 92 28 212 Tax charged/(credited) directly to equity €m €m €m Current tax — — (8) Deferred tax 9 (9) 3 Total tax charged/(credited) directly to equity 9 (9) (5) Factors affecting the tax expense for the year The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year. €m €m €m Continuing profit/(loss) before tax as shown in the consolidated income statement 3,878 2,792 (190) Aggregated expected income tax expense 985 795 85 Impairment losses with no tax effect — — 168 Disposal of Group investments 55 (271) 83 Effect of taxation of associates and joint ventures, reported within profit before tax 90 23 (18) (Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain 1 (1,583) 1,603 1,288 Deferred tax following revaluation of investments in Luxembourg 1 (330) (329) 3,037 Previously unrecognised temporary differences we expect to use in the future — (15) — Previously unrecognised temporary differences utilised in the year (29) (11) (8) Current year temporary differences (including losses) that we currently do not expect to use 20 139 50 Adjustments in respect of prior year tax liabilities 2 (244) (107) (48) Revaluation of assets for tax purposes — (39) — Impact of tax credits and irrecoverable taxes 93 98 (38) Deferred tax on overseas earnings 24 26 17 Effect of current year changes in statutory tax rates on deferred tax balances (44) 2,755 95 Expenses not deductible (income not taxable) for tax purposes 84 97 226 Income tax (credit)/expense (879) 4,764 4,937 Note: 1 2 Deferred tax Analysis of movements in the net deferred tax balance during the year: €m 1 April 2017 23,765 Foreign exchange movements (25) Charged to the income statement (continuing operations) 1,897 Charged directly to OCI (70) Credited directly to equity (9) Reclassifications (4) Arising on acquisition and disposals 2 31 March 2018 25,556 Deferred tax assets and liabilities, before offset of balances within countries, are as follows: Amount Net credited/ recognised (expensed) in Gross Gross Less deferred income deferred tax deferred tax amounts tax statement asset liability unrecognised (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 103 1,289 (1,342) (33) (86) Intangible assets 225 193 (571) 16 (362) Tax losses 1,666 30,953 — (5,904) 25,049 Deferred tax on overseas earnings (24) — (108) — (108) Other temporary differences (73) 1,218 (132) (23) 1,063 31 March 2018 1,897 33,653 (2,153) (5,944) 25,556 Deferred tax assets and liabilities are analysed in the statement of financial position, after offset of balances within countries, as follows: €m Deferred tax asset 26,200 Deferred tax liability (644) 31 March 2018 25,556 At 31 March 2017, deferred tax assets and liabilities, before offset of balances within countries, were as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred in income deferred tax deferred tax amounts tax statement asset liability unrecognised 1 (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 160 1,368 (1,535) (55) (222) Intangible assets 353 127 (715) 16 (572) Tax losses (4,064) 30,590 — (7,138) 23,452 Deferred tax on overseas earnings (95) — (95) — (95) Other temporary differences (168) 1,347 (126) (19) 1,202 31 March 2017 (3,814) 33,432 (2,471) (7,196) 23,765 At 31 March 2017 deferred tax assets and liabilities were analysed in the statement of financial position, after offset of balances within countries, as follows: €m Deferred tax asset 24,300 Deferred tax liability (535) 31 March 2017 23,765 Factors affecting the tax charge in future years The Group’s future tax charge, and effective tax rate, could be affected by several factors including; tax reform in countries around the world, including any arising from the OECD’s or European Commission’s work on the taxation of the digital economy and European Commission initiatives such as the anti tax avoidance directive, proposed tax and financial reporting directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues (see below). On 26 October 2017, the European Commission published a preliminary decision to open a formal investigation in relation to the ‘group financing exemption’ (GFE) in the UK’s controlled foreign company rules and whether the GFE constitutes unlawful State Aid. Their investigation remains ongoing. The Group has made claims under the GFE for practical reasons, however given that the Group’s Luxembourg financing activities are properly established and operate in accordance with EU and local law as well as the OECD’s transfer pricing guidelines, we do not anticipate any significant impact should a finding of unlawful State Aid be ultimately upheld. We do not anticipate any significant impact on our future tax charge, liabilities or assets, as a result of the triggering of Article 50(2) of the Treaty on European Union but cannot rule out the possibility that, for example, a failure to reach satisfactory arrangements for the UK’s future relationship with the European Union, could have an impact on such matters. We continue to monitor developments in this area. The Group is routinely subject to audit by tax authorities in the territories in which it operates and, specifically, in India these are usually resolved through the Indian legal system. 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 2018, the Group holds provisions for such potential liabilities of €521 million (2017: €711 million). These provisions relate to multiple issues, across the jurisdictions in which the Group operates. The reduction relates to the closure of tax audits across the Group during the year, including in Germany and Romania. 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 2018, 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 266 — 103,452 103,718 Losses for which no deferred tax is recognised 621 3,074 21,994 25,689 887 3,074 125,446 129,407 At 31 March 2017, 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 292 65 97,335 97,692 Losses for which no deferred tax is recognised 352 1,503 28,556 30,411 644 1,568 125,891 128,103 Deferred tax assets on losses in Luxembourg Included in the table above are losses of €81,740 million (2017: €82,634 million) that have arisen in Luxembourg companies, principally as a result of revaluations of those companies’ investments for local GAAP purposes. A deferred tax asset of €21,261 million (2017: €19,632 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits in the future against which we can utilise these losses. The Luxembourg companies’ income is derived from the Group’s internal financing and procurement and roaming activities. The Group has reviewed the latest forecasts for the Luxembourg companies, including their ability to continue to generate income beyond the forecast period under the tax laws substantively enacted at the balance sheet date. The assessment also considered whether the structure of the Group would continue to allow the generation of taxable income. Based on this the Group conclude that it is probable that the Luxembourg companies will continue to generate taxable income in the future. Any future changes in tax law or the structure of the Group could have a significant effect on the use of losses, including the period over which the losses can be utilised. Based on the current forecasts the losses will be fully utilised over the next 55 to 60 years. A 5%–10% change in the forecast income in Luxembourg would change the period over which the losses will be fully utilised by three to five years. During the current year the Group recognised an additional €330 million (2017: €329 million) of our In addition to the above, €2,587 million (2017; €993 million) of the Group’s Luxembourg losses expire and no deferred tax asset is recognised as they will expire before we can use these losses. The remaining losses do not expire. We also have €9,132 million (2017: €9,132 million) of Luxembourg losses in a former Cable & Wireless Worldwide Group company, for which no deferred tax asset has been recognised as it is uncertain whether these losses will be utilised. Deferred tax assets on losses in Germany The Group has tax losses of €18,034 million (2017: €18,139 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 €2,796 million (2017: €2,799 million) has been recognised in respect of these losses as we conclude it is probable that the German business will continue to generate taxable profits in the future against which we can utilise these losses. The Group has reviewed the latest forecasts for the German business which incorporate the unsystematic risks of operating in the telecommunications business (see pages 38 to 45). 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 10 to 12 years. A 5%-10% change in the forecast profits of the German business would not significantly alter the utilisation period. Deferred tax assets on losses in Spain The Group has tax losses of €3,521 million (2017: €3,646 million) in Spain and which are available to offset against the future profits of the Grupo Corporativo ONO business. The losses do not expire. A deferred tax asset of €880 million (2017: €914 million) has been recognised in respect of these losses as we conclude it is probable that the Spanish business will continue to generate taxable profits in the future against which we can utilise these losses. During the year, the Group also derecognised a deferred tax asset of €20 million related to losses in Spain which we do not expect to utilise in the future. The Group has reviewed the latest forecasts for the Spanish business which incorporate the unsystematic risks of operating in the telecommunications business (see pages 38 to 45). In the period beyond the five year forecast we have reviewed the profits inherent in the value in use calculations and based on these and our expectations for the Spanish business we believe it is probable the losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 22 to 25 years. A 5%-10% change in the forecast profits of the Spanish business would change the period over which the losses are utilised by one to two years. Other tax losses The Group has losses amounting to €7,544 million (2017: €7,880 million) in respect of UK subsidiaries which are only available for offset against future capital gains and since it is uncertain whether these losses will be utilised, no deferred tax asset has been recognised, in line with the prior year. The remaining losses relate to a number of other jurisdictions across the Group. There are also €12 million (2017: €108 million) of unrecognised other temporary differences. The Group holds a deferred tax liability of €108 million (2017: €95 million) in respect of deferred taxation that would arise if temporary differences on investments in subsidiaries, associates and interests in joint ventures were to be realised after the balance sheet date (see table on page 126). No deferred tax liability has been recognised in respect of a further €16,049 million (2017: €20,237 million) of unremitted earnings of subsidiaries, associates and joint ventures because the Group is in a position to control the timing of the reversal of the temporary difference and it is probable that such differences will not reverse in the foreseeable future. It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings. |
Discontinued operations and ass
Discontinued operations and assets and liabilities held for sale | 12 Months Ended |
Mar. 31, 2018 | |
Discontinued operations and assets and liabilities held for sale | |
Discontinued operations and assets held for sale | 7. Discontinued operations and assets and liabilities held for sale Following the agreement to combine our Indian operations with Idea Cellular into a jointly controlled company, in accordance with IFRS accounting standards, the results of Vodafone India are included in discontinued operations. The Group will continue to actively manage these operations until the transaction completes. Discontinued operations On 20 March 2017, Vodafone announced the agreement to combine its subsidiary, Vodafone India (excluding its 42% stake in Indus Towers), with Idea Cellular, which is listed on the Indian Stock Exchanges, with the combined company to be jointly controlled by Vodafone and the Aditya Birla Group. Consequently, Vodafone India is now accounted for as a discontinued operation, the results of which are detailed below. Income statement and segment analysis of discontinued operations €m €m €m Revenue 4,648 5,827 6,120 Cost of sales (2,995) (4,504) (4,799) Gross profit 1,653 1,323 1,321 Selling and distribution expenses (237) (276) (264) Administrative expenses (533) (703) (634) Impairment losses (note 4) — (4,515) — Other income and expense 1 416 — — Operating profit/(loss) 1,299 (4,171) 423 Financing costs (715) (909) (932) Profit/(loss) before taxation 584 (5,080) (509) Income tax (expense)/credit (308) 973 514 Profit/(loss) after tax of discontinued operations 276 (4,107) 5 Pre-tax loss on the re-measurement of disposal group (3,170) — — Income tax credit 925 — — After tax loss on the re-measurement of disposal group (2,245) — — (Loss)/profit for the financial year from discontinued operations (1,969) (4,107) 5 (Loss)/earnings per share from discontinued operations eurocents eurocents eurocents – Basic (7.09) c (14.68) c 0.02 c – Diluted (7.06) c (14.68) c 0.02 c Total comprehensive (expense)/income for the financial year from discontinued operations €m €m €m Attributable to owners of the parent (1,969) (4,107) 5 For the year ended 31 March 2018, as a discontinued operation, Vodafone India has been valued at fair value less costs of disposal. Vodafone India’s fair value less costs of disposal is not observable in a quoted market. As the completion of the Vodafone India and Idea Cellular Limited merger is expected to complete in June 2018, the fair value of Vodafone India has been assessed to be primarily determined by reference to the Idea Cellular Limited quoted share price as at 31 March 2018 of INR 75.9 per share. This technique is considered to result in a “level 2” valuation 2 under IFRS 13, as while the quoted price for Idea is observable, further adjustments, such as the assumption regarding the disposal of Vodafone India with a certain level of debt, are required to estimate fair value less costs of disposal. For the year ended 31 March 2018, the Group has recorded a non-cash charge of €3,170 million (€2,245 million net of tax), included in discontinued operations, as a result of the re-measurement of Vodafone India’s fair value less costs of disposal. Fair value at the equity level has been assessed to be INR 223 billion (2017: INR 370 billion), equivalent to €2.8 billion (2017: €5.3 billion) at the foreign exchange rates prevailing at those dates. Should the competitive environment in India become more intense, there could be a further significant deterioration in the operations of Vodafone India Limited and Idea Cellular Limited impacting the entities’ expected future cash flows. This may lead to a further impairment loss being recognised. The initial investment in the joint venture expected to be formed by the merger of Vodafone India Limited and Idea Cellular Limited in the financial year ending 31 March 2019 will also be measured in part by reference to the share price of Idea Cellular Limited at the date of completion. Accordingly the accounting gain or loss on the disposal of Vodafone India Limited to be recognised at that point, will in part be dependent on the share price of Idea Cellular Limited at that date. A change in the share price of Idea Cellular Limited from INR 75.9 per share as at 31 March 2018,to INR 85.9 per share or to INR 65.9 per share would give rise to a potential gain or loss of approximately €0.5 billion respectively. Based on Idea Cellular Limited’s share price of INR 51.75 per share as at 14 May 2018, the accounting loss on the disposal of Vodafone India would be approximately €1.2 billion based on the 31 March 2018 foreign exchange rate. Notes: 1 2 The Group will also realise as part of the disposal of Vodafone India Limited a loss comprising the cumulative foreign exchange losses arising from the retranslation of the consolidated net assets of Vodafone India Limited (which has a functional currency of Indian Rupee) to the Group’s presentation currency in the period from acquisition of the Group’s interest to the date of disposal. This foreign exchange is required to be recycled to the income statement from the translation reserve. Based on the 31 March 2018 exchange rate of €:INR: 80.48, a loss of approximately €1.9 billion would arise. The actual loss from the recycling of foreign exchange previously recognised in equity that would be recognised in the year ending 31 March 2019, will depend on the INR:€ exchange rate at the date of completion. A change in the exchange rate from €:INR 80.48 to €:INR 85.5 or to €:INR 75.5 would give rise to a foreign exchange loss of approximately €2.1 billion and €1.8 billion respectively. Assets and liabilities held for sale Assets and liabilities relating to our operations in India have been classed as held for sale on the consolidated statement of financial position at 31 March 2018 and 31 March 2017. The relevant assets and liabilities are detailed in the table below. Assets and liabilities held for sale 1 €m €m Non-current assets Goodwill — — Other intangible assets 5,937 9,214 Property, plant and equipment 2,823 3,462 Deferred tax assets 1,641 1,202 Trade and other receivables 526 694 10,927 14,572 Current assets Inventory — 1 Taxation recoverable 1,219 1,311 Trade and other receivables 936 831 Other investments 11 13 Cash and cash equivalents 727 467 2,893 2,623 Total assets held for sale 13,820 17,195 Non-current liabilities Long-term borrowings (6,687) (8,024) Post employment benefits (14) (15) Provisions (665) (784) Trade and other payables (32) (39) (7,398) (8,862) Current liabilities Short-term borrowings (1,756) (1,139) Provisions (18) (25) Trade and other payables (1,827) (1,768) (3,601) (2,932) Total liabilities held for sale (10,999) (11,794) Note: 1 Total net debt in India at 31 March 2018 was €7,714 million (2017: €8,674 million). This comprised cash of €727 million (2017: €467 million), licence payables classified as debt of €6,418 million (2017: €7,143 million) and €2,025 million (2017: €2,020 million) of other borrowings, together with €2 million (2017: €22 million) of derivative financial instruments reported within Trade and other receivables and Trade and other payables. €345 million (2017: €499 million) of the licence payables classified as debt have been paid in cash. The cash payment is reported in the consolidated statement of cash flows as cash flows from financing activities. Each of the eight legal entities within the Vodafone India Group provide cross guarantees to the lenders in respect of debt contracted by the other entities. Deferred tax assets on losses in India The Group recognises a deferred tax asset of €1,641 million (2017: €1,202 million) relating to its Indian business. This includes a deferred tax asset of €1,290 million (2017: €816 million) relating to losses , which do not expire. The deferred tax asset has been recognised as we conclude it is probable that we will generate taxable profits in the future, against which we can utilise these losses. The Group has reviewed the latest forecasts for the Indian business which incorporate the unsystematic risks of operating in the telecommunications business (see pages 38 to 45). In the period beyond the five year forecast, we have reviewed the profits inherent in the valuation of Indian business, and based on these and our expectations for the Indian business we believe it is probable the losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 11 to 13 years. We do not recognise a deferred tax asset of €399 million (2017: €352 million) in relation to losses where we currently believe that is not probable these losses will be utilised in the future. |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2018 | |
Earning per share | |
Earning 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. 2018 2017 2016 Weighted average number of shares for basic earnings per share 27,770 27,971 26,692 Effect of dilutive potential shares: restricted shares and share options 87 — — Weighted average number of shares for diluted earnings per share 27,857 27,971 26,692 €m €m €m Earnings/(loss) for earnings per share from continuing operations 4,408 (2,190) (5,410) (Loss)/earnings for earnings per share from discontinued operations (1,969) (4,107) 5 Earnings/(loss) for basic and diluted earnings per share 2,439 (6,297) (5,405) eurocents eurocents eurocents Basic earnings/(loss) per share from continuing operations 15.87 c (7.83) c (20.27) c Basic (loss)/earnings per share from discontinued operations (7.09) c (14.68) c 0.02 c Basic earnings/(loss) per share 8.78 c (22.51) c (20.25) c eurocents eurocents eurocents Diluted earnings/(loss) per share from continuing operations 15.82 c (7.83) c (20.27) c Diluted (loss)/earnings per share from discontinued operations (7.06) c (14.68) c 0.02 c Diluted earnings/(loss) per share 8.76 c (22.51) c (20.25) c |
Equity dividends
Equity dividends | 12 Months Ended |
Mar. 31, 2018 | |
Equity dividends | |
Equity dividends | 9. Equity dividends Dividends are one type of shareholder return, historically paid to our shareholders in February and August. €m €m €m Declared during the financial year: Final dividend for the year ended 31 March 2017: 10.03 eurocents per share (2016: 7.77 pence per share, 2015: 7.62 pence per share) 2,670 2,447 2,852 Interim dividend for the year ended 31 March 2018: 4.84 eurocents per share 1,291 1,262 1,381 3,961 3,709 4,233 Proposed after the end of the year and not recognised as a liability: Final dividend for the year ended 31 March 2018: 10.23 eurocents per share 2,729 2,670 2,447 |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 31, 2018 | |
Intangible assets | |
Intangible assets | 10. Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews. Licences and spectrum are amortised over the life of the licence. For further details see “Critical accounting judgements” in note 1 “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 required. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting period date. Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a jointly controlled entity, 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. Internally developed software is recognised only if all of the following conditions are met: – an asset is created that can be separately identified; – it is probable that the asset created will generate future economic benefits; and – the development cost of the asset can be measured reliably Amortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for use. Other intangible assets Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the income statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis, with the exception of customer relationships which are amortised on a sum of digits basis. The amortisation basis adopted for each class of intangible asset reflects the Group’s consumption of the economic benefit from that asset. Estimated useful lives The estimated useful lives of finite lived intangible assets are as follows: – Licence and spectrum fees 3–25 years – Computer software 3–5 years – Brands 1–10 years – Customer bases 2–15 years Licences and Computer Goodwill spectrum software Other Total €m €m €m €m €m Cost: 31 March 2016 93,990 40,973 15,729 7,446 158,138 Transfer of assets held for sale (3,680) (9,472) (201) (152) (13,505) 90,310 31,501 15,528 7,294 144,633 Exchange movements (90) (1,023) (174) 158 (1,129) Arising on acquisition 1 10 11 5 27 Additions — 359 2,193 3 2,555 Disposals 1 — (72) (499) (30) (601) Other — — (97) — (97) 31 March 2017 90,221 30,775 16,962 7,430 145,388 Exchange movements (313) (855) (233) (72) (1,473) Arising on acquisition 5 — — — 5 Disposal of subsidiaries — (1,712) (222) — (1,934) Additions — 747 2,261 3 3,011 Disposals — (158) (1,381) (6) (1,545) Other — — 26 (10) 16 31 March 2018 89,913 28,797 17,413 7,345 143,468 Accumulated impairment losses and amortisation: 31 March 2016 65,752 17,128 10,927 5,767 99,574 Transfer of assets held for sale (2,086) (1,334) (160) (152) (3,732) 63,666 15,794 10,767 5,615 95,842 Exchange movements (253) (548) (152) 133 (820) Amortisation charge for the year — 1,780 2,106 935 4,821 Disposals 1 — (72) (486) (30) (588) Other — — (87) — (87) 31 March 2017 63,413 16,954 12,148 6,653 99,168 Exchange movements (234) (398) (183) (65) (880) Disposal of subsidiaries — (779) (173) — (952) Amortisation charge for the year — 1,758 2,105 536 4,399 Disposals — (158) (1,357) (6) (1,521) Other — — 1 (4) (3) 31 March 2018 63,179 17,377 12,541 7,114 100,211 Net book value: 31 March 2017 26,808 13,821 4,814 777 46,220 31 March 2018 26,734 11,420 4,872 231 43,257 Note: 1 Disposals of licences and spectrum comprise the removal of fully amortised assets that have expired. For licences and spectrum and other intangible assets, amortisation is included within the cost of sales line within the consolidated income statement. The net book value and expiry dates of the most significant licences are as follows: Expiry date €m €m Germany 2020/2021/2025/2033 4,053 4,726 Italy 2018/2021/2029 1,896 1,442 UK 2023/2033/2038 2,316 2,818 Qatar 2028/2029 — 1,164 The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of the Group’s most significant spectrum licences can be found on pages 204 and 205. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2018 | |
Property, plant and equipment | |
Property, plant and equipment | 11. Property, plant and equipment The Group makes significant investments in network equipment and infrastructure – the base stations and technology required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over their useful economic lives. For further details on the estimation of useful economic lives, see “Critical accounting judgements” in note 1 “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 subsequent accumulated depreciation and any accumulated impairment losses. Amounts for equipment, fixtures and fittings, which includes network infrastructure assets and which together comprise an all but insignificant amount of the Group’s property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses. Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as follows: Land and buildings – Freehold buildings 25–50 years – Leasehold premises the term of the lease Equipment, fixtures and fittings – Network infrastructure and other 1–35 years Depreciation is not provided on freehold land. Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between any sale proceeds and the carrying amount of the asset and is recognised in the income statement. Equipment, Land and fixtures buildings and fittings Total €m €m €m Cost: 31 March 2016 2,393 74,486 76,879 Reclassification as held for sale (103) (7,445) (7,548) 2,290 67,041 69,331 Exchange movements (42) (1,779) (1,821) Arising on acquisition — 7 7 Additions 104 5,184 5,288 Disposals (94) (2,522) (2,616) Other 8 273 281 31 March 2017 2,266 68,204 70,470 Exchange movements (38) (1,415) (1,453) Additions 88 4,969 5,057 Disposals (94) (2,720) (2,814) Disposal of subsidiaries — (552) (552) Other 3 46 49 31 March 2018 2,225 68,532 70,757 Accumulated depreciation and impairment: 31 March 2016 1,141 40,223 41,364 Reclassification as held for sale (36) (3,812) (3,848) 1,105 36,411 37,516 Exchange movements (15) (1,087) (1,102) Charge for the year 139 6,126 6,265 Disposals (89) (2,454) (2,543) Other 1 129 130 31 March 2017 1,141 39,125 40,266 Exchange movements (17) (816) (833) Charge for the year 123 5,887 6,010 Disposals (83) (2,675) (2,758) Disposal of subsidiaries — (287) (287) Other 1 33 34 31 March 2018 1,165 41,267 42,432 Net book value: 31 March 2017 1,125 29,079 30,204 31 March 2018 1,060 27,265 28,325 The net book value of land and buildings and equipment, fixtures and fittings includes €3 million and €681 million respectively (2017: €3 million and €608 million) in relation to assets held under finance leases. Included in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course of construction, which are not depreciated, with a cost of €15 million and €1,224 million respectively (2017: €10 million and €1,234 million). |
Investments in associates and j
Investments in associates and joint arrangements | 12 Months Ended |
Mar. 31, 2018 | |
Investments in associates and joint arrangements | |
Investments in associates and joint arrangements | 12. Investments in associates and joint arrangements The Group holds interests in an associate in Kenya, where we have significant influence, as well as in a number of joint arrangements in the UK, the Netherlands, India and Australia, where we share control with one or more third parties. For further details see “Critical accounting judgements” in note 1 “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 jointly controlled entity 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 are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated statement of financial position at cost as adjusted for post- acquisition changes in the Group’s share of the net assets of the associate, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of an associate in excess of the Group’s interest in that associate are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Joint operations The Company’s principal joint operation has share capital consisting solely of ordinary shares and is indirectly held, and principally operates in the UK. The financial and operating activities of the operation are jointly controlled by the participating shareholders and are primarily designed for all but an insignificant amount of the output to be consumed by the shareholders. Country of incorporation or Percentage 1 Name of joint operation Principal activity registration shareholdings Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK 50.0 Note: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. Joint ventures and associates €m €m Investment in joint ventures 2,097 2,689 Investment in associates 441 449 31 March 2,538 3,138 Joint ventures The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation. Country of incorporation or Percentage 1 Name of joint venture Principal activity registration shareholdings VodafoneZiggo Group Holding B.V. 3 Network operator Netherlands 50.0 Indus Towers Limited 2 Network infrastructure India 42.0 Vodafone Hutchison Australia Pty Limited 3 Network operator Australia 50.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. 2 42% of Indus Towers Limited is held by Vodafone India Limited (‘VIL’). 3 Vodafone Hutchison Australia Pty Limited and VodafoneZiggo Group Holding B.V. have a year end of 31 December. The following table provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the income statement, statement of comprehensive income and statement of financial position. (Loss)/profit from Other comprehensive Total comprehensive Investment in joint ventures continuing operations income (expense)/income €m €m €m €m €m €m €m €m €m €m €m €m VodafoneZiggo Group Holding B.V. 2,119 2,736 — (398) (160) — 1 2 — (397) (158) — Indus Towers Limited 893 1,032 982 135 98 101 — — — 135 98 101 Vodafone Hutchison Australia Pty Limited (979) (1,156) (1,032) 32 (59) (153) — — (1) 32 (59) (154) Other 64 77 79 (15) (14) (39) — — — (15) (14) (39) Total 2,097 2,689 29 (246) (135) (91) 1 2 (1) (245) (133) (92) The summarised financial information for each of the Group’s material equity accounted joint ventures on a 100% ownership basis is set out below. VodafoneZiggo Group Vodafone Hutchison Holding B.V. Indus Towers Limited Australia Pty Limited €m €m €m €m €m €m €m €m €m Income statement and statement of comprehensive income Revenue 3,972 1,014 — 2,477 2,379 2,277 2,518 2,287 2,354 Depreciation and amortisation (2,232) (764) — (303) (407) (489) (483) (473) (517) Interest income 6 23 — 16 22 10 3 3 2 Interest expense (543) (117) — (74) (91) (86) (230) (240) (268) Income tax income/(expense) 287 105 — (316) (267) (186) 1 — — (Loss)/profit from continuing operations (795) (320) — 322 234 240 64 (117) (306) Other comprehensive income/(expense) 3 3 — — — — — — (2) Total comprehensive (expense)/income (792) (317) — 322 234 240 64 (117) (308) Statement of financial position Non-current assets 18,721 20,303 1,598 1,995 3,241 2,317 Current assets 773 721 520 326 194 892 Non-current liabilities (13,303) (14,015) (476) (545) (4,478) (1,460) Current liabilities (1,953) (1,538) (814) (825) (1,125) (4,301) Equity shareholders’ funds (4,238) (5,471) (828) (951) 2,168 2,552 Cash and cash equivalents within current assets 355 273 15 29 104 68 Non-current liabilities excluding trade and other payables and provisions (12,510) (13,668) (136) (188) (4,453) (1,435) Current liabilities excluding trade and other payables and provisions (1) — (396) (375) (464) (3,563) The Group received a dividend from Indus Towers Limited of €138 million in the year to 31 March 2018 (2017: €126 million; 2016: €nil) and a dividend of €220 million from VodafoneZiggo Group Holding B.V. (2017: €76 million; 2016: €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: VodafoneZiggo Group Holding B.V. Indus Towers Limited Vodafone Hutchison Australia Pty Limited €m €m €m €m €m €m Equity shareholders’ funds 4,238 5,471 828 951 (2,168) (2,552) Interest in joint ventures (50%/42%/50%) 2,119 2,736 348 399 (1,084) (1,276) Goodwill — — 545 633 105 120 Carrying value 2,119 2,736 893 1,032 (979) (1,156) Associates Unless otherwise stated, the Company’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation. Country of incorporation or Percentage 1 Name of associate Principal activity registration shareholdings Safaricom Limited 2,3 Network operator Kenya 40.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. 2 The Group also holds two non-voting shares. 3 At 31 March 2018 the fair value of Safaricom Limited was KES 496 billion (€3,996 million) based on the closing quoted share price on the Nairobi Stock Exchange. The following table provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the income statement, statement of comprehensive income and consolidated statement of financial position. Profit from Other comprehensive Total comprehensive Investment in associates continuing operations expense income €m €m €m €m €m €m €m €m €m €m €m €m Total 441 449 450 187 182 151 — — — 187 182 Vodacom and Safaricom On 15 May 2017, the Group announced that its wholly-owned subsidiary, Vodafone International Holdings B.V. ('VIHBV'), had agreed to transfer part of its indirect shareholding in Safaricom Limited ('Safaricom') to Vodacom Group Limited ('Vodacom'), its sub-Saharan African subsidiary. On 18 July 2017, Vodacom shareholders voted in favour of the transaction. The transaction completed on 7 August 2017, with the Group being issued with 233.5 million new shares in Vodacom, increasing Vodafone Group's shareholding in Vodacom from 65.0% to 69.7%. Vodafone retains an indirect stake of 5% in Safaricom. On 5 September 2017, the Group announced that VIHBV intended to sell approximately 90 million ordinary shares in Vodacom (the 'Placing Shares') to institutional investors by way of an accelerated bookbuild process (the 'Placing'). The Placing Shares represented 5.2% of Vodacom's ordinary share capital. The objective of the Placing was to ensure that Vodacom meets the free float requirement and to restore Vodafone's shareholding in Vodacom to a percentage that is broadly similar to that which it held prior to implementation of the Safaricom Transaction. It was further announced on 6 September 2017 that VIHBV had sold an aggregate of 90 million ordinary shares in Vodacom raising gross proceeds of approximately €955 million. Following the completion of the Placing, Vodafone Group indirectly owns 64.5% of Vodacom's ordinary share capital. Vodafone remains committed to Vodacom and intends to retain a controlling majority shareholding in Vodacom for the long-term. |
Other investments
Other investments | 12 Months Ended |
Mar. 31, 2018 | |
Other investments | |
Other investments | 13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds, loan notes, deposits and government bonds. Accounting policies Other investments 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. Other investments classified as held for trading and available-for-sale are stated at fair value. Where securities are held for trading purposes, gains and losses arising from changes in fair value are included in net profit or loss for the period. For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in other comprehensive income, determined using the weighted average cost method, is included in the net profit or loss for the period. Other investments classified as loans and receivables are stated at amortised cost using the effective interest method, less any impairment. €m €m Included within non-current assets: Equity securities: Listed 1 3 3 Unlisted 2 44 82 Debt securities: Other debt and bonds 2 3,157 3,374 3,204 3,459 The listed and unlisted equity securities are classified as available-for-sale. Other debt and bonds which are not quoted in an active market, are classified as loans and receivables. Other debt and bonds includes loan notes of US$2.5 billion (€2.0 billion), (2017: US$2.5 billion (€2.3 billion)) issued by Verizon Communications Inc. as part of the Group’s disposal of its interest in Verizon Wireless all of which is recorded within non-current assets and €0.9 billion (2017:€1.0 billion) issued by VodafoneZiggo Holding B.V. The carrying amount of these loan notes approximates fair value. Current other investments comprise the following: €m €m Included within current assets: Debt securities: Public debt and bonds 1 2,517 2,284 Other debt and bonds 2 4,896 2,727 Cash and other investments held in restricted deposits 1,382 1,109 8,795 6,120 Public debt and bonds are classified as held for trading and stated at fair value. Cash held in restricted deposits is classified as loans and receivables and includes amounts held in qualifying assets by Group insurance companies to meet regulatory requirements. Other debt and bonds includes €3,087 million (2017: €2,039 million) of assets held for trading in managed investment funds with liquidity of up to 90 days; €830 million (2017: €506 million) of assets held at amortised cost on an effective interest method paid as collateral on derivative financial instruments and €976 million (2017: €182 million) short-term investments, also classified as loans and receivables at amortised cost, where the underlying assets are supply chain and handset receivables. Current public debt and bonds include highly liquid German and UK government bonds held for trading of €1,974 million (2017: €1,638 million) of which UK gilts of €1,112 million (2017: €1,172 million) is paid as collateral primarily on derivative financial instruments. For public debt and bonds, other debt and bonds and cash held in restricted deposits, the carrying amount approximates fair value. Notes: 1 For items measured at fair value, the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets or liabilities. 2 For items measured at fair value, 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 receivables
Trade and other receivables | 12 Months Ended |
Mar. 31, 2018 | |
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. Trade receivables are shown net of an allowance for bad or doubtful debts. Derivative financial instruments with a positive market value are reported within this note. Accounting policies Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest is accreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. The carrying value of all trade receivables is reduced by appropriate allowances for estimated irrecoverable amounts. Estimated irrecoverable amounts are based on the ageing of the receivable balances and historical experience. Individual trade receivables are written off when management deems them not to be collectible. €m €m Included within non-current assets: Trade receivables 435 362 Amounts owed by associates and joint ventures 1 27 Other receivables 194 130 Prepayments 597 378 Accrued income 350 — Derivative financial instruments 2,449 3,672 4,026 4,569 Included within current assets: Trade receivables 4,967 4,973 Amounts owed by associates and joint ventures 524 325 Other receivables 895 918 Prepayments 1,152 1,197 Accrued income 2,257 1,838 Derivative financial instruments 180 610 9,975 9,861 The Group’s trade receivables are stated after allowances for bad and doubtful debts based on management’s assessment of creditworthiness, an analysis of which is as follows: €m €m 1 April 1,418 1,385 Reclassification as held for sale — (66) Exchange movements (78) (94) Amounts charged to administrative expenses 528 589 Other (619) (396) 31 March 1,249 1,418 The carrying amounts of trade and other receivables approximate their fair value and are predominantly non-interest bearing. The fair values 1 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. €m €m Included within derivative financial instruments: Fair value through the income statement (held for trading): Interest rate swaps 1,610 2,248 Cross-currency interest rate swaps 445 126 Options 25 12 Foreign exchange contracts 44 103 2,124 2,489 Designated hedge relationships: Interest rate swaps 191 212 Cross-currency interest rate swaps 314 1,581 2,629 4,282 Note 1 The valuation basis is level 2. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Mar. 31, 2018 | |
Trade and other payables | |
Trade and other payables | 15. Trade and other payables Trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Derivative financial instruments with a negative market value are reported within this note. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value. €m €m Included within non-current liabilities: Other payables 314 30 Accruals 159 154 Deferred income 237 204 Derivative financial instruments 2,133 1,349 2,843 1,737 Included within current liabilities: Trade payables 6,185 6,212 Amounts owed to associates and joint ventures 27 14 Other taxes and social security payable 1,177 1,261 Other payables 1,346 1,220 Accruals 5,579 5,683 Deferred income 1,678 1,716 Derivative financial instruments 250 728 16,242 16,834 The carrying amounts of trade and other payables approximate their fair value. The fair values 1 of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest and foreign currency rates prevailing at 31 March. €m €m Included within derivative financial instruments: Fair value through the income statement (held for trading): Interest rate swaps 412 553 Cross-currency interest rate swaps 812 944 Options 76 63 Foreign exchange contracts 51 76 1,351 1,636 Designated hedge relationships Interest rate swaps 103 61 Cross-currency interest rate swaps 929 380 2,383 2,077 Note: 1 The valuation basis is level 2 classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Other payables included within non-current liabilities include €271 million (2017: €nil) 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. |
Provisions
Provisions | 12 Months Ended |
Mar. 31, 2018 | |
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. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. Asset retirement obligations In the course of the Group’s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the dates of exit of the assets to which they relate, which are long term in nature. Legal and regulatory The Group is involved in a number of legal and other disputes, including notifications of possible claims. The Directors of the Company, after taking legal advice, have established provisions after taking into account the facts of each case. For a discussion of certain legal issues potentially affecting the Group see note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements. Other provisions Other provisions comprises various provisions including those for restructuring costs and property. The associated cash outflows for restructuring costs are primarily less than one year. The timing of the cash flows associated with property is dependent upon the remaining term of the associated lease. Asset retirement Legal and obligations regulatory Other Total €m €m €m €m 31 March 2016 571 1,215 791 2,577 Transfer of liabilities held for sale (10) (642) — (652) Exchange movements (17) (32) (1) (50) Amounts capitalised in the year 157 — — 157 Amounts charged to the income statement — 148 643 791 Utilised in the year − payments (51) (40) (376) (467) Amounts released to the income statement (44) (56) (117) (217) Other — 41 (1) 40 31 March 2017 606 634 939 2,179 Disposal of subsidiaries (14) (3) — (17) Exchange movements (13) (21) (4) (38) Amounts capitalised in the year 59 — — 59 Amounts charged to the income statement — 140 325 465 Utilised in the year − payments (33) (57) (324) (414) Amounts released to the income statement (22) (171) (85) (278) 31 March 2018 583 522 851 1,956 Provisions have been analysed between current and non-current as follows: 31 March 2018 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 17 280 594 891 Non-current liabilities 566 242 257 1,065 583 522 851 1,956 31 March 2017 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 10 300 739 1,049 Non-current liabilities 596 334 200 1,130 606 634 939 2,179 |
Called up share capital
Called up share capital | 12 Months Ended |
Mar. 31, 2018 | |
Called up share capital | |
Called up share capital | 17. Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs. Number €m Number €m Ordinary shares of 20 20⁄ 21 US cents each allotted, issued and fully paid: 1 1 April 28,814,142,848 4,796 28,813,396,008 4,796 Allotted during the year 2 660,460 — 746,840 — 31 March 28,814,803,308 4,796 28,814,142,848 4,796 Note: 1 At 31 March 2018 the Group held 2,139,038,029 (2017: 2,192,064,339) treasury shares with a nominal value of €356 million (2017: €365 million). The market value of shares held was €4,738 million (2017: €5,348 million). During the year, 53,026,317 (2017: 62,761,357) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of a maturing subordinated mandatory convertible bond issued on 19 February 2016. For further details see note 21 “Liquidity and capital resources”. 2 Represents US share awards and option scheme awards. |
Reconciliation of net cash flow
Reconciliation of net cash flow from operating activities | 12 Months Ended |
Mar. 31, 2018 | |
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 for the year from continuing operations translates into cash flows generated from our operating activities. Notes €m €m €m Profit/(loss) for the financial year 2,788 (6,079) (5,122) Loss/(profit) from discontinued operations 1,969 4,107 (5) Profit/(loss) for the financial year from continuing operations 4,757 (1,972) (5,127) Non-operating expense 32 1 3 Investment income (685) (474) (539) Financing costs 1,074 1,406 2,046 Income tax (credit)/expense (879) 4,764 4,937 Operating profit 4,299 3,725 1,320 Adjustments for: Share-based payments 128 95 154 Depreciation and amortisation 10,409 11,086 11,697 Loss on disposal of property, plant and equipment and intangible assets 36 22 27 Share of result of equity accounted associates and joint ventures 59 (47) (60) Impairment losses — — 569 Other (income)/expense (213) (1,052) 286 (Increase)/decrease in inventory (26) 117 (144) (Increase)/decrease in trade and other receivables (1,118) 308 (684) Increase/(decrease) in trade and other payables 286 (473) 332 Cash generated by operations 13,860 13,781 13,497 Net tax paid (1,118) (761) (807) Cash flows from discontinued operations 858 1,203 1,646 Net cash flow from operating activities 13,600 14,223 14,336 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2018 | |
Cash and cash equivalents | |
Cash and cash equivalents | 19. Cash and cash equivalents The majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less to enable us to meet our short-term liquidity requirements. Accounting policies Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. €m €m Cash at bank and in hand 2,197 1,856 Money market funds and bank deposits 2,477 6,979 Cash and cash equivalents as presented in the statement of financial position 4,674 8,835 Bank overdrafts (7) — Cash and cash equivalents of discontinued operations 727 467 Cash and cash equivalents as presented in the statement of cash flows 5,394 9,302 Cash and cash equivalents are held by the Group on a short-term basis with all having an original maturity of three months or less. The carrying amount approximates their fair value. Cash and cash equivalents of €1,449 million (2017: €1,132 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries’ third party liabilities. |
Borrowings
Borrowings | 12 Months Ended |
Mar. 31, 2018 | |
Borrowings | |
Borrowings | 20. 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. 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 Capital market and bank 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 policy (see note 22). 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. Carrying value and fair value information The carrying value and fair value of the Group’s borrowings are as follows: Carrying value Fair value €m €m €m €m Financial liabilities measured at amortised cost Bank loans 1,159 867 1,180 898 Commercial paper 2,712 3,648 2,715 3,650 Bonds 1 3,062 660 3,057 667 Other liabilities 2,3 3,003 4,632 3,003 4,632 Bonds in designated hedge relationships 415 2,244 409 2,241 Short-term borrowings 10,351 12,051 10,364 12,088 Financial liabilities measured at amortised cost: — — Bank loans 2,157 2,741 2,176 2,769 Bonds 1 18,804 19,345 18,714 19,286 Other liabilities 278 305 278 305 Bonds in designated hedge relationships 11,669 12,132 11,010 11,349 Long-term borrowings 32,908 34,523 32,178 33,709 Notes: 1 Bonds mature between 2018 and 2056 (2017: 2017 and 2056) and have interest rates of 0.0% to 8.125% (2017: 0.0% to 8.125%). 2 Includes a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. 3 Amount includes €1,070 million (2017: €2,654 million) in relation to collateral support agreements. Fair values of bonds and financial liabilities measured at amortised cost are based on Level 1 and 2 of the fair value hierarchy respectively, using quoted market prices or discounted cash flows with a discount rate based upon forward interest rates available to the Group at the reporting date. The Group’s gross and net debt includes certain bonds which have been designated in hedge relationships, which are carried at €1.7 billion higher than their euro equivalent redemption value. In addition, where bonds are issued in currencies other than euros, the Group has entered into foreign currency swaps to fix the euro cash outflows on redemption. The impact of these swaps are not reflected in gross debt and would increase the euro equivalent redemption value of the bonds by €0.6 billion. Cash flows Non-cash changes Net proceeds/(repayment) Interest Net movements Net Financing 2017 of borrowings paid in short-term borrowings costs 2 Reclassification 2018 €m €m €m €m €m €m €m Assets and liabilities from financing activities 1 44,369 (224) (991) (534) 486 (93) 43,013 Notes: 1 This balance comprises gross borrowings of €43,259 million (2017: € 46,574 million) and net derivative financial assets of €246 million (€2,205 million). Net debt disclosed in note 21 additionally includes cash and certain short term investments. 2 This amount includes interest, fair value and foreign exchange items which impact the income statement. Financing costs of €1,074 million as disclosed in note 5 primarily additionally include foreign exchange and other movements on items classified as net debt but not borrowings . Maturity of borrowings and other financial liabilities 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: Bonds in Bank Commercial Other designated hedge loans paper Bonds liabilities relationships Total €m €m €m €m €m €m Within one year 1,251 2,715 3,498 3,002 850 11,316 In one to two years 748 — 393 34 1,423 2,598 In two to three years 507 — 2,893 25 1,518 4,943 In three to four years 569 — 3,869 22 359 4,819 In four to five years — — 791 26 2,901 3,718 In more than five years 350 — 14,702 172 9,933 25,157 3,425 2,715 26,146 3,281 16,984 52,551 Effect of discount/financing rates (109) (3) (4,280) — (4,900) (9,292) 31 March 2018 3,316 2,712 21,866 3,281 12,084 43,259 Within one year 909 3,660 1,810 4,606 3,142 14,127 In one to two years 1,168 — 2,650 21 1,527 5,366 In two to three years 721 — 2,080 56 366 3,223 In three to four years 569 — 2,369 22 1,522 4,482 In four to five years — — 3,010 24 1,253 4,287 In more than five years 350 — 12,029 203 11,548 24,130 3,717 3,660 23,948 4,932 19,358 55,615 Effect of discount/financing rates (109) (12) (3,943) 5 (4,982) (9,041) 31 March 2017 3,608 3,648 20,005 4,937 14,376 46,574 The maturity profile of the Group’s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows: Payable Receivable Payable Receivable €m €m €m €m Within one year 18,055 18,363 16,541 16,462 In one to two years 3,925 3,875 4,788 5,201 In two to three years 4,904 4,911 3,000 3,141 In three to four years 2,223 2,324 1,913 2,038 In four to five years 3,834 3,687 1,567 1,706 In more than five years 20,702 23,021 18,743 22,491 53,643 56,181 46,552 51,039 Payables and receivables are stated separately in the table above as settlement is on a gross basis. The net effect of discount/financing rates is €2,292 million (2017: €2,282 million), leaving a €246 million (2017: €2,205 million) net receivable in relation to financial derivatives. This is split €2,383 million (2017: €2,077 million) within trade and other payables and €2,629 million (2017: €4,282 million) within trade and other receivables. Gains and losses recognised in the hedging reserve in equity on cross-currency interest rate swaps as at 31 March 2018 will be continuously released to the income statement within financing costs until the repayment of certain bonds classified as loans designated in hedge relationships in the table of maturities of non-derivative financial liabilities above. The currency split of the Group’s foreign exchange derivatives (which includes cross-currency interest rate swaps and foreign exchange swaps) is as follows: Payable Receivable Payable Receivable €m €m €m €m Sterling 4,459 7,280 1,176 6,576 Euro 27,655 9,609 23,167 5,556 US dollar 6,862 20,615 4,246 19,482 Other 5,568 7,972 5,420 4,813 44,544 45,476 34,009 36,427 Payables and receivables are stated separately in the table above as settlement is on a gross basis. The net effect of discount/financing rates is €1,972 million (2017: €2,008 million), leaving a €1,040 million (2017: €410 million) net payable in relation to financial derivatives. This is split €1,868 million (2017: €1,400 million) within trade and other payables and €828 million (2017: €1,810 million) within trade and other receivables. The present value of minimum lease payments under finance lease arrangements under which the Group has leased certain of its equipment is included within other liabilities and is analysed as follows: €m €m Within one year 46 68 In two to five years 94 78 In more than five years 172 160 312 306 Interest rate and currency of borrowings is as follows: Total Floating rate Fixed rate Other borrowings borrowings borrowings 1 borrowings 2 Currency €m €m €m €m Sterling 3,339 — 3,339 — Euro 36,411 5,766 28,779 1,866 US dollar 2,930 2,899 31 — Other 579 13 566 — 31 March 2018 43,259 8,678 32,715 1,866 Sterling 4,552 5 4,547 — Euro 37,420 7,517 28,009 1,894 US dollar 4,449 4,172 277 — Other 153 13 140 — 31 March 2017 46,574 11,707 32,973 1,894 Notes: 1 The weighted average interest rate for the Group’s sterling denominated fixed rate borrowings is 2.5% (2017: 2.5%). The weighted average time for which these rates are fixed is 20.8 years (2017: 16.6 years). The weighted average interest rate for the Group’s euro denominated fixed rate borrowings is 2.1% (2017: 2.1%). The weighted average time for which the rates are fixed is 8.0 years (2017: 8.4 years). The weighted average interest rate for the Group’s US dollar denominated fixed rate borrowings is 0.0% (2017: 0.2%). The weighted average time for which the rates are fixed is 0.0 years (2017: 0.1 years). The weighted average interest rate for the Group’s other currency fixed rate borrowings is 12.3% (2017: 8.5%). The weighted average time for which the rates are fixed is 4.4 years (2017: 12.0 years). 2 At 31 March 2018 other borrowings of €1.9 billion (2017: €1.9 billion) include a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. The figures shown in the tables above take into account cross-currency and interest rate swaps used to manage the currency and interest rate profile of financial liabilities. Interest on floating rate borrowings is generally based on national LIBOR equivalents or government bond rates in the relevant currencies. |
Liquidity and capital resources
Liquidity and capital resources | 12 Months Ended |
Mar. 31, 2018 | |
Liquidity and capital resources | |
