Vodafone Group Public Limited (VOD) 6-K 23 Nov 22 2023 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Sep. 30, 2022
Document and Entity Information
Document Type	6-K
Document Period End Date	Sep. 30, 2022
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Entity Central Index Key	0000839923
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated income statement

Consolidated income statement - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Consolidated income statement
Revenue	€ 22,930	€ 22,489
Cost of sales	(15,580)	(15,097)
Gross profit	7,350	7,392
Selling and distribution expenses	(1,711)	(1,675)
Administrative expenses	(2,819)	(2,870)
Net credit losses on financial assets	(332)	(230)
Share of results of equity accounted associates and joint ventures	343	111
Other income/