Liquidity and capital resources | 21. Liquidity and capital resources This section includes an analysis of net debt, which is used to manage capital, and committed borrowing facilities. Net debt Net debt represented 49% of our market capitalisation at 31 March 2018 compared to 44% at 31 March 2017. Average net debt at month end accounting dates over the 12-month period ended 31 March 2018 was €31.9 billion and ranged between net debt of €30.0 billion and €32.9 billion. Our consolidated net debt position at 31 March was as follows: €m €m Cash and cash equivalents 4,674 8,835 Short-term borrowings Bonds (3,477) (2,904) Commercial paper 1 (2,712) (3,648) Put options over non-controlling interests 2 (1,838) (1,837) Bank loans (1,159) (867) Other short-term borrowings 3 (1,165) (2,795) (10,351) (12,051) Long-term borrowings Bonds, loans and other long-term borrowings (32,908) (34,523) (32,908) (34,523) Other financial instruments Derivative financial instruments included in trade and other receivables (note 14) 2,629 4,282 Derivative financial instruments included in trade and other payables (note 15) (2,383) (2,077) Short-term investments (note 13) 4 6,152 3,981 Cash collateral 718 384 7,116 6,570 Net debt (31,469) (31,169) Notes: 1 At 31 March 2018 US$570 million (2017: US$1,484 million) was drawn under the US commercial paper programme and €2,249 million (2017:€2,262 million) were drawn under the euro commercial paper programme. 2 Includes a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. 3 At 31 March 2018 the amount includes €1,070 million (2017: €2,654 million) in relation to cash received under collateral support agreements. 4 At 31 March 2018 the amount primarily includes €3,087 million (31 March 2017: €2,039 million) in managed investment funds, €1,974 million (2017: €1,638 million) in government bonds of which UK gilts of €1,112 million (2017: €1,172 million) are used primarily as collateral in relation derivative financial instruments, and €976 million (31 March 2017: €182 million) short-term investments where the underlying assets are supply chain and handset receivables. At 31 March 2018 we had €4,674 million of cash and cash equivalents which are held in accordance with the counterparty and settlement risk limits of the Board approved treasury policy. The main forms of liquid investment at 31 March 2018 were managed investment funds, money market funds, government bonds and bank deposits. The cash received from collateral support agreements mainly reflects the value of our interest rate swap and cross-currency interest rate swap portfolios which are substantially net present value positive. See note 22 “Capital and financial risk management” for further details on these agreements. Commercial paper programmes We currently have US and euro commercial paper programmes of US$15 billion and €8 billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2018 amounts external to the Group of €2,249 million were drawn under the euro commercial paper programme and US$570 million (€464 million) were drawn down under the US commercial paper programme, with such funds being provided by counterparties external to the Group. The commercial paper facilities were supported by US$4.1 billion (€3.3 billion) and €3.8 billion of syndicated committed bank facilities (see “Committed facilities” below). No amounts had been drawn under either bank facility. 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 2018 the total amounts in issue under these programmes split by currency were US$9.9 billion, €18.4 billion, £3.6 billion, AUD 1.2 billion, HKD 2.1 billion, NOK 2.2 billion, CHF 0.7 billion, JPY 10 billion. At 31 March 2018 the Group had bonds outstanding with a nominal value of €32.3 billion. During the year ended 31 March 2018 bonds with a nominal value equivalent of €4.2 billion were issued under the euro medium-term note programme. On 25 February 2016 the Group issued £2.9 billion (€3.5 billion) of subordinated mandatory convertible bonds (‘MCB’) issued in two tranches, with the first £1.4 billion (€1.7 billion) maturing during the year on 25 August 2017 and a further £1.4 billion (€1.7 billion) maturing on 25 February 2019 with coupons of 1.5% and 2.0% respectively. These were recognised as compound instruments with nominal values of £2.8 billion (€3.5 billion) recognised as a component of shareholders’ funds in equity and the fair value of future coupons of £0.1 billion (€0.1 billion) recognised as a financial liability in borrowings. The first tranche of the MCB converted to 729.1 million shares on 25 August 2017, reissued from treasury shares, at a conversion price of £1.9751. This reflected the conversion price at issue (£2.1730) adjusted for the pound sterling equivalent of aggregate dividends paid in August 2016, February 2017, and August 2017. At March 2018 conversion price of €1.9387, additionally reflecting dividends paid in February 2018, the remaining tranche would convert to 743 million Vodafone Group Plc shares representing approximately 3% of Vodafone’s share capital. The Group has hedged its exposure under the MCB to any future movements in its share price by an option strategy designed to hedge the economic impact of share price movements during the term of the bonds. Should the Group decide to buy back ordinary shares to mitigate the dilution resulting from the conversion of the remaining tranche, the hedging strategy will provide a hedge for the repurchase price. Own shares The Group held a maximum of 2,192,064,339 of its own shares during the year which represented 8.0% of issued share capital at that time. Committed facilities In aggregate we have committed facilities of approximately €9,568 million, of which €7,168 million was undrawn and €2,400 million was drawn at 31 March 2018. The following table summarises the committed bank facilities available to us at 31 March 2018. Facility Amount €m Drawn Maturity 1 Syndicated revolving credit facilities EUR facility 3,840 — 11 January 2023 2 USD facility 3,328 — 27 February 2022 2 Loan facilities, capped at 50% of operating company capital expenditure in: Canada 651 651 02 June 2018 UK and Ireland 568 568 12 December 2021 Germany (VDSL spend) 350 350 16 March 2023 Italy 400 400 05 June 2020 Turkey and Romania 300 300 18 September 2019 Turkey 100 100 04 December 2020 Other 31 31 19 September 2018 9,568 2,400 Notes: 1 2 Furthermore, certain of our subsidiaries are funded by external facilities which are non-recourse to any member of the Group other than the borrower. These facilities may only be used to fund their operations. At 31 March 2018 Vodafone Egypt had undrawn revolving credit facilities of EGP3 billion (€138 million). Vodacom had fully drawn facilities of US$75 million (€61 million) and facilities of ZAR0.48 billion (€33 million) of which ZAR0.46 billion (€32 million) was drawn. Vodafone Ghana had fully drawn facilities of US$143 million (€116 million) and GHS60 million (€11 million). 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 KDG 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 Under the terms of the sale and purchase agreement governing the disposal of the US Group, including the 45% interest in Verizon Wireless, the Group retains the responsibility for any tax liabilities of the US Group, excluding those relating to the Verizon Wireless partnership, for periods up to the completion of the transaction on 21 February 2014. Put options issued as part of the hedging strategy for the mandatory convertible bonds permit the holders to exercise against the Group 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 during the year, on 743 million shares. Sale of trade receivables During the year the Group sold certain trade receivables to a financial institution. Whilst there are no repurchase obligations in respect of these receivables, the Group provided a credit guarantee which would only become payable if default rates were significantly higher than historical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to the purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2018 was €506 million. No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been assessed as remote. Supplier Financing arrangements The Group offers certain suppliers the opportunity to use a supply chain financing scheme (‘SCF’) which allows them to be paid earlier than the invoice due date. The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms exceed customary payment terms in the industry or 180 days. At 31 March 2018 none of the payables subject to supplier financing arrangements met the criteria to be reclassified as borrowings. |
Capital and financial risk mana
Capital and financial risk management | 12 Months Ended |
Mar. 31, 2018 | |
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 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. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities when such options may only be settled by exchange of a fixed amount of cash or another financial asset for a fixed number of shares in the subsidiary. The amount that may become payable under the option on exercise is initially recognised at present value within borrowings with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interests, adjacent to non- controlling interests in the net assets of consolidated subsidiaries. The Group recognises the cost of writing such put options, determined as the excess of the present value of the option over any consideration received, as a financing cost. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable; the charge arising is recorded as a financing cost. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to equity. 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. 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 changes in value are deferred to other comprehensive income or equity respectively. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each reporting date. The Group designates certain derivatives as: – hedges of the change of fair value of recognised assets and liabilities (‘fair value hedges’); or – hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (‘cash flow hedges’); or – hedges of net investments in foreign operations. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting, or if the Company chooses to end the hedging relationship. Fair value hedges The Group’s policy is to use derivative instruments (primarily interest rate swaps) to convert a proportion of its fixed rate debt to floating rates in order to hedge the interest rate risk arising, principally, from capital market borrowings. The Group designates these as fair value hedges of interest rate risk with changes in fair value of the hedging instrument recognised in the income statement for the period together with the changes in the fair value of the hedged item arising from the hedged risk, to the extent the hedge is effective. Gains or losses relating to any ineffective portion are recognised immediately in the income statement. Cash flow hedges Cash flow hedging is used by the Group to hedge certain exposures to variability in future cash flows. The portion of gains or losses relating to changes in the fair value of derivatives that are designated and qualify as effective cash flow hedges is recognised in other comprehensive income; gains or losses relating to any ineffective portion are recognised immediately in the income statement. 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. 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. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. Net investment hedges Exchange differences arising from the translation of the net investment in foreign operations are recognised directly in other comprehensive income. Gains and losses on those hedging instruments (which include bonds, commercial paper, cross-currency swaps and foreign exchange contracts) designated as hedges of the net investments in foreign operations are recognised in other comprehensive income to the extent that the hedging relationship is effective; these amounts are included in exchange differences on translation of foreign operations as stated in the statement of comprehensive income. Gains and losses relating to hedge ineffectiveness are recognised immediately in the income statement for the period. Gains and losses accumulated in the translation reserve are included in the income statement when the foreign operation is disposed of. Capital management The following table summarises the capital of the Group at 31 March: €m €m Net debt 31,469 31,169 Equity 68,607 73,719 Capital 100,076 104,888 The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. The Board has approved three internal debt protection ratios being: net interest to operating cash flow (plus dividends from associates); retained cash flow (operating cash flow plus dividends from associates less interest, tax, dividends to non-controlling shareholders and equity dividends) to net debt; and operating cash flow (plus dividends from associates) to net debt. These internal ratios establish levels of debt that the Group should not exceed other than for relatively short periods of time and are shared with the Group’s debt rating agencies being Moody’s, Fitch Ratings and Standard & Poor’s. Financial risk management The Group’s treasury function manages centrally the Group’s funding requirement, net foreign exchange exposure, interest rate management exposures and counterpart 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 on 22 July 2017. A treasury risk committee comprising of the Group’s Chief Financial Officer, Group General Counsel and Company Secretary, Group Deputy Chief Financial Officer, Group Treasury Director and Group Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management information relating to treasury activities on a quarterly basis. The Group’s accounting function, which does not report to the Group Treasury Director, provides regular update reports of treasury activity to the Board. The Group’s internal auditor reviews the internal control environment regularly. The Group uses a number of derivative instruments for currency and interest rate risk management purposes only that are transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements. Credit risk The Group considers its maximum exposure to credit risk at 31 March to be as follows: €m €m Bank deposit 2,197 1,856 Cash held in restricted deposits 1,382 1,109 German government bonds 862 — UK government bonds 1,112 1,638 Money market investments funds 2,477 6,979 Derivative financial instruments 2,629 4,282 Other investments – debt and bonds 8,596 6,747 Trade receivables 5,402 5,335 Other receivables and accrued income 3,410 2,886 28,067 30,832 The Group invested in UK and German government bonds on the basis they generate a fixed rate return and, are amongst the most creditworthy of investments available. The Group has three managed investment funds. These funds hold fixed income euro and sterling securities and the average credit quality is high double A. Money market investments are in accordance with established internal treasury policies which dictate that an investment’s long-term credit rating is no lower than mid BBB. Additionally, the Group invests in AAA unsecured money market mutual funds where the investment is limited to 10% of each fund. The Group also invests in a fund where the underlying assets are supply chain receivables, the creditworthiness of which are enhanced by an insurance wrapper as provided by established insurance companies with a long-term credit rating of at least A-. In respect of financial instruments used by the Group’s treasury function, the aggregate credit risk the Group may have with one counterparty is limited by (i) reference to the long-term credit ratings assigned for that counterparty by Moody’s, Fitch Ratings and Standard & Poor’s; (ii) that counterparty’s five year credit default swap (‘CDS’) spread; and (iii) the sovereign credit rating of that counterparty’s principal operating jurisdiction. Furthermore, collateral support agreements were introduced from the fourth quarter of 2008. Under collateral support agreements the Group’s exposure to a counterparty with whom a collateral support agreement is in place is reduced to the extent that the counterparty must post cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post collateral on identical terms. Such cash collateral is adjusted daily as necessary. In the event of any default, ownership of the cash collateral would revert to the respective holder at that point. Detailed below is the value of the cash collateral, which is reported within short-term borrowings, held by the Group at 31 March: €m €m Cash collateral 1,070 2,654 The majority of the Group’s trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business customers. At 31 March 2018 €3,389 million (2017: €3,322 million) of trade receivables were not yet due for payment. Overdue trade receivables consisted of €942 million (2017: €789 million) relating to the Europe region, and € 306 million (2017: €423 million) relating to the AMAP region. Financial statements are monitored by management and provisions for bad and doubtful debts raised where it is deemed appropriate. The following table presents ageing of receivables that are past due and provisions for doubtful receivables that have been established: Gross Less Net Gross Less Net receivables provisions receivables receivables provisions receivables €m €m €m €m €m €m 30 days or less 810 (32) 778 730 (27) 703 Between 31 and 60 days 226 (35) 191 125 (23) 102 Between 61 and 180 days 530 (206) 324 648 (258) 390 Greater than 180 days 1,250 (925) 325 1,423 (1,077) 346 2,816 (1,198) 1,618 2,926 (1,385) 1,541 Concentrations of credit risk with respect to trade receivables are limited given that the Group’s customer base is large and unrelated. Due to this, management believes there is no further credit risk provision required in excess of the normal provision for bad and doubtful receivables. Amounts charged to administrative expenses during the year ended 31 March 2018 were €528 million (2017: €589 million) (see note 14 “Trade and other receivables”). 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. The security takes the form of an English law pledge over UK index-linked government bonds. Liquidity risk At 31 March 2018 the Group had €3.8 billion and US$4.1 billion syndicated committed undrawn bank facilities which support the US$15 billion and €8 billion commercial paper programme available to the Group. The Group uses commercial paper and bank facilities to manage short-term liquidity and manages long-term liquidity by raising funds in the capital markets. The euro syndicated committed facility has a maturity date of 11 January 2023. The US$ syndicated committed facility has a maturity date of 27 February 2022. Both facilities have remained undrawn throughout the financial year and since year end and provide liquidity support. The Group manages liquidity risk on long-term borrowings by maintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Long-term borrowings mature between one and 38 years. Liquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that all commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2018 amounted to €4,674 million (2017: €8,835 million). Market risk Interest rate management Under the Group’s interest rate management policy, interest rates on monetary assets and liabilities denominated in euros, US dollars and sterling are maintained on a floating rate basis except for periods up to six years where interest rate fixing has to be undertaken in accordance with treasury policy. The policy also allows euros, US dollars and sterling to be moved to a fixed rate basis if interest rates are statistically low. Where assets and liabilities are denominated in other currencies interest rates may also be fixed. In addition, fixing is undertaken for longer periods when interest rates are statistically low. For each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2018 there would be an increase in profit before tax by approximately €372 million (2017: approximately €470 million) including mark-to-market revaluations of interest rate and other derivatives and the potential interest on outstanding tax issues. There would be no material impact on equity. At 31 March 2018 other than USD denominated liabilities, which are retained in order to hedge foreign exchange movements arising from our investment in VZ Communication loan notes, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury policy. 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 2018 27% of net debt was denominated in currencies other than euro (9% sterling, 8% US dollar, 7% South African rand and 3% other). This allows US dollar, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial 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 2018 the Group held financial liabilities in a net investment hedge against the Group’s South African rand. Sensitivity to foreign exchange movements on the hedging liabilities, analysed against a strengthening of the South African rand by 15% (2017:18%) would result in a decrease in equity of €348 million (2017: €493 million) which would be fully offset by foreign exchange movements on the hedged net assets. The following table details the Group’s sensitivity of the Group’s adjusted operating profit to a strengthening of the Group’s major currency in which it transacts. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods. Amounts are calculated by retranslating the operating profit of each entity whose functional currency is South African rand. €m €m ZAR 15% change (2017: 18%) – Operating profit 1 239 249 Notes: 1 Operating profit before impairment losses and other income and expense. At 31 March 2018 the Group’s sensitivity to foreign exchange movements, analysed against a strengthening of the US dollar by 9% (2017: 11%) on its external US dollar exposure, would decrease the profit before tax by €65 million (2017: €100 million). Foreign exchange on certain sterling balances analysed against a 7% (2017:10%) strengthening of sterling would increase the profit before tax by €208 million (2017: decrease by €262 million). Equity risk There is no material equity risk relating to the Group’s equity investments which are detailed in note 13 “Other investments”. The Group has hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its share price by an option strategy designed to hedge the economic impact of share price movements during the term of the bonds. As at 31 March 2018 the Group’s sensitivity to a movement of 10% (2017: 7%) in its share price would result in an increase or decrease in profit before tax of approximately €164 million (2017: €236 million). Fair value and carrying value information The carrying value and valuation basis of the Group’s financial assets are set out in notes 13, 14 and 19. For all financial assets held at amortised cost the carrying values approximate fair value. The carrying value and valuation basis of the Group’s financial liabilities are set out in notes 15 and 20. The carrying values approximate fair value for the Group’s trade payables and other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed in note 20. Net financial instruments The table below shows the Group’s financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable master netting or similar agreements. At 31 March 2018 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Gross amount Amount set off balance sheet counterparties Cash collateral Net amount €m €m €m €m €m €m Derivative financial assets 2,629 — 2,629 (1,467) (1,070) 92 Derivative financial liabilities (2,383) — (2,383) 1,467 718 (198) Total 246 — 246 — (352) (106) At 31 March 2017 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Gross amount Amount set off balance sheet counterparties Cash collateral Net amount €m €m €m €m €m €m Derivative financial assets 4,282 — 4,282 (1,505) (2,654) 123 Derivative financial liabilities (2,077) — (2,077) 1,505 384 (188) Total 2,205 — 2,205 — (2,270) (65) Financial assets and liabilities are offset and the amount reported in the consolidated balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (International Swaps and Derivatives Association) agreements where each party has the option to settle amounts on a net basis in the event of default from the other. Collateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned collateral balances are recorded in “other short-term investments” or “short-term debt” respectively. |
Directors and key management co
Directors and key management compensation | 12 Months Ended |
Mar. 31, 2018 | |
Directors and key management compensation | |
Directors and key management compensation | 23. Directors and key management compensation This note details the total amounts earned by the Company’s Directors and members of the Executive Committee. Directors Aggregate emoluments of the Directors of the Company were as follows: €m €m €m Salaries and fees 4 4 5 Incentive schemes 1 3 2 4 Other benefits 2 1 1 1 8 7 10 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. The aggregate gross pre-tax gain made on the exercise of share options in the year ended 31 March 2018 by one Director who served during the year was <€0.1 million (2017: one Director, €0.7 million; 2016: one Director, €0.2 million). Key management compensation Aggregate compensation for key management, being the Directors and members of the Executive Committee, was as follows: €m €m €m Short-term employee benefits 27 24 30 Share-based payments 30 25 26 57 49 56 |
Employees
Employees | 12 Months Ended |
Mar. 31, 2018 | |
Employees | |
Employees | 24. Employees This note shows the average number of people employed by the Group during the year, in which areas of our business our employees work and where they are based. It also shows total employment costs. Employees Employees Employees By activity: Operations 17,094 18,207 18,869 Selling and distribution 35,025 38,252 38,325 Customer care and administration 54,016 55,097 54,490 106,135 111,556 111,684 By segment: Germany 13,718 14,478 14,862 Italy 6,606 6,601 6,676 Spain 5,015 5,118 5,935 UK 12,379 13,238 13,323 Other Europe 11,760 15,801 16,058 Europe 49,478 55,236 56,854 India (Discontinued operations) 11,086 13,187 13,346 Vodacom 7,524 7,590 7,515 Other Africa, Middle East and Asia-Pacific 13,606 14,183 14,262 Africa, Middle East and Asia-Pacific 32,216 34,960 35,123 Common Functions 24,441 21,360 19,707 Total 106,135 111,556 111,684 The cost incurred in respect of these employees (including Directors) was: €m €m €m Wages and salaries 4,179 4,630 4,759 Social security costs 547 582 621 Other pension costs (note 25) 222 212 270 Share-based payments (note 26) 128 95 154 5,076 5,519 5,804 India (Discontinued operations) 219 217 212 Total 5,295 5,736 6,016 The Group has dialogue with recognised labour unions if required. In particular, there are regular meetings with the Vodafone European Employee Consultative Council (the ‘EECC’). The delegates of this body are locally elected Vodafone employee representatives, most of them union and works council members. There has been no material disruption to operations as a result of union activity during the financial year.” |
Post employment benefits
Post employment benefits | 12 Months Ended |
Mar. 31, 2018 | |
Post employment benefits | |
Post employment benefits | 25. Post employment benefits The Group operates a number of defined benefit and defined contribution pension plans for our employees. The Group’s largest defined benefit scheme is in the UK. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or liability on the statement of financial position. Scheme liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value. Actuarial gains and losses are taken to the statement of comprehensive income as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, is also taken to other comprehensive income. Other movements in the net surplus or deficit are recognised in the income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the income statement. The amount charged to the income statement in respect of these plans is included within operating costs or in the Group’s share of the results of equity accounted operations, as appropriate. The Group’s contributions to defined contribution pension plans are charged to the income statement as they fall due. Background At 31 March 2018 the Group operated a number of pension plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the countries concerned. The Group’s pension plans are provided through both defined benefit and defined contribution arrangements. Defined benefit schemes provide benefits based on the employees’ length of pensionable service and their final pensionable salary or other criteria. Defined contribution schemes offer employees individual funds that are converted into benefits at the time of retirement. The Group operates defined benefit schemes in Germany, Ghana, India, Ireland, Italy, the UK and the United States. Defined contribution pension schemes are currently provided in Australia, Egypt, Germany, Greece, Hungary, India, Ireland, Italy, the Netherlands, New Zealand, Portugal, South Africa, Spain and the UK. Income statement expense €m €m €m Defined contribution schemes 178 192 214 Defined benefit schemes 44 20 56 Total amount charged to income statement (note 24) 222 212 270 Defined benefit schemes The Group’s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that location. The Group’s preferred retirement provision is focused on Defined Contribution (‘DC’) arrangements and/or State provision for future service. The Group’s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (‘Vodafone UK plan’). Since June 2014 the plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (‘CWW Section’). Both sections are closed to new entrants and to future accrual. The Group also operates funded and unfunded plans in Germany and funded plans in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity of participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the schemes. The defined benefit schemes are administered by Trustee Boards who are legally separate from the Group and consist of representatives who are employees, former employees or are independent from the Company. The Boards of the pension schemes are required by legislation to act in the best interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding objectives. The Vodafone UK plan is registered as an occupational pension plan with HMRC and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK legislation requires that pension schemes are funded prudently and that valuations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section. The trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to restore funding to the level of the agreed technical provisions. On 19 October 2017, the 31 March 2016 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan, which is used to judge the funding the Group needs to put into the scheme, was concluded. This valuation showed a net deficit of £279 million (€317 million) on the scheme’s funding basis, comprising of a £339 million (€385 million) deficit for the Vodafone Section offset by a £60 million (€68 million) surplus for the CWW Section. These scheme specific actuarial valuations will always be different to the IAS 19 accounting deficit, which is an accounting rule concerning employee benefits and shown on the Group’s consolidated statement of financial position. The Group and Trustees of the scheme agreed a funding plan to address the valuation deficit in the Vodafone Section over the period to 31 March 2025 and made a cash contribution on 19 October 2017 of £185 million (€209 million) into the Vodafone Section and a further cash payment in accordance with the arrangements set under the previous valuation of £58 million (€66 million) into the CWW Section. These cash payments were invested into annuity policies issued by a third party insurance company which in turn entered into a reinsurance policy covering these risks with the Group's captive insurance company. No further contributions are due in respect of the deficit revealed at the 2016 valuation. Funding plans are individually agreed for each of the Group’s defined benefit pension schemes with the respective trustees, taking into account local regulatory requirements. It is expected that ordinary contributions relating to future service of €61 million will be paid into the Group’s defined benefit pension schemes during the year ending 31 March 2019. 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 schemes is controlled by the trustees in consultation with the Company and the schemes have no direct investments in the Group’s equity securities or in property or other assets currently used by the Group. The allocation of assets between different classes of investment is reviewed regularly and is a key factor in the trustee’s investment policy. The trustees aim to achieve the scheme’s investment objectives through investing partly in a diversified mix of growth assets which, over the long term are expected to grow in value by more than the low risk assets. The low risk assets include cash and gilts, inflation and interest rate hedging and in substantial insured pensioner annuity policies in both the Vodafone Section and CWW Sections of the Vodafone UK plan. A number of investment managers are appointed to promote diversification by assets, organisation and investment style and current market conditions and trends are regularly assessed, which may lead to adjustments in the asset allocation. Actuarial assumptions The Group’s scheme liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below: % % % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 2.9 3.0 2.8 Rate of increase in salaries 2.7 2.6 2.6 Discount rate 2.5 2.6 3.2 Notes: 1 Figures shown represent a weighted average assumption of the individual schemes. 2 The rate of increases in pensions in payment and deferred revaluation are dependent on the rate of inflation. Mortality assumptions used are based on recommendations from the individual scheme actuaries which include adjustments for the experience of the Group where appropriate. The Group’s largest scheme is the Vodafone UK plan. Further life expectancies assumed for the UK schemes are 23.2/26.5 years (2017: 24.1/25.4 years; 2016: 24.0/25.3 years) for a male/female pensioner currently aged 65 years and 26.1/29.3 (2017: 26.7/28.3 years; 2016: 26.6/ 28.1 years) from age 65 for a male/female non-pensioner member currently aged 40. Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the assumptions stated above are: €m €m €m Current service cost 34 43 45 Past service costs 2 (27) — Net interest charge 8 4 11 Total included within staff costs 44 20 56 Actuarial losses/(gains) recognised in the SOCI 94 274 (216) Duration of the benefit obligations The weighted average duration of the defined benefit obligation at 31 March 2018 is 22.8 years (2017: 22.9 years; 2016: 22.3 years). Fair value of the assets and present value of the liabilities of the schemes The amount included in the statement of financial position arising from the Group’s obligations in respect of its defined benefit schemes is as follows: Assets Liabilities Net deficit €m €m €m 1 April 2016 6,229 (6,570) (341) Reclassification as held for sale — 12 12 6,229 (6,558) (329) Service cost — 16 16 Interest income/(cost) 190 (194) (4) Return on plan assets excluding interest income 818 — 818 Actuarial losses arising from changes in financial assumptions — (1,204) (1,204) Actuarial gains arising from experience adjustments — 112 112 Employer cash contributions 24 — 24 Member cash contributions 8 (8) — Benefits paid (180) 180 — Exchange rate movements (403) 403 — Other movements 23 (50) (27) 31 March 2017 6,709 (7,303) (594) Service cost — (36) (36) Interest income/(cost) 167 (175) (8) Return on plan assets excluding interest income (37) — (37) Actuarial losses arising from changes in demographic assumptions — (46) (46) Actuarial losses arising from changes in financial assumptions — (12) (12) Actuarial gains arising from experience adjustments — 1 1 Employer cash contributions 301 — 301 Member cash contributions 8 (8) — Benefits paid (289) 289 — Exchange rate movements (156) 166 10 Other movements (6) 17 11 31 March 2018 6,697 (7,107) (410) An analysis of net (deficit)/assets is provided below for the Group as a whole €m €m €m €m €m Analysis of net (deficit)/assets: Total fair value of scheme assets 6,697 6,709 6,229 6,857 4,652 Present value of funded scheme liabilities (7,028) (7,222) (6,487) (7,316) (5,237) Net deficit for funded schemes (331) (513) (258) (459) (585) Present value of unfunded scheme liabilities (79) (81) (83) (91) (80) Net deficit (410) (594) (341) (550) (665) Net deficit is analysed as: Assets 1 110 57 224 234 42 Liabilities (520) (651) (565) (784) (707) Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Company either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. The International Accounting Standards Board (IASB) published an Exposure Draft in June 2015 that would amend IFRIC14 IAS19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction. However, in 2017 the IASB stated that they are carrying out “further work to assess whether it can establish a more principles-based approach in IFRIC14 for an entity to assess and measure its right to a refund of a surplus”. As such, it is not clear at this stage how and when IFRIC14 may be revised, and we will assess the impact of any changes when the revised version is published. An analysis of net assets/(deficit) is provided below for the Group’s largest defined benefit pension scheme in the UK, which is a funded scheme. As part of the merger of the Vodafone UK plan and the CWWRP plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. CWW Section Vodafone Section €m €m €m €m €m €m €m €m €m €m Analysis of net assets/(deficit): Total fair value of scheme assets 2,760 2,894 2,762 3,114 2,155 2,773 2,654 2,408 2,645 1,626 Present value of scheme liabilities (2,655) (2,842) (2,543) (2,884) (2,097) (2,945) (2,962) (2,548) (2,951) (2,030) Net assets/(deficit) 105 52 219 230 58 (172) (308) (140) (306) (404) Net assets/(deficit) are analysed as: Assets 105 52 219 230 58 — — — — — Liabilities — — — — — (172) (308) (140) (306) (404) F air value of scheme assets €m €m Cash and cash equivalents 95 104 Equity investments: With quoted prices in an active market 1,407 1,938 Without quoted prices in an active market 360 413 Debt instruments: With quoted prices in an active market 4,149 3,982 Without quoted prices in an active market 590 461 Property: With quoted prices in an active market 27 30 Without quoted prices in an active market 78 78 Derivatives: 1 With quoted prices in an active market (1,146) (1,218) Without quoted prices in an active market 44 (1) Investment fund 275 299 Annuity policies – Without quoted prices in an active market 818 623 Total 6,697 6,709 Note: 1 The fair value of scheme assets, which have been measured at fair value in accordance with IFRS 13 “Fair Value Measurement”, are analysed by asset category above and are subdivided by assets that have a quoted market price in an active market and those that do not, such as investment funds. Where available, the fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active market (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs such as yield curves. The Vodafone UK Plan annuity policies include two new buy-in arrangements with Legal & General Assurance Society Limited entered into during the year ended 31 March 2018 following the cash contributions made by the Group. These 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 €275 million at 31 March 2018 include €259 million of investments in diversified alternate beta funds held in the Vodafone Section of the Vodafone UK plan. The actual return on plan assets over the year to 31 March 2018 was a gain of €130 million (2017: €1,008 million). Sensitivity analysis Measurement of the Group’s defined benefit retirement obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present value of the defined benefit obligation as at 31 March 2018. Rate of inflation Rate of increase in salaries Discount rate Life expectancy Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Increase by 1 year Decrease by 1 year €m €m €m €m €m €m €m €m (Decrease)/increase in present value of defined obligation 1 (556) 633 (4) 5 833 (713) 223 (220) 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, 2018 | |
Share-based payments | |
Share-based payments | 26. Share-based payments The Group has a number of share plans used to award shares to Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. Accounting policies The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in retained earnings is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is an average calculation of the closing price of the Group’s shares on the days prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: – 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and – 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis. Share options Vodafone Group executive plans No share options have been granted to any Directors or employees under the Company’s discretionary share option plans in the year ended 31 March 2018. There were no options outstanding under the Vodafone Global Incentive Plan at the year-end. Vodafone Group Sharesave Plan The Vodafone Group 2008 Sharesave Plan enables UK staff to acquire shares in the Company through monthly savings of up to £375 over a three and/or five year period, at the end of which they may also receive a tax-free bonus. The savings and bonus may then be used to purchase shares at the option price, which is set at the beginning of the invitation period and usually at a discount of 20% to the then prevailing market price of the Company’s shares. Share plans Vodafone Group executive plans Under the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The release of these shares is conditional upon continued employment and for some awards achievement of certain performance targets measured over a three year period. Vodafone Share Incentive Plan Following a review of the UK all-employee plans it was decided that with effect from 1 April 2017 employees would no longer be able to contribute to the Share Incentive Plan and would therefore no longer receive matching shares. Individuals who hold shares in the plan will continue to receive dividend shares. Movements in outstanding ordinary share options Ordinary share options Millions Millions Millions 1 April 41 24 25 Granted during the year 11 31 7 Forfeited during the year (2) (1) (1) Exercised during the year (5) (7) (5) Expired during the year (5) (6) (2) 31 March 40 41 24 Weighted average exercise price: 1 April £1.61 £1.62 £1.49 Granted during the year £1.72 £1.61 £1.89 Forfeited during the year £1.65 £1.66 £1.54 Exercised during the year £1.57 £1.50 £1.42 Expired during the year £1.65 £1.75 £1.59 31 March £1.64 £1.61 £1.62 Summary of options outstanding and exercisable at 31 March 2018 Outstanding Exercisable Weighted Weighted average average Weighted remaining Weighted remaining Outstanding average contractual Exercisable average contractual shares exercise life shares exercise life Millions price Months Millions price Months Vodafone Group savings related and Sharesave Plan: £1.01 – £2.00 £1.64 21 — — — Share awards Movements in non-vested shares are as follows: Weighted Weighted Weighted average fair average fair average fair value at value at value at Millions grant date Millions grant date Millions grant date 1 April 178 £1.91 198 £1.77 217 £1.56 Granted 74 £1.95 74 £1.97 63 £2.22 Vested (42) £1.76 (47) £1.77 (32) £1.80 Forfeited (28) £1.58 (47) £1.57 (50) £1.40 31 March 182 £2.04 178 £1.91 198 £1.77 Other information The total fair value of shares vested during the year ended 31 March 2018 was £74 million (2017: £83 million; 2016: £58 million). The compensation cost included in the consolidated income statement in respect of share options and share plans was €128 million (2017: €95 million; 2016: €154 million) which is comprised principally of equity-settled transactions. The average share price for the year ended 31 March 2018 was 216.2 pence (2017: 216.2 pence; 2016: 224.2 pence). |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Mar. 31, 2018 | |
Acquisitions and disposals | |
Acquisitions and disposals | 27. Acquisitions and disposals We completed a number of acquisitions and disposals during the year. The note below provides details of these transactions as well as those in the prior year including, most significantly, the combination of our operations in the Netherlands with those of Liberty Global plc to form VodafoneZiggo, a 50:50 joint venture. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity. Disposals Vodafone And Qatar Foundation L.L.C (‘Vodafone Qatar’) On 29 March 2018, the Group sold its 51% interest in Vodafone And Qatar Foundation L.L.C for consideration of QAR1,350 million (€299 million). The Group recognised a net gain on disposal of €113 million reported in other income and expense. VodafoneZiggo Group Holding B.V. (‘VodafoneZiggo’) On 31 December 2016, we combined our operations in the Netherlands with those of Liberty Global plc to create VodafoneZiggo Group Holding B.V., a 50:50 joint venture providing national unified communications. As a result of the transaction, we no longer consolidate our previous interest in the Netherlands and account for our 50% interest in VodafoneZiggo as a Joint Venture using the equity method. The Group recognised a net gain on the formation of VodafoneZiggo of €1,275 million. €m Goodwill (855) Other intangible assets (1,415) Property, plant and equipment (1,164) Inventory (24) Trade and other receivables (302) Cash and cash equivalents 1 (56) Current and deferred taxation 87 Short and long-term borrowings 1,000 Trade and other payables 387 Provisions 28 Net assets contributed into VodafoneZiggo (2,314) Fair value of investment in VodafoneZiggo 2 2,970 Net cash proceeds arising from the transaction 1,3 619 Net gain on formation of VodafoneZiggo 4 1,275 Notes: 1 Included in purchase of interests in associates and joint ventures in the consolidated statement of cash flows. 2 1 Includes our 50% share of cash paid to both shareholders on creation of VodafoneZiggo ( €1,422 million), together with an equalisation payment of €802 million made to Liberty Global plc. 2 Reported in other income and expense in the consolidated income statement. Includes €637 million related to the re-measurement of our retained interest in Vodafone Libertel B.V. Transaction costs of €35 million were charged in the consolidated income statement in the year. |
Commitments
Commitments | 12 Months Ended |
Mar. 31, 2018 | |
Commitments | |
Commitments | 28. Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to leases and agreements to buy assets such as network infrastructure and IT systems. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. The amounts below are the minimum amounts that we are committed to pay. Accounting policies Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the asset to the lessee. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments as determined at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in the income statement. Rentals payable under operating leases are charged to the income statement on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Operating lease commitments The Group has entered into commercial leases on certain properties, network infrastructure, motor vehicles and items of equipment. The leases have various terms, escalation clauses, purchase options and renewal rights, none of which are individually significant to the Group. Future minimum lease payments under non-cancellable operating leases comprise: €m €m Within one year 2,686 2,522 In more than one year but less than two years 1,633 1,487 In more than two years but less than three years 1,155 1,136 In more than three years but less than four years 903 882 In more than four years but less than five years 717 709 In more than five years 2,600 2,693 9,694 9,429 The total of future minimum sublease payments expected to be received under non-cancellable subleases is €859 million (2017: €584 million). Capital commitments Company and subsidiaries Share of joint operations Group €m €m €m €m €m €m Contracts placed for future capital expenditure not provided in the financial statements 1 2,630 2,052 76 88 2,706 2,140 Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. Acquisition commitments Vodafone India On 20 March 2017, Vodafone announced the agreement to combine its subsidiary, Vodafone India (excluding its 42% stake in Indus Towers), with Idea Cellular Limited ('Idea'), which is listed on the Indian Stock Exchanges, with the combined company to be jointly controlled by Vodafone and the Aditya Birla Group (‘ABG’). Vodafone will own 45.1% of the combined company after transferring a stake of 4.9% to the Aditya Birla Group for approximately INR39 billion (approximately US$579 million) in cash concurrent with completion of the merger. ABG will then own 26.0% and has the right to acquire more shares from Vodafone under an agreed mechanism with a view to equalising the shareholdings over time. If Vodafone and ABG’s shareholdings in the combined company are not equal after four years, Vodafone will sell down shares in the combined company to equalise its shareholding to that of the ABG over the following five-year period. Until equalisation is achieved, the voting rights of the additional shares held by Vodafone will be restricted and votes will be exercised jointly under the terms of the shareholders’ agreement. The transaction has a break-fee of INR33 billion (US$500 million) that would become payable under certain circumstances. On 4 January 2018 Idea announced its intention to raise up to INR67.5 billion (€882 million) of equity, which was achieved through a INR32.5 billion (€425 million) preferential allotment to the ABG entities and an additional INR35.0 billion (€457 million) of equity raised through a qualified institutions placement. The proceeds from this capital raise, in addition to the INR78.5 billion (€1.0 billion) of proceeds from the announced disposals of Vodafone India’s and Idea’s standalone tower businesses, would be used to strengthen the balance sheet of the merged entity (Vodafone India and Idea). As a consequence of the change in shareholding in Idea following the capital raise, ABG and Vodafone have agreed that ABG will buy a minimum of 2.5% of the merged entity from Vodafone, or such higher stake required in order for ABG to ultimately own at least 26% of the merged entity. Consequently, Vodafone will receive minimum proceeds of INR19.6 billion (€256 million) from such sale and Vodafone’s ownership in the combined entity is expected to be not more than 47.5% at completion. Vodafone’s stake in the combined entity in excess of 45.1% will not be subject to any lock-up after closing and Vodafone will be free to sell the relevant shares without restrictions. Based on ABG’s shareholding in Idea as at 31 March 2018, ABG will need to acquire approximately 4.8% of the merged entity from Vodafone at completion in order to own at least 26% of the merged entity. This would result in Vodafone having an approximate 45.2% shareholding. The aforementioned changes to the capital structure were already contemplated in the scheme of arrangement for the merger, which has been approved by the Competition Commission of India, the shareholders and creditors of both Idea and Vodafone India, and the relevant National Company Law Tribunals. Foreign investment and Department of Telecommunications approvals are currently pending. As such, Vodafone now expects the merger to be completed in June 2018. As per the agreement entered into on 20 March 2017, Vodafone India’s contribution of net debt to the merged entity and Vodafone Group’s funding requirement will be dependent on Idea’s net debt at completion of the merger, as well as customary closing adjustments, but is not affected by proceeds received in relation to the announced disposals of Vodafone India’s and Idea’s standalone towers and a potential monetisation of Idea’s 11.15% stake in Indus Towers. Vodafone will contribute INR24.8 billion (€323 million) more net debt than Idea at completion. On 31 March 2018, Vodafone India completed the sale of its standalone tower business in India to ATC Telecom Infrastructure Private Limited ('ATC') for an enterprise value of INR38.5 billion (€478 million). The receipt of these proceeds prior to completion of the proposed merger of Vodafone India and Idea was anticipated and provided for in the merger agreement and hence does not affect the agreed terms of the merger, including the amount of debt which Vodafone will contribute to the combined company at completion. Completion of Idea’s sale of its standalone tower business to ATC for INR40.0 billion is expected in the first half of this calendar year. Following the completion of Idea's equity raise in February 2018, under the terms of the merger agreement with Idea the Group intends to inject up to €1 billion of incremental equity into India, net of the proceeds of the sale of a stake in the JV to the Aditya Birla Group, prior to completion. Vodafone Greece On 23 January 2018, Vodafone announced that Vodafone Greece had agreed to acquire CYTA Telecommunications Hellas S.A., a provider of fixed and mobile telecommunication services in Greece, for a total enterprise value of €118 million. The acquisition is subject to a number of conditions, including antitrust clearance by the relevant competent authorities. Vodafone to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania On 9 May 2018, Vodafone announced that it had agreed to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania for an enterprise value of €18.4 billion. See note 31 “Subsequent events” for further details. |
Contingent liabilities and lega
Contingent liabilities and legal proceedings | 12 Months Ended |
Mar. 31, 2018 | |
Contingent liabilities and legal proceedings | |
Contingent liabilities and legal proceedings | 29. Contingent liabilities and legal proceedings Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. €m €m Performance bonds 1 993 2,413 Other guarantees and contingent liabilities 2 4,036 3,576 Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of an AUD1.7 billion loan facility and a US$3.5 billion loan facility of its joint venture, Vodafone Hutchison Australia Pty Limited. The Group's share of these loan balances is included in the net investment in joint venture (see note 12 "Investments in joint ventures"). UK pension schemes The Group’s main defined benefit scheme is the Vodafone UK Group Pension Scheme (the ‘Scheme’) which has two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25. The Group has covenanted to provide security in favour of both the Vodafone Sections and CWW Section of the Scheme whilst a deficit remains. The deficit is measured on a prescribed basis agreed between the Group and Trustee. The Group provides a combination of surety bonds and a charge over UK indexed gilts as the security. The level of the security has varied since inception in line with the movement in the Scheme deficit. At 31 March 2018 the Scheme retains security over €536 million (notional value) for the Vodafone Section and €57 million (notional value) for the CWW Section. The security may be substituted either on a voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the Scheme for a combined value up to €1.7 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 €1.7 billion for the CWW Section. An additional smaller UK defined benefit scheme, the THUS Plc Group Scheme, has a guarantee from the Company for up to €114 million. Legal proceedings The Company and its subsidiaries are currently, and may from time to time become, involved in a number of legal proceedings, including inquiries from, or discussions with, governmental authorities that are incidental to their operations. However, save as disclosed below, the Company does not believe that it or its subsidiaries are currently involved in (i) any legal or arbitration proceedings (including any governmental proceedings which are pending or known to be contemplated) which may have, or have had in the 12 months preceding the date of this report, a material adverse effect on the financial position or profitability of the Group; or (ii) any material proceedings in which any of the Company’s Directors, members of senior management or affiliates are either a party adverse to the Company or its subsidiaries or have a material interest adverse to the Company or its subsidiaries. Due to inherent uncertainties, the Company cannot make any accurate quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings referred to in this Annual Report, however costs in complex litigation can be substantial. Indian tax cases In August 2007 and September 2007, Vodafone India Limited (‘VIL’) and Vodafone International Holdings BV (‘VIHBV’) respectively received notices from the Indian tax authority alleging potential liability in connection with an alleged failure by VIHBV to deduct withholding tax from consideration paid to the Hutchison Telecommunications International Limited group (‘HTIL’) in respect of HTIL’s gain on its disposal to VIHBV of its interests in a wholly-owned Cayman Island incorporated subsidiary that indirectly holds interests in VIL. Following approximately five years of litigation in the Indian courts in which VIHBV sought to set aside the tax demand issued by the Indian tax authority, in January 2012 the Supreme Court of India handed down its judgement, holding that VIHBV’s interpretation of the Income Tax Act 1961 was correct, that the HTIL transaction in 2007 was not taxable in India, and that consequently, VIHBV had no obligation to withhold tax from consideration paid to HTIL in respect of the transaction. The Supreme Court of India quashed the relevant notices and demands issued to VIHBV in respect of withholding tax and interest. On 28 May 2012 the Finance Act 2012 became law. The Finance Act 2012, which amended various provisions of the Income Tax Act 1961 with retrospective effect, contained provisions intended to tax any gain on transfer of shares in a non-Indian company, which derives substantial value from underlying Indian assets, such as VIHBV’s transaction with HTIL in 2007. Further, it seeks to subject a purchaser, such as VIHBV, to a retrospective obligation to withhold tax. VIHBV received a letter on 3 January 2013 from the Indian tax authority reminding it of the tax demand raised prior to the Supreme Court of India’s judgement and purporting to update the interest element of that demand to a total amount of INR142 billion, which includes principal and interest as calculated by the Indian tax authority but does not include penalties. On 10 January 2014, VIHBV served an amended trigger notice on the Indian Government under the Netherlands-India Bilateral Investment Treaty (‘Dutch BIT’), supplementing a trigger notice filed on 17 April 2012, immediately prior to the Finance Act 2012 becoming effective, to add claims relating to an attempt by the Indian Government to tax aspects of the transaction with HTIL under transfer pricing rules. A trigger notice announces a party’s intention to submit a claim to arbitration and triggers a cooling off period during which both parties may seek to resolve the dispute amicably. Notwithstanding their attempts, the parties were unable to amicably resolve the dispute within the cooling off period stipulated in the Dutch BIT. On 17 April 2014, VIHBV served its notice of arbitration under the Dutch BIT, formally commencing the Dutch BIT arbitration proceedings. In June 2016, the tribunal was fully constituted with Sir Franklin Berman KCMG QC appointed as presiding arbitrator. The Indian Government has raised objections to the application of the treaty to VIHBV’s claims and to the jurisdiction of the tribunal under the Dutch BIT. On 19 June 2017, the tribunal decided to try both these jurisdictional objections along with the merits of VIHBV’s claim in a hearing now scheduled for February 2019. More recent attempts by the Indian Government to have the jurisdiction arguments heard separately have also failed. VIHBV will file its response to India’s defence in July 2018 and India will respond in December 2018. Separately, on 15 June 2015, Vodafone Group Plc and Vodafone Consolidated Holdings Limited served a trigger notice on the Indian Government under the United Kingdom-India Bilateral Investment Treaty (‘UK BIT’) in respect of retrospective tax claims under the Income Tax Act 1961 (as amended by the Finance Act 2012). Although relating to the same underlying facts as the claim under the Dutch BIT, the claim brought by Vodafone Group Plc and Vodafone Consolidated Holdings Limited is a separate and distinct claim under a different treaty. On 24 January 2017, Vodafone Group Plc and Vodafone Consolidated Holdings Limited served a Notice of Arbitration on the Indian Government formally commencing the arbitration. The Indian Government has appointed a second arbitrator as required under the UK BIT under protest. The Indian Government has indicated that it considers the arbitration under the UK BIT to be an abuse of process but this is strongly denied by Vodafone. On 22 August 2017, the Indian Government obtained an injunction from the Delhi High Court preventing Vodafone from progressing the UK BIT arbitration. Vodafone was not present when India obtained this injunction and applied to dismiss it. On 26 October 2017, the Delhi High Court varied its order to permit Vodafone to participate in the formation of the UK BIT tribunal. It now consists of Marcelo Kohen, an Argentinian national and professor of international law in Geneva (appointed by India), Neil Kaplan, a British national (appointed by Vodafone Group Plc) and Professor Campbell Mclachlan QC, a New Zealand national (appointed by the parties as presiding arbitrator). No further steps in the arbitration were permitted pending a decision on India’s injunction. On 7 May 2018, the Delhi High Court dismissed the injunction. The Indian Government has appealed the decision. On 12 February 2016, VIHBV received a notice dated 4 February 2016 of an outstanding tax demand of INR221 billion (which included interest accruing since the date of the original demand) along with a statement that enforcement action, including against VIHBV’s indirectly held assets in India, would be taken if the demand was not satisfied. On 29 September 2017, VIHBV received an electronically generated demand in respect of alleged principal, interest and penalties in the amount of INR190.7 billion. This demand does not appear to have included any element for alleged accrued interest liability. Separate proceedings in the Bombay High Court taken against VIHBV to seek to treat it as an agent of HTIL in respect of its alleged tax on the same transaction, as well as penalties of up to 100% of the assessed withholding tax for the alleged failure to have withheld such taxes, were listed for hearing at the request of the Indian Government on 21 April 2016 despite the issue having been ruled upon by the Supreme Court of India. The hearing has since been periodically listed and then adjourned or not reached hearing. VIHBV and Vodafone Group Plc will continue to defend vigorously any allegation that VIHBV or VIL is liable to pay tax in connection with the transaction with HTIL and will continue to exercise all rights to seek redress including pursuant to the Dutch BIT and the UK BIT. We have not recorded a provision in respect of the retrospective provisions of the Income Tax Act 1961 (as amended by the Finance Act 2012) and any tax demands based upon such provisions. Other Indian tax cases VIL and Vodafone India Services Private Limited (‘VISPL’) (formerly 3GSPL) are involved in a number of tax cases with total claims exceeding €2.4 billion plus interest, and penalties of up to 300% of the principal. VISPL tax claims VISPL has been assessed as owing tax of approximately €264 million (plus interest of €422 million) in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with Vodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer of options held by VISPL for VIL. The first two of the three heads of tax are subject to an indemnity by HTIL. The larger part of the potential claim is not subject to any indemnity. VISPL unsuccessfully challenged the merits of the tax demand in the statutory tax tribunal and the jurisdiction of the tax office to make the demand in the High Court. The Tax Appeal Tribunal heard the appeal and ruled in the Tax Office’s favour. VISPL lodged an appeal (and stay application) in the Bombay High Court which was concluded in early May 2015. On 13 July 2015 the tax authorities issued a revised tax assessment reducing the tax VISPL had previously been assessed as owing in respect of (i) and (ii) above. In the meantime, (i) a stay of the tax demand on a deposit of £20 million and (ii) a corporate guarantee by VIHBV for the balance of tax assessed remain in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The Tax Office has appealed to the Supreme Court of India. A hearing has been adjourned with no specified date. Indian regulatory cases Litigation remains pending in the Telecommunications Dispute Settlement Appellate Tribunal (‘TDSAT’), High Courts and the Supreme Court of India in relation to a number of significant regulatory issues including mobile termination rates (‘MTRs’), spectrum and licence fees, licence extension and 3G intra-circle roaming (‘ICR’). 3G inter-circle roaming: Vodafone India and others v Union of India In April 2013, the Indian Department of Telecommunications (‘DoT’) issued a stoppage notice to VIL’s operating subsidiaries and other mobile operators requiring the immediate stoppage of the provision of 3G services on other operators’ mobile networks in an alleged breach of licence claim. The DoT also imposed a fine of approximately €5.5 million. VIL applied to the Delhi High Court for an order quashing the DoT’s notice. Interim relief from the notice has been granted (but limited to existing customers at the time with the effect that VIL was not able to provide 3G services to new customers on other operators’ 3G networks pending a decision on the issue). The dispute was referred to the TDSAT for decision, which ruled on 28 April 2014 that VIL and the other operators were permitted to provide 3G services to their customers (current and future) on other operators’ networks. The DoT has appealed the judgement and sought a stay of the tribunal’s judgement. The DoT’s stay application was rejected by the Supreme Court of India. The matter is pending before the Supreme Court of India. One time spectrum charges: VIL v Union of India The Indian Government has sought to impose one time spectrum charges of approximately €525 million on certain operating subsidiaries of VIL. VIL filed a petition before the TDSAT challenging the one time spectrum charges on the basis that they are illegal, violate VIL’s licence terms and are arbitrary, unreasonable and discriminatory. The tribunal stayed enforcement of the Government’s spectrum demand pending resolution of the dispute. The matter is due to go for final hearing before the Supreme Court of India, and will be listed in due course. Other public interest litigation Three public interest litigations have been initiated in the Supreme Court of India against the Indian Government and private operators on the grounds that the grant of additional spectrum beyond 4.4/6.2 MHz has been illegal. The cases seek appropriate investigation and compensation for the loss to the exchequer. Adjusted Gross Revenue (‘AGR’) dispute before the Supreme Court of India: VIL and others v Union of India VIL has challenged the tribunal’s judgement dated 23 April 2015 to the extent that it dealt with the calculation of AGR, upon which licence fees and spectrum usage charges are based. The cumulative impact of the inclusion of these components is approximately €1.67 billion. The Department of Telecommunications ('DoT') also moved cross appeals challenging the tribunal’s judgement. In the hearing before the Supreme Court of India, the Court orally directed the DoT not to take any coercive steps in the matter, which was adjourned. On 29 February 2016, the Supreme Court of India ordered that the DoT may continue to raise demands for fees and charges, but may not enforce them until a final decision on the matter. Other cases in the Group Patent litigation Germany The telecoms industry is currently involved in significant levels of patent litigation brought by non-practising entities (‘NPEs’) which have acquired patent portfolios from current and former industry companies. Vodafone is currently a party to patent litigation cases in Germany brought against Vodafone Germany by Marthon, IPCom and Intellectual Ventures. Vodafone has contractual indemnities from suppliers which have been invoked in relation to the alleged patent infringement liability. Spain Vodafone Group Plc has been sued in Spain by TOT Power Control (‘TOT’), an affiliate of Top Optimized Technologies. The claim makes a number of allegations including patent infringement, with TOT seeking over €500 million from Vodafone Group Plc as well as an injunction against using the technology in question. Vodafone’s initial challenge of the appropriateness of Spain as a venue for this dispute was denied. Vodafone Group Plc appealed the denial and was partially successful. In a decision dated 30 October 2017, the court ruled that while it did have jurisdiction to hear the infringement case relating to the Spanish patent, it was not competent to hear TOT’s contractual and competition law claims. This decision is subject to appeal. TOT’s application for an injunction was unsuccessful and TOT is appealing. A trial has now been set to commence on 10 September 2018. Germany: Mannesmann and Kabel Deutschland takeover – class actions Since 2001, the German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone’s takeover of Mannesmann. The German courts were also asked to consider whether “squeeze out” compensation was payable to affected Mannesmann shareholders in a similar proceeding. In September 2014, the German courts awarded compensation to minority shareholders of Mannesmann in the amount of €229.58 per share, which would have resulted in a pay-out of €19 million. The German courts also ruled that the “squeeze out” compensation should amount to €251.31 per share, which would have resulted in a pay-out of €43.8 million. Vodafone appealed these decisions and in March 2018 the Court ruled in Vodafone’s favour that the original compensation had been adequate. There is no right of appeal. Similar proceedings were initiated by 80 Kabel Deutschland shareholders. These proceedings are in their early stages, and, accordingly, Vodafone believes that it is too early to assess the likely quantum of any claim. In a hearing on 6 October 2016, the Court examined the Kabel Deutschland business plan which formed the main basis for the calculation of the offer per share. The next hearings are scheduled for June 2018. Italy: British Telecom (Italy) v Vodafone Italy The Italian Competition Authority concluded an investigation in 2007 when Vodafone Italy gave certain undertakings in relation to allegations that it had abused its dominant position in the wholesale market for mobile termination. In 2010, British Telecom (Italy) brought a civil damages claim against Vodafone Italy on the basis of the Competition Authority’s investigation and Vodafone Italy’s undertakings. British Telecom (Italy) sought damages in the amount of €280 million for abuse of dominant position by Vodafone Italy in the wholesale fixed to mobile termination market for the period from 1999 to 2007. A court appointed expert delivered an opinion to the Court that the range of damages in the case should be in the region of €10 million to €25 million which was reduced in a further supplementary report published in September 2014 to a range of €8 million to €11 million. Judgement was handed down by the court in August 2015, awarding €12 million (including interest) to British Telecom (Italy). British Telecom (Italy) appealed the amount of the damages to the Court of Appeal of Milan. In addition, British Telecom (Italy) has asked again for a reference to the European Court of Justice for an interpretation of the European community law on antitrust damages. Vodafone Italy also filed an appeal which was successful. British Telecom (Italy) were ordered to repay to Vodafone Italy the €12 million with interest and legal costs. An appeal to the Supreme Court is still possible. Italy: FASTWEB v Vodafone Italy The Italian Competition Authority concluded an investigation in 2007 when Vodafone Italy gave certain undertakings in relation to allegations it had abused its dominant position in the wholesale market for mobile termination. In 2010, FASTWEB brought a civil damages claim against Vodafone Italy on the basis of the Competition Authority’s investigation and Vodafone Italy’s undertakings. FASTWEB sought damages in the amount of €360 million for abuse of dominant position by Vodafone Italy in the wholesale fixed to mobile termination market. A court appointed expert delivered an opinion to the Court that the range of damages in the case should be in the region of €0.5 million to €2.3 million. On 15 October 2014, the Court decided to reject FASTWEB’s damages claim in its entirety. FASTWEB appealed the decision and the first appeal hearing took place in September 2015. The final hearing took place in September 2016, and on 1 March 2017 the Court rejected FASTWEB’s appeal and confirmed the first instance ruling. FASTWEB appealed this decision to the Supreme Court and a decision is not expected for two to three years. Italy: Telecom Italia v Vodafone Italy (‘TeleTu’) Telecom Italia brought civil claims against Vodafone Italy in relation to TeleTu’s alleged anti-competitive retention of customers. Telecom Italia seeks damages in the amount of €101 million. The Court decided on 9 June 2015 to appoint an expert to verify whether TeleTu has put in place anticompetitive retention activities. The expert has prepared a draft report with a range of damages from €nil–9 million. Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece, Vodafone Group Plc and certain Directors and Officers of Vodafone In December 2013, Mr. and Mrs. Papistas, and companies owned or controlled by them, brought three claims in the Greek court in Athens against Vodafone Greece, Vodafone Group Plc and certain Directors and officers of Vodafone Greece and Vodafone Group Plc for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Approximately €1.0 billion of the claim is directed exclusively at one former and one current Director of Vodafone Greece. The balance of the claim (approximately €285.5 million) is sought from Vodafone Greece and Vodafone Group Plc on a joint and several basis. Both cases have been adjourned until September 2018. Netherlands: Consumer credit/handset case In February 2016, the Dutch Supreme Court ruled on the Dutch implementation of the EU Consumer Credit Directive and “instalment sales agreements” (a Dutch law concept), holding that bundled “all-in” mobile subscription agreements (i.e. device along with mobile services) are considered consumer credit agreements. As a result, Vodafone Netherlands, together with the industry, has been working with the Ministry of Finance and the Competition Authority on compliance requirements going forward for such offers. The ruling also has retrospective effect. A number of small claims have been submitted by individual customers in the small claims courts. On 15 February 2018, Consumentenbond (a claims agency) issued a press release stating that Consumentenbond has initiated collective claim proceedings against VodafoneZiggo, Tele2, T-Mobile and now KPN. South Africa: GH Investments (‘GHI’) v Vodacom Congo Vodacom Congo contracted with GHI to install ultra-low cost base stations on a revenue share basis. After rolling out three sites, GHI stopped and sought to renegotiate the terms. Vodacom Congo refused. GHI accused it of bad faith and infringement of intellectual property rights. In April 2015, GHI issued a formal notice for a claim of US$1.16 billion, although there does not seem to be a proper basis nor any substantiation for the compensation claimed. The dispute was submitted to mediation under the International Chamber of Commerce. A mediator was appointed in September 2015 who convened a first meeting which took place in early November 2015. A follow-up mediation meeting was scheduled for December 2015 but was postponed without a new date having been fixed. In July 2016, Vodacom filed a request for arbitration with the International Chamber of Commerce’s International Court of Arbitration. In their response GHI revised their claim down to US$256 million. Each party has appointed an arbitrator and the arbitrators have appointed a third arbitrator to act as chairman of the tribunal. A trial was scheduled for March 2018 but GHI failed to pay its share of the arbitration fees resulting in a decision by the Court in February 2018 that GHI’s claims were considered withdrawn. South Africa: Makate v Vodacom (Proprietary) Limited (‘Vodacom’) Negotiations in accordance with the Constitutional Court order to determine a reasonable compensation for Mr. Makate for a business idea that led to a product known as “Please Call Me” have deadlocked and the matter has been referred to the Group’s Chief Executive Officer to determine reasonable compensation in accordance with the Constitutional Court order. |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2018 | |
Related party transactions | |
Related party transactions | 30. Related party transactions The Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and Executive Committee members (see note 12 “Investments in associates and joint arrangements”, note 25 “Post employment benefits” and note 23 “Directors and key management compensation”). Transactions with joint arrangements and associates Related party transactions with the Group’s joint arrangements and associates primarily comprise fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements. No related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed below. €m €m €m Sales of goods and services to associates 19 37 39 Purchase of goods and services from associates 1 90 118 Sales of goods and services to joint arrangements 194 19 21 Purchase of goods and services from joint arrangements 199 183 92 Net interest income receivable from joint arrangements 1 120 87 92 Trade balances owed: by associates 4 — 1 to associates 2 1 4 by joint arrangements 107 158 232 to joint arrangements 28 15 71 Other balances owed by joint arrangements 1 1,328 1,209 108 Other balances owed to joint arrangements 1 150 127 106 Note: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Hutchison Australia and Cornerstone Telecommunications Infrastructure Limited. Interest is paid in line with market rates. Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows. Transactions with Directors other than compensation During the three years ended 31 March 2018, and as of 8 June 2018, no Director nor any other executive officer, nor any associate of any Director or any other executive officer, was indebted to the Company. During the three years ended 31 March 2018 and as of 8 June 2018, the Company has not been a party to any other material transaction, or proposed transactions, in which any member of the key management personnel (including Directors, any other executive officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to have a direct or indirect material interest. |
Subsequent events
Subsequent events | 12 Months Ended |
Mar. 31, 2018 | |
Subsequent events | |
Subsequent events | 31. Subsequent events Vodafone UK On 5 April 2018, Vodafone announced that Vodafone UK had acquired 50 MHz of spectrum in the 3400 MHz band for mobile data services in Ofcom’s auction for a total cost of £378.2 million (€433.4 million). The spectrum acquired has a 20 year term and is convertible to perpetual licences thereafter. Indus Towers On 25 April 2018, Vodafone, Bharti Airtel Limited (‘Bharti Airtel’) and Idea announced the merger of Indus Towers Limited (‘Indus Towers’) into Bharti Infratel Limited (‘Bharti Infratel’), creating a combined company that will own the respective businesses of Bharti Infratel and Indus Towers. Indus Towers is currently jointly owned by Bharti Infratel (42%), Vodafone (42%), Idea Group (11.15%) and Providence (4.85%). Bharti Airtel and Vodafone will jointly control the combined company, in accordance with the terms of a new shareholders’ agreement. Idea Group has the option to either sell its 11.15% shareholding in Indus Towers for cash or receive new shares in the combined company. Providence has the option to elect to receive cash or shares for 3.35% of its 4.85% shareholding in Indus Towers, with the balance exchanged for shares. Vodafone will be issued with 783.1 million new shares in the combined company, in exchange for its 42% shareholding in Indus Towers. On the basis that (a) Providence decides to sell 3.35% of its 4.85% shareholding in Indus Towers for cash and (b) Idea Group decides to sell its full 11.15% shareholding in Indus Towers for cash, these shares would be equivalent to a 29.4% shareholding in the combined company. On the basis that (a) Providence decides to sell 3.35% of its 4.85% shareholding in Indus Towers for cash, and (b) Idea Group decides to sell its full 11.15% shareholding in Indus Towers for cash, Bharti Airtel’s shareholding will be diluted from 53.5% in Bharti Infratel today to 37.2% in the combined company. The final number of shares issued to Vodafone and the cash paid or shares issued to Idea Group and Providence, will be subject to closing adjustments, including but not limited to movements in net debt and working capital for Bharti Infratel and Indus Towers. The transaction is conditional on regulatory and other approvals and is expected to close before the end of the financial year ending 31 March 2019. Vodafone to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania On 9 May 2018, Vodafone announced that it had agreed to acquire Unitymedia GmbH (‘Unitymedia’) in Germany and Liberty Global's operations (excluding its ‘Direct Home’ business) in the Czech Republic (‘UPC Czech’), Hungary (‘UPC Hungary’), and Romania (‘UPC Romania’), for a total enterprise value of €18.4 billion (the ‘Transaction’). This is expected to comprise approximately €10.8 billion of cash consideration paid to Liberty Global and €7.6 billion of existing Liberty debt, subject to completion adjustments. UPC Czech, UPC Hungary and UPC Romania will be acquired on a cash-free, debt-free basis, while it is expected that Unitymedia's existing bond structure ( €4.5 billion outstanding as of 9 May 2018) will be retained and refinanced over time, with €2.2 billion of Unitymedia's term loans to be refinanced shortly after completion. The €10.8 billion of cash consideration payable to Liberty Global and the refinancing of Unitymedia’s term loans will be financed using Vodafone’s existing cash, around €10 billion of new debt facilities (including hybrid debt securities) and around €3 billion of mandatory convertible bonds, which will be issued prior to completion. The cash consideration payable to Liberty Global will be subject to adjustments for net debt and other items at completion. A break fee of €250 million will be payable by Vodafone, in certain circumstances, if the Transaction does not complete. The Transaction is subject to review by and approval from the European Commission. It is anticipated that completion will take place around the middle of calendar 2019. Bond issuance On 23 May 2018, the Group raised US$11.5billion (€9.8 billion) of bond debt to support the acquisition, announced on 9 May 2018, of Unitymedia GmbH (“Unitymedia”) in Germany and Liberty Global’s operations (excluding its “Direct Home” business) in the Czech Republic (“UPC Czech”), Hungary (“UPC Hungary”), and Romania (“UPC Romania”). The bond issuance completed and the cash was received on 30 May 2018. Repurchase of Floating Rate Notes by Verizon On 24 May 2018 Verizon Communications Inc. ("Verizon") repurchased the outstanding US$2.5 billion aggregate principal amount of Floating Rate Notes due 2025 (the "Notes") issued by Verizon and held by an indirect subsidiary of Vodafone. Pursuant to the terms of a Noteholders Agreement, dated 21 February 2014, the repurchase price for the Notes was the US$2.5 billion principal outstanding plus accrued and unpaid interest on the Notes up to, but excluding, the repurchase date. |
Related undertakings
Related undertakings | 12 Months Ended |
Mar. 31, 2018 | |
Related undertakings | |
Related undertakings | 32. Related undertakings A full list of all of our subsidiaries, joint arrangements and associated undertakings is detailed below. A full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 March 2018 is detailed below. No subsidiaries are excluded from the Group consolidation. Unless otherwise stated the Company’s subsidiaries all have share capital consisting solely of ordinary shares and are indirectly held. The percentage held by Group companies reflect both the proportion of nominal capital and voting rights unless otherwise stated. Subsidiaries Accounting policies A subsidiary is an entity controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Company name % of share class held Share class Albania Autostrada Tirane‐Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania Vodafone Albania Sh.A 100.00 Ordinary shares Vodafone M‐PESA SH.P.K. 100.00 Ordinary shares Angola Rua Fernao de Sousa, Condominio do Benga, 10A, Vila Alice, Luanda, Angola Vodacom Business (Angola) Limitada 2 63.87 Ordinary shares Argentina Cerrito 348, 5to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. 100.00 Ordinary shares Australia C/-KPMG Level 38 Tower Three, International Towers Sydney, 300 Barangaroo Avenue, Sydney NSW 2000, Australia Quickcomm Pty Limited 100.00 Ordinary shares, Redeemable convertible preference shares Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia PPL Pty Limited 100.00 Ordinary shares Talkland Australia Pty Limited 100.00 Ordinary shares VAPL No. 2 Pty Limited 100.00 Ordinary shares Mills Oakley, Level 12, 400 George 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, Sao Paul, 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. 70.00 Ordinary shares Rua Boa Vista, 01014-907, 254, 13th Floor, Suite 38, Centro, City of São Paulo, State of São Paulo, Brazil Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Cameroon Porte 201A 3eme Etage Entree C, immeuble SOCAR, Boulevard de la liberte, Akwa, Douala, Cameroon Vodacom Business Cameroon SA 2 64.52 Ordinary shares Canada 2 Bloor Street West, Suite 700, Toronto ON M4W3E2, Canada Vodafone Canada Inc. 100.00 Common shares Cayman Islands 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China Building 21, 11, Kangding St., BDA, Beijing, 100176 - China, China Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Floor 36, Unit 23-25, China World Tower 1 No. 1, Jianguomenwai Avenue, Chaoyang District, Beijing, 100004, China Vodafone China Limited (China) 100.00 Equity interest shares Unit 1708, Full Tower, No. 9 Dong San Huan Zhong Road, Chaoyang District, Beijing, 100020, China Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd (Beijing Branch) 100.00 Branch Unit 558-560, 5/F Standard Chartered Bank Tower, No.201 Century Avenue, Pudong District, Shanghai, 200120, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the 292 Avenue de la Justice, Commune de la Gombe, Kinshasa, Congo Vodacash S.A. 2 32.90 Ordinary shares Vodacom Congo (RDC) SA 2,3 32.90 Ordinary shares Cote d’Ivoire No 62, Rue du Docteur Blanchard, Zone 4C, Abidjan, Cote d'Ivoire Vodacom Business Cote D’Ivoire S.A.R.L. 2 64.52 Ordinary shares Cyprus Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic Oskar Mobil S.R.O. 100.00 Basic capital shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - CZECH BRANCH 100.00 Branch Denmark Tuborg Boulevard 12, 2900, Hellerup, Denmark Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt 17 Port Said Street, Maadi El Sarayat, Cairo, Egypt Vodafone International Services LLC 54.93 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 54.90 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 54.91 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt 54.93 Ordinary shares Telecommunications S.A.E Vodafone For Trading 54.87 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 54.93 Ordinary shares Finland c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland Vodafone Enterprise Finland OY 100.00 Ordinary shares France 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares 144, Avenue Roger Salengro, 92372 - Chaville Cedex, France Vodafone Automotive France S.A.S 50.94 Ordinary shares Tour Egée, 9/11 Allée de l'Arche, 92671 Courbevoie La Défense Cedex - France Vodafone Enterprise France SAS 100.00 New Euro shares Germany Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH 4 76.70 Ordinary shares TKS Telepost Kabel-Service Kaiserslautern GmbH & Co. KG 4 76.70 Ordinary shares Betastraße 6‐8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 4 76.70 Ordinary shares Kabel Deutschland Holding Erste Beteiligungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Holding Zweite Beteilgungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Neunte Beteiligungs GmbH 100.00 Ordinary shares Kabel Deutschland Siebte Beteiligungs GmbH 4 76.70 Ordinary shares Company name % of share class held Share class Vodafone Kabel Deutschland GmbH 4 76.70 Ordinary shares Vodafone Kabel Deutschland Kundenbetreuung GmbH 4 76.70 Ordinary shares Buschurweg 4, 76870, Kandel, Germany Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand‐Braun‐Platz 1, 40549, Duesseldorf, Germany CRVSH GmbH 100.00 Ordinary shares Vodafone Enterprise Germany GmbH 100.00 Ordinary shares, Ordinary #2 shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnutzige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Friedrich‐Wilhelm‐Strasse 2, 38100, Braunschweig, Germany KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel‐Kommunikation Mit Beschrankter Haftung 4 76.70 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany Urbana Teleunion Rostock GmbH & Co.KG 4 53.69 Ordinary shares Verwaltung “Urbana Teleunion” Rostock GmbH 4 38.35 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel‐ Kommunikation Mit Beschrankter Haftung 4 76.70 Ordinary shares Ghana 3rd Floor, The Elizabeth Building, 68 Senchi Link, Airport Residential Area, Accra, Ghana Vodacom Business (Ghana) Limited 2 64.52 Ordinary shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana Ghana Telecommunications Company Limited 70.81 Ordinary shares Company Limited 100.00 Preference shares National Communications Backbone Company Limited 70.81 Ordinary shares Vodafone Ghana Mobile Financial Services Limited 70.81 Ordinary shares Greece 1‐3 Tzavella str, 152 31 Halandri, Athens, Greece Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares Vodafone Global Enterprise Telecommunications (Hellas) A.E. 100.00 Ordinary shares 12,5 km National Road Athens - Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A. 6 99.87 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece 360 Connect S.A. 99.87 Ordinary shares Guernsey Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey VBA Holdings Limited 64.52 Ordinary shares VBA International Limited 64.52 Ordinary shares, Hong Kong Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Vodafone Enterprise Global Network HK Ltd 100.00 Ordinary shares Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary 6 Lechner Ödön fasor, Budapest, 1096, Hungary Vodafone Magyarorszag Mobile Tavkozlesi Zartkoruen Mukodo Reszvenytarsasag 100.00 Series A registered common shares HU‐1087 Budapest, Hungária körút 40‐44., Hungary VSSB Vodafone Shared Services Budapest Private Limited Company 100.00 Registered ordinary shares India 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Bengaluru, Karnataka, 560103, India Cable and Wireless Global (India) Private Limited 100.00 Ordinary shares Cable & Wireless Networks India Private Limited 100.00 Equity shares Cable and Wireless (India) Limited (India branch) 100.00 Branch 127, Maker Chamber III, Nariman Point, Mumbai, Maharashtra, 400021, India AG Mercantile Company Private Limited 100.00 Equity shares Jaykay Finholding (India) Private Limited 100.00 Equity shares MV Healthcare Services Private Limited 100.00 Equity shares, Preference shares Nadal Trading Company Private Limited 100.00 Equity shares ND Callus Info Services Private Limited 100.00 Equity shares Omega Telecom Holdings Private Limited 100.00 Equity shares Plustech Mercantile Company Private Limited 100.00 Equity shares, Preference shares SMMS Investments Pvt Limited 100.00 Equity shares, Non-convertible cumulative redeemable preference shares Telecom Investments India Private Limited 100.00 Equity shares, Preference shares UMT Investments Limited 100.00 Equity shares 8th Floor, RDB Boulevard, Plot K-1, Block- EP & GP, Sector – V, Saltlake City, Kolkata, West Bengal, 700091, India Usha Martin Telematics Limited 100.00 Equity shares Business Mantri, Tower A, 3rd Floor, S No.197, Wing A1 & A2, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India Vodafone Global Services Private Limited 100.00 Equity shares C‑48, Okhla Industrial Estate, Phase - II, New Delhi, 110 020, India Vodafone Towers Limited 100.00 Equity shares Indiabulls Finance Center, 1201, 12 Floor, Tower 1, Senapati Bapat Road, Elphinstone (West), Maharashtra, 400013, India Scorpios Beverages Pvt. Ltd 100.00 Equity shares Vodafone India Services Private Limited 100.00 Ordinary shares Peninsula Corporate Park, Ganpatro Kadam Marg, Lower Parel, Mumbai, Maharashtra, 400013, India Mobile Commerce Solutions Limited 100.00 Equity shares Vodafone Foundation 100.00 Equity shares Vodafone India Digital Limited 100.00 Equity shares Vodafone India Limited 100.00 Equity shares Vodafone India Ventures Limited 100.00 Ordinary shares Vodafone Mobile Services Limited 100.00 Equity shares Vodafone m-pesa Limited 100.00 Equity shares Vodafone Technology Solutions Limited 100.00 Equity shares Plot No 54, Marol Co-op Industrial Area, Makwana, Off Andheri Kurla Road, Andheri East, Mumbai, Mumbai, Maharashtra, 400059, India You Broadband India Limited 100.00 Equity shares You System Integration Private Limited 100.00 Equity shares Skyline Ikon, 1st Floor, 86/92, Andheri Kurla Road, Marol Naka, Andheri East, Mumbai, Maharashtra, 400059, India Connect (India) Mobile Technologies Private Limited 100.00 Equity shares Vodafone House, Corporate Road, Prahladnag Off S. G. Highway, Ahmedabad, Gujarat, 38005 ar, 1, India Vodafone Business Services Limited 100.00 Equity shares Ireland 2nd Floor, The Iveagh Building, The Park, Carrickmines, Dublin 18, Ireland Eudokia Limited 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland Cable & Wireless GN Limited 100.00 Ordinary shares Stentor Limited 100.00 Ordinary shares VF Ireland Property Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Distribution Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy Piazzale Luigi Cadorna, 4, 20123, Milano, Italy Vodafone Global Enterprise (Italy) S.R.L 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea, Tourin, Italy 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 Japan 15th Floor, The Imperial Hotel Tower, 1-1, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo, 100-0005, Japan Vodafone Enterprise U.K. (Japanese Branch) 100.00 Branch KAKiYa building, 9F, 2‑7‑17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222‑0033, Japan Vodafone Automotive Japan K.K 100.00 Ordinary shares The Imperial Hotel Tower, 15F, 1-1-1 Uchisaiwai-cho, Chiyoda, Tokyo, 100-0011, Japan Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey 44 Esplanade, St Helier, JE4 9WG, Jersey 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance Limited 100.00 Ordinary shares Vodafone Holdings (Jersey) Limited 100.00 Ordinary shares Vodafone International 2 Limited 100.00 Ordinary shares Vodafone Jersey Dollar Holdings Limited 100.00 Limited liability shares Vodafone Jersey Finance 100.00 Ordinary shares, B shares, C shares, D shares, F shares, G shares Vodafone Jersey Yen Holdings Unlimited 100.00 Limited Liability shares Kenya 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya Vodafone Kenya Limited 2 68.95 Ordinary shares M-PESA Holding Co. Limited 100.00 Equity shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya Vodacom Business (Kenya) Limited 2 51.62 Ordinary shares, Ordinary B shares Korea, Republic of 3rd Floor, 54 Gongse-ro, Gieheung-gu, Yongin-si, Vodafone Automotive Korea Limited 100.00 Ordinary shares ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho Vodacom Park, 585 Mabile Road, 3rd Floor; Maseru, Lesotho Vodacom Lesotho (Pty) Limited 2 51.62 Ordinary shares Luxembourg 13 rue Edward Steichen, Luxembourg, 2540, Luxembourg Tomorrow Street GP S.à r.l. 100.00 Ordinary shares 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg Vodafone Asset Management ServicesS.àr.l. 100.00 Ordinary shares Vodafone Enterprise Global BusinessesS.àr.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg 5 S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Real Estate S.à.r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à.r.l. 100.00 Ordinary shares Malaysia Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta SkyParks Business Centre, Malta International Airport, Luqa, LQA 4000, Malta Multi Risk Indemnity Company Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Multi Risk Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Vodafone Malta Limited 100.00 Ordinary shares Mauritius DTOS Ltd, 10th Floor, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius Mobile Wallet VM1 2 64.52 Ordinary shares Mobile Wallet VM2 2 64.52 Ordinary shares Fifth Floor, Ebene Esplanade, 24 Cybercity, Ebene, Mauritius Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Suite 214, 2nd Floor, Grand Bay Business Park, Grand Bay, Mauritius VBA (Mauritius) Limited 2 64.52 Ordinary shares, Redeemable preference shares Vodacom International Limited 2 64.52 Ordinary shares, Non-cumulative Mexico Insurgentes Sur #1377 8th Floor, Colonia Insurgentes Mixcoac, Mexico City, Mexico 03920 Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Morocco 129 Rue du Prince Moulay, Abdellah, Casablanca, Morocco Vodafone Maroc SARL 79.75 Ordinary shares Mozambique Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique VM, SA 2 54.84 Ordinary shares 64.52 Redeemable preference shares Vodafone M-Pesa, S.A 2 54.84 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. 100.00 Ordinary shares New Zealand 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand Vodafone Mobile NZ Limited 100.00 Ordinary shares Vodafone New Zealand Foundation Limited 100.00 Ordinary shares Vodafone New Zealand Holdings Limited 100.00 Ordinary shares Vodafone New Zealand Limited 100.00 Ordinary shares Vodafone Next Generation Services Limited 100.00 Ordinary shares 8 Butler Street, Timaru, 7910, New Zealand Farmside Limited 70.00 Ordinary shares Farmside Technologies Limited 70.00 Ordinary shares MyFarmside Limited 70.00 Ordinary shares Nigeria 3A Aja Nwachukwu Close, Ikoyi, Lagos, Nigeria Spar Aerospace (Nigeria) Limited 2 64.52 Ordinary shares Vodacom Business Africa (Nigeria) Limited 2 64.52 Ordinary shares, Preference shares Ict Lawyers & Consultants, 2nd Floor, Oakland Center, C&W Worldwide Nigeria Limited 100.00 Ordinary shares Norway c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom Vodafone Limited (Norway Branch) 100.00 Branch % of share class held by Group Company name Companies Share class Portugal Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal Oni Way – Infocomunicacoes, S.A. 100.00 Ordinary shares Vodafone Portugal – Comunicacoes Pessoais, S.A. 1 100.00 Ordinary shares Av. da República, 50 - 10º, 1069‑211, Lisboa, Portugal Vodafone Enterprise Spain, S.L.U. – PORTUGAL BRANCH 100.00 Branch Romania 201 Barbu Vacarescu, 8th Floor, 1st District, Bucharest, Romania, 020276, Romania Vodafone Romania S.A 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucureşti, Romania Vodafone România M - Payments SRL 100.00 Ordinary shares Vodafone România Technologies SRL 100.00 Ordinary shares Sectorul 4, Strada Oltenitei, Nr. 2, Etaj 3, Bucureşti, Romania Vodafone Shared Services Romania SRL 100.00 Ordinary shares Russian Federation 4A, Atarbekova Street, Moscow, 107076, Russian Federation Vodafone Global Enterprise Russia LLC 100.00 Equity shares Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Seychelles F20, 1st Floor, Eden Plaza, Eden Island, Seychelles Cavalry Holdings Ltd 2 31.61 Ordinary A shares East Africa Investments (Mauritius) Limited 2 31.61 Ordinary A shares Sierra Leone 12 White Street, Brookfield, Off Railway Line, Freetown, Sierra Leone VBA International (SL) Limited 2 64.52 Ordinary shares Singapore Asia Square Tower 2, 12 Marina View, #17‑01, Singapore, 018961, Singapore Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia Zochova 6-8, Bratislava, 811 03, Slovakia Vodafone Global Network Limited – Slovakia Branch 100.00 Branch South Africa 15 Burnside Island, 410 Jan Smuts Avenue, Craighall, 2024, South Africa XLink Communications (Proprietary) Limited 2 60.49 Ordinary A Shares 319 Frere Road, Glenwood, 4001, South Africa Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 76 Maude Street, Sandton, Johannesberg, 2196, South Africa Waterberg Lodge (Proprietary) Limited 2 30.25 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa GS Telecom (Pty) Limited 2 64.52 Ordinary shares Jupicol (Proprietary) Limited 2 42.34 Ordinary shares Mezzanine Ware Proprietary Limited (RF) 2 54.44 Ordinary shares Motifpros 1 (Proprietary) Limited 2 60.49 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 2 60.49 Ordinary shares Storage Technology Services (Pty) Limited 2 30.85 Ordinary shares Vodacom (Pty) Limited 2 60.49 Ordinary shares Vodacom Business Africa Group (Pty) Limited 2 64.52 Ordinary shares Vodacom Financial Services (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Group Limited 2 64.52 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Insurance Company (RF) Limited 2 60.49 Ordinary shares Vodacom International Holdings (Pty) Limited 2 64.52 Ordinary shares Vodacom Life Assurance Company (RF) Limited 2 60.49 Ordinary shares Vodacom Payment Services (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Properties No.2 (Pty) Limited 2 60.49 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 2 64.52 Ordinary shares Spain Antracita, 7 – 28045, Madrid CIF B‑91204453, Spain Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain Vodafone Enabler España, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary shares Vodafone Espana S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios S.L.U. 100.00 Ordinary shares Sweden c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden Vodafone Enterprise Sweden AB 100.00 Ordinary shares Switzerland Schiffbaustrasse 2, 8005, Zurich, Switzerland Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Schoenburgstrasse 41, 3013, Bern, Switzerland Vodafone International 1 S.a.r.l. Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Investments Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Luxembourg 5 S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Via Franscini 10, 6850 Mendrisio, Switzerland Vodafone Automotive Telematics S.A 100.00 Ordinary shares World Trade Center, Lia Lugano 13, 6982, Agno, Ticino, Switzerland Vodafone Enterprise Switzerland AG - AGNO BRANCH 100.00 Branch Taiwan 13F, No. 156, Sec. 3, Minsheng E. Rd., Songshan District, Taipei City, 10596, Taiwan Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of Gateway Communications Tanzania Limited 2 63.87 Ordinary shares 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of M-Pesa Limited 2 39.74 Ordinary shares Shared Networks Tanzania Limited 2 39.75 Ordinary shares Vodacom Tanzania Limited Zanzibar 3 39.75 Ordinary shares Vodacom Tanzania Public Limited Company 2 39.75 Ordinary shares Plot no. 77, Kipawa, Nyerere Road, PO Box 40954, Dar es Sala, Tanzania, United Republic of Mirambo Limited 2 31.61 Ordinary shares Turkey Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, Turkey, 34398, Turkey Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim Hizmetleri A.S. 100.00 Registered shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.Ş. 100.00 Registered shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Net İletişim Hizmetleri A.Ş. 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 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 Dubai, United Arab Emirates Vodafone Enterprise Europe (UK) Limited – DUBAI BRANCH 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 Imperial House, 4–10 Donegall Square East, Belfast, BT1 5HD Vodafone (NI) Limited 100.00 Ordinary shares Leven House, 10 Lochside Place, Edinburgh Park, Edinburgh, Scotland, EH12 9RG, United Kingdom Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Woodend Cellular Limited 100.00 Ordinary shares Woodend Communications Limited 100.00 Ordinary shares Woodend Group Limited 100.00 Ordinary shares Woodend Holdings 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 Shuttleworh House, 21 Bridgewater Close, Network 65 Business Park, Hapton, Burnley, Lancashire, Navtrak Ltd 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Staple Court, 11 Staple Inn Building, London, WC1V 7QH, United Kingdom Gateway Communications Africa (UK) Limited 2 64.52 Ordinary shares Vodacom Business Africa Group 64.52 Ordinary shares Services Limited2 preference shares Vodacom UK Limited 2 64.52 Ordinary shares, Ordinary A shares, Ordinary B shares, Irredeemable preference shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom AAA (Euro) Limited 100.00 Ordinary shares Acorn Communications Limited 100.00 Ordinary shares Apollo Submarine Cable System Limited 100.00 Ordinary shares Aspective Limited 100.00 Ordinary shares, A Preference shares, B Preference shares and C Preference shares Astec Communications Limited 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary shares, A Preference shares, B Preference shares and C Preference shares Ordinary D shares C.S.P. Solutions Limited 100.00 Ordinary 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 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless UK Services Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares Cable & Wireless Worldwide Voice Messaging Limited 100.00 Ordinary shares Cable and Wireless (India) Limited 100.00 Ordinary shares Cable and Wireless Nominee Limited 100.00 Ordinary shares Cellops Limited 100.00 Ordinary shares Cellular Operations Limited 100.00 Ordinary shares Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares CWW Operations Limited 100.00 Ordinary shares Dataroam Limited 100.00 Ordinary shares, Ordinary A shares Emtel Europe Limited 100.00 Ordinary shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares Flexphone Limited 100.00 Ordinary shares FM Associates (UK) Limited 100.00 Ordinary shares General Mobile Corporation Limited 100.00 Ordinary shares Global Cellular Rental Limited 50.00 Ordinary shares Internet Network Services Limited 100.00 Ordinary shares Isis Telecommunications Management Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares Legend Communications Limited 100.00 Ordinary shares London Hydraulic Power Company 100.00 Ordinary shares, MetroHoldings Limited 100.00 Ordinary shares ML Integration Group Limited 100.00 Ordinary shares ML Integration Services Limited 100.00 Ordinary shares Mobile Phone Centre Limited 100.00 Ordinary shares Nat Comm Air Limited 100.00 Ordinary shares P.C.P. (North West) Limited 100.00 Ordinary shares Peoples Phone Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares PT Network Services Limited 100.00 Ordinary shares PTI Telecom Limited 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Singlepoint (4U) Limited 100.00 Ordinary shares Singlepoint Payment Services Limited 100.00 Ordinary shares Stentor Communications Limited 100.00 Ordinary shares (Dissolved1May2018) Talkland Airtime Services Limited 100.00 Ordinary shares Talkland Communications Limited 100.00 Ordinary shares Talkland International Limited 100.00 Ordinary shares Talkland Midlands Limited 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares Ternhill Communications Limited 100.00 Ordinary shares, Non-convertible Redeemable Prefere |
Subsidiaries exempt from audit
Subsidiaries exempt from audit | 12 Months Ended |
Mar. 31, 2018 | |
Subsidiaries exempt from audit | |
Subsidiaries exempt from audit | 33. Subsidiaries exempt from audit The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 March 2018. – Name Registration number Cable & Wireless Aspac Holdings Limited Cable & Wireless CIS Services Limited Cable & Wireless Europe Holdings Limited Cable & Wireless Global Business Services Limited Cable & Wireless Global Holding Limited Cable & Wireless UK Holdings Limited Cable & Wireless Worldwide Limited Cable & Wireless Worldwide Voice Messaging Limited Cable and Wireless Nominee Limited Central Communications Group Limited Energis (Ireland) Limited NI035793 Energis Communications Limited Energis Squared Limited Internet Network Services Limited Legend Communications Limited MetroHoldings Limited ML Integration Group Limited ML Integration Services Limited Singlepoint (4U) Limited The Eastern Leasing Company Limited Thus Group Holdings Limited SC192666 Thus Group Limited SC226738 Vizzavi Finance Limited Voda Limited Vodafone (New Zealand) Hedging Limited Vodafone 2 Vodafone 4 UK Vodafone 5 Limited Vodafone 5 UK Vodafone Americas 4 Vodafone Benelux Limited Vodafone Business Solutions Limited Vodafone Cellular Limited Vodafone Connect Limited Vodafone Consolidated Holdings Limited Vodafone Distribution Holdings Limited Vodafone Enterprise Equipment Limited Vodafone Enterprise Europe (UK) Limited Vodafone Euro Hedging Limited Vodafone Euro Hedging Two Vodafone Europe UK Vodafone European Investments Vodafone European Portal Limited Vodafone Finance Luxembourg Limited Vodafone Finance Sweden Vodafone Finance UK Limited Vodafone Financial Operations Vodafone Global Content Services Limited Vodafone Holdings Luxembourg Limited Vodafone Intermediate Enterprises Limited Vodafone International 2 Limited BR009978 Vodafone International Holdings Limited Vodafone International Operations Limited Vodafone Investment UK Vodafone Investments Limited Vodafone IP Licensing Limited Vodafone Marketing UK Vodafone Mobile Communications Limited Vodafone Mobile Enterprises Limited Vodafone Mobile Network Limited Vodafone Nominees Limited Vodafone Oceania Limited Vodafone Overseas Finance Limited Vodafone Overseas Holdings Limited Vodafone Panafon UK Vodafone Property Investments Limited Vodafone Retail (Holdings) Limited Vodafone Retail Limited Vodafone UK Limited Vodafone Worldwide Holdings Limited Vodafone Yen Finance Limited Vodafone ‐ Central Limited Vodaphone Limited Vodata Limited Woodend Holdings Limited SC128335 Your Communications Group Limited London Hydraulic Power Company (The) ZC000055 Vodafone Enterprise Corporate Secretaries Ltd (formerly Intercell Limited) Vodafone Corporate Secretaries Limited |
Basis of preparation (Policies)
Basis of preparation (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Basis of preparation | |
Accounting convention | Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value. |
Basis of consolidation | Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 32 “Related undertakings” to the consolidated financial statements) and joint operations that are subject to joint control (see note 12 “Investments in associates and joint arrangements” to the consolidated financial statements). |
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 classified as available-for-sale are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the 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 as available-for-sale, are reported as part of the fair value gain or loss and are included in the consolidated statement of comprehensive income. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2018 is €295 million (31 March 2017: €637 million loss; 2016: €1,141 million loss). The net gains and net losses are recorded within operating profit (2018: €65 million credit; 2017: €133 million charge; 2016: €24 million credit), non-operating income and expense (2018: €nil; 2017: €nil; 2016: €282 million charge), investment and financing income (2018: €141 million credit; 2017: €505 million charge; 2016: €872 million charge) and income tax expense (2018: €9 million credit; 2017: €1 million credit; 2016: €11 million charge). The foreign exchange gains and losses included within other income and expense and non-operating income and expense arise on the disposal of interests in joint ventures, associates and investments from the recycling of foreign exchange gains previously recognised in the consolidated statement of comprehensive income. |
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 | New accounting pronouncements adopted on 1 April 2017 On 1 April 2017 the Group adopted the following new accounting policies to comply with amendments to IFRS. The accounting pronouncements, none of which is considered by the Group as significant on adoption, are: -- -- -- While the amendments to IAS 7 will have no impact on the Group’s accounting, additional disclosures are included to reconcile the movements in assets and liabilities during the year resulting from financing activities. New accounting pronouncements to be adopted on 1 April 2018 On 1 April 2018 the Group will adopt the following standards, which have been issued by the IASB and endorsed by the EU; these standards will have a significant impact on the Group’s financial reporting: – IFRS 15 “Revenue from Contracts with Customers”; and – IFRS 9 “Financial Instruments”. Additional information on the impact of these significant standards is discussed below. The following pronouncements, which have also been issued by the IASB and endorsed by the EU, will be adopted by the Group on 1 April 2018; these standards are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group: – – – – New accounting pronouncements to be adopted on or after 1 April 2019 On 1 April 2019 the Group will adopt IFRS 16 “ Leases”, which has been issued by the IASB and endorsed by the EU. This is a significant new standard for the Group and the expected impacts are discussed below. The following pronouncements, which are potentially relevant to the Group, have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2019; except where otherwise noted, they have not yet been endorsed by the EU. The Group’s financial reporting will be presented in accordance with these new standards, which are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group, from 1 April 2019. – Amendments to IAS 28 “Long-term Interests in Associates and Joint Ventures”; – IFRIC 23 “Uncertainty over Income Tax Treatments”; –“ Improvements to IFRS 2015-2017 Cycle”; – Amendment to IAS 19 “Plan Amendment, Curtailment or Settlement”; and – Amendments to IFRS 9 “Prepayment Features with Negative Compensation”, which has been endorsed by the EU. In addition, the Group will adopt the following standard, which has been issued by the IASB and has not yet been endorsed by the EU: – IFRS 17 “Insurance Contracts”, which is effective for accounting periods beginning on or after 1 January 2021. The Group is currently assessing the impact of the accounting changes that will arise under IFRS 17; however, the changes are not expected to have a material impact on the consolidated income statement and consolidated statement of financial position. IFRS 9 “Financial Instruments” IFRS 9 “Financial Instruments” was issued in July 2014 to replace IAS 39 “Financial Instruments: Recognition and Measurement” and has been endorsed by the EU. The standard is effective for accounting periods beginning on or after 1 January 2018 and will be adopted by the Group on 1 April 2018. IFRS 9 will impact the classification and measurement of the Group’s financial instruments, revises the requirements for when hedge accounting can be applied and requires certain additional disclosures. The primary changes resulting from IFRS 9 on the Group’s accounting for financial instruments are as follows : – – Whilst hedge accounting requirements are revised under IFRS 9, no material changes to the Group’s hedge accounting have been identified. The Group will adopt IFRS 9 with the cumulative retrospective impact on the classification and measurement of financial instruments reflected as an adjustment to equity on the date of adoption. In order to comply with the transition requirements of IFRS 15 the Group will report financial information both under IFRS 15 and also under the pre-existing revenue standard (IAS 18, Revenue) for the year commencing 1 April 2018. The Group’s current estimate of the primary financial impact of adoption of IFRS 9 on an IAS 18 accounting basis on the consolidated statement of financial position on adoption is a reduction in cumulative retained earnings at 1 April 2018 of between €200 million and €300 million, inclusive of the impact of deferred tax movements but excluding the impact on equity accounted joint ventures and associates. No material impact is expected from implementing IFRS 9 on an IAS 18 basis on the consolidated income statement or on the consolidated statement of cash flows. IFRS 15 “Revenue from Contracts with Customers” IFRS 15 “Revenue from Contracts with Customers”, was issued in May 2014 and subsequent amendments, “Clarifications to IFRS 15” were issued in April 2016; both have been endorsed by the EU. IFRS 15, as amended, is effective for accounting periods beginning on or after 1 January 2018. IFRS 15 sets out the requirements for recognising revenue and costs from contracts with customers and includes extensive disclosure requirements; it will have a material impact on the Group’s reporting of revenue and costs as follows: – Deliverables in contracts with customers that qualify as separate “performance obligations” will be identified and the contractual transaction price receivable from customers must then be allocated to the performance obligations on a relative standalone selling price basis. The performance obligations identified will depend on the nature of individual customer contracts, but might typically be identified for mobile handsets, other equipment provided to customers and for services provided to customers such as mobile and fixed line. Stand-alone selling prices will be based on observable sales prices; however, where stand-alone selling prices are not directly observable, estimates will be made maximising the use of observable inputs. Revenue will be recognised either at a point in time or over time when the respective performance obligations in a contract are delivered to the customer. – – – – Certain incremental costs incurred in acquiring a contract with a customer will be deferred on the consolidated statement of financial position and amortised as revenue is recognised under the related contract; this will generally lead to the later recognition of charges for some commissions payable to third party dealers and employees. In addition, certain types of contract acquisition costs will be deducted from revenue as they are considered to relate to the funding of customer discounts. – In addition certain costs incurred in fulfilling customer contracts will be deferred on the consolidated statement of financial position and recognised as related revenue is recognised under the contract. Such deferred costs are likely to relate to the provision of deliverables to customers that do not qualify as performance obligations and for which revenue is not recognised; currently such costs are generally expensed as incurred. The impact of the changes above on the Group’s reportable segments will depend largely on the extent to which customers receive discounted goods or services, such as mobile handsets, when they enter into airtime service agreements with the Group in the relevant markets. The combined impact of the changes is expected to increase the gross profit, or reduce the gross loss, recorded at inception on many customer contracts; in such cases, this will typically reduce the gross profit reported during the remainder of the contract; however, these timing differences will not impact the total gross profit reported for a customer contract over the contract term. In applying IFRS 15, and in determining the accounting impacts described above, the Group will be required to make material judgements. The most significant judgements are expected to be: – – The Group will adopt IFRS 15 with the cumulative retrospective impact reflected as an adjustment to equity on the date of adoption; and with disclosure of the impact of IFRS 15 on each line item in the financial statements in the reporting period. The transactions impacted by IFRS 15 are high in volume, value and complexity which has necessitated a phased approach to the development of new software solutions and changes to processes and related controls across the Group. The items discussed above are the main accounting changes for the Group under IFRS 15. The Group’s current estimate of the primary financial impact of these changes on the consolidated statement of financial position on adoption is a cumulative increase in: – On the assumption that there are no significant changes to business models or products offered, the Group expects the primary financial impacts of these changes on the consolidated income statement will be: – – The implementation of IFRS 15 is not expected to have any financial impact on the consolidated statement of cash flows. These impacts are based on the assessments undertaken to date. The exact financial impacts of the accounting changes of adopting IFRS 15 at 1 April 2018 may be revised as further analysis is completed prior to presentation of financial information for periods including the date of initial application. The Group expects to be in a position to issue further guidance on the impact of adopting IFRS 15 in conjunction with the first quarter trading update for the financial year commencing 1 April 2018. IFRS 16 “Leases” IFRS 16 “Leases” was issued in January 2016 to replace IAS 17 “Leases” and has been endorsed by the EU. The standard is effective for accounting periods beginning on or after 1 January 2019 and will be adopted by the Group on 1 April 2019. IFRS 16 will primarily change lease accounting for lessees; lease agreements will give rise to the recognition of an asset representing the right to use the leased item and a loan obligation for future lease payables. Lease costs will be recognised in the form of depreciation of the right to use asset and interest on the lease liability. Lessee accounting under IFRS 16 will be similar in many respects to existing IAS 17 accounting for finance leases, but will be substantively different to existing accounting for operating leases where rental charges are currently recognised on a straight-line basis and no lease asset or related lease creditor is recognised. Lessor accounting under IFRS 16 is similar to existing IAS 17 accounting and is not expected to have a material impact for the Group. The Group is assessing the impact of the accounting changes that will arise under IFRS 16; however, the following changes to lessee accounting will have a material impact as follows: – Right-of-use assets will be recorded for assets that are leased by the Group; currently no lease assets are included on the Group’s consolidated statement of financial position for operating leases. – Liabilities will be recorded for future lease payments in the Group’s consolidated statement of financial position for the “reasonably certain” period of the lease, which may include future lease periods for which the Group has extension options. Currently liabilities are generally not recorded for future operating lease payments, which are disclosed as commitments. The amount of lease liabilities will not equal the lease commitments reported on 31 March 2019, as they will be discounted to present value and the treatment of termination and extension options may differ, but may not be dissimilar. – Lease expenses will be for depreciation of right-of-use assets and interest on lease liabilities; interest will typically be higher in the early stages of a lease and reduce over the term. Currently operating lease rentals are expensed on a straight-line basis over the lease term within operating expenses. – Operating lease cash flows are currently included within operating cash flows in the consolidated statement of cash flows; under IFRS 16 these will be recorded as cash flows from financing activities reflecting the repayment of lease liabilities (borrowings) and related interest. A high volume of transactions will be impacted by IFRS 16 and material judgements are required in identifying and accounting for leases. The most significant judgement is expected to be determination of the lease term; under IFRS 16 the lease term includes extension periods where it is reasonably certain that a lease extension option will be exercised or that a lease termination option will not be exercised. Significant judgement will be required when determining the lease term of leases with extension or termination options. The Group is continuing to assess the impact of the accounting changes that will arise under IFRS 16 and cannot yet reasonably quantify the impact; however, the changes highlighted above will have a material impact on the consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows after the Group’s adoption on 1 April 2019. The Group intends to adopt IFRS 16 with the cumulative retrospective impact as an adjustment to equity on the date of adoption. The Group currently intends to apply the following practical expedients allowed under IFRS 16: – – – |
Segmental analysis | 2. Segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below. |
Impairment losses | . Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are expected to generate. We review the carrying value of assets for each country in which we operate at least annually. For further details of our impairment review process see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. |
Investment income and financing costs | Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables as well as certain foreign exchange movements. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements |
Taxation | Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future. |
Earnings per share | Earnings per share Basic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average number of shares in issue during the year. |
Intangible assets | Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews. Licences and spectrum are amortised over the life of the licence. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. |
Property, plant and equipment | Property, plant and equipment The Group makes significant investments in network equipment and infrastructure – the base stations and technology required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over their useful economic lives. For further details on the estimation of useful economic lives, see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. |
Investments in associates and joint arrangements | Investments in associates and joint arrangements The Group holds interests in an associate in Kenya, where we have significant influence, as well as in a number of joint arrangements in the UK, the Netherlands, India and Australia, where we share control with one or more third parties. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. |
Other investments | 13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds, loan notes, deposits and government bonds. |
Trade and other receivables | 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. Trade receivables are shown net of an allowance for bad or doubtful debts. Derivative financial instruments with a positive market value are reported within this note. |
Trade and other payables | Trade and other payables Trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Derivative financial instruments with a negative market value are reported within this note. |
Provisions | Provisions A provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or amount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset retirement obligations, which include the cost of returning network infrastructure sites to their original condition at the end of the lease, and claims for legal and regulatory matters. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. |
Called up share capital | Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes. |
Cash and cash equivalents | . Cash and cash equivalents The majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less to enable us to meet our short-term liquidity requirements. |
Borrowings | 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. 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. |
Capital and financial risk management | Capital and financial risk management This note details the treasury management and financial risk management objectives and policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place to monitor and manage these risks. |
Post employment benefits | Post employment benefits The Group operates a number of defined benefit and defined contribution pension plans for our employees. The Group’s largest defined benefit scheme is in the UK. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. |
Share-based payments | Share-based payments The Group has a number of share plans used to award shares to Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. |
Business combinations | Accounting policies Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity |
Commitments | Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to leases and agreements to buy assets such as network infrastructure and IT systems. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. The amounts below are the minimum amounts that we are committed to pay. |
Contingent liabilities and legal proceedings | Contingent liabilities and legal proceedings Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably |
Subsidiaries | Subsidiaries Accounting policies A subsidiary is an entity controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Company name % of share class held Share class Albania Autostrada Tirane‐Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania Vodafone Albania Sh.A 100.00 Ordinary shares Vodafone M‐PESA SH.P.K. 100.00 Ordinary shares Angola Rua Fernao de Sousa, Condominio do Benga, 10A, Vila Alice, Luanda, Angola Vodacom Business (Angola) Limitada 2 63.87 Ordinary shares Argentina Cerrito 348, 5to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. 100.00 Ordinary shares Australia C/-KPMG Level 38 Tower Three, International Towers Sydney, 300 Barangaroo Avenue, Sydney NSW 2000, Australia Quickcomm Pty Limited 100.00 Ordinary shares, Redeemable convertible preference shares Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia PPL Pty Limited 100.00 Ordinary shares Talkland Australia Pty Limited 100.00 Ordinary shares VAPL No. 2 Pty Limited 100.00 Ordinary shares Mills Oakley, Level 12, 400 George 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, Sao Paul, 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. 70.00 Ordinary shares Rua Boa Vista, 01014-907, 254, 13th Floor, Suite 38, Centro, City of São Paulo, State of São Paulo, Brazil Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Cameroon Porte 201A 3eme Etage Entree C, immeuble SOCAR, Boulevard de la liberte, Akwa, Douala, Cameroon Vodacom Business Cameroon SA 2 64.52 Ordinary shares Canada 2 Bloor Street West, Suite 700, Toronto ON M4W3E2, Canada Vodafone Canada Inc. 100.00 Common shares Cayman Islands 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China Building 21, 11, Kangding St., BDA, Beijing, 100176 - China, China Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Floor 36, Unit 23-25, China World Tower 1 No. 1, Jianguomenwai Avenue, Chaoyang District, Beijing, 100004, China Vodafone China Limited (China) 100.00 Equity interest shares Unit 1708, Full Tower, No. 9 Dong San Huan Zhong Road, Chaoyang District, Beijing, 100020, China Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd (Beijing Branch) 100.00 Branch Unit 558-560, 5/F Standard Chartered Bank Tower, No.201 Century Avenue, Pudong District, Shanghai, 200120, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the 292 Avenue de la Justice, Commune de la Gombe, Kinshasa, Congo Vodacash S.A. 2 32.90 Ordinary shares Vodacom Congo (RDC) SA 2,3 32.90 Ordinary shares Cote d’Ivoire No 62, Rue du Docteur Blanchard, Zone 4C, Abidjan, Cote d'Ivoire Vodacom Business Cote D’Ivoire S.A.R.L. 2 64.52 Ordinary shares Cyprus Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic Oskar Mobil S.R.O. 100.00 Basic capital shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - CZECH BRANCH 100.00 Branch Denmark Tuborg Boulevard 12, 2900, Hellerup, Denmark Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt 17 Port Said Street, Maadi El Sarayat, Cairo, Egypt Vodafone International Services LLC 54.93 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 54.90 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 54.91 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt 54.93 Ordinary shares Telecommunications S.A.E Vodafone For Trading 54.87 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 54.93 Ordinary shares Finland c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland Vodafone Enterprise Finland OY 100.00 Ordinary shares France 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares 144, Avenue Roger Salengro, 92372 - Chaville Cedex, France Vodafone Automotive France S.A.S 50.94 Ordinary shares Tour Egée, 9/11 Allée de l'Arche, 92671 Courbevoie La Défense Cedex - France Vodafone Enterprise France SAS 100.00 New Euro shares Germany Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH 4 76.70 Ordinary shares TKS Telepost Kabel-Service Kaiserslautern GmbH & Co. KG 4 76.70 Ordinary shares Betastraße 6‐8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 4 76.70 Ordinary shares Kabel Deutschland Holding Erste Beteiligungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Holding Zweite Beteilgungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Neunte Beteiligungs GmbH 100.00 Ordinary shares Kabel Deutschland Siebte Beteiligungs GmbH 4 76.70 Ordinary shares |
Segmental analysis (Tables)
Segmental analysis (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Segment analysis | |
Schedule of segmental revenue and profit | Segment Intra-region Regional Inter-region Group Adjusted revenue revenue revenue revenue revenue EBITDA €m €m €m €m €m €m 31 March 2018 Germany 10,847 (29) 10,818 (18) 10,800 4,010 Italy 6,204 (30) 6,174 (3) 6,171 2,329 UK 7,078 (21) 7,057 (7) 7,050 1,762 Spain 4,978 (35) 4,943 (2) 4,941 1,420 Other Europe 4,941 (45) 4,896 (10) 4,886 1,515 Europe 34,048 (160) 33,888 (40) 33,848 11,036 Vodacom 5,692 — 5,692 (7) 5,685 2,203 Other AMAP 5,770 — 5,770 (25) 5,745 1,554 AMAP 11,462 — 11,462 (32) 11,430 3,757 Common Functions 1,408 — 1,408 (115) 1,293 (56) Group 46,918 (160) 46,758 (187) 46,571 14,737 31 March 2017 Germany 10,600 (32) 10,568 (21) 10,547 3,617 Italy 6,101 (30) 6,071 (1) 6,070 2,229 UK 6,925 (23) 6,902 (6) 6,896 1,212 Spain 4,973 (37) 4,936 (1) 4,935 1,360 Other Europe 6,128 (55) 6,073 (5) 6,068 1,865 Europe 34,727 (177) 34,550 (34) 34,516 10,283 Vodacom 5,294 — 5,294 — 5,294 2,063 Other AMAP 6,479 — 6,479 (14) 6,465 1,791 AMAP 11,773 — 11,773 (14) 11,759 3,854 Common Functions 1,390 — 1,390 (34) 1,356 12 Group 47,890 (177) 47,713 (82) 47,631 14,149 31 March 2016 Germany 10,626 (36) 10,590 (9) 10,581 3,462 Italy 6,008 (22) 5,986 (1) 5,985 2,015 UK 8,428 (18) 8,410 (9) 8,401 1,756 Spain 4,959 (27) 4,932 (2) 4,930 1,250 Other Europe 6,599 (55) 6,544 (4) 6,540 2,002 Europe 36,620 (158) 36,462 (25) 36,437 10,485 Vodacom 5,325 — 5,325 — 5,325 2,028 Other AMAP 6,566 — 6,566 (20) 6,546 1,678 AMAP 11,891 — 11,891 (20) 11,871 3,706 Common Functions 1,567 — 1,567 (65) 1,502 (36) Group 50,078 (158) 49,920 (110) 49,810 14,155 |
Schedule of reconciliation of adjusted EBITDA to operating profit | €m €m €m Adjusted EBITDA 14,737 14,149 14,155 Depreciation, amortisation and loss on disposal of fixed assets (9,910) (10,179) (10,386) Share of adjusted results in equity accounted associates and joint ventures 1 389 164 60 Adjusted operating profit 5,216 4,134 3,829 Impairment losses — — (569) Restructuring costs (156) (415) (316) Amortisation of acquired customer based and brand intangible assets (974) (1,046) (1,338) Other income/(expense) 213 1,052 (286) Operating profit 4,299 3,725 1,320 Note: 1 Excludes amortisation of acquired customer bases and brand intangible assets of €0.4 billion (2017: €0.1 billion, 2016: €nil). |
Schedule of segmental assets and cash flow | Other Depreciation Non-current Capital expenditure on and Operating assets 1 expenditure 2 intangible assets amortisation Impairment loss free cash flow 3 €m €m €m €m €m €m 31 March 2018 Germany 25,444 1,673 24 3,095 — 2,147 Italy 9,232 797 629 1,479 — 1,607 UK 7,465 889 — 1,600 — 408 Spain 10,576 863 — 1,371 — 628 Other Europe 7,441 710 93 1,092 — 788 Europe 60,158 4,932 746 8,637 — 5,578 Vodacom 5,841 763 1 776 — 1,453 Other AMAP 3,607 729 — 923 — 725 AMAP 9,448 1,492 1 1,699 — 2,178 Common Functions 1,976 897 — 73 — (755) Group 71,582 7,321 747 10,409 — 7,001 31 March 2017 Germany 26,694 1,671 — 3,320 — 1,749 Italy 9,157 793 2 1,603 — 1,161 UK 8,210 950 — 1,768 — 57 Spain 11,035 746 — 1,378 — 344 Other Europe 7,574 878 38 1,088 — 619 Europe 62,670 5,038 40 9,157 — 3,930 Vodacom 6,039 736 2 738 — 1,347 Other AMAP 5,778 795 317 1,153 — 947 AMAP 11,817 1,531 319 1,891 — 2,294 Common Functions 1,937 915 — 38 — (597) Group 76,424 7,484 359 11,086 — 5,627 31 March 2016 Germany 28,210 2,362 2,081 3,330 — 866 Italy 9,799 1,516 232 1,668 — 496 UK 9,496 1,210 141 1,902 — 334 Spain 11,569 1,178 491 1,446 — (149) Other Europe 7,568 1,372 8 1,371 (569) 546 Europe 66,642 7,638 2,953 9,717 (569) 2,093 India 13,474 1,102 3,751 — — — Vodacom 5,290 847 23 725 — 1,071 Other AMAP 6,806 1,173 814 1,170 — 503 AMAP 25,570 3,122 4,588 1,895 — 1,574 Common Functions 1,867 901 — 85 — (459) Group 94,079 11,661 7,541 11,697 (569) 3,208 Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment and computer software, reported within intangibles. Excludes licences and spectrum additions. 3 The Group’s measure of segment cash flow is reconciled to the closest equivalent GAAP measure cash generated by operations, on pages 207 and 208. |
Operating profit (Tables)
Operating profit (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Operating profit | |
Schedule of operating profit | €m €m €m Net foreign exchange (gains)/losses 1 (65) 133 (24) Depreciation of property, plant and equipment (note 11): Owned assets 5,963 6,253 6,333 Leased assets 47 12 45 Amortisation of intangible assets (note 10) 4,399 4,821 5,319 Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) — — 569 Staff costs (note 24) 5,295 5,519 5,804 Amounts related to inventory included in cost of sales 6,045 6,464 7,739 Operating lease rentals payable 3,788 3,976 2,464 Loss on disposal of property, plant and equipment and intangible assets 36 22 27 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (829) (800) (764) Net gain on formation of VodafoneZiggo (note 27) 2 — (1,275) — Notes: 1 The year ended 31 March 2018 included €80 million credit (2017: €127 million charge) reported in other income and expense in the consolidated income statement. 2 Reported in other income and expense in the consolidated income statement. |
Schedule of auditors remuneration | €m €m €m Parent company 2 2 2 Subsidiaries 14 13 13 Subsidiaries - new accounting standards 1 5 1 — Audit fees: 21 16 15 Audit-related fees 2 5 4 2 Non-audit fees: 5 4 2 Total fees 26 20 17 Notes: 1 Includes fees in respect of audit procedures in relation to the forthcoming implementation of IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases”. 2 Relates to fees for statutory and regulatory filings. The amount for the year ended 31 March 2018 includes non-recurring fees that were incurred during the preparations for a potential IPO of Vodafone New Zealand and the merger of Vodafone India and Idea Cellular. The amount for the year ended 31 March 2017 primarily arose from work on regulatory filings prepared in anticipation of a potential IPO of Vodafone India that was under consideration prior to the agreement for the merger of Vodafone India and Idea Cellular. |
Impairment losses (Tables)
Impairment losses (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Impairment losses | |
Schedule of impairment charges recognised | Cash-generating unit Reportable segment €m €m €m Romania Other Europe — — 569 — — 569 |
Schedule of carrying value of goodwill | €m €m Germany 12,479 12,479 Italy 3,654 3,654 Spain 3,814 3,814 19,947 19,947 Other 6,787 6,861 26,734 26,808 |
Schedule of key assumptions used in the value in use calculations | Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption How determined Projected adjusted EBITDA Projected adjusted EBITDA has been based on past experience adjusted for the following: – voice and messaging revenue is expected to benefit from increased usage from new customers, especially in emerging markets, the introduction of new services and traffic moving from fixed networks to mobile networks, though these factors will be offset by increased competitor activity, which may result in price declines, and the trend of falling termination and other regulated rates; – non-messaging data revenue is expected to continue to grow as the penetration of 3G (plus 4G where available) enabled devices and smartphones rise along with higher data bundle attachment rates, and new products and services are introduced; and – margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and the expectation of further termination rate cuts by regulators 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 roll out networks in emerging markets, to provide voice and data products and services and to meet the population coverage requirements of certain of the Group’s licences. Capital expenditure includes cash outflows for the purchase of property, plant and equipment and computer software. Projected licence and spectrum payments The cash flow forecasts for licence and spectrum payments for each operating company for the initial five years include amounts for expected renewals and newly available spectrum. Beyond that period, a long-run cost of spectrum is assumed. Long-term growth rate For businesses where the five year management plans are used for the Group’s value in use calculations, a long-term growth rate into perpetuity has been determined as the lower of: – the nominal GDP rates for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA in years six to ten estimated by management. Pre-tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group’s operations is generally based on the risk free rate for ten year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. These rates are adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific Group operating company. In making this adjustment, inputs required are the equity market risk premium (that is the required increased return required over and above a risk free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to reflect the risk of the specific Group operating company relative to the market as a whole. In determining the risk adjusted discount rate, management has applied an adjustment for the systematic risk to each of the Group’s operations determined using an average of the betas of comparable listed mobile 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 average equity market risk premium over the past ten years and the market risk premiums typically used by investment banks in evaluating acquisition proposals. |
Schedule of assumptions used in valuation of impairment loss | Year ended 31 March 2018 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany % Spain % Italy % Romania % Pre-tax adjusted discount rate 8.3 10.4 9.8 Long-term growth rate 0.5 1.0 1.5 Projected adjusted EBITDA 1 3.7 (2.6) 2.6 Projected capital expenditure 2 16.6–18.8 16.8–17.4 12.1–13.3 11.9–14.6 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2018. Change required for carrying value to equal recoverable amount Germany pps Spain pps Romania pps Pre-tax risk adjusted discount rate 2.0 0.2 0.1 Long-term growth rate (2.3) (0.2) (0.1) Projected adjusted EBITDA 1 (3.3) (0.3) (0.1) Projected capital expenditure 2 16.3 1.4 0.4 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2018. Change required for carrying value to equal recoverable amount UK pps Ireland pps Portugal pps Czech Republic pps Pre-tax risk adjusted discount rate 0.5 0.6 1.0 Long-term growth rate (0.6) (0.7) (1.1) (4.0) Projected adjusted EBITDA 1 (0.8) (1.0) (1.5) (4.0) Projected capital expenditure 2 3.2 4.2 6.4 16.9 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2017 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Spain Italy Romania % % % % Pre-tax adjusted discount rate 8.4 9.7 10.3 9.0 Long-term growth rate 0.5 1.5 1.0 1.0 Projected adjusted EBITDA 1 3.0 7.9 (0.8) 0.1 Projected capital expenditure 2 14.9–16.5 14.3–15.8 12.7–14.2 12.6–15.9 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2017: Change required for carrying value to equal recoverable amount Germany pps Spain pps Romania pps Pre-tax risk adjusted discount rate 0.9 0.6 1.5 Long-term growth rate (1.0) (0.7) (1.7) Projected adjusted EBITDA 1 (1.6) (1.1) (1.9) Projected capital expenditure 2 7.6 4.4 7.1 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2017: Change required for carrying value to equal recoverable amount UK pps Ireland pps Portugal pps Czech Republic pps Pre-tax risk adjusted discount rate 0.5 0.8 0.6 Long-term growth rate (0.6) (0.9) (0.6) (2.4) Projected adjusted EBITDA 1 (0.8) (1.2) (0.9) (2.8) Projected capital expenditure 2 3.2 4.3 3.9 12.0 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure , which excludes licences and spectrum, is expressed as of capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2017 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Spain Italy Romania % % % % Pre-tax adjusted discount rate 8.4 9.7 10.3 9.0 Long-term growth rate 0.5 1.5 1.0 1.0 Projected adjusted EBITDA 1 3.0 7.9 (0.8) 0.1 Projected capital expenditure 2 14.9–16.5 14.3–15.8 12.7–14.2 12.6–15.9 Notes: 3 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 4 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2017: Change required for carrying value to equal recoverable amount Germany pps Spain pps Romania pps Pre-tax risk adjusted discount rate 0.9 0.6 1.5 Long-term growth rate (1.0) (0.7) (1.7) Projected adjusted EBITDA 1 (1.6) (1.1) (1.9) Projected capital expenditure 2 7.6 4.4 7.1 Notes: 3 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 4 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2017: Change required for carrying value to equal recoverable amount UK pps Ireland pps Portugal pps Czech Republic pps Pre-tax risk adjusted discount rate 0.5 0.8 0.6 Long-term growth rate (0.6) (0.9) (0.6) (2.4) Projected adjusted EBITDA 1 (0.8) (1.2) (0.9) (2.8) Projected capital expenditure 2 3.2 4.3 3.9 12.0 Notes: 3 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 4 Projected capital expenditure , which excludes licences and spectrum, is expressed as of capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2016 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Romania % Germany % Spain % Pre-tax risk adjusted discount rate 9.7 8.2 Long-term growth rate 1.0 0.5 Projected adjusted EBITDA 1 (0.3) 3.1 Projected capital expenditure 2 11.5–18.8 14.5–15.6 11.2–19.7 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis Change required for carrying value to equal the recoverable amount Germany pps Spain pps Pre-tax risk adjusted discount rate 0.5 0.6 Long-term growth rate (0.5) (0.8) Projected adjusted EBITDA 1 (0.9) (1.2) Projected capital expenditure 2 4.4 4.8 The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an (increase)/decrease to the aggregate impairment loss recognised in the year ended 31 March 2016. Romania Increase by 2pps Decrease by 2pps €bn €bn Pre-tax adjusted discount rate (0.2) Long-term growth rate Projected adjusted EBITDA 1 Projected capital expenditure 2 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. |
Investment income and financi_2
Investment income and financing costs (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Investment income and financing costs | |
Schedule of investment income and financing costs | €m €m €m Investment income: Available-for-sale investments: Dividends received — — 1 Loans and receivables at amortised cost 339 426 529 Fair value through the income statement (held for trading) 24 20 9 Other 1 322 28 — 685 474 539 Financing costs: Items in hedge relationships: Other loans 74 170 224 Interest rate and cross-currency interest rate swaps (128) (235) (127) Fair value hedging instrument 48 22 (140) Fair value of hedged item (36) (16) 166 Other financial liabilities held at amortised cost: Bank loans and overdrafts 317 419 284 Bonds and other loans 2 885 1,243 926 Interest (credit)/charge on settlement of tax issues 3 (11) 47 19 Fair value through the income statement (held for trading): Derivatives – forward starting swaps and futures (75) (244) 121 Other 1,4 — — 573 1,074 1,406 2,046 Net financing costs 389 932 1,507 Notes: 1 Primarily comprises foreign exchange rate differences reflected in the income statement in relation to certain sterling and US dollar balances. 2 Amounts for 2018 include net foreign exchange losses of €181 million (2017: €533 million; 2016: €299 million). 3 Amounts for 2018 include a decrease (2017: increase, 2016: increase) in provision for potential interest on tax issues. 4 Interest capitalised for the year ended 31 March 2018 was €nil (2017: €nil, 2016: €n il). |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Taxation | |
Schedule of income tax expense (income) | €m €m €m United Kingdom corporation tax expense/(credit): Current year 1 70 27 (129) Adjustments in respect of prior years (5) (3) 53 65 24 (76) Overseas current tax expense/(credit): Current year 1,055 961 812 Adjustments in respect of prior years (102) (35) 21 953 926 833 Total current tax expense 1,018 950 757 Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax 39 (16) (32) Overseas deferred tax (1,936) 3,830 4,212 Total deferred tax (credit)/expense (1,897) 3,814 4,180 Total income tax (credit)/expense 2 (879) 4,764 4,937 Notes: 1 The 2016 credit relates to a claim under international conventions for the avoidance of double taxation. 2 The income statement tax charge includes tax relief on capitalised interest. |
Schedule tax (credit)/charge on discontinued operations | €m €m €m Tax credit on profit from ordinary activities of discontinued operations 1 (617) (973) (514) Tax charge relating to the gain on discontinuance 15 95 — Total tax credit on discontinued operations (602) (878) (514) Note: 1 2018 includes a €925m credit (2017: €840m credit) relating to the impairment of Vodafone India. |
Schedule of tax charged/(credited) directly to other comprehensive income | €m €m €m Current tax 22 (16) (81) Deferred tax 70 44 293 Total tax charged directly to other comprehensive income 92 28 212 |
Schedule of tax credited directly to equity | €m €m €m Current tax — — (8) Deferred tax 9 (9) 3 Total tax charged/(credited) directly to equity 9 (9) (5) |
Schedule of factors affecting the tax expense for the year | €m €m €m Continuing profit/(loss) before tax as shown in the consolidated income statement 3,878 2,792 (190) Aggregated expected income tax expense 985 795 85 Impairment losses with no tax effect — — 168 Disposal of Group investments 55 (271) 83 Effect of taxation of associates and joint ventures, reported within profit before tax 90 23 (18) (Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain 1 (1,583) 1,603 1,288 Deferred tax following revaluation of investments in Luxembourg 1 (330) (329) 3,037 Previously unrecognised temporary differences we expect to use in the future — (15) — Previously unrecognised temporary differences utilised in the year (29) (11) (8) Current year temporary differences (including losses) that we currently do not expect to use 20 139 50 Adjustments in respect of prior year tax liabilities 2 (244) (107) (48) Revaluation of assets for tax purposes — (39) — Impact of tax credits and irrecoverable taxes 93 98 (38) Deferred tax on overseas earnings 24 26 17 Effect of current year changes in statutory tax rates on deferred tax balances (44) 2,755 95 Expenses not deductible (income not taxable) for tax purposes 84 97 226 Income tax (credit)/expense (879) 4,764 4,937 Note: 1 2 |
Schedule of analysis of movements in net deferred tax | €m 1 April 2017 23,765 Foreign exchange movements (25) Charged to the income statement (continuing operations) 1,897 Charged directly to OCI (70) Credited directly to equity (9) Reclassifications (4) Arising on acquisition and disposals 2 31 March 2018 25,556 |
Schedule of other information related to deferred taxes | Amount Net credited/ recognised (expensed) in Gross Gross Less deferred income deferred tax deferred tax amounts tax statement asset liability unrecognised (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 103 1,289 (1,342) (33) (86) Intangible assets 225 193 (571) 16 (362) Tax losses 1,666 30,953 — (5,904) 25,049 Deferred tax on overseas earnings (24) — (108) — (108) Other temporary differences (73) 1,218 (132) (23) 1,063 31 March 2018 1,897 33,653 (2,153) (5,944) 25,556 Deferred tax assets and liabilities are analysed in the statement of financial position, after offset of balances within countries, as follows: €m Deferred tax asset 26,200 Deferred tax liability (644) 31 March 2018 25,556 At 31 March 2017, deferred tax assets and liabilities, before offset of balances within countries, were as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred in income deferred tax deferred tax amounts tax statement asset liability unrecognised 1 (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 160 1,368 (1,535) (55) (222) Intangible assets 353 127 (715) 16 (572) Tax losses (4,064) 30,590 — (7,138) 23,452 Deferred tax on overseas earnings (95) — (95) — (95) Other temporary differences (168) 1,347 (126) (19) 1,202 31 March 2017 (3,814) 33,432 (2,471) (7,196) 23,765 At 31 March 2017 deferred tax assets and liabilities were analysed in the statement of financial position, after offset of balances within countries, as follows: €m Deferred tax asset 24,300 Deferred tax liability (535) 31 March 2017 23,765 |
Schedule of carryforward of losses and expiration period | At 31 March 2018, 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 266 — 103,452 103,718 Losses for which no deferred tax is recognised 621 3,074 21,994 25,689 887 3,074 125,446 129,407 At 31 March 2017, 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 292 65 97,335 97,692 Losses for which no deferred tax is recognised 352 1,503 28,556 30,411 644 1,568 125,891 128,103 |
Discontinued operations and a_2
Discontinued operations and assets held for sale (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Discontinued operations and assets and liabilities held for sale | |
Schedule of income statement and segment analysis of discontinued operations | €m €m €m Revenue 4,648 5,827 6,120 Cost of sales (2,995) (4,504) (4,799) Gross profit 1,653 1,323 1,321 Selling and distribution expenses (237) (276) (264) Administrative expenses (533) (703) (634) Impairment losses (note 4) — (4,515) — Other income and expense 1 416 — — Operating profit/(loss) 1,299 (4,171) 423 Financing costs (715) (909) (932) Profit/(loss) before taxation 584 (5,080) (509) Income tax (expense)/credit (308) 973 514 Profit/(loss) after tax of discontinued operations 276 (4,107) 5 Pre-tax loss on the re-measurement of disposal group (3,170) — — Income tax credit 925 — — After tax loss on the re-measurement of disposal group (2,245) — — (Loss)/profit for the financial year from discontinued operations (1,969) (4,107) 5 |
Schedule of (Loss)/earnings per share from discontinued operations | eurocents eurocents eurocents – Basic (7.09) c (14.68) c 0.02 c – Diluted (7.06) c (14.68) c 0.02 c |
Schedule of Total comprehensive (expense)/income for the financial year from discontinued operations | €m €m €m Attributable to owners of the parent (1,969) (4,107) 5 |
Schedule of assets and liabilities held for sale | €m €m Non-current assets Goodwill — — Other intangible assets 5,937 9,214 Property, plant and equipment 2,823 3,462 Deferred tax assets 1,641 1,202 Trade and other receivables 526 694 10,927 14,572 Current assets Inventory — 1 Taxation recoverable 1,219 1,311 Trade and other receivables 936 831 Other investments 11 13 Cash and cash equivalents 727 467 2,893 2,623 Total assets held for sale 13,820 17,195 Non-current liabilities Long-term borrowings (6,687) (8,024) Post employment benefits (14) (15) Provisions (665) (784) Trade and other payables (32) (39) (7,398) (8,862) Current liabilities Short-term borrowings (1,756) (1,139) Provisions (18) (25) Trade and other payables (1,827) (1,768) (3,601) (2,932) Total liabilities held for sale (10,999) (11,794) Note: 1 Total net debt in India at 31 March 2018 was €7,714 million (2017: €8,674 million). This comprised cash of €727 million (2017: €467 million), licence payables classified as debt of €6,418 million (2017: €7,143 million) and €2,025 million (2017: €2,020 million) of other borrowings, together with €2 million (2017: €22 million) of derivative financial instruments reported within Trade and other receivables and Trade and other payables. €345 million (2017: €499 million) of the licence payables classified as debt have been paid in cash. The cash payment is reported in the consolidated statement of cash flows as cash flows from financing activities. Each of the eight legal entities within the Vodafone India Group provide cross guarantees to the lenders in respect of debt contracted by the other entities. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Earning per share | |
Schedule of basic and diluted earnings per share | 2018 2017 2016 Weighted average number of shares for basic earnings per share 27,770 27,971 26,692 Effect of dilutive potential shares: restricted shares and share options 87 — — Weighted average number of shares for diluted earnings per share 27,857 27,971 26,692 €m €m €m Earnings/(loss) for earnings per share from continuing operations 4,408 (2,190) (5,410) (Loss)/earnings for earnings per share from discontinued operations (1,969) (4,107) 5 Earnings/(loss) for basic and diluted earnings per share 2,439 (6,297) (5,405) eurocents eurocents eurocents Basic earnings/(loss) per share from continuing operations 15.87 c (7.83) c (20.27) c Basic (loss)/earnings per share from discontinued operations (7.09) c (14.68) c 0.02 c Basic earnings/(loss) per share 8.78 c (22.51) c (20.25) c eurocents eurocents eurocents Diluted earnings/(loss) per share from continuing operations 15.82 c (7.83) c (20.27) c Diluted (loss)/earnings per share from discontinued operations (7.06) c (14.68) c 0.02 c Diluted earnings/(loss) per share 8.76 c (22.51) c (20.25) c |
Equity dividends (Tables)
Equity dividends (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Equity dividends | |
Schedule of equity dividends declared and proposed | €m €m €m Declared during the financial year: Final dividend for the year ended 31 March 2017: 10.03 eurocents per share (2016: 7.77 pence per share, 2015: 7.62 pence per share) 2,670 2,447 2,852 Interim dividend for the year ended 31 March 2018: 4.84 eurocents per share 1,291 1,262 1,381 3,961 3,709 4,233 Proposed after the end of the year and not recognised as a liability: Final dividend for the year ended 31 March 2018: 10.23 eurocents per share 2,729 2,670 2,447 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Intangible assets | |
Schedule of estimated useful lives of finite lived intangible assets | – Licence and spectrum fees 3–25 years – Computer software 3–5 years – Brands 1–10 years – Customer bases 2–15 years |
Schedule of reconciliation of changes in goodwill and intangible assets | Licences and Computer Goodwill spectrum software Other Total €m €m €m €m €m Cost: 31 March 2016 93,990 40,973 15,729 7,446 158,138 Transfer of assets held for sale (3,680) (9,472) (201) (152) (13,505) 90,310 31,501 15,528 7,294 144,633 Exchange movements (90) (1,023) (174) 158 (1,129) Arising on acquisition 1 10 11 5 27 Additions — 359 2,193 3 2,555 Disposals 1 — (72) (499) (30) (601) Other — — (97) — (97) 31 March 2017 90,221 30,775 16,962 7,430 145,388 Exchange movements (313) (855) (233) (72) (1,473) Arising on acquisition 5 — — — 5 Disposal of subsidiaries — (1,712) (222) — (1,934) Additions — 747 2,261 3 3,011 Disposals — (158) (1,381) (6) (1,545) Other — — 26 (10) 16 31 March 2018 89,913 28,797 17,413 7,345 143,468 Accumulated impairment losses and amortisation: 31 March 2016 65,752 17,128 10,927 5,767 99,574 Transfer of assets held for sale (2,086) (1,334) (160) (152) (3,732) 63,666 15,794 10,767 5,615 95,842 Exchange movements (253) (548) (152) 133 (820) Amortisation charge for the year — 1,780 2,106 935 4,821 Disposals 1 — (72) (486) (30) (588) Other — — (87) — (87) 31 March 2017 63,413 16,954 12,148 6,653 99,168 Exchange movements (234) (398) (183) (65) (880) Disposal of subsidiaries — (779) (173) — (952) Amortisation charge for the year — 1,758 2,105 536 4,399 Disposals — (158) (1,357) (6) (1,521) Other — — 1 (4) (3) 31 March 2018 63,179 17,377 12,541 7,114 100,211 Net book value: 31 March 2017 26,808 13,821 4,814 777 46,220 31 March 2018 26,734 11,420 4,872 231 43,257 Note: 1 Disposals of licences and spectrum comprise the removal of fully amortised assets that have expired. |
Schedule of net book value of significant licenses | Expiry date €m €m Germany 2020/2021/2025/2033 4,053 4,726 Italy 2018/2021/2029 1,896 1,442 UK 2023/2033/2038 2,316 2,818 Qatar 2028/2029 — 1,164 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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: 31 March 2016 2,393 74,486 76,879 Reclassification as held for sale (103) (7,445) (7,548) 2,290 67,041 69,331 Exchange movements (42) (1,779) (1,821) Arising on acquisition — 7 7 Additions 104 5,184 5,288 Disposals (94) (2,522) (2,616) Other 8 273 281 31 March 2017 2,266 68,204 70,470 Exchange movements (38) (1,415) (1,453) Additions 88 4,969 5,057 Disposals (94) (2,720) (2,814) Disposal of subsidiaries — (552) (552) Other 3 46 49 31 March 2018 2,225 68,532 70,757 Accumulated depreciation and impairment: 31 March 2016 1,141 40,223 41,364 Reclassification as held for sale (36) (3,812) (3,848) 1,105 36,411 37,516 Exchange movements (15) (1,087) (1,102) Charge for the year 139 6,126 6,265 Disposals (89) (2,454) (2,543) Other 1 129 130 31 March 2017 1,141 39,125 40,266 Exchange movements (17) (816) (833) Charge for the year 123 5,887 6,010 Disposals (83) (2,675) (2,758) Disposal of subsidiaries — (287) (287) Other 1 33 34 31 March 2018 1,165 41,267 42,432 Net book value: 31 March 2017 1,125 29,079 30,204 31 March 2018 1,060 27,265 28,325 |
Investments in associates and_2
Investments in associates and joint arrangements (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Investments in associates and joint arrangements | |
Schedule of joint operations | Country of incorporation or Percentage 1 Name of joint operation Principal activity registration shareholdings Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK 50.0 Note: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. |
Schedule of joint ventures and associates | €m €m Investment in joint ventures 2,097 2,689 Investment in associates 441 449 31 March 2,538 3,138 |
Schedule of joint ventures | Country of incorporation or Percentage 1 Name of joint venture Principal activity registration shareholdings VodafoneZiggo Group Holding B.V. 3 Network operator Netherlands 50.0 Indus Towers Limited 2 Network infrastructure India 42.0 Vodafone Hutchison Australia Pty Limited 3 Network operator Australia 50.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. 2 42% of Indus Towers Limited is held by Vodafone India Limited (‘VIL’). 3 Vodafone Hutchison Australia Pty Limited and VodafoneZiggo Group Holding B.V. have a year end of 31 December. |
Schedule of aggregated financial information for group's joint ventures | (Loss)/profit from Other comprehensive Total comprehensive Investment in joint ventures continuing operations income (expense)/income €m €m €m €m €m €m €m €m €m €m €m €m VodafoneZiggo Group Holding B.V. 2,119 2,736 — (398) (160) — 1 2 — (397) (158) — Indus Towers Limited 893 1,032 982 135 98 101 — — — 135 98 101 Vodafone Hutchison Australia Pty Limited (979) (1,156) (1,032) 32 (59) (153) — — (1) 32 (59) (154) Other 64 77 79 (15) (14) (39) — — — (15) (14) (39) Total 2,097 2,689 29 (246) (135) (91) 1 2 (1) (245) (133) (92) |
Schedule of financial information of each of Group's material equity accounted joint ventures | VodafoneZiggo Group Vodafone Hutchison Holding B.V. Indus Towers Limited Australia Pty Limited €m €m €m €m €m €m €m €m €m Income statement and statement of comprehensive income Revenue 3,972 1,014 — 2,477 2,379 2,277 2,518 2,287 2,354 Depreciation and amortisation (2,232) (764) — (303) (407) (489) (483) (473) (517) Interest income 6 23 — 16 22 10 3 3 2 Interest expense (543) (117) — (74) (91) (86) (230) (240) (268) Income tax income/(expense) 287 105 — (316) (267) (186) 1 — — (Loss)/profit from continuing operations (795) (320) — 322 234 240 64 (117) (306) Other comprehensive income/(expense) 3 3 — — — — — — (2) Total comprehensive (expense)/income (792) (317) — 322 234 240 64 (117) (308) Statement of financial position Non-current assets 18,721 20,303 1,598 1,995 3,241 2,317 Current assets 773 721 520 326 194 892 Non-current liabilities (13,303) (14,015) (476) (545) (4,478) (1,460) Current liabilities (1,953) (1,538) (814) (825) (1,125) (4,301) Equity shareholders’ funds (4,238) (5,471) (828) (951) 2,168 2,552 Cash and cash equivalents within current assets 355 273 15 29 104 68 Non-current liabilities excluding trade and other payables and provisions (12,510) (13,668) (136) (188) (4,453) (1,435) Current liabilities excluding trade and other payables and provisions (1) — (396) (375) (464) (3,563) |
Reconciliation of summarised financial information present to the carrying amount of our interest in joint ventures | VodafoneZiggo Group Holding B.V. Indus Towers Limited Vodafone Hutchison Australia Pty Limited €m €m €m €m €m €m Equity shareholders’ funds 4,238 5,471 828 951 (2,168) (2,552) Interest in joint ventures (50%/42%/50%) 2,119 2,736 348 399 (1,084) (1,276) Goodwill — — 545 633 105 120 Carrying value 2,119 2,736 893 1,032 (979) (1,156) |
Schedule of associates | Country of incorporation or Percentage 1 Name of associate Principal activity registration shareholdings Safaricom Limited 2,3 Network operator Kenya 40.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. 2 The Group also holds two non-voting shares. 3 At 31 March 2018 the fair value of Safaricom Limited was KES 496 billion (€3,996 million) based on the closing quoted share price on the Nairobi Stock Exchange. |
Schedule of aggregated financial information for group's associates | Profit from Other comprehensive Total comprehensive Investment in associates continuing operations expense income €m €m €m €m €m €m €m €m €m €m €m €m Total 441 449 450 187 182 151 — — — 187 182 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Other investments | |
Schedule of other investments Included within non-current assets | €m €m Included within non-current assets: Equity securities: Listed 1 3 3 Unlisted 2 44 82 Debt securities: Other debt and bonds 2 3,157 3,374 3,204 3,459 |
Schedule of current other investments Included within current assets | €m €m Included within current assets: Debt securities: Public debt and bonds 1 2,517 2,284 Other debt and bonds 2 4,896 2,727 Cash and other investments held in restricted deposits 1,382 1,109 8,795 6,120 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Trade and other receivables | |
Schedule of trade and other receivables | €m €m Included within non-current assets: Trade receivables 435 362 Amounts owed by associates and joint ventures 1 27 Other receivables 194 130 Prepayments 597 378 Accrued income 350 — Derivative financial instruments 2,449 3,672 4,026 4,569 Included within current assets: Trade receivables 4,967 4,973 Amounts owed by associates and joint ventures 524 325 Other receivables 895 918 Prepayments 1,152 1,197 Accrued income 2,257 1,838 Derivative financial instruments 180 610 9,975 9,861 |
Schedule of allowances for bad and doubtful debts | €m €m 1 April 1,418 1,385 Reclassification as held for sale — (66) Exchange movements (78) (94) Amounts charged to administrative expenses 528 589 Other (619) (396) 31 March 1,249 1,418 |
Schedule of fair values of derivative instruments | €m €m Included within derivative financial instruments: Fair value through the income statement (held for trading): Interest rate swaps 1,610 2,248 Cross-currency interest rate swaps 445 126 Options 25 12 Foreign exchange contracts 44 103 2,124 2,489 Designated hedge relationships: Interest rate swaps 191 212 Cross-currency interest rate swaps 314 1,581 2,629 4,282 Note 1 The valuation basis is level 2. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Trade and other payables | |
Schedule of trade and other payables | €m €m Included within non-current liabilities: Other payables 314 30 Accruals 159 154 Deferred income 237 204 Derivative financial instruments 2,133 1,349 2,843 1,737 Included within current liabilities: Trade payables 6,185 6,212 Amounts owed to associates and joint ventures 27 14 Other taxes and social security payable 1,177 1,261 Other payables 1,346 1,220 Accruals 5,579 5,683 Deferred income 1,678 1,716 Derivative financial instruments 250 728 16,242 16,834 |
Schedule of fair value of financial instruments | €m €m Included within derivative financial instruments: Fair value through the income statement (held for trading): Interest rate swaps 412 553 Cross-currency interest rate swaps 812 944 Options 76 63 Foreign exchange contracts 51 76 1,351 1,636 Designated hedge relationships Interest rate swaps 103 61 Cross-currency interest rate swaps 929 380 2,383 2,077 Note: 1 The valuation basis is level 2 classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Provisions | |
Schedule of Provisions | Asset retirement Legal and obligations regulatory Other Total €m €m €m €m 31 March 2016 571 1,215 791 2,577 Transfer of liabilities held for sale (10) (642) — (652) Exchange movements (17) (32) (1) (50) Amounts capitalised in the year 157 — — 157 Amounts charged to the income statement — 148 643 791 Utilised in the year − payments (51) (40) (376) (467) Amounts released to the income statement (44) (56) (117) (217) Other — 41 (1) 40 31 March 2017 606 634 939 2,179 Disposal of subsidiaries (14) (3) — (17) Exchange movements (13) (21) (4) (38) Amounts capitalised in the year 59 — — 59 Amounts charged to the income statement — 140 325 465 Utilised in the year − payments (33) (57) (324) (414) Amounts released to the income statement (22) (171) (85) (278) 31 March 2018 583 522 851 1,956 |
Schedule of Provisions analysed between current and non-current | 31 March 2018 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 17 280 594 891 Non-current liabilities 566 242 257 1,065 583 522 851 1,956 31 March 2017 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 10 300 739 1,049 Non-current liabilities 596 334 200 1,130 606 634 939 2,179 |
Called up share capital (Tables
Called up share capital (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Called up share capital | |
Schedule of share awards and option scheme awards allotted | Number €m Number €m Ordinary shares of 20 20⁄ 21 US cents each allotted, issued and fully paid: 1 1 April 28,814,142,848 4,796 28,813,396,008 4,796 Allotted during the year 2 660,460 — 746,840 — 31 March 28,814,803,308 4,796 28,814,142,848 4,796 Note: 1 At 31 March 2018 the Group held 2,139,038,029 (2017: 2,192,064,339) treasury shares with a nominal value of €356 million (2017: €365 million). The market value of shares held was €4,738 million (2017: €5,348 million). During the year, 53,026,317 (2017: 62,761,357) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of a maturing subordinated mandatory convertible bond issued on 19 February 2016. For further details see note 21 “Liquidity and capital resources”. 2 Represents US share awards and option scheme awards. |
Reconciliation of net cash fl_2
Reconciliation of net cash flow from operating activities (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Reconciliation of net cash flow from operating activities | |
Schedule of profit for the year from continuing operations translates into cash flows generated from our operating activities | Notes €m €m €m Profit/(loss) for the financial year 2,788 (6,079) (5,122) Loss/(profit) from discontinued operations 1,969 4,107 (5) Profit/(loss) for the financial year from continuing operations 4,757 (1,972) (5,127) Non-operating expense 32 1 3 Investment income (685) (474) (539) Financing costs 1,074 1,406 2,046 Income tax (credit)/expense (879) 4,764 4,937 Operating profit 4,299 3,725 1,320 Adjustments for: Share-based payments 128 95 154 Depreciation and amortisation 10,409 11,086 11,697 Loss on disposal of property, plant and equipment and intangible assets 36 22 27 Share of result of equity accounted associates and joint ventures 59 (47) (60) Impairment losses — — 569 Other (income)/expense (213) (1,052) 286 (Increase)/decrease in inventory (26) 117 (144) (Increase)/decrease in trade and other receivables (1,118) 308 (684) Increase/(decrease) in trade and other payables 286 (473) 332 Cash generated by operations 13,860 13,781 13,497 Net tax paid (1,118) (761) (807) Cash flows from discontinued operations 858 1,203 1,646 Net cash flow from operating activities 13,600 14,223 14,336 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | €m €m Cash at bank and in hand 2,197 1,856 Money market funds and bank deposits 2,477 6,979 Cash and cash equivalents as presented in the statement of financial position 4,674 8,835 Bank overdrafts (7) — Cash and cash equivalents of discontinued operations 727 467 Cash and cash equivalents as presented in the statement of cash flows 5,394 9,302 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Borrowings | |
Schedule of carrying value and fair value information about borrowings | Carrying value Fair value €m €m €m €m Financial liabilities measured at amortised cost Bank loans 1,159 867 1,180 898 Commercial paper 2,712 3,648 2,715 3,650 Bonds 1 3,062 660 3,057 667 Other liabilities 2,3 3,003 4,632 3,003 4,632 Bonds in designated hedge relationships 415 2,244 409 2,241 Short-term borrowings 10,351 12,051 10,364 12,088 Financial liabilities measured at amortised cost: — — Bank loans 2,157 2,741 2,176 2,769 Bonds 1 18,804 19,345 18,714 19,286 Other liabilities 278 305 278 305 Bonds in designated hedge relationships 11,669 12,132 11,010 11,349 Long-term borrowings 32,908 34,523 32,178 33,709 Notes: 1 Bonds mature between 2018 and 2056 (2017: 2017 and 2056) and have interest rates of 0.0% to 8.125% (2017: 0.0% to 8.125%). 2 Includes a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. 3 Amount includes €1,070 million (2017: €2,654 million) in relation to collateral support agreements. |
Schedule of reconciliation of liabilities arising from financing activities | Cash flows Non-cash changes Net proceeds/(repayment) Interest Net movements Net Financing 2017 of borrowings paid in short-term borrowings costs 2 Reclassification 2018 €m €m €m €m €m €m €m Assets and liabilities from financing activities 1 44,369 (224) (991) (534) 486 (93) 43,013 Notes: 1 This balance comprises gross borrowings of €43,259 million (2017: € 46,574 million) and net derivative financial assets of €246 million (€2,205 million). Net debt disclosed in note 21 additionally includes cash and certain short term investments. This amount includes interest, fair value and foreign exchange items which impact the income statement. Financing costs of €1,074 million as disclosed in note 5 primarily additionally include foreign exchange and other movements on items classified as net debt but not borrowings |
Schedule of maturity analysis for non-derivative financial liabilities on an undiscounted basis | Bonds in Bank Commercial Other designated hedge loans paper Bonds liabilities relationships Total €m €m €m €m €m €m Within one year 1,251 2,715 3,498 3,002 850 11,316 In one to two years 748 — 393 34 1,423 2,598 In two to three years 507 — 2,893 25 1,518 4,943 In three to four years 569 — 3,869 22 359 4,819 In four to five years — — 791 26 2,901 3,718 In more than five years 350 — 14,702 172 9,933 25,157 3,425 2,715 26,146 3,281 16,984 52,551 Effect of discount/financing rates (109) (3) (4,280) — (4,900) (9,292) 31 March 2018 3,316 2,712 21,866 3,281 12,084 43,259 Within one year 909 3,660 1,810 4,606 3,142 14,127 In one to two years 1,168 — 2,650 21 1,527 5,366 In two to three years 721 — 2,080 56 366 3,223 In three to four years 569 — 2,369 22 1,522 4,482 In four to five years — — 3,010 24 1,253 4,287 In more than five years 350 — 12,029 203 11,548 24,130 3,717 3,660 23,948 4,932 19,358 55,615 Effect of discount/financing rates (109) (12) (3,943) 5 (4,982) (9,041) 31 March 2017 3,608 3,648 20,005 4,937 14,376 46,574 |
Schedule of maturity analysis for derivative financial liabilities on an undiscounted basis | Payable Receivable Payable Receivable €m €m €m €m Within one year 18,055 18,363 16,541 16,462 In one to two years 3,925 3,875 4,788 5,201 In two to three years 4,904 4,911 3,000 3,141 In three to four years 2,223 2,324 1,913 2,038 In four to five years 3,834 3,687 1,567 1,706 In more than five years 20,702 23,021 18,743 22,491 53,643 56,181 46,552 51,039 |
Schedule of currency split of the Group's foreign exchange derivatives | Payable Receivable Payable Receivable €m €m €m €m Sterling 4,459 7,280 1,176 6,576 Euro 27,655 9,609 23,167 5,556 US dollar 6,862 20,615 4,246 19,482 Other 5,568 7,972 5,420 4,813 44,544 45,476 34,009 36,427 |
Schedule of minimum lease payments under finance lease arrangements | €m €m Within one year 46 68 In two to five years 94 78 In more than five years 172 160 312 306 |
Schedule of interest rate and currency of borrowings | Total Floating rate Fixed rate Other borrowings borrowings borrowings 1 borrowings 2 Currency €m €m €m €m Sterling 3,339 — 3,339 — Euro 36,411 5,766 28,779 1,866 US dollar 2,930 2,899 31 — Other 579 13 566 — 31 March 2018 43,259 8,678 32,715 1,866 Sterling 4,552 5 4,547 — Euro 37,420 7,517 28,009 1,894 US dollar 4,449 4,172 277 — Other 153 13 140 — 31 March 2017 46,574 11,707 32,973 1,894 Notes: 1 The weighted average interest rate for the Group’s sterling denominated fixed rate borrowings is 2.5% (2017: 2.5%). The weighted average time for which these rates are fixed is 20.8 years (2017: 16.6 years). The weighted average interest rate for the Group’s euro denominated fixed rate borrowings is 2.1% (2017: 2.1%). The weighted average time for which the rates are fixed is 8.0 years (2017: 8.4 years). The weighted average interest rate for the Group’s US dollar denominated fixed rate borrowings is 0.0% (2017: 0.2%). The weighted average time for which the rates are fixed is 0.0 years (2017: 0.1 years). The weighted average interest rate for the Group’s other currency fixed rate borrowings is 12.3% (2017: 8.5%). The weighted average time for which the rates are fixed is 4.4 years (2017: 12.0 years). 2 At 31 March 2018 other borrowings of €1.9 billion (2017: €1.9 billion) include a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. |
Liquidity and capital resourc_2
Liquidity and capital resources (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Liquidity and capital resources | |
Schedule of consolidated net debt position | €m €m Cash and cash equivalents 4,674 8,835 Short-term borrowings Bonds (3,477) (2,904) Commercial paper 1 (2,712) (3,648) Put options over non-controlling interests 2 (1,838) (1,837) Bank loans (1,159) (867) Other short-term borrowings 3 (1,165) (2,795) (10,351) (12,051) Long-term borrowings Bonds, loans and other long-term borrowings (32,908) (34,523) (32,908) (34,523) Other financial instruments Derivative financial instruments included in trade and other receivables (note 14) 2,629 4,282 Derivative financial instruments included in trade and other payables (note 15) (2,383) (2,077) Short-term investments (note 13) 4 6,152 3,981 Cash collateral 718 384 7,116 6,570 Net debt (31,469) (31,169) Notes: 1 At 31 March 2018 US$570 million (2017: US$1,484 million) was drawn under the US commercial paper programme and €2,249 million (2017:€2,262 million) were drawn under the euro commercial paper programme. 2 Includes a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. 3 At 31 March 2018 the amount includes €1,070 million (2017: €2,654 million) in relation to cash received under collateral support agreements. 4 At 31 March 2018 the amount primarily includes €3,087 million (31 March 2017: €2,039 million) in managed investment funds, €1,974 million (2017: €1,638 million) in government bonds of which UK gilts of €1,112 million (2017: €1,172 million) are used primarily as collateral in relation derivative financial instruments, and €976 million (31 March 2017: €182 million) short-term investments where the underlying assets are supply chain and handset receivables. |
Summary of committed bank facilities available at end of the period | Facility Amount €m Drawn Maturity 1 Syndicated revolving credit facilities EUR facility 3,840 — 11 January 2023 2 USD facility 3,328 — 27 February 2022 2 Loan facilities, capped at 50% of operating company capital expenditure in: Canada 651 651 02 June 2018 UK and Ireland 568 568 12 December 2021 Germany (VDSL spend) 350 350 16 March 2023 Italy 400 400 05 June 2020 Turkey and Romania 300 300 18 September 2019 Turkey 100 100 04 December 2020 Other 31 31 19 September 2018 9,568 2,400 Notes: 1 2 |
Capital and financial risk ma_2
Capital and financial risk management (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Capital and financial risk management | |
Schedule of capital management | €m €m Net debt 31,469 31,169 Equity 68,607 73,719 Capital 100,076 104,888 |
Schedule of financial instruments exposure to credit risk | €m €m Bank deposit 2,197 1,856 Cash held in restricted deposits 1,382 1,109 German government bonds 862 — UK government bonds 1,112 1,638 Money market investments funds 2,477 6,979 Derivative financial instruments 2,629 4,282 Other investments – debt and bonds 8,596 6,747 Trade receivables 5,402 5,335 Other receivables and accrued income 3,410 2,886 28,067 30,832 |
Schedule of cash collateral, which is reported within short-term borrowings, held by Group | €m €m Cash collateral 1,070 2,654 |
Schedule of ageing of receivables that are past due | Gross Less Net Gross Less Net receivables provisions receivables receivables provisions receivables €m €m €m €m €m €m 30 days or less 810 (32) 778 730 (27) 703 Between 31 and 60 days 226 (35) 191 125 (23) 102 Between 61 and 180 days 530 (206) 324 648 (258) 390 Greater than 180 days 1,250 (925) 325 1,423 (1,077) 346 2,816 (1,198) 1,618 2,926 (1,385) 1,541 |
Schedule of sensitivity of Group's adjusted operating profit to strengthening major currency | €m €m ZAR 15% change (2017: 18%) – Operating profit 1 239 249 Notes: 1 Operating profit before impairment losses and other income and expense. |
Schedule of Group's financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable master netting or similar agreements | At 31 March 2018 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Gross amount Amount set off balance sheet counterparties Cash collateral Net amount €m €m €m €m €m €m Derivative financial assets 2,629 — 2,629 (1,467) (1,070) 92 Derivative financial liabilities (2,383) — (2,383) 1,467 718 (198) Total 246 — 246 — (352) (106) At 31 March 2017 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Gross amount Amount set off balance sheet counterparties Cash collateral Net amount €m €m €m €m €m €m Derivative financial assets 4,282 — 4,282 (1,505) (2,654) 123 Derivative financial liabilities (2,077) — (2,077) 1,505 384 (188) Total 2,205 — 2,205 — (2,270) (65) |
Directors and key management _2
Directors and key management compensation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Directors and key management compensation | |
Schedule of aggregate emolument of directors | €m €m €m Salaries and fees 4 4 5 Incentive schemes 1 3 2 4 Other benefits 2 1 1 1 8 7 10 Notes: 1 Excludes gains from long-term incentive plans. 2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions. |
Schedule of aggregate compensation for key management | €m €m €m Short-term employee benefits 27 24 30 Share-based payments 30 25 26 57 49 56 |
Employees (Tables)
Employees (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Employees | |
Schedule of number of employees by activity and segment | Employees Employees Employees By activity: Operations 17,094 18,207 18,869 Selling and distribution 35,025 38,252 38,325 Customer care and administration 54,016 55,097 54,490 106,135 111,556 111,684 By segment: Germany 13,718 14,478 14,862 Italy 6,606 6,601 6,676 Spain 5,015 5,118 5,935 UK 12,379 13,238 13,323 Other Europe 11,760 15,801 16,058 Europe 49,478 55,236 56,854 India (Discontinued operations) 11,086 13,187 13,346 Vodacom 7,524 7,590 7,515 Other Africa, Middle East and Asia-Pacific 13,606 14,183 14,262 Africa, Middle East and Asia-Pacific 32,216 34,960 35,123 Common Functions 24,441 21,360 19,707 Total 106,135 111,556 111,684 |
Schedule of cost incurred in respect of employees (including Directors) | €m €m €m Wages and salaries 4,179 4,630 4,759 Social security costs 547 582 621 Other pension costs (note 25) 222 212 270 Share-based payments (note 26) 128 95 154 5,076 5,519 5,804 India (Discontinued operations) 219 217 212 Total 5,295 5,736 6,016 |
Post employment benefits (Table
Post employment benefits (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Post employment benefits | |
Schedule of income statement expense for defined benefit plans | €m €m €m Defined contribution schemes 178 192 214 Defined benefit schemes 44 20 56 Total amount charged to income statement (note 24) 222 212 270 |
Schedule of actuarial assumptions for defined benefit plans | % % % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 2.9 3.0 2.8 Rate of increase in salaries 2.7 2.6 2.6 Discount rate 2.5 2.6 3.2 Notes: 1 Figures shown represent a weighted average assumption of the individual schemes. 2 The rate of increases in pensions in payment and deferred revaluation are dependent on the rate of inflation. |
Schedule of charges made to consolidated income statement and consolidated statement of comprehensive income on basis of actuarial assumptions | €m €m €m Current service cost 34 43 45 Past service costs 2 (27) — Net interest charge 8 4 11 Total included within staff costs 44 20 56 Actuarial losses/(gains) recognised in the SOCI 94 274 (216) |
Schedule of fair value of assets and present value of liabilities under defined benefit plans | Assets Liabilities Net deficit €m €m €m 1 April 2016 6,229 (6,570) (341) Reclassification as held for sale — 12 12 6,229 (6,558) (329) Service cost — 16 16 Interest income/(cost) 190 (194) (4) Return on plan assets excluding interest income 818 — 818 Actuarial losses arising from changes in financial assumptions — (1,204) (1,204) Actuarial gains arising from experience adjustments — 112 112 Employer cash contributions 24 — 24 Member cash contributions 8 (8) — Benefits paid (180) 180 — Exchange rate movements (403) 403 — Other movements 23 (50) (27) 31 March 2017 6,709 (7,303) (594) Service cost — (36) (36) Interest income/(cost) 167 (175) (8) Return on plan assets excluding interest income (37) — (37) Actuarial losses arising from changes in demographic assumptions — (46) (46) Actuarial losses arising from changes in financial assumptions — (12) (12) Actuarial gains arising from experience adjustments — 1 1 Employer cash contributions 301 — 301 Member cash contributions 8 (8) — Benefits paid (289) 289 — Exchange rate movements (156) 166 10 Other movements (6) 17 11 31 March 2018 6,697 (7,107) (410) An analysis of net (deficit)/assets is provided below for the Group as a whole €m €m €m €m €m Analysis of net (deficit)/assets: Total fair value of scheme assets 6,697 6,709 6,229 6,857 4,652 Present value of funded scheme liabilities (7,028) (7,222) (6,487) (7,316) (5,237) Net deficit for funded schemes (331) (513) (258) (459) (585) Present value of unfunded scheme liabilities (79) (81) (83) (91) (80) Net deficit (410) (594) (341) (550) (665) Net deficit is analysed as: Assets 1 110 57 224 234 42 Liabilities (520) (651) (565) (784) (707) Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Company either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. The International Accounting Standards Board (IASB) published an Exposure Draft in June 2015 that would amend IFRIC14 IAS19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction. However, in 2017 the IASB stated that they are carrying out “further work to assess whether it can establish a more principles-based approach in IFRIC14 for an entity to assess and measure its right to a refund of a surplus”. As such, it is not clear at this stage how and when IFRIC14 may be revised, and we will assess the impact of any changes when the revised version is published. An analysis of net assets/(deficit) is provided below for the Group’s largest defined benefit pension scheme in the UK, which is a funded scheme. As part of the merger of the Vodafone UK plan and the CWWRP plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. CWW Section Vodafone Section €m €m €m €m €m €m €m €m €m €m Analysis of net assets/(deficit): Total fair value of scheme assets 2,760 2,894 2,762 3,114 2,155 2,773 2,654 2,408 2,645 1,626 Present value of scheme liabilities (2,655) (2,842) (2,543) (2,884) (2,097) (2,945) (2,962) (2,548) (2,951) (2,030) Net assets/(deficit) 105 52 219 230 58 (172) (308) (140) (306) (404) Net assets/(deficit) are analysed as: Assets 105 52 219 230 58 — — — — — Liabilities — — — — — (172) (308) (140) (306) (404) |
Schedule of fair value of pension assets | €m €m Cash and cash equivalents 95 104 Equity investments: With quoted prices in an active market 1,407 1,938 Without quoted prices in an active market 360 413 Debt instruments: With quoted prices in an active market 4,149 3,982 Without quoted prices in an active market 590 461 Property: With quoted prices in an active market 27 30 Without quoted prices in an active market 78 78 Derivatives: 1 With quoted prices in an active market (1,146) (1,218) Without quoted prices in an active market 44 (1) Investment fund 275 299 Annuity policies – Without quoted prices in an active market 818 623 Total 6,697 6,709 Note: 1 |
Schedule of sensitivity analysis under defined benefit plans | Rate of inflation Rate of increase in salaries Discount rate Life expectancy Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Increase by 1 year Decrease by 1 year €m €m €m €m €m €m €m €m (Decrease)/increase in present value of defined obligation 1 (556) 633 (4) 5 833 (713) 223 (220) 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, 2018 | |
Share-based payments | |
Schedule of movements in outstanding ordinary share options | Ordinary share options Millions Millions Millions 1 April 41 24 25 Granted during the year 11 31 7 Forfeited during the year (2) (1) (1) Exercised during the year (5) (7) (5) Expired during the year (5) (6) (2) 31 March 40 41 24 Weighted average exercise price: 1 April £1.61 £1.62 £1.49 Granted during the year £1.72 £1.61 £1.89 Forfeited during the year £1.65 £1.66 £1.54 Exercised during the year £1.57 £1.50 £1.42 Expired during the year £1.65 £1.75 £1.59 31 March £1.64 £1.61 £1.62 |
Summary of options outstanding and exercisable | Outstanding Exercisable Weighted Weighted average average Weighted remaining Weighted remaining Outstanding average contractual Exercisable average contractual shares exercise life shares exercise life Millions price Months Millions price Months Vodafone Group savings related and Sharesave Plan: £1.01 – £2.00 £1.64 21 — — — |
Schedule of movements in non-vested shares | Weighted Weighted Weighted average fair average fair average fair value at value at value at Millions grant date Millions grant date Millions grant date 1 April 178 £1.91 198 £1.77 217 £1.56 Granted 74 £1.95 74 £1.97 63 £2.22 Vested (42) £1.76 (47) £1.77 (32) £1.80 Forfeited (28) £1.58 (47) £1.57 (50) £1.40 31 March 182 £2.04 178 £1.91 198 £1.77 |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Acquisitions and disposals | |
Schedule of details of disposal | €m Goodwill (855) Other intangible assets (1,415) Property, plant and equipment (1,164) Inventory (24) Trade and other receivables (302) Cash and cash equivalents 1 (56) Current and deferred taxation 87 Short and long-term borrowings 1,000 Trade and other payables 387 Provisions 28 Net assets contributed into VodafoneZiggo (2,314) Fair value of investment in VodafoneZiggo 2 2,970 Net cash proceeds arising from the transaction 1,3 619 Net gain on formation of VodafoneZiggo 4 1,275 Notes: 1 Included in purchase of interests in associates and joint ventures in the consolidated statement of cash flows. 2 1 Includes our 50% share of cash paid to both shareholders on creation of VodafoneZiggo ( €1,422 million), together with an equalisation payment of €802 million made to Liberty Global plc. 2 Reported in other income and expense in the consolidated income statement. Includes €637 million related to the re-measurement of our retained interest in Vodafone Libertel B.V. Transaction costs of €35 million were charged in the consolidated income statement in the year. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Commitments | |
Schedule of future minimum lease payments under non-cancellable operating lease | €m €m Within one year 2,686 2,522 In more than one year but less than two years 1,633 1,487 In more than two years but less than three years 1,155 1,136 In more than three years but less than four years 903 882 In more than four years but less than five years 717 709 In more than five years 2,600 2,693 9,694 9,429 |
Schedule of capital commitments | Company and subsidiaries Share of joint operations Group €m €m €m €m €m €m Contracts placed for future capital expenditure not provided in the financial statements 1 2,630 2,052 76 88 2,706 2,140 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, 2018 | |
Contingent liabilities and legal proceedings | |
Schedule of contingent liabilities | €m €m Performance bonds 1 993 2,413 Other guarantees and contingent liabilities 2 4,036 3,576 Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of an AUD1.7 billion loan facility and a US$3.5 billion loan facility of its joint venture, Vodafone Hutchison Australia Pty Limited. The Group's share of these loan balances is included in the net investment in joint venture (see note 12 "Investments in joint ventures"). |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Related party transactions | |
Schedule of transactions with joint arrangements and associates | €m €m €m Sales of goods and services to associates 19 37 39 Purchase of goods and services from associates 1 90 118 Sales of goods and services to joint arrangements 194 19 21 Purchase of goods and services from joint arrangements 199 183 92 Net interest income receivable from joint arrangements 1 120 87 92 Trade balances owed: by associates 4 — 1 to associates 2 1 4 by joint arrangements 107 158 232 to joint arrangements 28 15 71 Other balances owed by joint arrangements 1 1,328 1,209 108 Other balances owed to joint arrangements 1 150 127 106 Note: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Hutchison Australia and Cornerstone Telecommunications Infrastructure Limited. Interest is paid in line with market rates. |
Related undertakings (Tables)
Related undertakings (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Related undertakings | |
Schedule of investment in subsidiaries, joint arrangements and associated undertakings | Company name % of share class held Share class Albania Autostrada Tirane‐Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania Vodafone Albania Sh.A 100.00 Ordinary shares Vodafone M‐PESA SH.P.K. 100.00 Ordinary shares Angola Rua Fernao de Sousa, Condominio do Benga, 10A, Vila Alice, Luanda, Angola Vodacom Business (Angola) Limitada 2 63.87 Ordinary shares Argentina Cerrito 348, 5to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. 100.00 Ordinary shares Australia C/-KPMG Level 38 Tower Three, International Towers Sydney, 300 Barangaroo Avenue, Sydney NSW 2000, Australia Quickcomm Pty Limited 100.00 Ordinary shares, Redeemable convertible preference shares Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia PPL Pty Limited 100.00 Ordinary shares Talkland Australia Pty Limited 100.00 Ordinary shares VAPL No. 2 Pty Limited 100.00 Ordinary shares Mills Oakley, Level 12, 400 George 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, Sao Paul, 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. 70.00 Ordinary shares Rua Boa Vista, 01014-907, 254, 13th Floor, Suite 38, Centro, City of São Paulo, State of São Paulo, Brazil Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Cameroon Porte 201A 3eme Etage Entree C, immeuble SOCAR, Boulevard de la liberte, Akwa, Douala, Cameroon Vodacom Business Cameroon SA 2 64.52 Ordinary shares Canada 2 Bloor Street West, Suite 700, Toronto ON M4W3E2, Canada Vodafone Canada Inc. 100.00 Common shares Cayman Islands 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China Building 21, 11, Kangding St., BDA, Beijing, 100176 - China, China Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Floor 36, Unit 23-25, China World Tower 1 No. 1, Jianguomenwai Avenue, Chaoyang District, Beijing, 100004, China Vodafone China Limited (China) 100.00 Equity interest shares Unit 1708, Full Tower, No. 9 Dong San Huan Zhong Road, Chaoyang District, Beijing, 100020, China Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd (Beijing Branch) 100.00 Branch Unit 558-560, 5/F Standard Chartered Bank Tower, No.201 Century Avenue, Pudong District, Shanghai, 200120, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the 292 Avenue de la Justice, Commune de la Gombe, Kinshasa, Congo Vodacash S.A. 2 32.90 Ordinary shares Vodacom Congo (RDC) SA 2,3 32.90 Ordinary shares Cote d’Ivoire No 62, Rue du Docteur Blanchard, Zone 4C, Abidjan, Cote d'Ivoire Vodacom Business Cote D’Ivoire S.A.R.L. 2 64.52 Ordinary shares Cyprus Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic Oskar Mobil S.R.O. 100.00 Basic capital shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - CZECH BRANCH 100.00 Branch Denmark Tuborg Boulevard 12, 2900, Hellerup, Denmark Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt 17 Port Said Street, Maadi El Sarayat, Cairo, Egypt Vodafone International Services LLC 54.93 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 54.90 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 54.91 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt 54.93 Ordinary shares Telecommunications S.A.E Vodafone For Trading 54.87 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 54.93 Ordinary shares Finland c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland Vodafone Enterprise Finland OY 100.00 Ordinary shares France 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares 144, Avenue Roger Salengro, 92372 - Chaville Cedex, France Vodafone Automotive France S.A.S 50.94 Ordinary shares Tour Egée, 9/11 Allée de l'Arche, 92671 Courbevoie La Défense Cedex - France Vodafone Enterprise France SAS 100.00 New Euro shares Germany Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH 4 76.70 Ordinary shares TKS Telepost Kabel-Service Kaiserslautern GmbH & Co. KG 4 76.70 Ordinary shares Betastraße 6‐8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 4 76.70 Ordinary shares Kabel Deutschland Holding Erste Beteiligungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Holding Zweite Beteilgungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Neunte Beteiligungs GmbH 100.00 Ordinary shares Kabel Deutschland Siebte Beteiligungs GmbH 4 76.70 Ordinary shares Company name % of share class held Share class Vodafone Kabel Deutschland GmbH 4 76.70 Ordinary shares Vodafone Kabel Deutschland Kundenbetreuung GmbH 4 76.70 Ordinary shares Buschurweg 4, 76870, Kandel, Germany Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand‐Braun‐Platz 1, 40549, Duesseldorf, Germany CRVSH GmbH 100.00 Ordinary shares Vodafone Enterprise Germany GmbH 100.00 Ordinary shares, Ordinary #2 shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnutzige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Friedrich‐Wilhelm‐Strasse 2, 38100, Braunschweig, Germany KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel‐Kommunikation Mit Beschrankter Haftung 4 76.70 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany Urbana Teleunion Rostock GmbH & Co.KG 4 53.69 Ordinary shares Verwaltung “Urbana Teleunion” Rostock GmbH 4 38.35 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel‐ Kommunikation Mit Beschrankter Haftung 4 76.70 Ordinary shares Ghana 3rd Floor, The Elizabeth Building, 68 Senchi Link, Airport Residential Area, Accra, Ghana Vodacom Business (Ghana) Limited 2 64.52 Ordinary shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana Ghana Telecommunications Company Limited 70.81 Ordinary shares Company Limited 100.00 Preference shares National Communications Backbone Company Limited 70.81 Ordinary shares Vodafone Ghana Mobile Financial Services Limited 70.81 Ordinary shares Greece 1‐3 Tzavella str, 152 31 Halandri, Athens, Greece Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares Vodafone Global Enterprise Telecommunications (Hellas) A.E. 100.00 Ordinary shares 12,5 km National Road Athens - Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A. 6 99.87 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece 360 Connect S.A. 99.87 Ordinary shares Guernsey Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey VBA Holdings Limited 64.52 Ordinary shares VBA International Limited 64.52 Ordinary shares, Hong Kong Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Vodafone Enterprise Global Network HK Ltd 100.00 Ordinary shares Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary 6 Lechner Ödön fasor, Budapest, 1096, Hungary Vodafone Magyarorszag Mobile Tavkozlesi Zartkoruen Mukodo Reszvenytarsasag 100.00 Series A registered common shares HU‐1087 Budapest, Hungária körút 40‐44., Hungary VSSB Vodafone Shared Services Budapest Private Limited Company 100.00 Registered ordinary shares India 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Bengaluru, Karnataka, 560103, India Cable and Wireless Global (India) Private Limited 100.00 Ordinary shares Cable & Wireless Networks India Private Limited 100.00 Equity shares Cable and Wireless (India) Limited (India branch) 100.00 Branch 127, Maker Chamber III, Nariman Point, Mumbai, Maharashtra, 400021, India AG Mercantile Company Private Limited 100.00 Equity shares Jaykay Finholding (India) Private Limited 100.00 Equity shares MV Healthcare Services Private Limited 100.00 Equity shares, Preference shares Nadal Trading Company Private Limited 100.00 Equity shares ND Callus Info Services Private Limited 100.00 Equity shares Omega Telecom Holdings Private Limited 100.00 Equity shares Plustech Mercantile Company Private Limited 100.00 Equity shares, Preference shares SMMS Investments Pvt Limited 100.00 Equity shares, Non-convertible cumulative redeemable preference shares Telecom Investments India Private Limited 100.00 Equity shares, Preference shares UMT Investments Limited 100.00 Equity shares 8th Floor, RDB Boulevard, Plot K-1, Block- EP & GP, Sector – V, Saltlake City, Kolkata, West Bengal, 700091, India Usha Martin Telematics Limited 100.00 Equity shares Business Mantri, Tower A, 3rd Floor, S No.197, Wing A1 & A2, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India Vodafone Global Services Private Limited 100.00 Equity shares C‑48, Okhla Industrial Estate, Phase - II, New Delhi, 110 020, India Vodafone Towers Limited 100.00 Equity shares Indiabulls Finance Center, 1201, 12 Floor, Tower 1, Senapati Bapat Road, Elphinstone (West), Maharashtra, 400013, India Scorpios Beverages Pvt. Ltd 100.00 Equity shares Vodafone India Services Private Limited 100.00 Ordinary shares Peninsula Corporate Park, Ganpatro Kadam Marg, Lower Parel, Mumbai, Maharashtra, 400013, India Mobile Commerce Solutions Limited 100.00 Equity shares Vodafone Foundation 100.00 Equity shares Vodafone India Digital Limited 100.00 Equity shares Vodafone India Limited 100.00 Equity shares Vodafone India Ventures Limited 100.00 Ordinary shares Vodafone Mobile Services Limited 100.00 Equity shares Vodafone m-pesa Limited 100.00 Equity shares Vodafone Technology Solutions Limited 100.00 Equity shares Plot No 54, Marol Co-op Industrial Area, Makwana, Off Andheri Kurla Road, Andheri East, Mumbai, Mumbai, Maharashtra, 400059, India You Broadband India Limited 100.00 Equity shares You System Integration Private Limited 100.00 Equity shares Skyline Ikon, 1st Floor, 86/92, Andheri Kurla Road, Marol Naka, Andheri East, Mumbai, Maharashtra, 400059, India Connect (India) Mobile Technologies Private Limited 100.00 Equity shares Vodafone House, Corporate Road, Prahladnag Off S. G. Highway, Ahmedabad, Gujarat, 38005 ar, 1, India Vodafone Business Services Limited 100.00 Equity shares Ireland 2nd Floor, The Iveagh Building, The Park, Carrickmines, Dublin 18, Ireland Eudokia Limited 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland Cable & Wireless GN Limited 100.00 Ordinary shares Stentor Limited 100.00 Ordinary shares VF Ireland Property Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Distribution Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy Piazzale Luigi Cadorna, 4, 20123, Milano, Italy Vodafone Global Enterprise (Italy) S.R.L 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea, Tourin, Italy 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 Japan 15th Floor, The Imperial Hotel Tower, 1-1, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo, 100-0005, Japan Vodafone Enterprise U.K. (Japanese Branch) 100.00 Branch KAKiYa building, 9F, 2‑7‑17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222‑0033, Japan Vodafone Automotive Japan K.K 100.00 Ordinary shares The Imperial Hotel Tower, 15F, 1-1-1 Uchisaiwai-cho, Chiyoda, Tokyo, 100-0011, Japan Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey 44 Esplanade, St Helier, JE4 9WG, Jersey 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance Limited 100.00 Ordinary shares Vodafone Holdings (Jersey) Limited 100.00 Ordinary shares Vodafone International 2 Limited 100.00 Ordinary shares Vodafone Jersey Dollar Holdings Limited 100.00 Limited liability shares Vodafone Jersey Finance 100.00 Ordinary shares, B shares, C shares, D shares, F shares, G shares Vodafone Jersey Yen Holdings Unlimited 100.00 Limited Liability shares Kenya 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya Vodafone Kenya Limited 2 68.95 Ordinary shares M-PESA Holding Co. Limited 100.00 Equity shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya Vodacom Business (Kenya) Limited 2 51.62 Ordinary shares, Ordinary B shares Korea, Republic of 3rd Floor, 54 Gongse-ro, Gieheung-gu, Yongin-si, Vodafone Automotive Korea Limited 100.00 Ordinary shares ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho Vodacom Park, 585 Mabile Road, 3rd Floor; Maseru, Lesotho Vodacom Lesotho (Pty) Limited 2 51.62 Ordinary shares Luxembourg 13 rue Edward Steichen, Luxembourg, 2540, Luxembourg Tomorrow Street GP S.à r.l. 100.00 Ordinary shares 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg Vodafone Asset Management ServicesS.àr.l. 100.00 Ordinary shares Vodafone Enterprise Global BusinessesS.àr.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg 5 S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Real Estate S.à.r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à.r.l. 100.00 Ordinary shares Malaysia Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta SkyParks Business Centre, Malta International Airport, Luqa, LQA 4000, Malta Multi Risk Indemnity Company Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Multi Risk Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Vodafone Malta Limited 100.00 Ordinary shares Mauritius DTOS Ltd, 10th Floor, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius Mobile Wallet VM1 2 64.52 Ordinary shares Mobile Wallet VM2 2 64.52 Ordinary shares Fifth Floor, Ebene Esplanade, 24 Cybercity, Ebene, Mauritius Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Suite 214, 2nd Floor, Grand Bay Business Park, Grand Bay, Mauritius VBA (Mauritius) Limited 2 64.52 Ordinary shares, Redeemable preference shares Vodacom International Limited 2 64.52 Ordinary shares, Non-cumulative Mexico Insurgentes Sur #1377 8th Floor, Colonia Insurgentes Mixcoac, Mexico City, Mexico 03920 Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Morocco 129 Rue du Prince Moulay, Abdellah, Casablanca, Morocco Vodafone Maroc SARL 79.75 Ordinary shares Mozambique Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique VM, SA 2 54.84 Ordinary shares 64.52 Redeemable preference shares Vodafone M-Pesa, S.A 2 54.84 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. 100.00 Ordinary shares New Zealand 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand Vodafone Mobile NZ Limited 100.00 Ordinary shares Vodafone New Zealand Foundation Limited 100.00 Ordinary shares Vodafone New Zealand Holdings Limited 100.00 Ordinary shares Vodafone New Zealand Limited 100.00 Ordinary shares Vodafone Next Generation Services Limited 100.00 Ordinary shares 8 Butler Street, Timaru, 7910, New Zealand Farmside Limited 70.00 Ordinary shares Farmside Technologies Limited 70.00 Ordinary shares MyFarmside Limited 70.00 Ordinary shares Nigeria 3A Aja Nwachukwu Close, Ikoyi, Lagos, Nigeria Spar Aerospace (Nigeria) Limited 2 64.52 Ordinary shares Vodacom Business Africa (Nigeria) Limited 2 64.52 Ordinary shares, Preference shares Ict Lawyers & Consultants, 2nd Floor, Oakland Center, C&W Worldwide Nigeria Limited 100.00 Ordinary shares Norway c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom Vodafone Limited (Norway Branch) 100.00 Branch % of share class held by Group Company name Companies Share class Portugal Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal Oni Way – Infocomunicacoes, S.A. 100.00 Ordinary shares Vodafone Portugal – Comunicacoes Pessoais, S.A. 1 100.00 Ordinary shares Av. da República, 50 - 10º, 1069‑211, Lisboa, Portugal Vodafone Enterprise Spain, S.L.U. – PORTUGAL BRANCH 100.00 Branch Romania 201 Barbu Vacarescu, 8th Floor, 1st District, Bucharest, Romania, 020276, Romania Vodafone Romania S.A 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucureşti, Romania Vodafone România M - Payments SRL 100.00 Ordinary shares Vodafone România Technologies SRL 100.00 Ordinary shares Sectorul 4, Strada Oltenitei, Nr. 2, Etaj 3, Bucureşti, Romania Vodafone Shared Services Romania SRL 100.00 Ordinary shares Russian Federation 4A, Atarbekova Street, Moscow, 107076, Russian Federation Vodafone Global Enterprise Russia LLC 100.00 Equity shares Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Seychelles F20, 1st Floor, Eden Plaza, Eden Island, Seychelles Cavalry Holdings Ltd 2 31.61 Ordinary A shares East Africa Investments (Mauritius) Limited 2 31.61 Ordinary A shares Sierra Leone 12 White Street, Brookfield, Off Railway Line, Freetown, Sierra Leone VBA International (SL) Limited 2 64.52 Ordinary shares Singapore Asia Square Tower 2, 12 Marina View, #17‑01, Singapore, 018961, Singapore Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia Zochova 6-8, Bratislava, 811 03, Slovakia Vodafone Global Network Limited – Slovakia Branch 100.00 Branch South Africa 15 Burnside Island, 410 Jan Smuts Avenue, Craighall, 2024, South Africa XLink Communications (Proprietary) Limited 2 60.49 Ordinary A Shares 319 Frere Road, Glenwood, 4001, South Africa Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 76 Maude Street, Sandton, Johannesberg, 2196, South Africa Waterberg Lodge (Proprietary) Limited 2 30.25 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa GS Telecom (Pty) Limited 2 64.52 Ordinary shares Jupicol (Proprietary) Limited 2 42.34 Ordinary shares Mezzanine Ware Proprietary Limited (RF) 2 54.44 Ordinary shares Motifpros 1 (Proprietary) Limited 2 60.49 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 2 60.49 Ordinary shares Storage Technology Services (Pty) Limited 2 30.85 Ordinary shares Vodacom (Pty) Limited 2 60.49 Ordinary shares Vodacom Business Africa Group (Pty) Limited 2 64.52 Ordinary shares Vodacom Financial Services (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Group Limited 2 64.52 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Insurance Company (RF) Limited 2 60.49 Ordinary shares Vodacom International Holdings (Pty) Limited 2 64.52 Ordinary shares Vodacom Life Assurance Company (RF) Limited 2 60.49 Ordinary shares Vodacom Payment Services (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Properties No.2 (Pty) Limited 2 60.49 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 2 64.52 Ordinary shares Spain Antracita, 7 – 28045, Madrid CIF B‑91204453, Spain Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain Vodafone Enabler España, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary shares Vodafone Espana S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios S.L.U. 100.00 Ordinary shares Sweden c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden Vodafone Enterprise Sweden AB 100.00 Ordinary shares Switzerland Schiffbaustrasse 2, 8005, Zurich, Switzerland Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Schoenburgstrasse 41, 3013, Bern, Switzerland Vodafone International 1 S.a.r.l. Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Investments Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Luxembourg 5 S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Via Franscini 10, 6850 Mendrisio, Switzerland Vodafone Automotive Telematics S.A 100.00 Ordinary shares World Trade Center, Lia Lugano 13, 6982, Agno, Ticino, Switzerland Vodafone Enterprise Switzerland AG - AGNO BRANCH 100.00 Branch Taiwan 13F, No. 156, Sec. 3, Minsheng E. Rd., Songshan District, Taipei City, 10596, Taiwan Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of Gateway Communications Tanzania Limited 2 63.87 Ordinary shares 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of M-Pesa Limited 2 39.74 Ordinary shares Shared Networks Tanzania Limited 2 39.75 Ordinary shares Vodacom Tanzania Limited Zanzibar 3 39.75 Ordinary shares Vodacom Tanzania Public Limited Company 2 39.75 Ordinary shares Plot no. 77, Kipawa, Nyerere Road, PO Box 40954, Dar es Sala, Tanzania, United Republic of Mirambo Limited 2 31.61 Ordinary shares Turkey Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, Turkey, 34398, Turkey Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim Hizmetleri A.S. 100.00 Registered shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.Ş. 100.00 Registered shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Net İletişim Hizmetleri A.Ş. 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 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 Dubai, United Arab Emirates Vodafone Enterprise Europe (UK) Limited – DUBAI BRANCH 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 Imperial House, 4–10 Donegall Square East, Belfast, BT1 5HD Vodafone (NI) Limited 100.00 Ordinary shares Leven House, 10 Lochside Place, Edinburgh Park, Edinburgh, Scotland, EH12 9RG, United Kingdom Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Woodend Cellular Limited 100.00 Ordinary shares Woodend Communications Limited 100.00 Ordinary shares Woodend Group Limited 100.00 Ordinary shares Woodend Holdings 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 Shuttleworh House, 21 Bridgewater Close, Network 65 Business Park, Hapton, Burnley, Lancashire, Navtrak Ltd 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Staple Court, 11 Staple Inn Building, London, WC1V 7QH, United Kingdom Gateway Communications Africa (UK) Limited 2 64.52 Ordinary shares Vodacom Business Africa Group 64.52 Ordinary shares Services Limited2 preference shares Vodacom UK Limited 2 64.52 Ordinary shares, Ordinary A shares, Ordinary B shares, Irredeemable preference shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom AAA (Euro) Limited 100.00 Ordinary shares Acorn Communications Limited 100.00 Ordinary shares Apollo Submarine Cable System Limited 100.00 Ordinary shares Aspective Limited 100.00 Ordinary shares, A Preference shares, B Preference shares and C Preference shares Astec Communications Limited 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary shares, A Preference shares, B Preference shares and C Preference shares Ordinary D shares C.S.P. Solutions Limited 100.00 Ordinary 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 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless UK Services Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares Cable & Wireless Worldwide Voice Messaging Limited 100.00 Ordinary shares Cable and Wireless (India) Limited 100.00 Ordinary shares Cable and Wireless Nominee Limited 100.00 Ordinary shares Cellops Limited 100.00 Ordinary shares Cellular Operations Limited 100.00 Ordinary shares Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares CWW Operations Limited 100.00 Ordinary shares Dataroam Limited 100.00 Ordinary shares, Ordinary A shares Emtel Europe Limited 100.00 Ordinary shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares Flexphone Limited 100.00 Ordinary shares FM Associates (UK) Limited 100.00 Ordinary shares General Mobile Corporation Limited 100.00 Ordinary shares Global Cellular Rental Limited 50.00 Ordinary shares Internet Network Services Limited 100.00 Ordinary shares Isis Telecommunications Management Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares Legend Communications Limited 100.00 Ordinary shares London Hydraulic Power Company 100.00 Ordinary shares, MetroHoldings Limited 100.00 Ordinary shares ML Integration Group Limited 100.00 Ordinary shares ML Integration Services Limited 100.00 Ordinary shares Mobile Phone Centre Limited 100.00 Ordinary shares Nat Comm Air Limited 100.00 Ordinary shares P.C.P. (North West) Limited 100.00 Ordinary shares Peoples Phone Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares PT Network Services Limited 100.00 Ordinary shares PTI Telecom Limited 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Singlepoint (4U) Limited 100.00 Ordinary shares Singlepoint Payment Services Limited 100.00 Ordinary shares Stentor Communications Limited 100.00 Ordinary shares (Dissolved1May2018) Talkland Airtime Services Limited 100.00 Ordinary shares Talkland Communications Limited 100.00 Ordinary shares Talkland International Limited 100.00 Ordinary shares Talkland Midlands Limited 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares Ternhill Communications Limited 100.00 Ordinary shares, Non-convertible Redeemable Preference shares The Eastern Leasing Company Limited 100.00 Ordinary shares Thus Limited 100.00 Ordinary shares Townley Communications Limited 100.00 Ordinary shares Uniqueair Limited 100.00 Ordinary shares Vizzavi Limited 100.00 Ordinary shares Voda Limited Ordinary shares; Zero coupon redeemable preference Vodacall Limited 1 100.00 Ordinary shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 4 UK 100.00 Ordinary shares Vodafone 5 Limited 100.00 Ordinary shares Vodafone 5 UK 100.00 Ordinary shares Vodafone 6 UK 100.00 Ordinary shares Vodafone Americas 4 100.00 Ordinary shares Vodafone Benelux Limited 100.00 Preference shares, Ordinary shares Vodafone Business Solutions Limited 100.00 Ordinary shares Vodafone Cellular Limited 1 100.00 Ordinary shares % of share class held by Group Company name Companies Share class Vodafone Central Services Limited 100.00 Ordinary shares Vodafone Connect 2 Limited 100.00 Ordinary shares Vodafone Connect Limited 100.00 Ordinary shares Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 1 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 1 100.00 Ordinary shares Vodafone Distribution Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Corporate Secretaries Limited 100.00 Ordinary shares Vodafone Enterprise Equipment Limited 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited 100.00 Ordinary shares Vodafone Enterprise U.K. 100.00 Ordinary shares 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 Fin |
Schedule of selected financial data | Vodafone Egypt Vodacom Group Limited Telecommunications S.A.E. Vodafone Qatar Q.S.C. €m €m €m €m €m €m Summary comprehensive income information Revenue 5,692 5,294 962 1,333 468 510 Profit/(loss) for the financial year 934 768 206 194 (40) (67) Other comprehensive (expense)/income (8) (10) — — — — Total comprehensive income/(expense) 926 758 206 194 (40) (67) Other financial information Profit/(loss) for the financial year allocated to non-controlling interests 342 257 93 82 (31) (52) Dividends paid to non-controlling interests 309 258 1 153 — — Summary financial position information Non-current assets 6,433 6,213 985 1,038 — 1,550 Current assets 2,389 2,023 407 352 — 137 Total assets 8,822 8,236 1,392 1,390 — 1,687 Non-current liabilities (2,151) (2,368) (46) (25) — (266) Current liabilities (2,104) (1,825) (522) (656) — (226) Total assets less total liabilities 4,567 4,043 824 709 — 1,195 Equity shareholders' funds 3,595 3,379 491 433 — 275 Non-controlling interests 972 664 333 276 — 920 Total equity 4,567 4,043 824 709 — 1,195 Statement of cash flows Net cash flow from operating activities 1,727 1,702 307 520 115 134 Net cash flow from investing activities (541) (788) (145) (609) (119) (93) Net cash flow from financing activities (879) (777) (55) (328) (33) (32) Net cash flow 307 137 107 (417) (37) 9 Cash and cash equivalents brought forward 619 464 57 619 43 31 Exchange gain/(loss) on cash and cash equivalents (39) 18 (5) (145) (6) 3 Cash and Cash Equivalents 887 619 159 57 — 43 |
Subsidiaries exempt from audit
Subsidiaries exempt from audit (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Subsidiaries exempt from audit | |
Schedule of subsidiaries exempt from audit | – Name Registration number Cable & Wireless Aspac Holdings Limited Cable & Wireless CIS Services Limited Cable & Wireless Europe Holdings Limited Cable & Wireless Global Business Services Limited Cable & Wireless Global Holding Limited Cable & Wireless UK Holdings Limited Cable & Wireless Worldwide Limited Cable & Wireless Worldwide Voice Messaging Limited Cable and Wireless Nominee Limited Central Communications Group Limited Energis (Ireland) Limited NI035793 Energis Communications Limited Energis Squared Limited Internet Network Services Limited Legend Communications Limited MetroHoldings Limited ML Integration Group Limited ML Integration Services Limited Singlepoint (4U) Limited The Eastern Leasing Company Limited Thus Group Holdings Limited SC192666 Thus Group Limited SC226738 Vizzavi Finance Limited Voda Limited Vodafone (New Zealand) Hedging Limited Vodafone 2 Vodafone 4 UK Vodafone 5 Limited Vodafone 5 UK Vodafone Americas 4 Vodafone Benelux Limited Vodafone Business Solutions Limited Vodafone Cellular Limited Vodafone Connect Limited Vodafone Consolidated Holdings Limited Vodafone Distribution Holdings Limited Vodafone Enterprise Equipment Limited Vodafone Enterprise Europe (UK) Limited Vodafone Euro Hedging Limited Vodafone Euro Hedging Two Vodafone Europe UK Vodafone European Investments Vodafone European Portal Limited Vodafone Finance Luxembourg Limited Vodafone Finance Sweden Vodafone Finance UK Limited Vodafone Financial Operations Vodafone Global Content Services Limited Vodafone Holdings Luxembourg Limited Vodafone Intermediate Enterprises Limited Vodafone International 2 Limited BR009978 Vodafone International Holdings Limited Vodafone International Operations Limited Vodafone Investment UK Vodafone Investments Limited Vodafone IP Licensing Limited Vodafone Marketing UK Vodafone Mobile Communications Limited Vodafone Mobile Enterprises Limited Vodafone Mobile Network Limited Vodafone Nominees Limited Vodafone Oceania Limited Vodafone Overseas Finance Limited Vodafone Overseas Holdings Limited Vodafone Panafon UK Vodafone Property Investments Limited Vodafone Retail (Holdings) Limited Vodafone Retail Limited Vodafone UK Limited Vodafone Worldwide Holdings Limited Vodafone Yen Finance Limited Vodafone ‐ Central Limited Vodaphone Limited Vodata Limited Woodend Holdings Limited SC128335 Your Communications Group Limited London Hydraulic Power Company (The) ZC000055 Vodafone Enterprise Corporate Secretaries Ltd (formerly Intercell Limited) Vodafone Corporate Secretaries Limited |
Basis of preparation (Details)
Basis of preparation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Basis of Preparation | |||
Minimum undiscounted forecast period for assessing future taxable profits | 5 years | ||
Threshold forecast period of recovery of tax losses | 5 years | ||
Portion of property, plant and equipment in total assets (as a percent) | 19.50% | 19.50% | |
Minimum compound annual growth rate in adjusted EBITDA for five years forecast (in years) | 6 years | ||
Maximum compound annual growth rate in adjusted EBITDA for five years forecast (in years) | 10 years | ||
Net foreign exchange gain (loss) | € 295 | € (637) | € (1,141) |
Net foreign exchange loss | 181 | 533 | 299 |
Operating profit | |||
Basis of Preparation | |||
Net foreign exchange loss | 133 | ||
Net foreign exchange gain | 65 | 24 | |
Non-operating income and expense | |||
Basis of Preparation | |||
Net foreign exchange loss | 0 | 0 | 282 |
Investment and financing income | |||
Basis of Preparation | |||
Net foreign exchange loss | 505 | 872 | |
Net foreign exchange gain | 141 | ||
Income tax expense | |||
Basis of Preparation | |||
Net foreign exchange loss | € 11 | ||
Net foreign exchange gain | € 9 | € 1 |
Basis of preparation - New acco
Basis of preparation - New accounting pronouncements to be adopted (Details) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 EUR (€) | Apr. 01, 2018 EUR (€) | Mar. 31, 2017 EUR (€) | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Retained earnings | € (106,695) | € (105,851) | |
Maximum | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Retained earnings | € 2,100 | ||
Estimated percentage of reduction in revenue | 3 | ||
Minimum | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Retained earnings | 2,800 | ||
Estimated percentage of reduction in revenue | 2 | ||
IFRS 9 - Financial Instruments | Maximum | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Retained earnings | 300 | ||
IFRS 9 - Financial Instruments | Minimum | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Retained earnings | € 200 | ||
IFRS - 15 Revenue from Contracts with Customers | Maximum | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Percentage of Points Reduced in Service Revenue Due to Increased Allocation of Customer Receipts | 4.50% | ||
IFRS - 15 Revenue from Contracts with Customers | Minimum | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Percentage of Points Reduced in Service Revenue Due to Increased Allocation of Customer Receipts | 2.50% |
Segmental analysis - Segmental
Segmental analysis - Segmental revenue and profit (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segmental revenue and profit | |||
Revenue | € 46,571 | € 47,631 | € 49,810 |
Adjusted EBITDA | 14,737 | 14,149 | 14,155 |
Revenue from sale of goods | 4,718 | 4,029 | 4,472 |
Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 46,758 | 47,713 | 49,920 |
Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (160) | (177) | (158) |
Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 46,918 | 47,890 | 50,078 |
Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (187) | (82) | (110) |
Europe | |||
Segmental revenue and profit | |||
Revenue | 33,848 | 34,516 | 36,437 |
Adjusted EBITDA | 11,036 | 10,283 | 10,485 |
Europe | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 33,888 | 34,550 | 36,462 |
Europe | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (160) | (177) | (158) |
Europe | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 34,048 | 34,727 | 36,620 |
Europe | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (40) | (34) | (25) |
Germany | |||
Segmental revenue and profit | |||
Revenue | 10,800 | 10,547 | 10,581 |
Adjusted EBITDA | 4,010 | 3,617 | 3,462 |
Germany | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 10,818 | 10,568 | 10,590 |
Germany | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (29) | (32) | (36) |
Germany | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 10,847 | 10,600 | 10,626 |
Germany | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (18) | (21) | (9) |
Italy | |||
Segmental revenue and profit | |||
Revenue | 6,171 | 6,070 | 5,985 |
Adjusted EBITDA | 2,329 | 2,229 | 2,015 |
Italy | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 6,174 | 6,071 | 5,986 |
Italy | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (30) | (30) | (22) |
Italy | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 6,204 | 6,101 | 6,008 |
Italy | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (3) | (1) | (1) |
UK | |||
Segmental revenue and profit | |||
Revenue | 7,050 | 6,896 | 8,401 |
Adjusted EBITDA | 1,762 | 1,212 | 1,756 |
UK | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 7,057 | 6,902 | 8,410 |
UK | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (21) | (23) | (18) |
UK | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 7,078 | 6,925 | 8,428 |
UK | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (7) | (6) | (9) |
Spain | |||
Segmental revenue and profit | |||
Revenue | 4,941 | 4,935 | 4,930 |
Adjusted EBITDA | 1,420 | 1,360 | 1,250 |
Spain | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 4,943 | 4,936 | 4,932 |
Spain | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (35) | (37) | (27) |
Spain | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 4,978 | 4,973 | 4,959 |
Spain | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (2) | (1) | (2) |
Other Europe | |||
Segmental revenue and profit | |||
Revenue | 4,886 | 6,068 | 6,540 |
Adjusted EBITDA | 1,515 | 1,865 | 2,002 |
Other Europe | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 4,896 | 6,073 | 6,544 |
Other Europe | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (45) | (55) | (55) |
Other Europe | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 4,941 | 6,128 | 6,599 |
Other Europe | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (10) | (5) | (4) |
AMAP | |||
Segmental revenue and profit | |||
Revenue | 11,430 | 11,759 | 11,871 |
Adjusted EBITDA | 3,757 | 3,854 | 3,706 |
AMAP | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 11,462 | 11,773 | 11,891 |
AMAP | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 11,462 | 11,773 | 11,891 |
AMAP | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (32) | (14) | (20) |
Vodacom | |||
Segmental revenue and profit | |||
Revenue | 5,685 | 5,294 | 5,325 |
Adjusted EBITDA | 2,203 | 2,063 | 2,028 |
Vodacom | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 5,692 | 5,294 | 5,325 |
Vodacom | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 5,692 | 5,294 | 5,325 |
Vodacom | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (7) | ||
Other AMAP | |||
Segmental revenue and profit | |||
Revenue | 5,745 | 6,465 | 6,546 |
Adjusted EBITDA | 1,554 | 1,791 | 1,678 |
Other AMAP | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 5,770 | 6,479 | 6,566 |
Other AMAP | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 5,770 | 6,479 | 6,566 |
Other AMAP | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (25) | (14) | (20) |
Common Functions | |||
Segmental revenue and profit | |||
Revenue | 1,293 | 1,356 | 1,502 |
Adjusted EBITDA | (56) | 12 | (36) |
Common Functions | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 1,408 | 1,390 | 1,567 |
Common Functions | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 1,408 | 1,390 | 1,567 |
Common Functions | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | € (115) | € (34) | € (65) |
Segmental analysis - Reconcilia
Segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment analysis | |||
Adjusted EBITDA | € 14,737 | € 14,149 | € 14,155 |
Depreciation, amortisation and loss on disposal of fixed assets | (9,910) | (10,179) | (10,386) |
Share of results of equity accounted associates and joint ventures, net amortisation | 389 | 164 | 60 |
Adjusted operating profit | 5,216 | 4,134 | 3,829 |
Impairment losses | (569) | ||
Restructuring costs | (156) | (415) | (316) |
Amortisation of acquired customer based and brand intangible assets | (974) | (1,046) | (1,338) |
Other income /(expenses) | 213 | 1,052 | (286) |
Operating profit | 4,299 | 3,725 | 1,320 |
Amortisation of acquired customer based and brand intangible assets not adjusted in share of results of equity accounted associates and joint ventures | € 400 | € 100 | € 0 |
Segmental analysis - Segmenta_2
Segmental analysis - Segmental assets and cash flow (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segmental assets and cash flow | |||
Non-current assets | € 71,582 | € 76,424 | € 94,079 |
Capital expenditure | 7,321 | 7,484 | 11,661 |
Other expenditure on intangible assets | 747 | 359 | 7,541 |
Depreciation and amortisation | 10,409 | 11,086 | 11,697 |
Impairment losses | (569) | ||
Operating free cash flow | 7,001 | 5,627 | 3,208 |
Europe | |||
Segmental assets and cash flow | |||
Non-current assets | 60,158 | 62,670 | 66,642 |
Capital expenditure | 4,932 | 5,038 | 7,638 |
Other expenditure on intangible assets | 746 | 40 | 2,953 |
Depreciation and amortisation | 8,637 | 9,157 | 9,717 |
Impairment losses | (569) | ||
Operating free cash flow | 5,578 | 3,930 | 2,093 |
Germany | |||
Segmental assets and cash flow | |||
Non-current assets | 25,444 | 26,694 | 28,210 |
Capital expenditure | 1,673 | 1,671 | 2,362 |
Other expenditure on intangible assets | 24 | 2,081 | |
Depreciation and amortisation | 3,095 | 3,320 | 3,330 |
Operating free cash flow | 2,147 | 1,749 | 866 |
Italy | |||
Segmental assets and cash flow | |||
Non-current assets | 9,232 | 9,157 | 9,799 |
Capital expenditure | 797 | 793 | 1,516 |
Other expenditure on intangible assets | 629 | 2 | 232 |
Depreciation and amortisation | 1,479 | 1,603 | 1,668 |
Operating free cash flow | 1,607 | 1,161 | 496 |
UK | |||
Segmental assets and cash flow | |||
Non-current assets | 7,465 | 8,210 | 9,496 |
Capital expenditure | 889 | 950 | 1,210 |
Other expenditure on intangible assets | 141 | ||
Depreciation and amortisation | 1,600 | 1,768 | 1,902 |
Operating free cash flow | 408 | 57 | 334 |
Spain | |||
Segmental assets and cash flow | |||
Non-current assets | 10,576 | 11,035 | 11,569 |
Capital expenditure | 863 | 746 | 1,178 |
Other expenditure on intangible assets | 491 | ||
Depreciation and amortisation | 1,371 | 1,378 | 1,446 |
Operating free cash flow | 628 | 344 | (149) |
Other Europe | |||
Segmental assets and cash flow | |||
Non-current assets | 7,441 | 7,574 | 7,568 |
Capital expenditure | 710 | 878 | 1,372 |
Other expenditure on intangible assets | 93 | 38 | 8 |
Depreciation and amortisation | 1,092 | 1,088 | 1,371 |
Impairment losses | (569) | ||
Operating free cash flow | 788 | 619 | 546 |
AMAP | |||
Segmental assets and cash flow | |||
Non-current assets | 9,448 | 11,817 | 25,570 |
Capital expenditure | 1,492 | 1,531 | 3,122 |
Other expenditure on intangible assets | 1 | 319 | 4,588 |
Depreciation and amortisation | 1,699 | 1,891 | 1,895 |
Operating free cash flow | 2,178 | 2,294 | 1,574 |
India | |||
Segmental assets and cash flow | |||
Non-current assets | 13,474 | ||
Capital expenditure | 1,102 | ||
Other expenditure on intangible assets | 3,751 | ||
Vodacom | |||
Segmental assets and cash flow | |||
Non-current assets | 5,841 | 6,039 | 5,290 |
Capital expenditure | 763 | 736 | 847 |
Other expenditure on intangible assets | 1 | 2 | 23 |
Depreciation and amortisation | 776 | 738 | 725 |
Operating free cash flow | 1,453 | 1,347 | 1,071 |
Other AMAP | |||
Segmental assets and cash flow | |||
Non-current assets | 3,607 | 5,778 | 6,806 |
Capital expenditure | 729 | 795 | 1,173 |
Other expenditure on intangible assets | 317 | 814 | |
Depreciation and amortisation | 923 | 1,153 | 1,170 |
Operating free cash flow | 725 | 947 | 503 |
Common Functions | |||
Segmental assets and cash flow | |||
Non-current assets | 1,976 | 1,937 | 1,867 |
Capital expenditure | 897 | 915 | 901 |
Depreciation and amortisation | 73 | 38 | 85 |
Operating free cash flow | € (755) | € (597) | € (459) |
Operating profit (Details)
Operating profit (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Profit | |||
Net foreign exchange (gains)/losses | € (295) | € 637 | € 1,141 |
Depreciation of property, plant and equipment (note 11): | |||
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | 569 | ||
Staff costs (note 25) | 5,076 | 5,519 | 5,804 |
VodafoneZiggo Group Holding B.V. | |||
Operating Profit | |||
Net foreign exchange (gains)/losses | (65) | 133 | (24) |
Depreciation of property, plant and equipment (note 11): | |||
Owned assets | 5,963 | 6,253 | 6,333 |
Leased assets | 47 | 12 | 45 |
Amortisation of intangible assets (note 10) | 4,399 | 4,821 | 5,319 |
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | 569 | ||
Staff costs (note 25) | 5,295 | 5,519 | 5,804 |
Cost of inventories recognised as expense during period | 6,045 | 6,464 | 7,739 |
Operating lease rentals payable | 3,788 | 3,976 | 2,464 |
Loss on disposal of property, plant and equipment and intangible assets | 36 | 22 | 27 |
Own costs capitalised attributable to the construction or acquisition of property, plant and equipment | (829) | (800) | € (764) |
Net gain on formation of VodafoneZiggo (note 28) | (1,275) | ||
Net foreign exchange losses/(gains) reported in other income and expense | € 80 | € (127) |
Operating profit - Remuneration
Operating profit - Remuneration of Group's auditor (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Remuneration of Group's auditor | |||
Audit fees: | € 21 | € 16 | € 15 |
Audit-related fees | 5 | 4 | 2 |
Non-audit fees: | 5 | 4 | 2 |
Total fees | 26 | 20 | 17 |
Parent company | |||
Remuneration of Group's auditor | |||
Audit fees: | 2 | 2 | 2 |
Subsidiaries | |||
Remuneration of Group's auditor | |||
Audit fees: | 14 | 13 | € 13 |
Subsidiaries | New accounting standards | |||
Remuneration of Group's auditor | |||
Audit fees: | € 5 | € 1 |
Impairment losses (Details)
Impairment losses (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Impairment losses | |||
Impairment losses | € 569 | ||
Tax credit relating to impairment | € 925 | € 840 | |
Vodafone India Discontinued Operations [Member] | |||
Impairment losses | |||
Non-cash charges before tax | 3,170 | 4,515 | |
Non-cash charges net of tax | € 2,245 | 3,675 | |
Tax credit relating to impairment | € 840 | ||
Goodwill. | |||
Impairment losses | |||
Management plans period (in years) | 5 years | ||
Impairment losses | 569 | ||
Romania | Goodwill. | |||
Impairment losses | |||
Impairment losses | € 569 |
Impairment losses - Goodwill (D
Impairment losses - Goodwill (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Impairment losses | ||
Goodwill | € 26,734 | € 26,808 |
Europe | ||
Impairment losses | ||
Goodwill | 19,947 | 19,947 |
Germany | ||
Impairment losses | ||
Goodwill | 12,479 | 12,479 |
Italy | ||
Impairment losses | ||
Goodwill | 3,654 | 3,654 |
Spain | ||
Impairment losses | ||
Goodwill | 3,814 | 3,814 |
AMAP | ||
Impairment losses | ||
Goodwill | € 6,787 | € 6,861 |
Impairment losses - Key assumpt
Impairment losses - Key assumptions used in value in use calculations (Details) € in Millions, ₨ in Billions | 12 Months Ended | ||||
Mar. 31, 2018 EUR (€) | Mar. 31, 2017 EUR (€) | Mar. 31, 2016 EUR (€) | Mar. 31, 2017 INR (₨) | Mar. 31, 2017 EUR (€) | |
Impairment losses | |||||
Key assumptions cash flow forecast period for licence and spectrum payments initial period for renewals and newly available spectrum | 5 years | ||||
Key assumptions period for management plan used in long term growth rate. | 5 years | ||||
Key assumption long term compound annual growth rate minimum period for estimates made by management | 6 years | ||||
Key assumption long term compound annual growth rate maximum period for estimates made by management | 10 years | ||||
Key assumption period management used forward looking equity market risk premium | 10 years | ||||
Impairment losses | € 569 | ||||
Germany (VDSL spend) | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 7,700 | € 2,000 | € 3,500 | ||
Assumptions used in value in use calculation | |||||
Pre-tax adjusted discount rate (as a percent) | 8.30% | 8.20% | 8.40% | 8.40% | |
Long-term growth rate (as a percent) | 0.50% | 0.50% | 0.50% | 0.50% | |
Projected adjusted EBITDA (as a percent) | 3.70% | 3.10% | 3% | 3% | |
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 2% | 0.90% | 0.50% | ||
Long-term growth rate (as a percent) | (2.30%) | (1.00%) | (0.50%) | ||
Projected adjusted EBITDA (as a percent) | (3.30%) | (1.60%) | (0.90%) | ||
Projected capital expenditure (as a percent) | 16.30% | 7.60% | 4.40% | ||
Spain | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 300 | € 1,000 | € 1,000 | ||
Assumptions used in value in use calculation | |||||
Pre-tax adjusted discount rate (as a percent) | 9.70% | 9.70% | 9.70% | 9.70% | |
Long-term growth rate (as a percent) | 1.50% | 1.50% | 1.50% | 1.50% | |
Projected adjusted EBITDA (as a percent) | 5.90% | 8.80% | 7.90% | 7.90% | |
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 0.20% | 0.60% | 0.60% | ||
Long-term growth rate (as a percent) | (0.20%) | (0.70%) | (0.80%) | ||
Projected adjusted EBITDA (as a percent) | (0.30%) | (1.10%) | (1.20%) | ||
Projected capital expenditure (as a percent) | 1.40% | 4.40% | 4.80% | ||
Italy | |||||
Assumptions used in value in use calculation | |||||
Pre-tax adjusted discount rate (as a percent) | 10.40% | 10.30% | 10.30% | ||
Long-term growth rate (as a percent) | 1% | 1% | 1% | ||
Projected adjusted EBITDA (as a percent) | (2.60%) | (0.80%) | (0.80%) | ||
Romania | |||||
Impairment losses | |||||
Impairment losses | € 569 | ||||
Recoverable amount that exceeds carrying value | € 0 | € 200 | |||
Recoverable amount | € 900 | ||||
Assumptions used in value in use calculation | |||||
Pre-tax adjusted discount rate (as a percent) | 9.80% | 9.70% | 9% | 9% | |
Long-term growth rate (as a percent) | 1.50% | 1% | 1% | 1% | |
Projected adjusted EBITDA (as a percent) | 2.60% | (0.30%) | 0.10% | 0.10% | |
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 0.10% | 1.50% | |||
Long-term growth rate (as a percent) | (0.10%) | (1.70%) | |||
Projected adjusted EBITDA (as a percent) | (0.10%) | (1.90%) | |||
Projected capital expenditure (as a percent) | 0.40% | 7.10% | |||
Assumptions used in impairment review led to increase in impairment loss | |||||
Impairment loss adjustment for pre-tax adjusted discount rate for increase in rate | € (0.2) | ||||
Impairment loss adjustment for long-term growth rate for increase in rate | 0.3 | ||||
Impairment loss adjustment for projected adjusted EBITDA for increase in rate | 0.2 | ||||
Impairment loss adjustment for projected capital expenditures for increase in rate | (0.1) | ||||
Assumptions used in impairment review led to decrease in impairment loss | |||||
Impairment loss adjustment for pre-tax adjusted discount rate decrease in rate | 0.3 | ||||
Impairment loss adjustment for long-term growth rate decrease in rate | (0.2) | ||||
Impairment loss adjustment for projected adjusted EBITDA decrease in rate | (0.2) | ||||
Impairment loss adjustment for projected capital expenditure decrease in rate | € 0.1 | ||||
UK | |||||
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 0.50% | 0.50% | |||
Long-term growth rate (as a percent) | (0.60%) | (0.60%) | |||
Projected adjusted EBITDA (as a percent) | (0.80%) | (0.80%) | |||
Projected capital expenditure (as a percent) | 3.20% | 3.20% | |||
Ireland | |||||
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 0.60% | 0.80% | |||
Long-term growth rate (as a percent) | (0.70%) | (0.90%) | |||
Projected adjusted EBITDA (as a percent) | (1.00%) | (1.20%) | |||
Projected capital expenditure (as a percent) | 4.20% | 4.30% | |||
Portugal | |||||
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 1% | 0.60% | |||
Long-term growth rate (as a percent) | (1.10%) | (0.60%) | |||
Projected adjusted EBITDA (as a percent) | (1.50%) | (0.90%) | |||
Projected capital expenditure (as a percent) | 6.40% | 3.90% | |||
Czech Republic | |||||
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 3.10% | 2.10% | |||
Long-term growth rate (as a percent) | (4.00%) | (2.40%) | |||
Projected adjusted EBITDA (as a percent) | (4.00%) | (2.80%) | |||
Projected capital expenditure (as a percent) | 16.90% | 12% | |||
Vodafone India Discontinued Operations [Member] | |||||
Impairment losses | |||||
Estimated cost synergy (as a percent) | 50% | ||||
Increase in expected cost synergy (as a percent) | 10% | ||||
Decrease in expected cost synergy (as a percent) | 10% | ||||
Increase in asset fair value | € 220 | ||||
Decrease in asset fair value | € 220 | ||||
Change required for carrying value to equal recoverable amount | |||||
Fair value less costs of disposal excluding net debt | ₨ 971 | € 14,000 | |||
Minimum | Germany (VDSL spend) | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 16.60% | 14.50% | 14.90% | 14.90% | |
Minimum | Spain | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 16.80% | 11.20% | 14.30% | 14.30% | |
Minimum | Italy | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 12.10% | 12.70% | 12.70% | ||
Minimum | Romania | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 11.90% | 11.50% | |||
Change required for carrying value to equal recoverable amount | |||||
Projected capital expenditure (as a percent) | 12.60% | ||||
Maximum | Germany (VDSL spend) | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | (18.80%) | 15.60% | 16.50% | 16.50% | |
Maximum | Spain | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | (17.40%) | 19.70% | 15.80% | 15.80% | |
Maximum | Italy | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | (13.30%) | 14.20% | 14.20% | ||
Maximum | Romania | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | (14.60%) | 18.80% | 15.90% | 15.90% |
Investment income and financi_3
Investment income and financing costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Available-for-sale investments: | |||
Dividend received | € 1 | ||
Loans and receivables at amortised cost | € 339 | € 426 | 529 |
Fair value through the income statement (held for trading) | 24 | 20 | 9 |
Other | 322 | 28 | |
Investment income | 685 | 474 | 539 |
Items in hedge relationships: | |||
Other loans | 74 | 170 | 224 |
Interest rate and cross-currency interest rate swaps | (128) | (235) | (127) |
Fair value hedging instrument | 48 | 22 | (140) |
Fair value of hedged item | (36) | (16) | 166 |
Other financial liabilities held at amortised cost: | |||
Bank loans and overdrafts | 317 | 419 | 284 |
Bonds and other loans | 885 | 1,243 | 926 |
Interest (credit) /charge on settlement of tax issues | (11) | 47 | 19 |
Fair value through the income statement (held for trading): | |||
Derivatives - forward starting swaps and futures | (75) | (244) | 121 |
Other | 573 | ||
Financing costs | 1,074 | 1,406 | 2,046 |
Net financing costs | 389 | 932 | 1,507 |
Net foreign exchange loss | 181 | 533 | 299 |
Interest capitalised | € 0 | € 0 | € 0 |
Taxation - Income tax expense (
Taxation - Income tax expense (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Current tax expense/(credit) | |||
Total current tax expense (income) and adjustments for current tax of prior periods | € 1,018 | € 950 | € 757 |
Total deferred tax (credit)/expense | (1,897) | 3,814 | 4,180 |
Total income tax (credit)/expense | (879) | 4,764 | 4,937 |
Tax on discontinued operations | |||
Tax credit on profit from ordinary activities of discontinued operations | (617) | (973) | (514) |
Tax charge relating to the gain on discontinuance | 15 | 95 | |
Total tax credit on discontinued operations | (602) | (878) | (514) |
Tax credit relating to impairment | 925 | 840 | |
Tax charged/(credited) directly to other comprehensive income | |||
Current tax | 22 | (16) | (81) |
Deferred tax | 70 | 44 | 293 |
Total tax charged directly to other comprehensive income | 92 | 28 | 212 |
Tax charged/(credited) directly to equity | |||
Current tax | (8) | ||
Deferred tax | 9 | (9) | 3 |
Total tax (charged)/credited directly to equity | 9 | (9) | (5) |
United Kingdom | |||
Current tax expense/(credit) | |||
Current year | 70 | 27 | (129) |
Adjustments in respect of prior years | (5) | (3) | 53 |
Total current tax expense (income) and adjustments for current tax of prior periods | 65 | 24 | (76) |
Total deferred tax (credit)/expense | 39 | (16) | (32) |
Spectrum Payments | 10,300 | ||
Overseas | |||
Current tax expense/(credit) | |||
Current year | 1,055 | 961 | 812 |
Adjustments in respect of prior years | (102) | (35) | 21 |
Total current tax expense (income) and adjustments for current tax of prior periods | 953 | 926 | 833 |
Total deferred tax (credit)/expense | € (1,936) | € 3,830 | € 4,212 |
Taxation - Factors affecting ta
Taxation - Factors affecting tax expense (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Differences between expected tax expense and total tax expense | |||
Continuing profit/(loss) before tax as shown in the consolidated income statement | € 3,878 | € 2,792 | € (190) |
Aggregated expected income tax expense | 985 | 795 | 85 |
Impairment losses with no tax effect | 168 | ||
Disposal of Group investments | 55 | (271) | 83 |
Effect of taxation of associates and joint ventures, reported within profit before tax | 90 | 23 | (18) |
(Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain | (1,583) | 1,603 | 1,288 |
Deferred tax following revaluation of investments in Luxembourg | (330) | (329) | 3,037 |
Previously unrecognised temporary differences we expect to use in the future | (15) | ||
Previously unrecognised temporary differences utilised in the year | (29) | (11) | (8) |
Current year temporary differences (including losses) that we currently do not expect to use | 20 | 139 | 50 |
Adjustments in respect of prior year tax liabilities | (244) | (107) | (48) |
Revaluation of assets for tax purposes | (39) | ||
Impact of tax credits and irrecoverable taxes | 93 | 98 | (38) |
Deferred tax on overseas earnings | 24 | 26 | 17 |
Effect of current year changes in statutory tax rates on deferred tax balances | (44) | 2,755 | 95 |
Expenses not deductible (income not taxable) for tax purposes | 84 | 97 | 226 |
Total income tax (credit)/expense | € (879) | € 4,764 | € 4,937 |
Taxation - Analysis of movement
Taxation - Analysis of movements in net deferred tax (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Analysis of movements in net deferred tax balance | |||
Beginning balance | € 23,765 | ||
Foreign exchange movements | (25) | ||
Charged to the income statement (continuing operations) | 1,897 | € (3,814) | € (4,180) |
Charged directly to OCI | (70) | ||
Credited directly to equity | (9) | 9 | € (3) |
Reclassifications | (4) | ||
Arising on acquisition and disposals | 2 | ||
Ending balance | € 25,556 | € 23,765 |
Taxation - Deferred tax assets
Taxation - Deferred tax assets and liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Taxation | |||
Amount credited/(expensed) in income statement | € 1,897 | € (3,814) | € (4,180) |
Gross deferred tax asset | 33,653 | 33,432 | |
Gross deferred tax liability | (2,153) | (2,471) | |
Less amounts unrecognised | (5,944) | (7,196) | |
Net recognised deferred tax (liability)/asset | 25,556 | 23,765 | |
Deferred tax assets and liabilities | |||
Deferred tax assets | 26,200 | 24,300 | |
Deferred tax liabilities | (644) | (535) | |
Net deferred tax assets | 25,556 | 23,765 | |
Accelerated tax depreciation | |||
Taxation | |||
Amount credited/(expensed) in income statement | 103 | 160 | |
Gross deferred tax asset | 1,289 | 1,368 | |
Gross deferred tax liability | (1,342) | (1,535) | |
Less amounts unrecognised | (33) | (55) | |
Net recognised deferred tax (liability)/asset | (86) | (222) | |
Deferred tax assets and liabilities | |||
Net deferred tax assets | (86) | (222) | |
Intangible assets | |||
Taxation | |||
Amount credited/(expensed) in income statement | 225 | 353 | |
Gross deferred tax asset | 193 | 127 | |
Gross deferred tax liability | (571) | (715) | |
Less amounts unrecognised | 16 | 16 | |
Net recognised deferred tax (liability)/asset | (362) | (572) | |
Deferred tax assets and liabilities | |||
Net deferred tax assets | (362) | (572) | |
Tax losses | |||
Taxation | |||
Amount credited/(expensed) in income statement | 1,666 | (4,064) | |
Gross deferred tax asset | 30,953 | 30,590 | |
Less amounts unrecognised | (5,904) | (7,138) | |
Net recognised deferred tax (liability)/asset | 25,049 | 23,452 | |
Deferred tax assets and liabilities | |||
Net deferred tax assets | 25,049 | 23,452 | |
Deferred tax on overseas earnings | |||
Taxation | |||
Amount credited/(expensed) in income statement | (24) | (95) | |
Gross deferred tax liability | (108) | (95) | |
Net recognised deferred tax (liability)/asset | (108) | (95) | |
Deferred tax assets and liabilities | |||
Net deferred tax assets | (108) | (95) | |
Other temporary differences | |||
Taxation | |||
Amount credited/(expensed) in income statement | (73) | (168) | |
Gross deferred tax asset | 1,218 | 1,347 | |
Gross deferred tax liability | (132) | (126) | |
Less amounts unrecognised | (23) | (19) | |
Net recognised deferred tax (liability)/asset | 1,063 | 1,202 | |
Deferred tax assets and liabilities | |||
Net deferred tax assets | € 1,063 | € 1,202 |
Taxation - Unused tax losses an
Taxation - Unused tax losses and tax credits (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Income Tax Disclosure [Line Items] | ||
Provision for potential tax liability | € 521 | € 711 |
Losses for which a deferred tax asset is recognised | 103,718 | 97,692 |
Losses for which no deferred tax is recognised | 25,689 | 30,411 |
Total unused tax losses or tax credits | 129,407 | 128,103 |
Within 0 to 5 years | ||
Income Tax Disclosure [Line Items] | ||
Losses for which a deferred tax asset is recognised | 266 | 292 |
Losses for which no deferred tax is recognised | 621 | 352 |
Total unused tax losses or tax credits | 887 | 644 |
Beyond 6 years | ||
Income Tax Disclosure [Line Items] | ||
Losses for which a deferred tax asset is recognised | 65 | |
Losses for which no deferred tax is recognised | 3,074 | 1,503 |
Total unused tax losses or tax credits | 3,074 | 1,568 |
Unlimited | ||
Income Tax Disclosure [Line Items] | ||
Losses for which a deferred tax asset is recognised | 103,452 | 97,335 |
Losses for which no deferred tax is recognised | 21,994 | 28,556 |
Total unused tax losses or tax credits | € 125,446 | € 125,891 |
Taxation - Deferred tax asset_2
Taxation - Deferred tax assets on losses (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income tax expense | ||
Deferred tax assets | € 26,200 | € 24,300 |
Tax losses for which no deferred tax asset recognised | 25,689 | 30,411 |
Tax losses arising from subsidiaries for offset against future capital gains | 7,544 | 7,880 |
Unrecognised other temporary differences | 12 | 108 |
Deferred tax liabilities due to taxation arise if temporary differences on investments realised | 108 | 95 |
Unremitted earnings of subsidiaries, associates and interests in joint ventures for which no deferred tax liability recognised | 16,049 | 20,237 |
Luxemberg | ||
Income tax expense | ||
Losses arising from revaluation of investments | 81,740 | 82,634 |
Deferred tax assets | 21,261 | 19,632 |
Additional deferred tax assets recognised on revaluation of investments | 330 | 329 |
Deferred tax assets, higher interest rates | 1,603 | |
Unused tax losses expired for which no deferred tax asset recognized | 2,587 | 993 |
Tax losses for which no deferred tax asset recognised | 9,132 | 9,132 |
Germany (VDSL spend) | ||
Income tax expense | ||
Losses arising from revaluation of investments | 18,034 | 18,139 |
Deferred tax assets | 2,796 | 2,799 |
Spain | ||
Income tax expense | ||
Deferred tax assets | 880 | 914 |
Deferred tax assets derecognised | 20 | |
Tax losses arising from acquisitions | € 3,521 | € 3,646 |
Minimum | Luxemberg | ||
Income tax expense | ||
Utilisation period of tax losses (in years) | 55 years | |
Percentage of change in forecast income (as a percent) | 5% | |
Change in tax losses utilisation period (in years) | 3 years | |
Minimum | Germany (VDSL spend) | ||
Income tax expense | ||
Utilisation period of tax losses (in years) | 10 years | |
Percentage of change in forecast income (as a percent) | 5% | |
Minimum | Spain | ||
Income tax expense | ||
Utilisation period of tax losses (in years) | 22 years | |
Percentage of change in forecast income (as a percent) | 5% | |
Change in tax losses utilisation period (in years) | 1 year | |
Maximum | Luxemberg | ||
Income tax expense | ||
Utilisation period of tax losses (in years) | 60 years | |
Percentage of change in forecast income (as a percent) | 10% | |
Change in tax losses utilisation period (in years) | 5 years | |
Maximum | Germany (VDSL spend) | ||
Income tax expense | ||
Utilisation period of tax losses (in years) | 12 years | |
Percentage of change in forecast income (as a percent) | 10% | |
Maximum | Spain | ||
Income tax expense | ||
Utilisation period of tax losses (in years) | 25 years | |
Change in tax losses utilisation period (in years) | 2 years |
Discontinued operations and a_3
Discontinued operations and assets held for sale - Discontinued operations (Details) € / shares in Units, ₨ / shares in Units, € in Millions, $ in Millions, ₨ in Billions | 12 Months Ended | ||||||||||||||||
May 14, 2018 EUR (€) | Mar. 20, 2017 | Mar. 31, 2019 EUR (€) | Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) € / shares | Mar. 31, 2017 USD ($) | Mar. 31, 2017 EUR (€) € / shares | Mar. 31, 2016 USD ($) | Mar. 31, 2016 EUR (€) € / shares | Mar. 31, 2019 ₨ / shares | Mar. 31, 2019 EUR (€) ₨ / € | May 14, 2018 ₨ / shares | Mar. 31, 2018 INR (₨) ₨ / € ₨ / shares | Mar. 31, 2018 EUR (€) ₨ / € | Mar. 31, 2017 INR (₨) | Mar. 31, 2017 EUR (€) | Mar. 31, 2015 EUR (€) | |
Income statement and segment analysis of discontinued operations | |||||||||||||||||
Income tax credit/(expense) | € 617 | € 973 | € 514 | ||||||||||||||
Attributable to owners of the parent | $ (1,969) | € (1,969) | $ (4,107) | € (4,107) | $ 5 | € 5 | |||||||||||
(Loss)/earnings per share from discontinued operations | |||||||||||||||||
Basic | € / shares | € (0.0709) | € (0.1468) | € 0.0002 | ||||||||||||||
Diluted | € / shares | € (0.0706) | € (0.1468) | € 0.0002 | ||||||||||||||
Total comprehensive (expense)/income for the financial year from discontinued operations | |||||||||||||||||
(Loss)/profit for the financial year from discontinued operations | $ (1,969) | € (1,969) | $ (4,107) | € (4,107) | $ 5 | € 5 | |||||||||||
Fair value at equity level | 85,136 | € 68,607 | € 73,719 | € 93,708 | |||||||||||||
Foreign exchange loss | € 181 | 533 | 299 | ||||||||||||||
Verizon Wireless | |||||||||||||||||
Total comprehensive (expense)/income for the financial year from discontinued operations | |||||||||||||||||
Ownership interest (as a percentage) | 45% | 45% | |||||||||||||||
Vodafone India Discontinued Operations [Member] | |||||||||||||||||
Discontinued operations and assets held for sale | |||||||||||||||||
Proportion of stake (as a percentage) | 42% | ||||||||||||||||
Income statement and segment analysis of discontinued operations | |||||||||||||||||
Revenue | € 4,648 | 5,827 | 6,120 | ||||||||||||||
Cost of sales | (2,995) | (4,504) | (4,799) | ||||||||||||||
Gross profit | 1,653 | 1,323 | 1,321 | ||||||||||||||
Selling and distribution expenses | (237) | (276) | (264) | ||||||||||||||
Administrative expenses | (533) | (703) | (634) | ||||||||||||||
Impairment losses | (4,515) | ||||||||||||||||
Other income and expense | 416 | ||||||||||||||||
Operating profit/(loss) | 1,299 | (4,171) | 423 | ||||||||||||||
Financing costs | (715) | (909) | (932) | ||||||||||||||
Profit/(loss) before taxation | 584 | (5,080) | (509) | ||||||||||||||
Income tax credit/(expense) | (308) | 973 | 514 | ||||||||||||||
Profit/(loss) after tax of discontinued operations | 276 | (4,107) | 5 | ||||||||||||||
Pre-tax loss on the re-measurement of disposal group | (3,170) | ||||||||||||||||
Income tax credit | 925 | ||||||||||||||||
After tax loss on the re-measurement of disposal group | (2,245) | ||||||||||||||||
Attributable to owners of the parent | € (1,969) | € (4,107) | € 5 | ||||||||||||||
(Loss)/earnings per share from discontinued operations | |||||||||||||||||
Basic | € / shares | € (7.09) | € (14.68) | € 0.02 | ||||||||||||||
Diluted | € / shares | € (7.06) | € (14.68) | € 0.02 | ||||||||||||||
Total comprehensive (expense)/income for the financial year from discontinued operations | |||||||||||||||||
(Loss)/profit for the financial year from discontinued operations | € (1,969) | € (4,107) | € 5 | ||||||||||||||
Non-cash charges before tax | 3,170 | 4,515 | |||||||||||||||
Non-cash charges net of tax | 2,245 | € 3,675 | |||||||||||||||
Fair value per share | ₨ / shares | ₨ 51.75 | ₨ 75.9 | |||||||||||||||
Fair value at equity level | ₨ 223 | € 2,800 | ₨ 370 | € 5,300 | |||||||||||||
Increased fair value per share | ₨ / shares | ₨ 85.9 | ₨ 75.9 | |||||||||||||||
Decreased fair value per share | ₨ / shares | ₨ 65.9 | ||||||||||||||||
Gain on increase in fair value per share | € 500 | ||||||||||||||||
Loss on decrease in fair value per share | € 200 | ||||||||||||||||
Foreign exchange rate | ₨ / € | 80.48 | 80.48 | |||||||||||||||
Foreign exchange loss | € 1,200 | € 1,900 | |||||||||||||||
Vodafone India Discontinued Operations [Member] | Maximum | |||||||||||||||||
Total comprehensive (expense)/income for the financial year from discontinued operations | |||||||||||||||||
Foreign exchange rate | ₨ / € | 85.5 | ||||||||||||||||
Foreign exchange loss | 2,100 | ||||||||||||||||
Vodafone India Discontinued Operations [Member] | Minimum | |||||||||||||||||
Total comprehensive (expense)/income for the financial year from discontinued operations | |||||||||||||||||
Foreign exchange rate | ₨ / € | 75.5 | ||||||||||||||||
Foreign exchange loss | € 1,800 |
Discontinued operations and a_4
Discontinued operations and assets held for sale - Assets held for sale (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Non-current assets | ||
Goodwill | € 26,734 | € 26,808 |
Other intangible assets | 16,523 | 19,412 |
Plant, property and equipment | 28,325 | 30,204 |
Trade and other receivables | 4,026 | 4,569 |
Deferred tax assets | 26,200 | 24,300 |
Current assets | ||
Inventory | 581 | 576 |
Taxation recoverable | 106 | 150 |
Trade and other receivables | 9,975 | 9,861 |
Other investments | 8,795 | 6,120 |
Cash and cash equivalents | 4,674 | 8,835 |
Total current assets | 24,131 | 25,542 |
Total assets held for sale | 13,820 | 17,195 |
Non-current liabilities | ||
Long-term borrowings | (32,908) | (34,523) |
Deferred tax liabilities | (644) | (535) |
Post employment benefits | (520) | (651) |
Provisions | (1,065) | (1,130) |
Trade and other payables | (2,843) | (1,737) |
Total non current liabilities | (37,980) | (38,576) |
Current liabilities | ||
Short-term borrowings | (10,351) | (12,051) |
Provisions | (891) | (1,049) |
Trade and other payables | (16,242) | (16,834) |
Total current liabilities | (28,025) | (30,595) |
Total liabilities held for sale | (10,999) | (11,794) |
Net debt | 31,469 | 31,169 |
Derivative financial instruments | 44,544 | 34,009 |
Deferred tax assets on losses in India | ||
Deferred tax assets | 26,200 | 24,300 |
Losses for which no deferred tax is recognised | 25,689 | 30,411 |
Vodafone India Discontinued Operations [Member] | ||
Deferred tax assets on losses in India | ||
Deferred tax assets recognized | € 1,290 | 816 |
Minimum forecast period reviewing the future profits | 5 years | |
Losses for which no deferred tax is recognised | € 399 | 352 |
Assets and liabilities classified as held for sale | Vodafone India Discontinued Operations [Member] | ||
Non-current assets | ||
Other intangible assets | 5,937 | 9,214 |
Plant, property and equipment | 2,823 | 3,462 |
Trade and other receivables | 1,641 | 1,202 |
Deferred tax assets | 526 | 694 |
Total Non current assets | 10,927 | 14,572 |
Current assets | ||
Inventory | 1 | |
Taxation recoverable | 1,219 | 1,311 |
Trade and other receivables | 936 | 831 |
Other investments | 11 | 13 |
Cash and cash equivalents | 727 | 467 |
Total current assets | 2,893 | 2,623 |
Total assets held for sale | 13,820 | 17,195 |
Non-current liabilities | ||
Long-term borrowings | (6,687) | (8,024) |
Post employment benefits | (14) | (15) |
Provisions | (665) | (784) |
Trade and other payables | (32) | (39) |
Total non current liabilities | (7,398) | (8,862) |
Current liabilities | ||
Short-term borrowings | (1,756) | (1,139) |
Provisions | (18) | (25) |
Trade and other payables | (1,827) | (1,768) |
Total current liabilities | (3,601) | (2,932) |
Total liabilities held for sale | (10,999) | (11,794) |
Net debt | 7,714 | 8,674 |
Licence payables classified as debt | 6,418 | 7,143 |
Other borrowings | 2,025 | 2,020 |
Derivative financial instruments | 2 | 22 |
Licence payables paid in cash | 345 | 499 |
Deferred tax assets on losses in India | ||
Deferred tax assets | 526 | € 694 |
Maximum | ||
Current liabilities | ||
Net debt | € 32,900 | |
Maximum | Vodafone India Discontinued Operations [Member] | ||
Deferred tax assets on losses in India | ||
Utilization period of deferred tax | 13 years | |
Minimum | ||
Current liabilities | ||
Net debt | € 30,000 | |
Minimum | Vodafone India Discontinued Operations [Member] | ||
Deferred tax assets on losses in India | ||
Utilization period of deferred tax | 11 years |
Earnings per share (Details)
Earnings per share (Details) € / shares in Units, € in Millions, shares in Millions, $ in Millions | 12 Months Ended | |||||
Mar. 31, 2018 USD ($) shares | Mar. 31, 2018 EUR (€) € / shares shares | Mar. 31, 2017 USD ($) shares | Mar. 31, 2017 EUR (€) € / shares shares | Mar. 31, 2016 USD ($) shares | Mar. 31, 2016 EUR (€) € / shares shares | |
Weighted average number of shares for diluted earnings per share | ||||||
Weighted average number of shares for basic earnings per share (in shares) | shares | 27,770 | 27,770 | 27,971 | 27,971 | 26,692 | 26,692 |
Effect of dilutive potential shares: restricted shares and share options (in shares) | shares | 87 | 87 | ||||
Weighted average number of shares for diluted earnings per share (in shares) | shares | 27,857 | 27,857 | 27,971 | 27,971 | 26,692 | 26,692 |
Earnings/(loss) for basic and diluted earnings per share | ||||||
Earnings/(loss) for earnings per share from continuing operations | $ 4,408 | € 4,757 | $ (2,190) | € (1,972) | $ (5,410) | € (5,127) |
(Loss)/earnings for earnings per share from discontinued operations | (1,969) | (1,969) | (4,107) | (4,107) | 5 | 5 |
Profit/(loss) for the financial year | $ 2,439 | € 2,788 | $ (6,297) | € (6,079) | $ (5,405) | € (5,122) |
Basic earnings/(loss) per share | ||||||
Basic earnings/(loss) per share from continuing operations | € 0.1587 | € (0.0783) | € (0.2027) | |||
Basic (loss)/earnings per share from discontinued operations | (0.0709) | (0.1468) | 0.0002 | |||
Basic earnings/(loss) per share (in eurocents per share) | 0.0878 | (0.2251) | (0.2025) | |||
Diluted earnings/(loss) per share | ||||||
Diluted earnings/(loss) per share from continuing operations | 0.1582 | (0.0783) | (0.2027) | |||
Diluted (loss)/earnings per share from discontinued operations | (0.0706) | (0.1468) | 0.0002 | |||
Diluted earnings/(loss) per share (in eurocents per share) | € 0.0876 | € (0.2251) | € (0.2025) |
Equity dividends (Details)
Equity dividends (Details) € / shares in Units, € in Millions | 12 Months Ended | ||||
Mar. 31, 2018 EUR (€) € / shares | Mar. 31, 2017 EUR (€) € / shares | Mar. 31, 2016 £ / shares | Mar. 31, 2016 EUR (€) | Mar. 31, 2015 £ / shares | |
Declared during the financial year: | |||||
Final dividend for the year ended 31 March 2017: 10.03 eurocents per share (2016: 7.77 pence per share, 2015: 7.62 pence per share) | € 2,670 | € 2,447 | € 2,852 | ||
Interim dividend for the year ended 31 March 2018: 4.84 eurocents per share (2017: 4.74 eurocents per share, 2016: 3.68 pence per share) | 1,291 | 1,262 | 1,381 | ||
Total dividends declared | 3,961 | 3,709 | 4,233 | ||
Proposed after the end of the year and not recognised as a liability: | |||||
Final dividend for the year ended 31 March 2018: 10.23 eurocents per share (2017: 10.03 eurocents per share, 2016: 7.77 pence per share) | € 2,729 | € 2,670 | € 2,447 | ||
Declared during the financial year (per share) | |||||
Final dividend (per share) | (per share) | € 10.03 | £ 7.77 | £ 7.62 | ||
Interim dividend (per share) | (per share) | € 4.84 | 4.74 | 3.68 | ||
Proposed after the end of the reporting period and not recognised as a liability (per share) | |||||
Final dividend (per share) | (per share) | € 10.23 | € 10.03 | £ 7.77 |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Changes in Intangible Assets and Goodwill | |||
Net book value | € 43,257,000 | € 46,220,000 | |
Cost | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | € 158,138,000 | ||
Transfer of assets held for sale | (13,505,000) | ||
Balance at the beginning of the period | 145,388,000 | 144,633,000 | |
Exchange movements | (1,473,000) | (1,129,000) | |
Decrease through loss of control of subsidiary, intangible assets and goodwill | 1,934,000 | ||
Arising on acquisition | 5,000 | 27,000 | |
Additions | 3,011,000 | 2,555,000 | |
Disposals | 1,545,000 | 601,000 | |
Other | 16,000 | (97,000) | |
Balance at the end of the period | 143,468,000 | 145,388,000 | |
Accumulated impairment losses and amortisation | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 99,574 | ||
Transfer of assets held for sale | (3,732,000) | ||
Balance at the beginning of the period | 99,168,000 | 95,842,000 | |
Exchange movements | (880,000) | (820,000) | |
Decrease through loss of control of subsidiary, intangible assets and goodwill | (952,000) | ||
Amortisation charge for the year | 4,399,000 | 4,821,000 | |
Disposals | (1,521,000) | (588,000) | |
Other | (3,000) | (87,000) | |
Balance at the end of the period | 100,211,000 | 99,168,000 | |
Goodwill. | |||
Changes in Intangible Assets and Goodwill | |||
Net book value | 26,734,000 | 26,808,000 | |
Goodwill. | Cost | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 93,990 | ||
Transfer of assets held for sale | (3,680) | ||
Balance at the beginning of the period | 90,221,000 | 90,310 | |
Exchange movements | (313,000) | (90,000) | |
Arising on acquisition | 5,000 | 1,000 | |
Balance at the end of the period | 89,913,000 | 90,221,000 | |
Goodwill. | Accumulated impairment losses and amortisation | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 65,752 | ||
Transfer of assets held for sale | (2,086) | ||
Balance at the beginning of the period | 63,413,000 | 63,666 | |
Exchange movements | (234,000) | (253,000) | |
Balance at the end of the period | 63,179,000 | 63,413,000 | |
Licence and spectrum fees | |||
Changes in Intangible Assets and Goodwill | |||
Net book value | 11,420,000 | 13,821,000 | |
Licence and spectrum fees | Cost | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 40,973 | ||
Transfer of assets held for sale | (9,472) | ||
Balance at the beginning of the period | 30,775,000 | 31,501 | |
Exchange movements | (855,000) | (1,023,000) | |
Decrease through loss of control of subsidiary, intangible assets and goodwill | 1,712,000 | ||
Arising on acquisition | 10,000 | ||
Additions | 747,000 | 359,000 | |
Disposals | 158,000 | 72,000 | |
Balance at the end of the period | 28,797,000 | 30,775,000 | |
Licence and spectrum fees | Accumulated impairment losses and amortisation | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 17,128 | ||
Transfer of assets held for sale | (1,334) | ||
Balance at the beginning of the period | 16,954,000 | 15,794 | |
Exchange movements | (398,000) | (548,000) | |
Decrease through loss of control of subsidiary, intangible assets and goodwill | (779,000) | ||
Amortisation charge for the year | 1,758,000 | 1,780,000 | |
Disposals | (158,000) | (72,000) | |
Balance at the end of the period | € 17,377,000 | 16,954,000 | |
Licence and spectrum fees | Minimum | |||
Intangible assets | |||
Estimated useful lives of finite lived intangible assets (in years) | 3 years | ||
Licence and spectrum fees | Maximum | |||
Intangible assets | |||
Estimated useful lives of finite lived intangible assets (in years) | 25 years | ||
Computer software | |||
Changes in Intangible Assets and Goodwill | |||
Net book value | € 4,872,000 | 4,814,000 | |
Computer software | Cost | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 15,729 | ||
Transfer of assets held for sale | (201) | ||
Balance at the beginning of the period | 16,962,000 | 15,528 | |
Exchange movements | (233,000) | (174,000) | |
Decrease through loss of control of subsidiary, intangible assets and goodwill | 222,000 | ||
Arising on acquisition | 11,000 | ||
Additions | 2,261,000 | 2,193,000 | |
Disposals | 1,381,000 | 499,000 | |
Other | 26,000 | (97,000) | |
Balance at the end of the period | 17,413,000 | 16,962,000 | |
Computer software | Accumulated impairment losses and amortisation | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 10,927 | ||
Transfer of assets held for sale | (160) | ||
Balance at the beginning of the period | 12,148,000 | 10,767 | |
Exchange movements | (183,000) | (152,000) | |
Decrease through loss of control of subsidiary, intangible assets and goodwill | (173,000) | ||
Amortisation charge for the year | 2,105,000 | 2,106,000 | |
Disposals | (1,357,000) | (486,000) | |
Other | 1,000 | (87,000) | |
Balance at the end of the period | € 12,541,000 | 12,148,000 | |
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 | Minimum | |||
Intangible assets | |||
Estimated useful lives of finite lived intangible assets (in years) | 2 years | ||
Customer bases | Maximum | |||
Intangible assets | |||
Estimated useful lives of finite lived intangible assets (in years) | 15 years | ||
Others | |||
Changes in Intangible Assets and Goodwill | |||
Net book value | € 231,000 | 777,000 | |
Others | Cost | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 7,446 | ||
Transfer of assets held for sale | (152) | ||
Balance at the beginning of the period | 7,430,000 | 7,294 | |
Exchange movements | (72,000) | 158,000 | |
Arising on acquisition | 5,000 | ||
Additions | 3,000 | 3,000 | |
Disposals | 6,000 | 30,000 | |
Other | (10,000) | ||
Balance at the end of the period | 7,345,000 | 7,430,000 | |
Others | Accumulated impairment losses and amortisation | |||
Changes in Intangible Assets and Goodwill | |||
Intangible assets, including assets held for sale | 5,767 | ||
Transfer of assets held for sale | € (152) | ||
Balance at the beginning of the period | 6,653,000 | 5,615 | |
Exchange movements | (65,000) | 133,000 | |
Amortisation charge for the year | 536,000 | 935,000 | |
Disposals | (6,000) | (30,000) | |
Other | (4,000) | ||
Balance at the end of the period | € 7,114,000 | € 6,653,000 |
Intangible assets - Net book va
Intangible assets - Net book value of significant Licences (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Intangible assets | ||
Net book value | € 43,257 | € 46,220 |
Significant licences | Germany (VDSL spend) | ||
Intangible assets | ||
Net book value | 4,053 | 4,726 |
Significant licences | Italy | ||
Intangible assets | ||
Net book value | 1,896 | 1,442 |
Significant licences | UK | ||
Intangible assets | ||
Net book value | € 2,316 | 2,818 |
Significant licences | Qatar | ||
Intangible assets | ||
Net book value | € 1,164 |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Reconciliation of property, plant and equipment | |||
Property, plant and equipment at beginning of period | € 30,204 | ||
Balance, before reclassification as held for sale | € 30,204 | ||
Property, plant and equipment at end of period | 28,325 | 30,204 | |
Land and buildings | |||
Reconciliation of property, plant and equipment | |||
Balance, before reclassification as held for sale | 1,125 | ||
Property, plant and equipment at end of period | 1,060 | ||
Assets held under finance leases | 3 | 3 | |
Net book value of assets recognised in the course of construction | € 15 | 10 | |
Freehold buildings | Minimum | |||
Property, plant and equipment | |||
Useful life | 25 years | ||
Freehold buildings | Maximum | |||
Property, plant and equipment | |||
Useful life | 50 years | ||
Equipment, fixtures and fittings | |||
Reconciliation of property, plant and equipment | |||
Balance, before reclassification as held for sale | 29,079 | ||
Property, plant and equipment at end of period | € 27,265 | ||
Assets held under finance leases | 681 | 608 | |
Net book value of assets recognised in the course of construction | € 1,224 | 1,234 | |
Network infrastructure and other | Minimum | |||
Property, plant and equipment | |||
Useful life | 1 year | ||
Network infrastructure and other | Maximum | |||
Property, plant and equipment | |||
Useful life | 35 years | ||
Cost | |||
Reconciliation of property, plant and equipment | |||
Property, plant and equipment at beginning of period | € 70,470 | 69,331 | |
Exchange movements | (1,453) | (1,821) | |
Arising on acquisition | 7 | ||
Additions | 5,057 | 5,288 | |
Disposals | 2,814 | 2,616 | |
Decrease through loss of control of subsidiary, property, plant and equipment | 552 | ||
Other | 49 | 281 | |
Balance, before reclassification as held for sale | € 76,879 | ||
Reclassification as held for sale | (7,548) | ||
Property, plant and equipment at end of period | 70,757 | 70,470 | |
Cost | Land and buildings | |||
Reconciliation of property, plant and equipment | |||
Property, plant and equipment at beginning of period | 2,266 | 2,290 | |
Exchange movements | (38) | (42) | |
Additions | 88 | 104 | |
Disposals | 94 | 94 | |
Other | 3 | 8 | |
Balance, before reclassification as held for sale | 2,393 | ||
Reclassification as held for sale | (103) | ||
Property, plant and equipment at end of period | 2,225 | 2,266 | |
Cost | Equipment, fixtures and fittings | |||
Reconciliation of property, plant and equipment | |||
Property, plant and equipment at beginning of period | 68,204 | 67,041 | |
Exchange movements | (1,415) | (1,779) | |
Arising on acquisition | 7 | ||
Additions | 4,969 | 5,184 | |
Disposals | 2,720 | 2,522 | |
Decrease through loss of control of subsidiary, property, plant and equipment | 552 | ||
Other | 46 | 273 | |
Balance, before reclassification as held for sale | 74,486 | ||
Reclassification as held for sale | (7,445) | ||
Property, plant and equipment at end of period | 68,532 | 68,204 | |
Accumulated impairment losses and amortisation | |||
Reconciliation of property, plant and equipment | |||
Property, plant and equipment at beginning of period | (40,266) | (37,516) | |
Exchange movements | (833) | (1,102) | |
Charge for the year | 6,010 | 6,265 | |
Disposals | (2,758) | (2,543) | |
Decrease through loss of control of subsidiary, property, plant and equipment | (287) | ||
Other | 34 | 130 | |
Balance, before reclassification as held for sale | 41,364 | ||
Reclassification as held for sale | (3,848) | ||
Property, plant and equipment at end of period | (42,432) | (40,266) | |
Accumulated impairment losses and amortisation | Land and buildings | |||
Reconciliation of property, plant and equipment | |||
Property, plant and equipment at beginning of period | (1,141) | (1,105) | |
Exchange movements | (17) | (15) | |
Charge for the year | 123 | 139 | |
Disposals | (83) | (89) | |
Other | 1 | 1 | |
Balance, before reclassification as held for sale | 1,141 | ||
Reclassification as held for sale | (36) | ||
Property, plant and equipment at end of period | (1,165) | (1,141) | |
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings | |||
Reconciliation of property, plant and equipment | |||
Property, plant and equipment at beginning of period | (39,125) | (36,411) | |
Exchange movements | (816) | (1,087) | |
Charge for the year | 5,887 | 6,126 | |
Disposals | (2,675) | (2,454) | |
Decrease through loss of control of subsidiary, property, plant and equipment | (287) | ||
Other | 33 | 129 | |
Balance, before reclassification as held for sale | 40,223 | ||
Reclassification as held for sale | € (3,812) | ||
Property, plant and equipment at end of period | € (41,267) | € (39,125) |
Investments in associates and_3
Investments in associates and joint arrangements - Joint ventures (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure of joint ventures [line items] | |||
Investment in joint ventures | € 2,097 | € 2,689 | € 29 |
Investment in associates | 441 | 449 | |
Total investments in subsidiaries, joint ventures and associates | 2,538 | 3,138 | |
(Loss)/profit from continuing operations | (246) | (135) | (91) |
Other comprehensive income | 1 | 2 | (1) |
Total comprehensive (expense)/income | (245) | (133) | (92) |
VodafoneZiggo Group Holding B.V. | |||
Disclosure of joint ventures [line items] | |||
Investment in joint ventures | € 2,119 | 2,736 | |
Proportion of stake (as a percentage) | 50% | ||
(Loss)/profit from continuing operations | € (398) | (160) | |
Other comprehensive income | 1 | 2 | |
Total comprehensive (expense)/income | (397) | (158) | |
Indus Towers Limited | |||
Disclosure of joint ventures [line items] | |||
Investment in joint ventures | € 893 | 1,032 | 982 |
Proportion of stake (as a percentage) | 42% | ||
(Loss)/profit from continuing operations | € 135 | 98 | 101 |
Total comprehensive (expense)/income | 135 | 98 | 101 |
Vodafone Hutchison Australia Pty Limited | |||
Disclosure of joint ventures [line items] | |||
Divestment in joint ventures | € (979) | (1,156) | (1,032) |
Proportion of stake (as a percentage) | 50% | ||
(Loss)/profit from continuing operations | € 32 | (59) | (153) |
Other comprehensive income | (1) | ||
Total comprehensive (expense)/income | 32 | (59) | (154) |
Other | |||
Disclosure of joint ventures [line items] | |||
Investment in joint ventures | 64 | 77 | 79 |
(Loss)/profit from continuing operations | (15) | (14) | (39) |
Total comprehensive (expense)/income | € (15) | € (14) | € (39) |
Cornerstone Telecommunications Infrastructure Limited | |||
Disclosure of joint ventures [line items] | |||
% held by Group companies (as a percent) | 50% |
Investments in associates and_4
Investments in associates and joint arrangements - Financial information about joint ventures (Details) € in Millions, $ in Millions | 12 Months Ended | ||||||
Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 USD ($) | Mar. 31, 2017 EUR (€) | Mar. 31, 2016 USD ($) | Mar. 31, 2016 EUR (€) | Mar. 31, 2015 EUR (€) | |
Income statement and statement of comprehensive income | |||||||
Revenue | € 46,571 | € 47,631 | € 49,810 | ||||
Depreciation and amortisation expense | (10,409) | (11,086) | (11,697) | ||||
(Loss)/profit from continuing operations | $ 2,439 | 2,788 | $ (6,297) | (6,079) | $ (5,405) | (5,122) | |
Other comprehensive income/(expense) | (2,389) | (1,357) | (2,521) | ||||
Total comprehensive income/(expense) for the year | 399 | (7,436) | (7,643) | ||||
Statement of financial position | |||||||
Non-current assets | 107,660 | 111,947 | |||||
Current assets | 24,131 | 25,542 | |||||
Non-current liabilities | (37,980) | (38,576) | |||||
Current liabilities | (28,025) | (30,595) | |||||
Equity shareholders' funds | (68,607) | (73,719) | (85,136) | € (93,708) | |||
Cash and cash equivalents within current assets | 4,674 | 8,835 | |||||
Goodwill | 26,734 | 26,808 | |||||
Carrying value | 2,097 | 2,689 | 29 | ||||
VodafoneZiggo Group Holding B.V. | |||||||
Income statement and statement of comprehensive income | |||||||
Revenue | 3,972 | 1,014 | |||||
Depreciation and amortisation expense | (2,232) | (764) | |||||
Interest income | 6 | 23 | |||||
Interest expense | (543) | (117) | |||||
Income tax income/(expense) | 287 | 105 | |||||
(Loss)/profit from continuing operations | (795) | (320) | |||||
Other comprehensive income/(expense) | 3 | 3 | |||||
Total comprehensive income/(expense) for the year | (792) | (317) | |||||
Statement of financial position | |||||||
Non-current assets | 18,721 | 20,303 | |||||
Current assets | 773 | 721 | |||||
Non-current liabilities | (13,303) | (14,015) | |||||
Current liabilities | (1,953) | (1,538) | |||||
Equity shareholders' funds | (4,238) | (5,471) | |||||
Cash and cash equivalents within current assets | 355 | 273 | |||||
Non-current liabilities excluding trade and other payables and provisions | (12,510) | (13,668) | |||||
Current liabilities excluding trade and other payables and provisions | (1) | ||||||
Dividend received | 220 | 76 | 0 | ||||
Equity shareholders' funds | 4,238 | 5,471 | |||||
Interest in joint ventures | 2,119 | 2,736 | |||||
Carrying value | € 2,119 | 2,736 | |||||
Proportion of ownership interest | 50% | 50% | |||||
Indus Towers Limited | |||||||
Income statement and statement of comprehensive income | |||||||
Revenue | € 2,477 | 2,379 | 2,277 | ||||
Depreciation and amortisation expense | (303) | (407) | (489) | ||||
Interest income | 16 | 22 | 10 | ||||
Interest expense | (74) | (91) | (86) | ||||
Income tax income/(expense) | (316) | (267) | (186) | ||||
(Loss)/profit from continuing operations | 322 | 234 | 240 | ||||
Total comprehensive income/(expense) for the year | 322 | 234 | 240 | ||||
Statement of financial position | |||||||
Non-current assets | 1,598 | 1,995 | |||||
Current assets | 520 | 326 | |||||
Non-current liabilities | (476) | (545) | |||||
Current liabilities | (814) | (825) | |||||
Equity shareholders' funds | (828) | (951) | |||||
Cash and cash equivalents within current assets | 15 | 29 | |||||
Non-current liabilities excluding trade and other payables and provisions | (136) | (188) | |||||
Current liabilities excluding trade and other payables and provisions | (396) | (375) | |||||
Dividend received | 138 | 126 | 0 | ||||
Equity shareholders' funds | 828 | 951 | |||||
Interest in joint ventures | 348 | 399 | |||||
Goodwill | 545 | 633 | |||||
Carrying value | € 893 | 1,032 | 982 | ||||
Proportion of ownership interest | 42% | 42% | |||||
Vodafone Hutchison Australia Pty Limited | |||||||
Income statement and statement of comprehensive income | |||||||
Revenue | € 2,518 | 2,287 | 2,354 | ||||
Depreciation and amortisation expense | (483) | (473) | (517) | ||||
Interest income | 3 | 3 | 2 | ||||
Interest expense | (230) | (240) | (268) | ||||
Income tax income/(expense) | 1 | ||||||
(Loss)/profit from continuing operations | 64 | (117) | (306) | ||||
Other comprehensive income/(expense) | (2) | ||||||
Total comprehensive income/(expense) for the year | 64 | (117) | (308) | ||||
Statement of financial position | |||||||
Non-current assets | 3,241 | 2,317 | |||||
Current assets | 194 | 892 | |||||
Non-current liabilities | (4,478) | (1,460) | |||||
Current liabilities | (1,125) | (4,301) | |||||
Equity shareholders' funds | 2,168 | 2,552 | |||||
Cash and cash equivalents within current assets | 104 | 68 | |||||
Non-current liabilities excluding trade and other payables and provisions | (4,453) | (1,435) | |||||
Current liabilities excluding trade and other payables and provisions | (464) | (3,563) | |||||
Equity shareholders' funds | (2,168) | (2,552) | |||||
Interest in joint ventures | (1,084) | (1,276) | |||||
Goodwill | 105 | 120 | |||||
Carrying value | € (979) | € (1,156) | € (1,032) | ||||
Proportion of ownership interest | 50% | 50% |
Investments in associates and_5
Investments in associates and joint arrangements - Associates (Details) € in Millions, Ksh in Billions | 12 Months Ended | ||||
Mar. 31, 2018 EUR (€) shares | Mar. 31, 2017 EUR (€) | Mar. 31, 2016 EUR (€) | Mar. 31, 2018 KES (Ksh) | Mar. 31, 2018 EUR (€) | |
Disclosure of associates [line items] | |||||
Investment in associates | € 449 | € 441 | |||
Profit from continuing operations | € (246) | (135) | € (91) | ||
Other comprehensive expense | 1 | 2 | (1) | ||
Total comprehensive (expense)/income | € (245) | (133) | (92) | ||
Safaricom Limited | |||||
Disclosure of associates [line items] | |||||
Percentage of shareholding in associate | 40% | ||||
Number of non-voting shares | shares | 2 | ||||
Fair value of investment in associate | 3,996 | Ksh 496 | |||
Investment in associates | 449 | 450 | € 441 | ||
Profit from continuing operations | € 187 | 182 | 151 | ||
Total comprehensive (expense)/income | € 187 | € 182 | € 151 |
Investments in associates and_6
Investments in associates and joint arrangements - Vodacom and Safaicom (Details) - EUR (€) € in Millions, shares in Millions | 12 Months Ended | ||||
Sep. 06, 2017 | Sep. 05, 2017 | Aug. 07, 2017 | Aug. 06, 2017 | Mar. 31, 2018 | |
Safaricom Limited | |||||
Disclosure of associates [line items] | |||||
Proportion of placing shares in ordinary shares | 5% | ||||
Vodacom Group Limited | |||||
Disclosure of associates [line items] | |||||
Ownership interest (as a percent) | 64.52% | ||||
Proportion of placing shares in ordinary shares | 5.20% | ||||
Vodacom Group Limited | Vodafone | |||||
Disclosure of associates [line items] | |||||
Number of shares issued | 233.5 | ||||
Vodafone International Holdings B.V. | |||||
Disclosure of associates [line items] | |||||
Ownership interest (as a percent) | 69.70% | 65% | 100% | ||
Proportion of placing shares in ordinary shares | 64.50% | ||||
Number of shares sold under Placing | 90 | 90 | |||
Proceeds from issue of ordinary shares | € 955 |
Other investments (Details)
Other investments (Details) € in Millions, $ in Billions | 12 Months Ended | |||
Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 USD ($) | Mar. 31, 2017 EUR (€) | |
Disclosure of financial assets [line items] | ||||
Total non-current other investments | € 3,204 | € 3,459 | ||
Cash and other investments held in restricted deposits | 1,382 | 1,109 | ||
Total current other investments | 8,795 | 6,120 | ||
Listed | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets available-for-sale | 3 | 3 | ||
Unlisted | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets available-for-sale | 44 | 82 | ||
Public Debt and Bonds | ||||
Disclosure of financial assets [line items] | ||||
Current debt instruments held | 2,517 | 2,284 | ||
Current financial assets at fair value through profit or loss, classified as held for trading | 1,974 | 1,638 | ||
Gilts | 1,112 | 1,172 | ||
Other Debt and Bonds | ||||
Disclosure of financial assets [line items] | ||||
Loan notes | 3,157 | 3,374 | ||
Current loans and receivables | 4,896 | 2,727 | ||
Liquid days | 90 days | |||
Current financial assets at fair value through profit or loss, classified as held for trading | 3,087 | 2,039 | ||
Current financial assets at amortised cost | 830 | 506 | ||
Other debt and bonds current, short-term investment | 976 | 182 | ||
Other Debt and Bonds | Verizon Communications Inc | ||||
Disclosure of financial assets [line items] | ||||
Loan notes | $ 2.5 | 2,000 | $ 2.5 | 2,300 |
Other Debt and Bonds | VodafoneZiggo Group Holding B.V. | ||||
Disclosure of financial assets [line items] | ||||
Loan notes | € 900 | € 1,000 |
Trade and other receivables (De
Trade and other receivables (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Included within non-current assets: | ||
Trade receivables | € 435 | € 362 |
Amounts owed by associates and joint ventures | 1 | 27 |
Other receivables | 194 | 130 |
Prepayments | 597 | 378 |
Accrued income | 350 | |
Derivative financial instruments | 2,449 | 3,672 |
Total trade and other non-current receivables | 4,026 | 4,569 |
Included within current assets: | ||
Trade receivables | 4,967 | 4,973 |
Amounts owed by associates and joint ventures | 524 | 325 |
Other receivables | 895 | 918 |
Prepayments | 1,152 | 1,197 |
Accrued income | 2,257 | 1,838 |
Derivative financial instruments | 180 | 610 |
Total trade and other current receivables | € 9,975 | € 9,861 |
Trade and other receivables - A
Trade and other receivables - Allowances for bad and doubtful debts (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Trade and other receivables | ||
Beginning balance | € 1,418 | € 1,385 |
Reclassification as held for sale | (66) | |
Exchange movements | (78) | (94) |
Amounts charged to administrative expenses | 528 | 589 |
Other | (619) | (396) |
Ending balance | € 1,249 | € 1,418 |
Trade and other receivables - F
Trade and other receivables - Fair values of derivative financial instruments (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Fair value through the income statement (held for trading) | ||
Derivative financial instruments | ||
Cross-currency interest rate swaps | € 2,124 | € 2,489 |
Derivative instruments in designated hedge relationships | ||
Derivative financial instruments | ||
Cross-currency interest rate swaps | 2,629 | 4,282 |
Interest rate swaps | Fair value through the income statement (held for trading) | ||
Derivative financial instruments | ||
Cross-currency interest rate swaps | 1,610 | 2,248 |
Interest rate swaps | Derivative instruments in designated hedge relationships | ||
Derivative financial instruments | ||
Cross-currency interest rate swaps | 191 | 212 |
Cross-currency interest rate swaps | Fair value through the income statement (held for trading) | ||
Derivative financial instruments | ||
Cross-currency interest rate swaps | 445 | 126 |
Cross-currency interest rate swaps | Derivative instruments in designated hedge relationships | ||
Derivative financial instruments | ||
Cross-currency interest rate swaps | 314 | 1,581 |
Options | Fair value through the income statement (held for trading) | ||
Derivative financial instruments | ||
Cross-currency interest rate swaps | 25 | 12 |
Foreign exchange contracts | Fair value through the income statement (held for trading) | ||
Derivative financial instruments | ||
Cross-currency interest rate swaps | € 44 | € 103 |
Trade and other payables (Detai
Trade and other payables (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Included within non-current liabilities: | ||
Other payables | € 314 | € 30 |
Accruals | 159 | 154 |
Deferred income | 237 | 204 |
Derivative financial instruments | 2,133 | 1,349 |
Total trade and other non-current payables | 2,843 | 1,737 |
Included within current liabilities: | ||
Trade payables | 6,185 | 6,212 |
Amounts owed to associates and joint ventures | 27 | 14 |
Other taxes and social security payable | 1,177 | 1,261 |
Other payables | 1,346 | 1,220 |
Accruals | 5,579 | 5,683 |
Deferred income | 1,678 | 1,716 |
Derivative financial instruments | 250 | 728 |
Total trade and other current payables | € 16,242 | € 16,834 |
Trade and other payables - Fair
Trade and other payables - Fair value of derivative financial instruments (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Derivative financial instruments | ||
Other payables | € 314 | € 30 |
Fair value through the income statement (held for trading). | ||
Derivative financial instruments | ||
Fair value of derivative financial instruments | 1,351 | 1,636 |
Derivative instruments in designated hedge relationships | ||
Derivative financial instruments | ||
Fair value of derivative financial instruments | 2,383 | 2,077 |
Interest rate swaps | Fair value through the income statement (held for trading). | ||
Derivative financial instruments | ||
Fair value of derivative financial instruments | 412 | 553 |
Interest rate swaps | Derivative instruments in designated hedge relationships | ||
Derivative financial instruments | ||
Fair value of derivative financial instruments | 103 | 61 |
Cross-currency interest rate swaps | Fair value through the income statement (held for trading). | ||
Derivative financial instruments | ||
Fair value of derivative financial instruments | 812 | 944 |
Cross-currency interest rate swaps | Derivative instruments in designated hedge relationships | ||
Derivative financial instruments | ||
Fair value of derivative financial instruments | 929 | 380 |
Options | Fair value through the income statement (held for trading). | ||
Derivative financial instruments | ||
Fair value of derivative financial instruments | 76 | 63 |
Foreign exchange contracts | Fair value through the income statement (held for trading). | ||
Derivative financial instruments | ||
Fair value of derivative financial instruments | 51 | 76 |
Vodafone UK plan | ||
Derivative financial instruments | ||
Other payables | € 271 | € 0 |
Provisions (Details)
Provisions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of changes in other provisions | ||
Beginning balance | € 2,179 | € 2,577 |
Transfer of liabilities held for sale | (652) | |
Disposal of subsidiaries | 17 | |
Exchange movements | (38) | (50) |
Amounts capitalised in the year | 59 | 157 |
Amounts charged to the income statement | 465 | 791 |
Utilised in the year - payments | (414) | (467) |
Amounts released to the income statement | (278) | (217) |
Other | 40 | |
Ending balance | 1,956 | 2,179 |
Asset retirement obligations | ||
Reconciliation of changes in other provisions | ||
Beginning balance | 606 | 571 |
Transfer of liabilities held for sale | (10) | |
Disposal of subsidiaries | 14 | |
Exchange movements | (13) | (17) |
Amounts capitalised in the year | 59 | 157 |
Utilised in the year - payments | (33) | (51) |
Amounts released to the income statement | (22) | (44) |
Ending balance | 583 | 606 |
Legal and regulatory | ||
Reconciliation of changes in other provisions | ||
Beginning balance | 634 | 1,215 |
Transfer of liabilities held for sale | (642) | |
Disposal of subsidiaries | 3 | |
Exchange movements | (21) | (32) |
Amounts charged to the income statement | 140 | 148 |
Utilised in the year - payments | (57) | (40) |
Amounts released to the income statement | (171) | (56) |
Other | 41 | |
Ending balance | 522 | 634 |
Other | ||
Reconciliation of changes in other provisions | ||
Beginning balance | 939 | 791 |
Exchange movements | (4) | (1) |
Amounts charged to the income statement | 325 | 643 |
Utilised in the year - payments | (324) | (376) |
Amounts released to the income statement | (85) | (117) |
Other | (1) | |
Ending balance | € 851 | € 939 |
Provisions - Current and non-cu
Provisions - Current and non-current (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Provisions | |||
Current liabilities | € 891 | € 1,049 | |
Non-current liabilities | 1,065 | 1,130 | |
Total Provisions | 1,956 | 2,179 | € 2,577 |
Asset retirement obligations | |||
Provisions | |||
Current liabilities | 17 | 10 | |
Non-current liabilities | 566 | 596 | |
Total Provisions | 583 | 606 | 571 |
Legal and regulatory | |||
Provisions | |||
Current liabilities | 280 | 300 | |
Non-current liabilities | 242 | 334 | |
Total Provisions | 522 | 634 | 1,215 |
Other | |||
Provisions | |||
Current liabilities | 594 | 739 | |
Non-current liabilities | 257 | 200 | |
Total Provisions | € 851 | € 939 | € 791 |
Called up share capital (Detail
Called up share capital (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 25, 2017 | Aug. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid: | ||||
Beginning balance | € 4,796 | |||
Ending balance | € 4,796 | € 4,796 | ||
Reissue of treasury shares | 729,100,000 | |||
Ordinary shares | ||||
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid: | ||||
Beginning balance (in shares) | 28,814,142,848 | 28,813,396,008 | ||
Allotted during the year (in shares) | 660,460 | 746,840 | ||
Ending balance (in shares) | 28,814,803,308 | 28,814,142,848 | ||
Beginning balance | € 4,796 | € 4,796 | ||
Ending balance | € 4,796 | € 4,796 | ||
Number of treasury shares held | 2,139,038,029 | 2,192,064,339 | ||
Nominal value of treasury shares | € 356 | € 365 | ||
Market value of treasury shares | € 4,738 | € 5,348 | ||
Reissue of treasury shares | 729,077,001 | 53,026,317 | 62,761,357 |
Reconciliation of net cash fl_3
Reconciliation of net cash flow from operating activities (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 USD ($) | Mar. 31, 2017 EUR (€) | Mar. 31, 2016 USD ($) | Mar. 31, 2016 EUR (€) | |
Reconciliation of net cash flow from operating activities | ||||||
Profit/(loss) for the financial year: | $ 2,439 | € 2,788 | $ (6,297) | € (6,079) | $ (5,405) | € (5,122) |
Loss/(profit) from discontinued operations | 1,969 | 1,969 | 4,107 | 4,107 | (5) | (5) |
Earnings/(loss) for earnings per share from continuing operations | $ 4,408 | 4,757 | $ (2,190) | (1,972) | $ (5,410) | (5,127) |
Non-operating expenses | 32 | 1 | 3 | |||
Investment income | (685) | (474) | (539) | |||
Financing costs | 1,074 | 1,406 | 2,046 | |||
Income tax (expense)/credit | (879) | 4,764 | 4,937 | |||
Operating profit | 4,299 | 3,725 | 1,320 | |||
Adjustments for: | ||||||
Share-based payments | 128 | 95 | 154 | |||
Depreciation and amortisation | 10,409 | 11,086 | 11,697 | |||
Loss on disposal of property, plant and equipment and intangible assets | 36 | 22 | 27 | |||
Share of result of equity accounted associates and joint ventures | 59 | (47) | (60) | |||
Impairment losses | 569 | |||||
Other expense | 286 | |||||
Other income | (213) | (1,052) | ||||
Decrease/(increase) in inventory | (26) | 117 | (144) | |||
Decrease/(increase) in trade and other receivables | (1,118) | 308 | (684) | |||
(Decrease)/increase in trade and other payables | 286 | (473) | 332 | |||
Cash generated by operations. | 13,860 | 13,781 | 13,497 | |||
Net tax paid. | (1,118) | (761) | (807) | |||
Cash flows from discontinued operations. | 858 | 1,203 | 1,646 | |||
Net cash flow from operating activities | € 13,600 | € 14,223 | € 14,336 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Cash and cash equivalents | ||||
Cash at bank and in hand | € 2,197 | € 1,856 | ||
Money market funds and bank deposits | 2,477 | 6,979 | ||
Cash and cash equivalents as presented in the statement of financial position | 4,674 | 8,835 | ||
Bank overdrafts | (7) | |||
Cash and cash equivalents of discontinued operations | 727 | 467 | ||
Cash and cash equivalents as presented in the statement of cash flows | 5,394 | 9,302 | € 12,911 | € 9,492 |
Restricted cash and cash equivalents | € 1,449 | € 1,132 |
Borrowings - Carrying value and
Borrowings - Carrying value and fair value information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Borrowings | ||
Short-term borrowings | € 10,351 | € 12,051 |
Long-term borrowings | 32,908 | 34,523 |
Total borrowings | 43,259 | 46,574 |
Net debt | 31,469 | 31,169 |
Minimum | ||
Borrowings | ||
Net debt | 30,000 | |
Maximum | ||
Borrowings | ||
Net debt | 32,900 | |
Bank loans | ||
Borrowings | ||
Short-term borrowings | 1,159 | 867 |
Total borrowings | 3,316 | 3,608 |
Commercial paper | ||
Borrowings | ||
Short-term borrowings | 2,712 | 3,648 |
Total borrowings | 2,712 | 3,648 |
Bonds | ||
Borrowings | ||
Short-term borrowings | 3,477 | 2,904 |
Total borrowings | € 21,866 | € 20,005 |
Bonds Mature Between 2018 and 2056 | Minimum | ||
Borrowings | ||
Borrowing interest rate | 0% | |
Bonds Mature Between 2018 and 2056 | Maximum | ||
Borrowings | ||
Borrowing interest rate | 8.125% | |
Bonds Mature Between 2017 And 2056 | Minimum | ||
Borrowings | ||
Borrowing interest rate | 0% | |
Bonds Mature Between 2017 And 2056 | Maximum | ||
Borrowings | ||
Borrowing interest rate | 8.125% | |
Other liabilities | ||
Borrowings | ||
Total borrowings | € 3,281 | € 4,937 |
Cash collateral | 1,070 | 2,654 |
Kabel Deutschland Holding AG | ||
Borrowings | ||
Liabilities for amounts payable under the domination agreement | 1,800 | 1,800 |
Kabel Deutschland Holding AG | Other liabilities | ||
Borrowings | ||
Liabilities for amounts payable under the domination agreement | 1,800 | 1,800 |
Derivative instruments in designated hedge relationships | ||
Borrowings | ||
Net debt | 1,700 | |
Fair value | ||
Borrowings | ||
Short-term borrowings | 10,351 | 12,051 |
Long-term borrowings | 32,908 | 34,523 |
Fair value | Financial liabilities measured at amortised cost | Bank loans | ||
Borrowings | ||
Short-term borrowings | 1,159 | 867 |
Long-term borrowings | 2,157 | 2,741 |
Fair value | Financial liabilities measured at amortised cost | Commercial paper | ||
Borrowings | ||
Short-term borrowings | 2,712 | 3,648 |
Fair value | Financial liabilities measured at amortised cost | Bonds | ||
Borrowings | ||
Short-term borrowings | 3,062 | 660 |
Long-term borrowings | 18,804 | 19,345 |
Fair value | Financial liabilities measured at amortised cost | Other liabilities | ||
Borrowings | ||
Short-term borrowings | 3,003 | 4,632 |
Long-term borrowings | 278 | 305 |
Fair value | Derivative instruments in designated hedge relationships | Bank loans | ||
Borrowings | ||
Short-term borrowings | 415 | 2,244 |
Long-term borrowings | 11,669 | 12,132 |
Carrying value | ||
Borrowings | ||
Short-term borrowings | 10,364 | 12,088 |
Long-term borrowings | 32,178 | |
Total borrowings | 33,709 | |
Carrying value | Financial liabilities measured at amortised cost | Bank loans | ||
Borrowings | ||
Short-term borrowings | 1,180 | 898 |
Long-term borrowings | 2,176 | 2,769 |
Carrying value | Financial liabilities measured at amortised cost | Commercial paper | ||
Borrowings | ||
Short-term borrowings | 2,715 | 3,650 |
Carrying value | Financial liabilities measured at amortised cost | Bonds | ||
Borrowings | ||
Short-term borrowings | 3,057 | 667 |
Long-term borrowings | 18,714 | 19,286 |
Carrying value | Financial liabilities measured at amortised cost | Other liabilities | ||
Borrowings | ||
Short-term borrowings | 3,003 | 4,632 |
Long-term borrowings | 278 | 305 |
Carrying value | Derivative instruments in designated hedge relationships | Bank loans | ||
Borrowings | ||
Short-term borrowings | 409 | 2,241 |
Long-term borrowings | 11,010 | € 11,349 |
Currency swap contract | ||
Borrowings | ||
Increase in net debt | € 600 |
Borrowing - Liabilities from fi
Borrowing - Liabilities from financing activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Borrowings | |||
Liabilities arising from financing activities at beginning of period | € 44,369 | ||
Change in liabilities arising from financing activities | |||
Proceeds /(repayment) of borrowings | (224) | ||
Interest paid | (991) | ||
Net financial costs | (534) | ||
Reclassification | 486 | ||
other | (93) | ||
Liabilities arising from financing activities at end of period | 43,013 | € 44,369 | |
Borrowings | 43,259 | 46,574 | |
Net receivable in relation to financial instruments | 246 | 2,205 | |
Financing costs | € 1,074 | € 1,406 | € 2,046 |
Borrowings - Maturity analysis
Borrowings - Maturity analysis for non-derivative financial liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | € 52,551 | € 55,615 |
Effect of discount/financing rates | (9,292) | (9,041) |
Total borrowings | (43,259) | (46,574) |
Within one year | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 11,316 | 14,127 |
In more than one year but less than two years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 2,598 | 5,366 |
In more than two years but less than three years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 4,943 | 3,223 |
In more than three years but less than four years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 4,819 | 4,482 |
In more than four years but less than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 3,718 | 4,287 |
In more than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 25,157 | 24,130 |
Bank loans | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 3,425 | 3,717 |
Effect of discount/financing rates | (109) | (109) |
Total borrowings | (3,316) | (3,608) |
Bank loans | Within one year | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 1,251 | 909 |
Bank loans | In more than one year but less than two years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 748 | 1,168 |
Bank loans | In more than two years but less than three years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 507 | 721 |
Bank loans | In more than three years but less than four years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 569 | 569 |
Bank loans | In more than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 350 | 350 |
Commercial paper | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 2,715 | 3,660 |
Effect of discount/financing rates | (3) | (12) |
Total borrowings | (2,712) | (3,648) |
Commercial paper | Within one year | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 2,715 | 3,660 |
Bonds | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 26,146 | 23,948 |
Effect of discount/financing rates | (4,280) | (3,943) |
Total borrowings | (21,866) | (20,005) |
Bonds | Within one year | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 3,498 | 1,810 |
Bonds | In more than one year but less than two years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 393 | 2,650 |
Bonds | In more than two years but less than three years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 2,893 | 2,080 |
Bonds | In more than three years but less than four years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 3,869 | 2,369 |
Bonds | In more than four years but less than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 791 | 3,010 |
Bonds | In more than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 14,702 | 12,029 |
Other liabilities | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 3,281 | 4,932 |
Effect of discount/financing rates | 5 | |
Total borrowings | (3,281) | (4,937) |
Other liabilities | Within one year | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 3,002 | 4,606 |
Other liabilities | In more than one year but less than two years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 34 | 21 |
Other liabilities | In more than two years but less than three years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 25 | 56 |
Other liabilities | In more than three years but less than four years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 22 | 22 |
Other liabilities | In more than four years but less than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 26 | 24 |
Other liabilities | In more than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 172 | 203 |
Loans in designated hedge relationships | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 16,984 | 19,358 |
Effect of discount/financing rates | (4,900) | (4,982) |
Total borrowings | (12,084) | (14,376) |
Loans in designated hedge relationships | Within one year | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 850 | 3,142 |
Loans in designated hedge relationships | In more than one year but less than two years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 1,423 | 1,527 |
Loans in designated hedge relationships | In more than two years but less than three years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 1,518 | 366 |
Loans in designated hedge relationships | In more than three years but less than four years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 359 | 1,522 |
Loans in designated hedge relationships | In more than four years but less than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 2,901 | 1,253 |
Loans in designated hedge relationships | In more than five years | ||
Maturity analysis for non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | € 9,933 | € 11,548 |
Borrowings - Maturity analysi_2
Borrowings - Maturity analysis for financial derivatives (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Borrowings | ||
Payable | € 53,643 | € 46,552 |
Receivable | 56,181 | 51,039 |
Effect of discount/financing rates | (9,292) | (9,041) |
Net receivable in relation to financial instruments | 246 | 2,205 |
Trade and other payables | 2,383 | 2,077 |
Trade and other receivables | 2,629 | 4,282 |
Within one year | ||
Borrowings | ||
Payable | 18,055 | 16,541 |
Receivable | 18,363 | 16,462 |
In more than one year but less than two years | ||
Borrowings | ||
Payable | 3,925 | 4,788 |
Receivable | 3,875 | 5,201 |
In more than two years but less than three years | ||
Borrowings | ||
Payable | 4,904 | 3,000 |
Receivable | 4,911 | 3,141 |
In more than three years but less than four years | ||
Borrowings | ||
Payable | 2,223 | 1,913 |
Receivable | 2,324 | 2,038 |
In more than four years but less than five years | ||
Borrowings | ||
Payable | 3,834 | 1,567 |
Receivable | 3,687 | 1,706 |
In more than five years | ||
Borrowings | ||
Payable | 20,702 | 18,743 |
Receivable | 23,021 | 22,491 |
Derivative financial assets and liabilities | ||
Borrowings | ||
Effect of discount/financing rates | € 2,292 | € 2,282 |
Borrowings - Currency split of
Borrowings - Currency split of the Group's foreign exchange derivatives (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Borrowings | ||
Payable | € 44,544 | € 34,009 |
Receivable | 45,476 | 36,427 |
Effect of discount/financing rates | (9,292) | (9,041) |
Net receivable in relation to financial instruments | 246 | 2,205 |
Trade and other payables | 2,383 | 2,077 |
Trade and other receivables | 2,629 | 4,282 |
Foreign exchange contracts | ||
Borrowings | ||
Effect of discount/financing rates | 1,972 | 2,008 |
Net receivable in relation to financial instruments | 1,040 | 410 |
Trade and other payables | 1,868 | 1,400 |
Trade and other receivables | 828 | 1,810 |
Sterling | ||
Borrowings | ||
Payable | 4,459 | 1,176 |
Receivable | 7,280 | 6,576 |
Euro | ||
Borrowings | ||
Payable | 27,655 | 23,167 |
Receivable | 9,609 | 5,556 |
US Dollar | ||
Borrowings | ||
Payable | 6,862 | 4,246 |
Receivable | 20,615 | 19,482 |
Other | ||
Borrowings | ||
Payable | 5,568 | 5,420 |
Receivable | € 7,972 | € 4,813 |
Borrowings - Minimum lease paym
Borrowings - Minimum lease payments under finance lease arrangements (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Borrowings | ||
Minimum lease payments under finance lease | € 312 | € 306 |
Within one year | ||
Borrowings | ||
Minimum lease payments under finance lease | 46 | 68 |
In two to five years | ||
Borrowings | ||
Minimum lease payments under finance lease | 94 | 78 |
In more than five years | ||
Borrowings | ||
Minimum lease payments under finance lease | € 172 | € 160 |
Borrowings - Interest rate and
Borrowings - Interest rate and currency of borrowings (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Borrowings | ||
Borrowings | € 43,259 | € 46,574 |
Floating rate borrowings | ||
Borrowings | ||
Borrowings | 8,678 | 11,707 |
Fixed rate borrowings | ||
Borrowings | ||
Borrowings | 32,715 | 32,973 |
Other borrowings | ||
Borrowings | ||
Borrowings | 1,866 | 1,894 |
Sterling | ||
Borrowings | ||
Borrowings | 3,339 | 4,552 |
Sterling | Floating rate borrowings | ||
Borrowings | ||
Borrowings | 5 | |
Sterling | Fixed rate borrowings | ||
Borrowings | ||
Borrowings | € 3,339 | € 4,547 |
Weighted average interest rate | 2.50% | 2.50% |
Weighted average time | 20 years 9 months 18 days | 16 years 7 months 6 days |
Euro | ||
Borrowings | ||
Borrowings | € 36,411 | € 37,420 |
Euro | Floating rate borrowings | ||
Borrowings | ||
Borrowings | 5,766 | 7,517 |
Euro | Fixed rate borrowings | ||
Borrowings | ||
Borrowings | € 28,779 | € 28,009 |
Weighted average interest rate | 2.10% | 2.10% |
Weighted average time | 8 years | 8 years 4 months 24 days |
Euro | Other borrowings | ||
Borrowings | ||
Borrowings | € 1,866 | € 1,894 |
US Dollar | ||
Borrowings | ||
Borrowings | 2,930 | 4,449 |
US Dollar | Floating rate borrowings | ||
Borrowings | ||
Borrowings | 2,899 | 4,172 |
US Dollar | Fixed rate borrowings | ||
Borrowings | ||
Borrowings | € 31 | € 277 |
Weighted average interest rate | 0% | 0.20% |
Weighted average time | 0 years | 1 month 6 days |
Other | ||
Borrowings | ||
Borrowings | € 579 | € 153 |
Other | Floating rate borrowings | ||
Borrowings | ||
Borrowings | 13 | 13 |
Other | Fixed rate borrowings | ||
Borrowings | ||
Borrowings | € 566 | € 140 |
Weighted average interest rate | 12.30% | 8.50% |
Weighted average time | 4 years 4 months 24 days | 12 years |
Kabel Deutschland Holding AG | ||
Borrowings | ||
Liabilities for amounts payable under the domination agreement | € 1,800 | € 1,800 |
Liquidity and capital resourc_3
Liquidity and capital resources - Net debt (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Liquidity and capital resources | ||
Percentage of net debt to market capitalisation | 49% | 44% |
Average net debt | € 31,900 | |
Net debt | 31,469 | € 31,169 |
Minimum | ||
Liquidity and capital resources | ||
Net debt | 30,000 | |
Maximum | ||
Liquidity and capital resources | ||
Net debt | € 32,900 |
Liquidity and capital resourc_4
Liquidity and capital resources - Net debt position (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Mar. 31, 2018 EUR (€) | Mar. 31, 2017 EUR (€) | Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 USD ($) | Mar. 31, 2017 EUR (€) | |
Liquidity and capital resources | ||||||
Cash and cash equivalents | € 4,674 | € 8,835 | ||||
Short-term borrowings | (10,351) | (12,051) | ||||
Long-term borrowings | (32,908) | (34,523) | ||||
Other financial instruments | 7,116 | 6,570 | ||||
Net debt | (31,469) | (31,169) | ||||
Borrowings drawn | 43,259 | 46,574 | ||||
Cash and cash equivalents. | 4,674 | 8,835 | ||||
Derivative financial instruments included in trade and other receivables | ||||||
Liquidity and capital resources | ||||||
Other financial assets | 2,629 | 4,282 | ||||
Derivative financial instruments included in trade and other payables | ||||||
Liquidity and capital resources | ||||||
Other financial liabilities | (2,383) | (2,077) | ||||
Short term investments | ||||||
Liquidity and capital resources | ||||||
Other financial assets | 6,152 | 3,981 | ||||
Managed investment funds | ||||||
Liquidity and capital resources | ||||||
Other financial instruments | 3,087 | 2,039 | ||||
Government bonds | ||||||
Liquidity and capital resources | ||||||
Other financial instruments | 1,974 | 1,638 | ||||
Collateral in relation derivative financial instruments | ||||||
Liquidity and capital resources | ||||||
Other financial instruments | 1,112 | 1,172 | ||||
Supply chain and handset receivables | ||||||
Liquidity and capital resources | ||||||
Other financial instruments | 976 | 182 | ||||
Cash collateral | ||||||
Liquidity and capital resources | ||||||
Other financial assets | 718 | 384 | ||||
Bonds | ||||||
Liquidity and capital resources | ||||||
Short-term borrowings | (3,477) | (2,904) | ||||
Borrowings drawn | 21,866 | 20,005 | ||||
Commercial paper | ||||||
Liquidity and capital resources | ||||||
Short-term borrowings | (2,712) | (3,648) | ||||
Borrowings drawn | 2,712 | 3,648 | ||||
US commercial paper programme | ||||||
Liquidity and capital resources | ||||||
Borrowings drawn | $ 570 | 464 | $ 1,484 | |||
Euro commercial paper programme | ||||||
Liquidity and capital resources | ||||||
Borrowings drawn | 2,249 | 2,262 | ||||
Put options over non-controlling interests | ||||||
Liquidity and capital resources | ||||||
Short-term borrowings | (1,838) | (1,837) | ||||
Bank loans | ||||||
Liquidity and capital resources | ||||||
Short-term borrowings | (1,159) | (867) | ||||
Borrowings drawn | 3,316 | 3,608 | ||||
Other short-term borrowings | ||||||
Liquidity and capital resources | ||||||
Short-term borrowings | (1,165) | (2,795) | ||||
Cash collateral | 1,070 | 2,654 | ||||
Bonds, loans and other long-term borrowings | ||||||
Liquidity and capital resources | ||||||
Long-term borrowings | € (32,908) | € (34,523) | ||||
Kabel Deutschland Holding AG | ||||||
Liquidity and capital resources | ||||||
Liabilities for amounts payable under the domination agreement | € 1,800 | € 1,800 | ||||
Kabel Deutschland Holding AG | Put options over non-controlling interests | ||||||
Liquidity and capital resources | ||||||
Liabilities for amounts payable under the domination agreement | € 1,800 | € 1,800 |
Liquidity and capital resourc_5
Liquidity and capital resources - Commercial paper programmes (Details) € in Millions, $ in Millions | Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 USD ($) | Mar. 31, 2017 EUR (€) |
Liquidity and capital resources | ||||
Borrowings drawn | € 43,259 | € 46,574 | ||
US commercial paper programme | ||||
Liquidity and capital resources | ||||
Borrowing capacity | $ | $ 15,000 | |||
Borrowings drawn | 570 | 464 | $ 1,484 | |
Euro commercial paper programme | ||||
Liquidity and capital resources | ||||
Borrowing capacity | 8,000 | |||
Borrowings drawn | 2,249 | € 2,262 | ||
Syndicated bank facilities | ||||
Liquidity and capital resources | ||||
Borrowings drawn | 0 | |||
Syndicated revolving credit facility, maturing 27 February 2022 | ||||
Liquidity and capital resources | ||||
Borrowing capacity | $ 4,100 | 3,300 | ||
Syndicated revolving credit facility. maturing 28 March 2021 | ||||
Liquidity and capital resources | ||||
Borrowing capacity | € 3,800 |
Liquidity and capital resourc_6
Liquidity and capital resources - Bonds and Own shares (Details) € in Billions, £ in Billions, kr in Billions, SFr in Billions, $ in Billions, $ in Billions, $ in Billions | 12 Months Ended | ||||||||||
Aug. 25, 2017 £ / shares shares | Mar. 31, 2018 USD ($) € / shares shares | Mar. 31, 2019 HKD ($) | Mar. 31, 2019 NOK (kr) | Mar. 31, 2018 NOK (kr) € / shares shares | Mar. 31, 2018 CHF (SFr) € / shares shares | Mar. 31, 2018 AUD ($) € / shares shares | Mar. 31, 2018 GBP (£) € / shares shares | Mar. 31, 2018 EUR (€) € / shares shares | Feb. 25, 2016 GBP (£) | Feb. 25, 2016 EUR (€) | |
Liquidity and capital resources | |||||||||||
Percentage of issued share capital | 8% | ||||||||||
Bonds | |||||||||||
Liquidity and capital resources | |||||||||||
Borrowing capacity | € | € 30 | ||||||||||
Bonds issued | $ 9.9 | $ 2.1 | kr 2.2 | kr 10 | SFr 0.7 | $ 1.2 | £ 3.6 | 18.4 | |||
Notional amount | € | 32.3 | ||||||||||
Euro medium-term note programme | |||||||||||
Liquidity and capital resources | |||||||||||
Bonds issued | € | € 4.2 | ||||||||||
Convertible bonds | |||||||||||
Liquidity and capital resources | |||||||||||
Bonds issued | £ 2.9 | € 3.5 | |||||||||
Notional amount | 2.8 | 3.5 | |||||||||
Financial liabilities at fair value | 0.1 | 0.1 | |||||||||
Convertible bonds maturing on 25 August 2017 | |||||||||||
Liquidity and capital resources | |||||||||||
Bonds issued | £ 1.4 | € 1.7 | |||||||||
Borrowing interest rate | 1.50% | 1.50% | |||||||||
Number of shares issued upon conversion of bonds | shares | 729,100,000 | ||||||||||
Conversion price | £ / shares | £ 1.9751 | ||||||||||
Adjusted conversion price | £ / shares | 2.1730 | ||||||||||
Convertible bonds maturing on 25 February 2019 | |||||||||||
Liquidity and capital resources | |||||||||||
Bonds issued | £ 1.4 | € 1.7 | |||||||||
Borrowing interest rate | 2% | 2% | |||||||||
Adjusted conversion price | € / shares | 1.9387 | 1.9387 | 1.9387 | 1.9387 | 1.9387 | 1.9387 | |||||
Convertible bonds to be converted to shares | shares | 743,000,000 | ||||||||||
Percentage of share capital | 3% | ||||||||||
Maximum | |||||||||||
Liquidity and capital resources | |||||||||||
Treasury shares | shares | 2,192,064,339 | 2,192,064,339 | 2,192,064,339 | 2,192,064,339 | 2,192,064,339 | 2,192,064,339 |
Liquidity and capital resourc_7
Liquidity and capital resources - Committed facilities (Details) € in Millions, R in Millions, GH₵ in Millions, $ in Millions, ج.م. in Billions | Mar. 31, 2018 EGP (ج.م.) | Mar. 31, 2018 GHS (GH₵) | Mar. 31, 2018 ZAR (R) | Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 EUR (€) |
Liquidity and capital resources | ||||||
Borrowings drawn | € 43,259 | € 46,574 | ||||
Committed bank facilities | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 9,568 | |||||
Undrawn borrowings | 7,168 | |||||
Borrowings drawn | 2,400 | |||||
Syndicated revolving credit facility. maturing 28 March 2021 | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 3,800 | |||||
Syndicated revolving credit facility, maturing 27 February 2022 | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | $ 4,100 | 3,300 | ||||
Euro | ||||||
Liquidity and capital resources | ||||||
Borrowings drawn | 36,411 | 37,420 | ||||
Euro | Syndicated revolving credit facilities | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 3,840 | |||||
Euro | Syndicated revolving credit facilities | Within one year | ||||||
Liquidity and capital resources | ||||||
Facility amount | 100 | |||||
US Dollar | ||||||
Liquidity and capital resources | ||||||
Borrowings drawn | 2,930 | € 4,449 | ||||
US Dollar | Syndicated revolving credit facilities | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 3,328 | |||||
US Dollar | Syndicated revolving credit facilities | Within one year | ||||||
Liquidity and capital resources | ||||||
Facility amount | 100 | |||||
Canada | Loan facilities, capped at 50% of operating capital expenditure | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 651 | |||||
Borrowings drawn | 651 | |||||
UK & Ireland | Loan facilities, capped at 50% of operating capital expenditure | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 568 | |||||
Borrowings drawn | 568 | |||||
Germany (VDSL spend) | Loan facilities, capped at 50% of operating capital expenditure | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 350 | |||||
Borrowings drawn | 350 | |||||
Italy | Loan facilities, capped at 50% of operating capital expenditure | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 400 | |||||
Borrowings drawn | 400 | |||||
Turkey & Romania | Loan facilities, capped at 50% of operating capital expenditure | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 300 | |||||
Borrowings drawn | 300 | |||||
Turkey | Loan facilities, capped at 50% of operating capital expenditure | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 100 | |||||
Borrowings drawn | 100 | |||||
Other | Loan facilities, capped at 50% of operating capital expenditure | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | 31 | |||||
Borrowings drawn | 31 | |||||
Vodafone Egypt Telecommunications S.A.E. | Revolving credit facility | ||||||
Liquidity and capital resources | ||||||
Undrawn borrowings | ج.م. 3 | 138 | ||||
Vodacom | Vodacom facility one | ||||||
Liquidity and capital resources | ||||||
Borrowings drawn | 75 | 61 | ||||
Vodacom | Vodacom facility two | ||||||
Liquidity and capital resources | ||||||
Borrowing capacity | R 480 | 33 | ||||
Borrowings drawn | R 460 | 32 | ||||
Vodafone Ghana Mobile Financial Services Limited | Vodafone Ghana facility one | ||||||
Liquidity and capital resources | ||||||
Borrowings drawn | $ 143 | 116 | ||||
Vodafone Ghana Mobile Financial Services Limited | Vodafone Ghana facility two | ||||||
Liquidity and capital resources | ||||||
Borrowings drawn | GH₵ 60 | € 11 |
Liquidity and capital resourc_8
Liquidity and capital resources - Other Information (Details) € in Millions, shares in Millions | 12 Months Ended |
Mar. 31, 2018 EUR (€) shares | |
Liquidity and capital resources | |
Maximum payable under guarantees | € 506 |
Provision in respect to guarantees | € 0 |
Verizon Wireless | |
Liquidity and capital resources | |
Ownership interest (as a percentage) | 45% |
Number of shares equivalent in cash at settlement | shares | 743 |
Capital and financial risk ma_3
Capital and financial risk management - Capital management (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Capital and financial risk management | ||||
Net debt | € 31,469 | € 31,169 | ||
Equity | 68,607 | 73,719 | € 85,136 | € 93,708 |
Capital | € 100,076 | € 104,888 |
Capital and financial risk ma_4
Capital and financial risk management - Credit risk (Details) € in Millions | 12 Months Ended | |
Mar. 31, 2018 EUR (€) item | Mar. 31, 2017 EUR (€) | |
Capital and financial risk management | ||
Number of times per year the Treasury Risk Committee meets | item | 3 | |
Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | € 28,067 | € 30,832 |
Number of managed investment funds | item | 3 | |
Maximum investment in AAA unsecured money market mutual funds (as a percent) | 10% | |
Counterparty's credit default swap spread limit | 5 years | |
Cash collateral | € 1,070 | 2,654 |
Bank deposit | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | 2,197 | 1,856 |
Cash held in restricted deposits | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | 1,382 | 1,109 |
German government bonds | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | 862 | |
UK government bonds | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | 1,112 | 1,638 |
Money market investment funds | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | 2,477 | 6,979 |
Derivative financial assets and liabilities | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | 2,629 | 4,282 |
Other investments - debt and bonds | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | 8,596 | 6,747 |
Trade receivables. | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | 5,402 | 5,335 |
Other receivables and accrued income | Credit risk | ||
Capital and financial risk management | ||
Exposure to credit risk | € 3,410 | € 2,886 |
Capital and financial risk ma_5
Capital and financial risk management - Credit risk for trade receivables (Details) - Credit risk - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Credit risk for trade receivables | |||
Gross receivables | € 2,816 | € 2,926 | |
Less provisions | (1,198) | (1,385) | |
Net receivables | 1,618 | 1,541 | |
Provisions for bad and doubtful receivables charged to administrative expenses | 528 | 589 | |
Current | |||
Credit risk for trade receivables | |||
Trade receivables | 3,389 | 3,322 | |
30 days or less | |||
Credit risk for trade receivables | |||
Gross receivables | 810 | 730 | |
Less provisions | (32) | (27) | |
Net receivables | 778 | 703 | |
Between 31 and 60 days | |||
Credit risk for trade receivables | |||
Gross receivables | 226 | 125 | |
Less provisions | (35) | (23) | |
Net receivables | 191 | 102 | |
Between 61 and 180 days | |||
Credit risk for trade receivables | |||
Gross receivables | 530 | 648 | |
Less provisions | (206) | (258) | |
Net receivables | 324 | 390 | |
Greater than 180 days | |||
Credit risk for trade receivables | |||
Gross receivables | 1,250 | 1,423 | |
Less provisions | (925) | (1,077) | |
Net receivables | 325 | 346 | |
Europe | Overdue | |||
Credit risk for trade receivables | |||
Trade receivables | 942 | 789 | |
AMAP | Overdue | |||
Credit risk for trade receivables | |||
Trade receivables | € 306 | € 423 | € 423 |
Capital and financial risk ma_6
Capital and financial risk management - Liquidity risk (Details) € in Millions, $ in Billions | 12 Months Ended | ||
Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 EUR (€) | |
Liquidity risk | |||
Cash and cash equivalents | € 4,674 | € 8,835 | |
Liquidity risk | |||
Liquidity risk | |||
Cash and cash equivalents | 4,674 | € 8,835 | |
Minimum | Liquidity risk | |||
Liquidity risk | |||
Long-term borrowings maturity (in years) | 1 year | ||
Maximum | Liquidity risk | |||
Liquidity risk | |||
Long-term borrowings maturity (in years) | 38 years | ||
Syndicated bank facilities | Liquidity risk | |||
Liquidity risk | |||
Undrawn bank facilities | $ 4.1 | 3,800 | |
Commercial paper programme | Liquidity risk | |||
Liquidity risk | |||
Principal amount | $ 15 | € 8,000 |
Capital and financial risk ma_7
Capital and financial risk management - Market risk (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest rate risk | ||
Capital and financial risk management | ||
Percentage of reasonably possible increase in risk assumption | 1% | |
Increase in profit before tax due to reasonably possible increase in designated risk component | € 372 | € 470 |
Foreign exchange risk | ||
Capital and financial risk management | ||
Net debt denominated in currencies other than euro (as a percent) | 27% | |
Minimum foreign exchange transaction exposure per currency per month period | € 5 | |
Minimum foreign exchange transaction exposure per currency over six month period | € 15 | |
Foreign exchange risk | US Dollar | ||
Capital and financial risk management | ||
Net debt denominated in currencies other than euro (as a percent) | 8% | |
Foreign exchange risk | South African rand | ||
Capital and financial risk management | ||
Net debt denominated in currencies other than euro (as a percent) | 7% | |
Foreign exchange risk | Other | ||
Capital and financial risk management | ||
Net debt denominated in currencies other than euro (as a percent) | 3% | |
Foreign exchange risk | Sterling | ||
Capital and financial risk management | ||
Net debt denominated in currencies other than euro (as a percent) | 9% | |
Currency appreciation risk | US Dollar | ||
Capital and financial risk management | ||
Percentage of reasonably possible increase in risk assumption | 9% | 11% |
Decrease in profit before tax due to reasonably possible increase in designated risk component | € 65 | € 100 |
Currency appreciation risk | South African rand | ||
Capital and financial risk management | ||
Percentage of sensitivity to foreign exchange movements on hedging liabilities strengthening | 15% | 18% |
Decrease in equity due to sensitivity to foreign exchange movements | € 348 | € 493 |
Operating profit | € 239 | € 249 |
Percentage of retranslation for operating profit | 15% | 18% |
Currency appreciation risk | Sterling | ||
Capital and financial risk management | ||
Percentage of reasonably possible increase in risk assumption | 7% | 10% |
Decrease in profit before tax due to reasonably possible increase in designated risk component | € 208 | € 262 |
Equity risk | ||
Capital and financial risk management | ||
Percentage of reasonably possible increase in risk assumption | 10% | 7% |
Increase in profit before tax due to reasonably possible increase in designated risk component | € 164 | € 236 |
Decrease in profit before tax due to reasonably possible increase in designated risk component | € 164 | € 236 |
Maximum | Interest rate risk | ||
Capital and financial risk management | ||
Period for interest rate switching (in years) | 6 years |
Capital and financial risk ma_8
Capital and financial risk management - Net financial instruments (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | ||
Gross amount | € 246 | € 2,205 |
Amounts presented in balance sheet | 246 | 2,205 |
Cash collateral | (352) | (2,270) |
Net amount | (106) | (65) |
Derivative financial assets and liabilities | ||
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | ||
Gross amount | (2,383) | (2,077) |
Amounts presented in balance sheet | (2,383) | (2,077) |
Right of set off with derivative counterparties | 1,467 | 1,505 |
Cash collateral | 718 | 384 |
Net amount | (198) | (188) |
Derivative financial assets and liabilities | ||
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | ||
Gross amount | 2,629 | 4,282 |
Amounts presented in balance sheet | 2,629 | 4,282 |
Right of set off with derivative counterparties | (1,467) | (1,505) |
Cash collateral | (1,070) | (2,654) |
Net amount | € 92 | € 123 |
Directors and key management _3
Directors and key management compensation - Directors (Details) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 EUR (€) director | Mar. 31, 2017 EUR (€) director | Mar. 31, 2016 EUR (€) director | |
Directors and key management compensation | |||
Salaries and fees | € 4 | € 4 | € 5 |
Incentive schemes | 3 | 2 | 4 |
Other benefits | 1 | 1 | 1 |
Total | 8 | 7 | 10 |
Pre-tax gain on exercise of share options | € 0.1 | € 0.7 | € 0.2 |
Number of directors made gain on exercise of share options before tax | director | 1 | 1 | 1 |
Directors and key management _4
Directors and key management compensation - Key management compensation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Directors and key management compensation | |||
Short-term employee benefits | € 27 | € 24 | € 30 |
Share-based payments | 30 | 25 | 26 |
Total | € 57 | € 49 | € 56 |
Employees (Details)
Employees (Details) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 EUR (€) employee | Mar. 31, 2017 EUR (€) employee | Mar. 31, 2016 EUR (€) employee | |
Employees | |||
Operations | 17,094 | 18,207 | 18,869 |
Selling and distribution | 35,025 | 38,252 | 38,325 |
Customer care and administration | 54,016 | 55,097 | 54,490 |
Total number of employees | 106,135 | 111,556 | 111,684 |
Costs incurred in respect of employees | |||
Wages and salaries | € | € 4,179 | € 4,630 | € 4,759 |
Social security costs | € | 547 | 582 | 621 |
Other pension costs (note 26) | € | 222 | 212 | 270 |
Share-based payments (note 27) | € | 128 | 95 | 154 |
Cost incurred to employees | € | 5,076 | 5,519 | 5,804 |
India (Discontinued operations) | € | 219 | 217 | 212 |
Total | € | € 5,295 | € 5,736 | € 6,016 |
Europe | |||
Employees | |||
Total number of employees | 49,478 | 55,236 | 56,854 |
Germany | |||
Employees | |||
Total number of employees | 13,718 | 14,478 | 14,862 |
Italy | |||
Employees | |||
Total number of employees | 6,606 | 6,601 | 6,676 |
Spain | |||
Employees | |||
Total number of employees | 5,015 | 5,118 | 5,935 |
UK | |||
Employees | |||
Total number of employees | 12,379 | 13,238 | 13,323 |
Other Europe | |||
Employees | |||
Total number of employees | 11,760 | 15,801 | 16,058 |
AMAP | |||
Employees | |||
Total number of employees | 32,216 | 34,960 | 35,123 |
India (Discontinued operations) | |||
Employees | |||
Total number of employees | 11,086 | 13,187 | 13,346 |
Vodacom | |||
Employees | |||
Total number of employees | 7,524 | 7,590 | 7,515 |
Other Africa, Middle East and Asia-Pacific | |||
Employees | |||
Total number of employees | 13,606 | 14,183 | 14,262 |
Common Functions | |||
Employees | |||
Total number of employees | 24,441 | 21,360 | 19,707 |
Post employment benefits - Inco
Post employment benefits - Income statement expense (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Post employment benefits | |||
Defined contribution schemes | € 178 | € 192 | € 214 |
Defined benefit schemes | 44 | 20 | 56 |
Total | € 222 | € 212 | € 270 |
Post employment benefits - Defi
Post employment benefits - Defined benefit schemes (Details) € in Millions, £ in Millions | 12 Months Ended | ||||
Oct. 19, 2017 GBP (£) | Oct. 19, 2017 EUR (€) | Mar. 31, 2018 EUR (€) | Mar. 31, 2016 GBP (£) | Mar. 31, 2016 EUR (€) | |
Defined benefit pension schemes | |||||
Post employment benefits | |||||
Contributions to be paid in next fiscal year | € 61 | ||||
Vodafone UK plan | |||||
Post employment benefits | |||||
Contribution to plan by employer due to deficit in actuarial valuation | £ 279 | € 317 | |||
Vodafone section | |||||
Post employment benefits | |||||
Contribution to plan by employer due to deficit in actuarial valuation | £ 185 | € 209 | 339 | 385 | |
CWW section | |||||
Post employment benefits | |||||
Contribution to plan by employer due to deficit in actuarial valuation | £ 58 | € 66 | £ 60 | € 68 |
Post employment benefits - Actu
Post employment benefits - Actuarial assumptions (Details) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 EUR (€) age | Mar. 31, 2017 EUR (€) age | Mar. 31, 2016 EUR (€) age | |
Post employment benefits | |||
Actuarial losses/(gains) recognised in the AOCI | € (70) | € (272) | € 174 |
Defined benefit pension schemes | |||
Post employment benefits | |||
Rate of inflation (as a percent) | 2.90% | 3% | 2.80% |
Rate of increase in salaries (as a percent) | 2.70% | 2.60% | 2.60% |
Discount rate (as a percent) | 2.50% | 2.60% | 3.20% |
Number of years pension will be available for male pensioner | 23 years 2 months 12 days | 24 years 1 month 6 days | 24 years |
Number of years pension will be available for female pensioner | 26 years 6 months | 25 years 4 months 24 days | 25 years 3 months 18 days |
Current retirement age for pensioner | age | 65 | 65 | 65 |
Number of years pension will be available for male non-pensioner | 26 years 1 month 6 days | 26 years 8 months 12 days | 26 years 7 months 6 days |
Number of years pension will be available for female non-pensioner | 29 years 3 months 18 days | 28 years 3 months 18 days | 28 years 1 month 6 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 | € 34 | € 43 | € 45 |
Past service cost | 2 | (27) | |
Net interest charge | 8 | 4 | 11 |
Total included within staff costs | 44 | 20 | 56 |
Actuarial losses/(gains) recognised in the AOCI | € 94 | € 274 | € (216) |
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, 2018 | Mar. 31, 2017 | Apr. 01, 2016 | |
Post employment benefits | |||
Balance at beginning of the period before reclassification as held for sale | € (341) | ||
Reclassification as held for sale | (12) | ||
Balance at beginning of period | € (410) | € (594) | (329) |
Service cost | 36 | 16 | |
Interest income/(cost) | (8) | (4) | |
Return on plan assets excluding interest income | (37) | 818 | |
Actuarial gains arising from demographic assumptions | (46) | ||
Actuarial gains (losses) arising from changes in financial assumptions | (12) | (1,204) | |
Actuarial gain (losses) arising from experience adjustments | 1 | 112 | |
Employer cash contributions | 301 | 24 | |
Exchange rate movements | 10 | ||
Other movements | 11 | (27) | |
Balance at end of the period | (410) | (594) | |
Assets. | |||
Post employment benefits | |||
Balance at beginning of the period before reclassification as held for sale | 6,229 | ||
Balance at beginning of period | 6,697 | 6,709 | 6,229 |
Interest income/(cost) | 167 | 190 | |
Return on plan assets excluding interest income | (37) | 818 | |
Employer cash contributions | 301 | 24 | |
Member cash contributions | 8 | 8 | |
Benefits paid | (289) | (180) | |
Exchange rate movements | (156) | (403) | |
Other movements | (6) | 23 | |
Balance at end of the period | 6,697 | 6,709 | |
Liabilities. | |||
Post employment benefits | |||
Balance at beginning of the period before reclassification as held for sale | (6,570) | ||
Reclassification as held for sale | (12) | ||
Balance at beginning of period | (7,107) | (7,303) | € (6,558) |
Service cost | 36 | 16 | |
Interest income/(cost) | (175) | (194) | |
Actuarial gains arising from demographic assumptions | (46) | ||
Actuarial gains (losses) arising from changes in financial assumptions | (12) | (1,204) | |
Actuarial gain (losses) arising from experience adjustments | 1 | 112 | |
Member cash contributions | (8) | (8) | |
Benefits paid | 289 | 180 | |
Exchange rate movements | 166 | 403 | |
Other movements | 17 | (50) | |
Balance at end of the period | € (7,107) | € (7,303) |
Post employment benefits - Anal
Post employment benefits - Analysis of net assets/(deficit) (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Net assets/(deficit) are analysed as: | |||||
Assets | € 110 | € 57 | |||
Liabilities | (520) | (651) | |||
Defined benefit pension schemes | |||||
Analysis of net assets/(deficit): | |||||
Total fair value of scheme assets | 6,697 | 6,709 | € 6,229 | € 6,857 | € 4,652 |
Present value of funded scheme liabilities | (7,028) | (7,222) | (6,487) | (7,316) | (5,237) |
Net assets/(deficit) for funded schemes | (331) | (513) | (258) | (459) | (585) |
Present value of unfunded scheme liabilities | (79) | (81) | (83) | (91) | (80) |
Net deficit | (410) | (594) | (341) | (550) | (665) |
Net assets/(deficit) are analysed as: | |||||
Assets | 110 | 57 | 224 | 234 | 42 |
Liabilities | (520) | (651) | (565) | (784) | (707) |
CWW section | |||||
Analysis of net assets/(deficit): | |||||
Total fair value of scheme assets | 2,760 | 2,894 | 2,762 | 3,114 | 2,155 |
Present value of funded scheme liabilities | (2,655) | (2,842) | (2,543) | (2,884) | (2,097) |
Net assets/(deficit) for funded schemes | 105 | 52 | 219 | 230 | 58 |
Net assets/(deficit) are analysed as: | |||||
Assets | 105 | 52 | 219 | 230 | 58 |
Vodafone section | |||||
Analysis of net assets/(deficit): | |||||
Total fair value of scheme assets | 2,773 | 2,654 | 2,408 | 2,645 | 1,626 |
Present value of funded scheme liabilities | (2,945) | (2,962) | (2,548) | (2,951) | (2,030) |
Net assets/(deficit) for funded schemes | (172) | (308) | (140) | (306) | (404) |
Net assets/(deficit) are analysed as: | |||||
Liabilities | € (172) | € (308) | € (140) | € (306) | € (404) |
Post employment benefits - Dura
Post employment benefits - Duration of benefit obligations (Details) - Y | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined benefit pension schemes | |||
Post employment benefits | |||
Weighted average duration of defined benefit obligation (in years) | 22.8 | 22.9 | 22.3 |
Post employment benefits - Fa_2
Post employment benefits - Fair value of pension assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined benefit pension schemes | |||||
Post employment benefits | |||||
Cash and cash equivalents | € 95 | € 104 | |||
Investment fund | 275 | 299 | |||
Total | 6,697 | 6,709 | € 6,229 | € 6,857 | € 4,652 |
Gain (loss) on return on plan assets | 130 | (1,008) | |||
Defined benefit pension schemes | Level 1 | |||||
Post employment benefits | |||||
Equity investments | 1,407 | 1,938 | |||
Debt instruments | 4,149 | 3,982 | |||
Property | 27 | 30 | |||
Derivatives | 1,146 | 1,218 | |||
Defined benefit pension schemes | Level 2 | |||||
Post employment benefits | |||||
Equity investments | 360 | 413 | |||
Debt instruments | 590 | 461 | |||
Property | 78 | 78 | |||
Derivatives | 44 | ||||
Derivatives | 1 | ||||
Annuity policies | 818 | 623 | |||
Vodafone section | |||||
Post employment benefits | |||||
Investment fund | 259 | ||||
Total | € 2,773 | € 2,654 | € 2,408 | € 2,645 | € 1,626 |
Post employment benefits - Sens
Post employment benefits - Sensitivity analysis (Details) - Defined benefit pension schemes € in Millions | 12 Months Ended |
Mar. 31, 2018 EUR (€) | |
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 | € (556) |
Increase in actuarial assumption | € 633 |
Rate of increase in salaries | |
Sensitivity analysis | |
Decrease in actuarial assumption (as a percent) | 0.50% |
Increase in actuarial assumption (as a percent) | 0.50% |
Decrease in actuarial assumption | € (4) |
Increase in actuarial assumption | € 5 |
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 | € 833 |
Increase in actuarial assumption | € (713) |
Life expectancy | |
Sensitivity analysis | |
Increase in actuarial assumption life expectancy (in Years) | 1 year |
Decrease in actuarial assumption life expectancy (in Years) | 1 year |
Decrease in actuarial assumption | € 223 |
Increase in actuarial assumption | € (220) |
Share-based payments - Accounti
Share-based payments - Accounting policies (Details) | 12 Months Ended |
Mar. 31, 2018 | |
Share-based payments | |
Maximum percentage of ordinary share capital issued under all plans | 10% |
Maximum percentage of ordinary share capital issued under plans other than all-employee basis | 5% |
Share-based payments - Share op
Share-based payments - Share options and Share plans (Details) Option in Millions | 12 Months Ended | ||
Mar. 31, 2018 GBP (£) Option | Mar. 31, 2017 GBP (£) Option | Mar. 31, 2016 GBP (£) Option | |
Share options and Share plans | |||
Share options granted | 11 | 31 | 7 |
Movements in outstanding ordinary share options | |||
Balance at the beginning of the period (in shares) | 41 | 24 | 25 |
Granted (in shares) | 11 | 31 | 7 |
Forfeited (in shares) | (2) | (1) | (1) |
Exercised (in shares) | (5) | (7) | (5) |
Expired (in shares) | (5) | (6) | (2) |
Balance at the end of the period (in shares) | 40 | 41 | 24 |
Weighted average exercise price: | |||
Weighted average exercise price at the beginning of the period | £ | £ 1.61 | £ 1.62 | £ 1.49 |
Granted (per share) | £ | 1.72 | 1.61 | 1.89 |
Forfeited (per share) | £ | 1.65 | 1.66 | 1.54 |
Exercised (per share) | £ | 1.57 | 1.50 | 1.42 |
Expired (per share) | £ | 1.65 | 1.75 | 1.59 |
Weighted average exercise price at the end of the period | £ | £ 1.64 | £ 1.61 | £ 1.62 |
Vodafone Group executive plans | |||
Share options and Share plans | |||
Share options granted | 0 | ||
Movements in outstanding ordinary share options | |||
Granted (in shares) | 0 | ||
Vodafone Group 2008 Sharesave Plan | |||
Share options and Share plans | |||
Monthly savings, amount | £ | £ 375 | ||
Discount rate for share options | 0.20 | ||
Vodafone Group 2008 Sharesave Plan | Minimum | |||
Share options and Share plans | |||
Share option vesting period | 3 years | ||
Vodafone Group 2008 Sharesave Plan | Maximum | |||
Share options and Share plans | |||
Share option vesting period | 5 years |
Share-based payments - Summary
Share-based payments - Summary of options outstanding and exercisable (Details) Option in Millions | Mar. 31, 2018 GBP (£) Y Option | Mar. 31, 2017 GBP (£) Option | Mar. 31, 2016 GBP (£) Option | Mar. 31, 2015 GBP (£) Option |
Summary of options outstanding and exercisable | ||||
Outstanding shares | Option | 40 | 41 | 24 | 25 |
Weighted average exercise price | £ 1.64 | £ 1.61 | £ 1.62 | £ 1.49 |
Weighted average remaining contractual life | Y | 21 | |||
Minimum | ||||
Summary of options outstanding and exercisable | ||||
Exercise price | £ 1.01 | |||
Maximum | ||||
Summary of options outstanding and exercisable | ||||
Exercise price | £ 2 |
Share-based payments - Share aw
Share-based payments - Share awards and Other information (Details) - GBP (£) £ / shares in Units, shares in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based payments | |||
Balance at the beginning of the period (in shares) | 178 | 198 | 217 |
Granted (in shares) | 74 | 74 | 63 |
Vested (in shares) | (42) | (47) | (32) |
forfeited (in shares) | (28) | (47) | (50) |
Balance at the end of the period (in shares) | 182 | 178 | 198 |
Weighted average fair value at the beginning of the period | £ 1.91 | £ 1.77 | £ 1.56 |
Granted (per share) | 1.95 | 1.97 | 2.22 |
Vested (per share) | 1.76 | 1.77 | 1.80 |
Forfeited (per share) | 1.58 | 1.57 | 1.40 |
Weighted average fair value at the end of the period | £ 2.04 | £ 1.91 | £ 1.77 |
Total fair value of shares vested | £ 74,000,000 | £ 83,000,000 | £ 58,000,000 |
Compensation cost | 128,000,000 | 95,000,000 | 154,000,000 |
Average share price | £ 2.162 | £ 2.162 | £ 2.242 |
Acquisitions and disposals - Ac
Acquisitions and disposals - Acquisitions (Details) - Mar. 29, 2018 - Vodafone And Qatar Foundation L.L.C € in Millions, ر.ق in Millions | EUR (€) | QAR (ر.ق) | EUR (€) |
Disposals | |||
Proportion of Ownership Transferred | 51% | ||
Consideration received for transfer of ownership (in Percent) | ر.ق 1,350 | € 299 | |
net gain on disposal | € 113 |
Acquisitions and disposals - Di
Acquisitions and disposals - Disposals (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disposals | ||
Goodwill | € (26,734) | € (26,808) |
Property, plant and equipment | (28,325) | (30,204) |
Trade and other receivables | (2,629) | (4,282) |
Cash and cash equivalents | (4,674) | (8,835) |
Short and long-term borrowings | 43,259 | 46,574 |
Trade and other payables | 2,383 | € 2,077 |
Equalisation payment made to Liberty Global Plc | 802 | |
Vodafone Libertel B.V. | ||
Disposals | ||
Remeasurement of retained interest in Vodafone Libertel B.V. | 637 | |
Transaction costs | € 35 | |
VodafoneZiggo | ||
Disposals | ||
Proportion of ownership interest | 50% | |
Weighted average cost of capital used to value our initial investment in VodafoneZiggo | 7% | |
Weighted average terminal growth rate used to value our initial investment in VodafoneZiggo | 1% | |
Share of cash paid to both shareholders on creation of VodafoneZiggo | 50% | |
Amount of share of cash paid to shareholders | € 1,422 | |
Netherlands Operations [Member] | ||
Disposals | ||
Goodwill | (855) | |
Other intangible assets | (1,415) | |
Property, plant and equipment | (1,164) | |
Inventory | (24) | |
Trade and other receivables | (302) | |
Cash and cash equivalents | (56) | |
Current and deferred taxation | 87 | |
Short and long-term borrowings | 1,000 | |
Trade and other payables | 387 | |
Provisions | 28 | |
Total assets less total liabilities | (2,314) | |
Fair value of investment in VodafoneZiggo | 2,970 | |
Net cash proceeds arising from the transaction | 619 | |
Net gain on formation of VodafoneZiggo | € 1,275 |
Commitments - Operating lease c
Commitments - Operating lease commitments and Capital commitments (Details) - EUR (€) € in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments under non-cancellable operating leases | € 9,694 | € 9,429 |
Future minimum sublease payments expected to be received under non-cancellable subleases | 859 | 584 |
Capital commitments from company and subsidiaries | 2,630 | 2,052 |
Capital commitments from share of joint operations | 76 | 88 |
Contracts placed for future capital expenditure not provided in the financial statements | 2,706 | 2,140 |
Within one year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments under non-cancellable operating leases | 2,686 | 2,522 |
In more than one year but less than two years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments under non-cancellable operating leases | 1,633 | 1,487 |
In more than two years but less than three years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments under non-cancellable operating leases | 1,155 | 1,136 |
In more than three years but less than four years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments under non-cancellable operating leases | 903 | 882 |
In more than four years but less than five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments under non-cancellable operating leases | 717 | 709 |
In more than five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments under non-cancellable operating leases | € 2,600 | € 2,693 |
Commitments - Acquisition commi
Commitments - Acquisition commitments (Details) € in Millions, ₨ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2018 INR (₨) | Jan. 04, 2018 INR (₨) | Jan. 04, 2018 EUR (€) | Mar. 20, 2017 INR (₨) | Mar. 20, 2017 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2018 INR (₨) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 EUR (€) | Mar. 31, 2016 EUR (€) | May 09, 2018 EUR (€) | Jan. 23, 2018 EUR (€) | Mar. 20, 2017 USD ($) | Mar. 20, 2017 EUR (€) | |
Acquisition commitments | ||||||||||||||
Issue of shares | € 14 | € 19 | € 18 | |||||||||||
Proceeds from the announced disposal | 239 | 2 | ||||||||||||
Net debt | € 31,469 | 31,469 | € 31,169 | |||||||||||
Minimum | ||||||||||||||
Acquisition commitments | ||||||||||||||
Net debt | 30,000 | 30,000 | ||||||||||||
Maximum | ||||||||||||||
Acquisition commitments | ||||||||||||||
Net debt | 32,900 | € 32,900 | ||||||||||||
Vodafone India's and Idea's standalone tower businesses | ||||||||||||||
Acquisition commitments | ||||||||||||||
Proceeds from the announced disposal | ₨ | ₨ 40,000 | |||||||||||||
Vodafone India Idea Cellular Joint Operation | ||||||||||||||
Acquisition commitments | ||||||||||||||
Net debt | ₨ 24,800 | € 323 | ||||||||||||
Vodafone India Idea Cellular Joint Operation | Aditya Birla Group | Minimum | ||||||||||||||
Acquisition commitments | ||||||||||||||
Ownership interest (as a percentage) | 26% | 26% | ||||||||||||
Vodafone India Idea Cellular Joint Operation | Vodafone India Idea Cellular Joint Operation | Minimum | ||||||||||||||
Acquisition commitments | ||||||||||||||
Proceeds from the announced disposal | ₨ 19,600 | € 256 | ||||||||||||
Vodafone India | ||||||||||||||
Acquisition commitments | ||||||||||||||
Issue of shares | ₨ 67,500 | € 882 | ||||||||||||
Vodafone India | Vodafone Group | ||||||||||||||
Acquisition commitments | ||||||||||||||
Issue of shares | € 1,000 | |||||||||||||
Vodafone India | Aditya Birla Group | ||||||||||||||
Acquisition commitments | ||||||||||||||
Issue of shares | 32,500 | 425 | ||||||||||||
Vodafone India | Qualified institutions placement | ||||||||||||||
Acquisition commitments | ||||||||||||||
Issue of shares | 35,000 | 457 | ||||||||||||
Vodafone India | Vodafone India's and Idea's standalone tower businesses | ||||||||||||||
Acquisition commitments | ||||||||||||||
Ownership transferred (as a percentage) | 11.15% | 11.15% | ||||||||||||
Proceeds from the announced disposal | ₨ 78,500 | € 1,000 | ₨ 38,500 | € 478 | ||||||||||
Vodafone India | Indus Towers | ||||||||||||||
Acquisition commitments | ||||||||||||||
Ownership interest (as a percentage) | 42% | 42% | ||||||||||||
Vodafone India | Vodafone India Idea Cellular Joint Operation | Minimum | ||||||||||||||
Acquisition commitments | ||||||||||||||
Ownership transferred (as a percentage) | 45.10% | 45.10% | ||||||||||||
Vodafone India | Vodafone India Idea Cellular Joint Operation | ||||||||||||||
Acquisition commitments | ||||||||||||||
Ownership interest (as a percentage) | 45.10% | 45.10% | ||||||||||||
Ownership transferred (as a percentage) | 4.90% | 4.90% | ||||||||||||
Consideration received for transfer of ownership (in Percent) | ₨ 39,000 | $ 579 | ||||||||||||
Number of years required to equalise share holdings in jointly controlled entity | P4Y | P4Y | ||||||||||||
Number of years allowed to sell down shares to equalise share holdings in jointly controlled entity | P5Y | P5Y | ||||||||||||
Break-fee | ₨ 33,000 | $ 500 | ||||||||||||
Vodafone India | Vodafone India Idea Cellular Joint Operation | Maximum | ||||||||||||||
Acquisition commitments | ||||||||||||||
Ownership interest (as a percentage) | 47.50% | 47.50% | ||||||||||||
Vodafone India | Vodafone India Idea Cellular Joint Operation | Aditya Birla Group | ||||||||||||||
Acquisition commitments | ||||||||||||||
Ownership interest (as a percentage) | 2.50% | 2.50% | ||||||||||||
Vodafone Greece | CYTA Telecommunications Hellas S.A | ||||||||||||||
Acquisition commitments | ||||||||||||||
Total enterprise value | € 118 | |||||||||||||
Vodafone Greece | Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | Acquisition of Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | ||||||||||||||
Acquisition commitments | ||||||||||||||
Total enterprise value | € 18,400 | |||||||||||||
Aditya Birla Group | Vodafone India Idea Cellular Joint Operation | ||||||||||||||
Acquisition commitments | ||||||||||||||
Ownership interest (as a percentage) | 26% | 26% |
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, 2018 USD ($) item | Mar. 31, 2018 AUD ($) item | Mar. 31, 2018 EUR (€) item | Mar. 31, 2017 EUR (€) | |
Disclosure of contingent liabilities [line items] | ||||
number of segregated sections | item | 2 | |||
Performance bonds | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liability amount | € 993 | € 2,413 | ||
Other guarantees and contingent liabilities | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liability amount | 4,036 | € 3,576 | ||
UK pension schemes | ||||
Disclosure of contingent liabilities [line items] | ||||
Notional value of security | 536 | |||
UK pension schemes, Vodafone Section | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liability amount | € 1,700 | |||
Number of guarantees under pension scheme | item | 2 | 2 | 2 | |
UK pension schemes, CWW Section | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liability amount | € 1,700 | |||
Notional value of security | 57 | |||
THUS Plc Group Scheme | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liability amount | € 114 | |||
Vodafone Hutchison Australia Pty Limited | ||||
Disclosure of contingent liabilities [line items] | ||||
Proportion of stake (as a percentage) | 50% | |||
Vodafone Hutchison Australia Pty Limited | Other guarantees and contingent liabilities | ||||
Disclosure of contingent liabilities [line items] | ||||
Proportion of stake (as a percentage) | 50% | |||
Loan facility covered under guarantee by group company | $ 3.5 | $ 1.7 |
Contingent liabilities and le_4
Contingent liabilities and legal proceedings - Indian tax cases and Indian regulatory cases (Details) € in Millions, £ in Millions, ₨ in Billions | 1 Months Ended | 12 Months Ended | ||||||
Feb. 12, 2016 INR (₨) | Apr. 23, 2015 EUR (€) | Jan. 03, 2013 INR (₨) | Apr. 30, 2013 EUR (€) | Jan. 31, 2012 | Mar. 31, 2018 EUR (€) item | Apr. 21, 2016 | Jul. 13, 2015 GBP (£) | |
Disclosure of contingent liabilities [line items] | ||||||||
Number of heads of tax subject to indemnity | item | 2 | |||||||
total number of heads of tax | item | 3 | |||||||
Indian tax cases | Vodafone International Holdings BV ('VIHBV') | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Amount of damages sought | ₨ | ₨ 221 | ₨ 142 | ||||||
Percentage of penalty | 100% | |||||||
Indian tax cases | Vodafone India Limited (VIL) and Vodafone India Services Private Limited (VISPL) | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Litigation period in courts | 5 years | |||||||
Amount of damages sought | € 2,400 | |||||||
Percentage of penalty | 300% | |||||||
Indian tax cases | Vodafone India Services Private Limited | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Tax liability | € 264 | |||||||
Interest payable | € 422 | |||||||
Deposit amount with tax authorities | £ | £ 20 | |||||||
Indian regulatory cases | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Number of public interest litigations | item | 3 | |||||||
Indian regulatory case, 3G inter-circle roaming | Vodafone India | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Amount of fine imposed by department of telecommunications | € 5.5 | |||||||
Indian regulatory case, One time spectrum charges | Vodafone India | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Amount of one time spectrum charges | € 525 | |||||||
Indian regulatory case, Adjusted Gross Revenue ('AGR') | Vodafone India | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Amount of impact on licence fees and spectrum usage charges | € 1,670 |
Contingent liabilities and le_5
Contingent liabilities and legal proceedings - Other cases in the Group (Details) € / shares in Units, € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Jun. 09, 2015 EUR (€) | Jun. 08, 2015 EUR (€) | Jul. 31, 2016 EUR (€) | Aug. 31, 2015 EUR (€) | Apr. 30, 2015 USD ($) | Sep. 30, 2014 EUR (€) plaintiff € / shares | Dec. 31, 2013 EUR (€) director claim | Mar. 31, 2018 EUR (€) site | Mar. 31, 2010 EUR (€) | |
Patent litigation, Spain | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of compensation sought by petitioner | € 500 | ||||||||
Mannesmann takeover, Germany | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of compensation awarded, per share | € / shares | € 229.58 | ||||||||
Amount of compensation awarded | € 19 | ||||||||
Amount of squeeze out compensation awarded, per share | € / shares | € 251.31 | ||||||||
Amount of squeeze out compensation awarded | € 43.8 | ||||||||
Kabel Deutschland takeover, Germany | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Number of plaintiffs | plaintiff | 80 | ||||||||
Dominant position allegations, British Telecom in Italy | Vodafone Italy | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of compensation sought by petitioner | € 280 | ||||||||
Amount of damages awarded value | € 12 | ||||||||
Dominant position allegations, British Telecom in Italy | Vodafone Italy | Minimum | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of damages as per expert report | € 8 | 10 | |||||||
Dominant position allegations, British Telecom in Italy | Vodafone Italy | Maximum | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of damages as per expert report | € 11 | 25 | |||||||
Dominant position allegations, FASTWEB in Italy | Vodafone Italy | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of compensation sought by petitioner | 360 | ||||||||
Dominant position allegations, FASTWEB in Italy | Vodafone Italy | Minimum | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of damages as per expert report | 0.5 | ||||||||
Dominant position allegations, FASTWEB in Italy | Vodafone Italy | Maximum | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of damages as per expert report | € 2.3 | ||||||||
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of compensation sought by petitioner | € 101 | ||||||||
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy | Minimum | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of damages as per expert report | € 0 | ||||||||
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy | Maximum | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of damages as per expert report | € 9 | ||||||||
Dominant position and wrongful termination of franchise arrangement by Papistas, Greece | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of compensation sought by petitioner | € 285.5 | ||||||||
Number of claims filed | claim | 3 | ||||||||
Amount of compensation sought by petitioner from directors | € 1,000 | ||||||||
Number of former directors in allegations | director | 1 | ||||||||
Number of current directors in allegations | director | 1 | ||||||||
Faith and Infringement allegations by GHI, South Africa | Vodafone Congo | |||||||||
Disclosure of contingent liabilities [line items] | |||||||||
Amount of compensation sought by petitioner | $ | $ 1,160 | ||||||||
Number of sites rolled out | site | 3 | ||||||||
Revised amount of compensation sought by petitioner | € 256 |
Related party transactions (Det
Related party transactions (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Associates | |||
Related party transactions | |||
Sales of goods and services | € 19 | € 37 | € 39 |
Purchase of goods and services | 1 | 90 | 118 |
Trade balances owed by | 4 | 1 | |
Trade balances owed to | 2 | 1 | 4 |
Joint arrangements | |||
Related party transactions | |||
Sales of goods and services | 194 | 19 | 21 |
Purchase of goods and services | 199 | 183 | 92 |
Net interest income receivable | 120 | 87 | 92 |
Trade balances owed by | 107 | 158 | 232 |
Trade balances owed to | 28 | 15 | 71 |
Other balances owed by | 1,328 | 1,209 | 108 |
Other balances owed to | € 150 | € 127 | € 106 |
Subsequent events (Details)
Subsequent events (Details) € in Millions, £ in Millions, shares in Millions | 12 Months Ended | |||||
Apr. 25, 2018 USD ($) shares | Apr. 05, 2018 GBP (£) item | Aug. 07, 2017 shares | Aug. 06, 2017 | Mar. 31, 2018 | Apr. 05, 2018 EUR (€) | |
Subsequent events | Vodafone UK | ||||||
Subsequent events | ||||||
Frequency of spectrum acquired in MHz | item | 50 | |||||
Frequency of spectrum available for auction in MHz | item | 3,400 | |||||
Spectrum Payments | £ 378.2 | € 433.4 | ||||
Term of spectrum acquired | 20 years | |||||
Vodafone International Holdings B.V. | ||||||
Subsequent events | ||||||
Ownership interest (as a percent) | 69.70% | 65% | 100% | |||
Vodacom Group Limited | ||||||
Subsequent events | ||||||
Ownership interest (as a percent) | 64.52% | |||||
Bharti Infratel | Subsequent events | Bharti Airtel | Maximum | ||||||
Subsequent events | ||||||
Ownership interest (as a percentage) | 53.50% | |||||
Bharti Infratel | Subsequent events | Bharti Airtel | Minimum | ||||||
Subsequent events | ||||||
Ownership interest (as a percentage) | 37.20% | |||||
Vodafone | Vodacom Group Limited | ||||||
Subsequent events | ||||||
Number of shares issued | shares | 233.5 | |||||
Indus Towers | Bharti Infratel | Subsequent events | ||||||
Subsequent events | ||||||
Ownership interest (as a percentage) | 42% | |||||
Indus Towers | Vodafone | Subsequent events | ||||||
Subsequent events | ||||||
Ownership interest (as a percentage) | 42% | |||||
Number of shares issued | shares | 783.1 | |||||
Indus Towers | Aditya Birla Group | Subsequent events | ||||||
Subsequent events | ||||||
Ownership interest (as a percentage) | 11.15% | |||||
Ownership interest which has selling option (as percent) | 11.15% | |||||
Ownership interest sold (as a percentage) | $ 11.15 | |||||
Indus Towers | Providence | Subsequent events | ||||||
Subsequent events | ||||||
Ownership interest (as a percentage) | 4.85% | |||||
Ownership interest which has selling option (as percent) | 3.35% | |||||
Ownership interest sold (as a percentage) | $ 3.35 | |||||
Bharti Airtel and Vodafone Jointly Control Operation | Subsequent events | ||||||
Subsequent events | ||||||
Ownership interest sold (as a percentage) | $ 29.4 |
Subsequent events - Vodafone Ac
Subsequent events - Vodafone Acquisition (Details) € in Millions | May 09, 2018 EUR (€) |
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | |
Break fee | € 250 |
New debt facilities (including hybrid debt securities) | |
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | |
Debt | 10,000 |
Mandatory convertible bonds | |
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | |
Debt | 3,000 |
Unitymedia GmbH in Germany and Liberty Global's Operations (Excluding its "Direct Home" Business) in Czech Republic , Hungary and Romania | |
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | |
Total enterprise value | 18,400 |
UPC Czech, UPC Hungary and UPC Romania | Unitymedia's existing bond structure | |
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | |
Debt | 4,500 |
UPC Czech, UPC Hungary and UPC Romania | Unitymedia's term loans | |
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | |
Debt | 2,200 |
Liberty Global | |
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | |
Cash transferred | 10,800 |
Liabilities incurred | € 7,600 |
Subsequent events - Bond issuan
Subsequent events - Bond issuance (Details) - May 23, 2018 € in Billions, $ in Billions | USD ($) | EUR (€) |
Unitymedia GmbH in Germany and Liberty Global's Operations (Excluding its "Direct Home" Business) in Czech Republic , Hungary and Romania | ||
Subsequent events | ||
Bond debt | $ 11.5 | € 9.8 |
Subsequent events - Repurchase
Subsequent events - Repurchase of Floating Rate Notes by Verizon (Details) $ in Billions | May 24, 2018 USD ($) |
Floating Rate Notes due 2025 | Verizon Communications Inc | |
Subsequent events | |
Repurchase of notes | $ 2.5 |
Related undertakings - Subsidia
Related undertakings - Subsidiaries (Details) | 12 Months Ended | ||
Aug. 07, 2017 | Aug. 06, 2017 | Mar. 31, 2018 | |
Vodafone Albania Sh.A | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone M-PESASH.P.K. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodacom Business (Angola) Limitada | |||
Subsidiaries | |||
% held by Group companies | 63.87% | ||
CWGNL S.A | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Quickcomm Pty Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
PPL Pty Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Talkland Australia Pty Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
VAPL No.2 Pty Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Australia Pty Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Austria GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Bahrain W.L.L. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Belgium SA/NV | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Servicos Empresariais Brasil Ltda | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cobra do Brasil Servicos de Telematica ltda. | |||
Subsidiaries | |||
% held by Group companies | 70% | ||
Vodafone Empress Brasil Telecomunicacoes Ltda | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Bulgaria EOOD | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodacom Business Cameroon SA | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodafone Canada Inc. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
CGP Investments (Holdings) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Chile SA | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive Technologies (Beijing) Co, Ltd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone China Limited (China) | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd (Beijing Branch) | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Communications Technical Services (Shanghai) Co. Ltd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodacash S.A | |||
Subsidiaries | |||
% held by Group companies | 32.90% | ||
Vodacom Congo (RDC) SA | |||
Subsidiaries | |||
% held by Group companies | 32.90% | ||
Vodacom Business Cote D'ivoire S.A.R.L. | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodafone Mobile Operations Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Oskar Mobil S.R.O. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Czech Republic A.S. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Europe (UK) Limited - Czech Branch | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Denmark A/S | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone International Services LLC | |||
Subsidiaries | |||
% held by Group companies | 54.93% | ||
Starnet | |||
Subsidiaries | |||
% held by Group companies | 54.90% | ||
Sarmady Communications | |||
Subsidiaries | |||
% held by Group companies | 54.91% | ||
Vodafone Egypt Telecommunications S.A.E. | |||
Subsidiaries | |||
% held by Group companies | 54.93% | ||
Vodafone For Trading | |||
Subsidiaries | |||
% held by Group companies | 54.87% | ||
Vodafone Data | |||
Subsidiaries | |||
% held by Group companies | 54.93% | ||
Vodafone Enterprise Finland OY | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive Telematics Development S.A.S | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive France S.A.S | |||
Subsidiaries | |||
% held by Group companies | 50.94% | ||
Vodafone Enterprise France SAS | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
TKS Telepost Kabel-Service Kaiserslautern GmbH & Co. KG | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Kabel Deutschland Holding AG | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Kabel Deutschland Holding Erste Beteiligungs GmbH | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Kabel Deutschland Holding Zweite Beteilgungs GmbH | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Kabel Deutschland Neunte Beteiligungs GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Kabel Deutschland Siebte Beteiligungs GmbH | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Vodafone Kabel Deutschland GmbH | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Vodafone Kabel Deutschland Kundenbetreuung GmbH | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Vodafone Automotive Deutschland GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
CRVSH GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Germany GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Group Services GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Institut fur Gesellschaft und Kommunikation GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Stiftung Deutschland Gemeinnutzige GmbH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Vierte Verwaltungs AG | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel- Kommunikation Mit Beschrankter Haftung | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Urbana Teleunion Rostock GmbH & Co.KG | |||
Subsidiaries | |||
% held by Group companies | 53.69% | ||
Verwaltung "Urbana Teleunion" Rostock GmbH | |||
Subsidiaries | |||
% held by Group companies | 38.35% | ||
KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung | |||
Subsidiaries | |||
% held by Group companies | 76.70% | ||
Vodacom Business (Ghana) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Ghana Telecommunications Company Limited | Ordinary shares | |||
Subsidiaries | |||
% held by Group companies | 70.81% | ||
Ghana Telecommunications Company Limited | Preference shares | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
National Communications Backbone Company Limited | |||
Subsidiaries | |||
% held by Group companies | 70.81% | ||
Vodafone Ghana Mobile Financial Services Limited | |||
Subsidiaries | |||
% held by Group companies | 70.81% | ||
Vodafone-Panafon Hellenic Telecommunications Company S.A. | |||
Subsidiaries | |||
% held by Group companies | 99.87% | ||
Vodafone Global Enterprise Telecommunications (Hellas) A.E. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
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% | ||
Le Bunt Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Silver Stream Investments Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
VBA Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
VBA International Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodafone Enterprise Global Network HK Ltd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Hong Kong Ltd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Magyarorszag Mobile Tavkozlesi Zartkoruen Mukodo Reszvenytarsasag | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
VSSB Vodafone Shared Services Budapest Private Limited Company | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Global (India) Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable & Wireless Networks India Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless (India) Limited (India branch) | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
AG Mercantile Company Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Jaykay Finholding (India) Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
MV Healthcare Services Private limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Nadal Trading Company Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
ND Callus Info Services Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Omega Telecom Holdings Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Plustech Mercantile Company Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
SMMS Investments Pvt Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Telecom Investments India Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
UMT Investments Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Usha Martin Telematics Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Services Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Towers Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Scorpios Beverages Pvt. Ltd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone India Services Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Mobile Commerce Solutions Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Foundation | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone India Digital Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone India Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone India Ventures Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Mobile Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone m-pesa Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Technology Solutions Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
You Broadband India Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
You System Integration Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Connect (India) Mobile Technologies Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Business Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Eudokia Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless GN Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Stentor Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
VF Ireland Property Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Global Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Network Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Group Services Ireland Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Ireland Distribution Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Ireland Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Ireland Marketing Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Ireland Retail Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Enterprise (Italy) S.R.L. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive Italia S.p.A | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive Electronic Systems S.r.L | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive SpA | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
VEI S.r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Italia S.p.A. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Italy S.r.L | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Gestioni S.p.A. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Servizi E Tecnologie S.R.L. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise U.K. (Japanese Branch) | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive Japan K.K | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Enterprise (Japan) K.K. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Aztec Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Globe Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Plex Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vizzavi Finance Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Holdings(Jersey) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone International 2 Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Jersey Dollar Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Jersey Finance | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Jersey Yen Holdings Unlimited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Kenya Limited | |||
Subsidiaries | |||
% held by Group companies | 68.95% | ||
M-PESA Holding Co. Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodacom Business (Kenya) Limited | |||
Subsidiaries | |||
% held by Group companies | 51.62% | ||
Vodafone Automotive Korea Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Korea Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodacom Lesotho (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 51.62% | ||
Tomorrow Street GP S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Asset Management Services S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Global Businesses S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Luxembourg S.A. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone International 1 S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone International M S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Investments Luxembourg S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Luxembourg 5 S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Luxembourg S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Procurement Company S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Real Estate S.a.r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Roaming Services S.a r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Services Company S.a.r.l. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Enterprise (Malaysia) Sdn Bhd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Multi Risk Indemnity Company Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Multi Risk Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Malta Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Mobile Wallet VM1 | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Mobile Wallet VM2 | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Al-Amin Investments Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Array Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Asian Telecommunication Investments (Mauritius) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
CCII (Mauritius), Inc. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
CGP India Investments Ltd. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Euro Pacific Securities Ltd. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Mobilvest | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Prime Metals Ltd. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Trans Crystal Ltd. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Mauritius Ltd. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Telecommunications (India) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Tele-Services (India) Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
VBA (Mauritius) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodacom International Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodafone Empresa Mexico S.de R.L. de C.V. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Maroc SARL | |||
Subsidiaries | |||
% held by Group companies | 79.75% | ||
VM, SA | Ordinary shares | |||
Subsidiaries | |||
% held by Group companies | 54.84% | ||
VM, SA | Redeemable preference shares | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodafone M-Pesa, S.A | |||
Subsidiaries | |||
% held by Group companies | 54.84% | ||
Vodafone Enterprise Netherlands BV | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Europe B.V. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone International Holdings B.V. | |||
Subsidiaries | |||
% held by Group companies | 69.70% | 65% | 100% |
Vodafone Panafon International Holdings B.V. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Mobile NZ Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone New Zealand Foundation Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone New Zealand Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone New Zealand Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Next Generation Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Farmside Limited | |||
Subsidiaries | |||
% held by Group companies | 70% | ||
Farmside Technologies Limited | |||
Subsidiaries | |||
% held by Group companies | 70% | ||
My Farmside Limited | |||
Subsidiaries | |||
% held by Group companies | 70% | ||
Spar Aerospace (Nigeria) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodacom Business Africa (Nigeria) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
C&W Worldwide Nigeria Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Norway AS | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Limited (Norway Branch) | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Oni Way - Infocomunicacoes, S.A. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Portugal - Comunicacoes Pessoais, S.A. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Spain, S.L.U. - Portugal Branch | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Romania S.A | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Romania M-Payments SRL | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Romania Technologies SRL | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Shared Services Romania SRL | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Enterprise Russia LLC | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable & Wireless CIS Svyaz LLC | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cavalry Holdings Ltd | |||
Subsidiaries | |||
% held by Group companies | 31.61% | ||
East Africa Investment (Mauritius) Limited | |||
Subsidiaries | |||
% held by Group companies | 31.61% | ||
VBA International (SL) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodafone Enterprise Singapore Pte.Ltd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Network Limited - Slovakia Branch | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
XLink Communications (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Cable and Wireless Worldwide South Africa (Pty) Ltd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Waterberg Lodge (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 30.25% | ||
Vodafone Holdings (SA) Proprietary Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Investments (SA) Proprietary Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
GS Telecom (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Jupicol (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 42.34% | ||
Mezzanine Ware Proprietary Limited (RF) | |||
Subsidiaries | |||
% held by Group companies | 54.44% | ||
Motifpros 1 (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Scarlet Ibis Investments 23 (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Storage Technology Services (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 30.85% | ||
Vodacom (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Vodacom Business Africa Group (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodacom Financial Services (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Vodacom Group Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodacom Insurance Administration Company (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Vodacom Insurance Company (RF) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Vodacom International Holdings (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodacom Life Assurance Company (RF) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Vodacom Payment Services (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Vodacom Properties No 1 (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Vodacom Properties No.2 (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.49% | ||
Wheatfields Investments 276 (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodafone Automotive Iberia S.L | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enabler Espana, S.L. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Spain SLU | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Espana S.A.U. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Holdings Europe S.L.U. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone ONO, S.A.U. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Servicios SL.U | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Sweden AB | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Switzerland AG | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone International 1 S.a.r.l. Luxembourg, Zweigniederlassung Bern | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Investments Luxembourg S.a r.l., Luxembourg, Zweigniederlassung Bern | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Luxembourg 5 S.a r.l., Luxembourg, Zweigniederlassung Berm | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Luxembourg S.a r.l., Luxembourg, Zweigniederlassung Berm | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive Telematics S.A | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Switzerland AG - AGNO BRANCH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Enterprise Taiwan Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Gateway Communications Tanzania Limited | |||
Subsidiaries | |||
% held by Group companies | 63.87% | ||
M-Pesa Limited | |||
Subsidiaries | |||
% held by Group companies | 39.74% | ||
Shared Networks Tanzania Limited | |||
Subsidiaries | |||
% held by Group companies | 39.75% | ||
Vodacom Tanzania Limited Zanzibar | |||
Subsidiaries | |||
% held by Group companies | 39.75% | ||
Vodacom Tanzania Public Limited Company | |||
Subsidiaries | |||
% held by Group companies | 39.75% | ||
Mirambo Limited | |||
Subsidiaries | |||
% held by Group companies | 31.61% | ||
Vodafone Bilgi Ve Iletisim Hizmetleri AS | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Dagitim Hizmetleri A.S. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Elektronik Para Ve Odeme Hizmetleri A.S. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Holding A.S. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Net Iletisim Hizmetleri A.S. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Telekomunikasyon A.S | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Teknoloji Hizmetleri A.S. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
LLC Vodafone Enterprise Ukraine | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Europe (UK) Limited - DUBAI BRANCH | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Thus Group Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Thus Group Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Thus Profit Sharing Trustees Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone (NI) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Pinnacle Cellular Group Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Pinnacle Cellular Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone (Scotland) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Woodend Cellular Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Woodend Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Woodend Group Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Woodend Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Energis (Ireland) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Navtrak Ltd | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Automotive UK Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Gateway Communications Africa (UK) Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodacom Business Africa Group Services Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
Vodacom UK Limited | |||
Subsidiaries | |||
% held by Group companies | 64.52% | ||
AAA (Euro) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Acorn Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Apollo Submarine Cable System Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Aspective Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Astec Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Bluefish Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
C.S.P. Solutions Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Aspac Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless CIS Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Communications Data Network Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Europe Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Global Business Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Global Holding Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Global Telecommunication Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless UK Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless UK Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Worldwide Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Worldwide Voice Messaging Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless (India) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Nominee Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cellops Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cellular Operations Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Central Communications Group Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
CWW Operations Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Dataroam Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Emtel Europe Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Energis Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Energis Squared Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Flexphone Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
FM Associates (UK) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
General Mobile Corporation Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Global Cellular Rental Limited | |||
Subsidiaries | |||
% held by Group companies | 50% | ||
Internet Network Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Isis Telecommunications Management Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Legend Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
London Hydraulic Power Company | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Metro Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
ML Integration Group Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
ML Integration Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Mobile Phone Centre Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Nat Comm Air Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
P.C.P. (North West) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Peoples Phone Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Project Telecom Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
PT Network Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
PTI Telecom Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Rian Mobile Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Singlepoint (4U) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Singlepoint Payment Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Stentor Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Talkland Airtime Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Talkland Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Talkland International Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Talkland Midlands Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Talkmobile Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Ternhill Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
The Eastern Leasing Company Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Thus Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Townley Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Uniqueair Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vizzavi Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodacall Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone (New Zealand) Hedging Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone 4 UK | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone 5 Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone 5 UK | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone 6 UK | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Americas | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Benelux Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Business Solutions Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Cellular Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Central Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Connect 2 Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Connect Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Consolidated Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Corporate Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Corporate Secretaries Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone DC Pension Trustee Company Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Distribution Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Corporate Secretaries Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Equipment Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise Europe (UK) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Enterprise U.K. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Euro Hedging Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Euro Hedging Two | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Europe UK | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone European Investments | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone European Portal Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Finance Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Finance Luxembourg Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Finance Sweden | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Finance UK Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Financial Operations | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Content Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Global Enterprise Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Group (Directors) Trustee Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Group Pension Trustee Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Group Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Group Services No.2 Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Group Share Trustee Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Hire Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Holdings Luxembourg Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Intermediate Enterprises Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone International Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone International Operations Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Investment UK | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Investments Australia Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Investments Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone IP Licensing Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Leasing Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone M.C. Mobile Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Marketing UK | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Mobile Commerce Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Mobile Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Mobile Enterprises Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Mobile Network Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Multimedia Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Nominees Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Oceania Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Old Show Ground Site Management Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Overseas Finance Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Overseas Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Panafon UK | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Partner Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Property Investments Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Retail (Holdings) Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Retail Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Sales & Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Satellite Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Specialist Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone UK Content Services Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone UK Investments Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone UK Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Ventures Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Worldwide Holdings Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Yen Finance Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone-Central Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodaphone Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodata Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Your Communications Group Limited | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Bluefish Communications Inc. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless Americas Systems, Inc. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Cable and Wireless a-Services, Inc | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone Americas Virginia Inc. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Vodafone US Inc. | |||
Subsidiaries | |||
% held by Group companies | 100% | ||
Africonnect (Zambia) Limited | Ordinary shares | |||
Subsidiaries | |||
% held by Group companies | 50% | ||
Africonnect (Zambia) Limited | Redeemable preference shares | |||
Subsidiaries | |||
% held by Group companies | 64.52% |
Related undertakings - Associat
Related undertakings - Associated undertakings and joint arrangements (Details) - 12 months ended Mar. 31, 2018 € in Millions, Ksh in Trillions | KES (Ksh) | EUR (€) |
H3ga Properties (No 3) Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Mobileworld Communications Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Mobileworld Operating Pty Ltd | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Australia Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Foundation Australia Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Hutchison Australia Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Hutchison Finance Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Hutchison Receivables Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Network Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
HBO Netherlands Channels sro | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25% | |
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% | |
Safenet N.P,A. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25% | |
Victus Networks S.A. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
FireFly Networks Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Indus Towers Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 42% | |
Siro Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
VND S.p.A | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 35% | |
Safaricom Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 22.58% | |
Fair value of investment in associate | Ksh 1.2 | € 9,963 |
Tomorrow Street SCA | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Esprit Telecom B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
XB Facilities B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Financial Services B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Zesko B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Bond Company B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Netwerk B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Zoranet Connectivity Services B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Amsterdamse Beheer- en Consultingmaatschappij B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Torenspits II B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Nederland Holding I B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Nederland Holding II B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Nederland Holding III B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Ziggo Group B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
VZ Financing I B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
VZ Financing II B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Bond Finance B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Deelnemingen B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Finance 2 B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Holding B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Netwerk II B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Real Estate B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Secured Finance B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Secured Finance II B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Services B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Services Employment B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Services Netwerk 2 B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Zakelijk Services B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
ZUM B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodafone Libertel B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Cooperatie Nederland Cooperatief U.A. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25% | |
FinCo Partner 1 B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
LGE HoldCo V B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
LGE HoldCo VI B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
LGE Holdco VII B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
LGE HoldCo VIII B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
VodafoneZiggo Group Holding B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
HBO Netherlands Distribution B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25% | |
Liberty Global Content Netherlands B.V. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Rural Connectivity Group Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 33.33% | |
TNAS Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Centurion GSM Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25% | |
Celfocus - Solucoes Informaticas Para Telecomunicacoes S.A | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45% | |
SPORT TV PORTUGAL, S.A. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25% | |
Netgrid Telecom SRL | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Autoconnex Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 35% | |
Digital Mobile Spectrum Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25% | |
Cable and Wireless Trade Mark Management Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Cornerstone Telecommunications Infrastructure Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
LG Financing Partnership | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Financing Partnership | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Ziggo Secured Finance Partnership | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50% | |
Vodacom Group Limited | ||
Associated undertakings and joint arrangements | ||
Ownership interest (as a percent) | 64.52% |
Related undertakings - Subsid_2
Related undertakings - Subsidiaries that have non-controlling interests (Details) € in Millions, $ in Millions | 12 Months Ended | ||||||
Mar. 31, 2018 USD ($) | Mar. 31, 2018 EUR (€) | Mar. 31, 2017 USD ($) | Mar. 31, 2017 EUR (€) | Mar. 31, 2016 USD ($) | Mar. 31, 2016 EUR (€) | Mar. 31, 2015 EUR (€) | |
Summary comprehensive income information | |||||||
Revenue | € 46,571 | € 47,631 | € 49,810 | ||||
Profit/(loss) for the financial year: | $ 2,439 | 2,788 | $ (6,297) | (6,079) | $ (5,405) | (5,122) | |
Other comprehensive (expense) income | (2,389) | (1,357) | (2,521) | ||||
Total comprehensive income/(expense) for the year | 399 | (7,436) | (7,643) | ||||
Other financial information | |||||||
Profit/(loss) for the financial year allocated to non-controlling interests | 349 | 218 | 283 | ||||
Summary financial position information | |||||||
Non-current assets | 107,660 | 111,947 | |||||
Current assets | 24,131 | 25,542 | |||||
Total assets | 145,611 | 154,684 | |||||
Non-current liabilities | (37,980) | (38,576) | |||||
Current liabilities | (28,025) | (30,595) | |||||
Equity shareholders' funds | 67,640 | 72,200 | |||||
Non-controlling interests | 967 | 1,519 | |||||
Total equity | 68,607 | 73,719 | 85,136 | € 93,708 | |||
Statement of cash flows | |||||||
Net cash flow from operating activities | 13,600 | 14,223 | 14,336 | ||||
Net cash flow from investing activities | (9,841) | (8,423) | (13,871) | ||||
Net cashflow from financing activities | (7,234) | (9,096) | 4,082 | ||||
Net cash (outflow)/inflow | (3,475) | (3,296) | 4,547 | ||||
Cash and cash equivalents at beginning of period | 8,835 | ||||||
Exchange gain/(loss) on cash and cash equivalents | (433) | (313) | (1,128) | ||||
Cash and cash equivalents at end of period | 4,674 | 8,835 | |||||
Vodacom Group Limited | |||||||
Summary comprehensive income information | |||||||
Revenue | 5,692 | 5,294 | |||||
Profit/(loss) for the financial year: | 934 | 768 | |||||
Other comprehensive (expense) income | (8) | (10) | |||||
Total comprehensive income/(expense) for the year | 926 | 758 | |||||
Other financial information | |||||||
Profit/(loss) for the financial year allocated to non-controlling interests | 342 | 257 | |||||
Dividends paid to non-controlling interests | 309 | 258 | |||||
Summary financial position information | |||||||
Non-current assets | 6,433 | 6,213 | |||||
Current assets | 2,389 | 2,023 | |||||
Total assets | 8,822 | 8,236 | |||||
Non-current liabilities | (2,151) | (2,368) | |||||
Current liabilities | (2,104) | (1,825) | |||||
Total assets less total liabilities | 4,567 | 4,043 | |||||
Equity shareholders' funds | 3,595 | 3,379 | |||||
Non-controlling interests | 972 | 664 | |||||
Total equity | 4,567 | 4,043 | |||||
Statement of cash flows | |||||||
Net cash flow from operating activities | 1,727 | 1,702 | |||||
Net cash flow from investing activities | (541) | (788) | |||||
Net cashflow from financing activities | (879) | (777) | |||||
Net cash (outflow)/inflow | 307 | 137 | |||||
Cash and cash equivalents at beginning of period | 619 | 464 | |||||
Exchange gain/(loss) on cash and cash equivalents | (39) | 18 | |||||
Cash and cash equivalents at end of period | 887 | 619 | 464 | ||||
Vodafone Egypt Telecommunications S.A.E. | |||||||
Summary comprehensive income information | |||||||
Revenue | 962 | 1,333 | |||||
Profit/(loss) for the financial year: | 206 | 194 | |||||
Total comprehensive income/(expense) for the year | 206 | 194 | |||||
Other financial information | |||||||
Profit/(loss) for the financial year allocated to non-controlling interests | 93 | 82 | |||||
Dividends paid to non-controlling interests | 1 | 153 | |||||
Summary financial position information | |||||||
Non-current assets | 985 | 1,038 | |||||
Current assets | 407 | 352 | |||||
Total assets | 1,392 | 1,390 | |||||
Non-current liabilities | (46) | (25) | |||||
Current liabilities | (522) | (656) | |||||
Total assets less total liabilities | 824 | 709 | |||||
Equity shareholders' funds | 491 | 433 | |||||
Non-controlling interests | 333 | 276 | |||||
Total equity | 824 | 709 | |||||
Statement of cash flows | |||||||
Net cash flow from operating activities | 307 | 520 | |||||
Net cash flow from investing activities | (145) | (609) | |||||
Net cashflow from financing activities | (55) | (328) | |||||
Net cash (outflow)/inflow | 107 | (417) | |||||
Cash and cash equivalents at beginning of period | 57 | 619 | |||||
Exchange gain/(loss) on cash and cash equivalents | (5) | (145) | |||||
Cash and cash equivalents at end of period | 159 | 57 | 619 | ||||
Vodafone Qatar Q.S.C. | |||||||
Summary comprehensive income information | |||||||
Revenue | 468 | 510 | |||||
Profit/(loss) for the financial year: | (40) | (67) | |||||
Total comprehensive income/(expense) for the year | (40) | (67) | |||||
Other financial information | |||||||
Profit/(loss) for the financial year allocated to non-controlling interests | (31) | (52) | |||||
Summary financial position information | |||||||
Non-current assets | 1,550 | ||||||
Current assets | 137 | ||||||
Total assets | 1,687 | ||||||
Non-current liabilities | (266) | ||||||
Current liabilities | (226) | ||||||
Total assets less total liabilities | 1,195 | ||||||
Equity shareholders' funds | 275 | ||||||
Non-controlling interests | 920 | ||||||
Total equity | 1,195 | ||||||
Statement of cash flows | |||||||
Net cash flow from operating activities | 115 | 134 | |||||
Net cash flow from investing activities | (119) | (93) | |||||
Net cashflow from financing activities | (33) | (32) | |||||
Net cash (outflow)/inflow | (37) | 9 | |||||
Cash and cash equivalents at beginning of period | 43 | 31 | |||||
Exchange gain/(loss) on cash and cash equivalents | € (6) | 3 | |||||
Cash and cash equivalents at end of period | € 43 | € 31 |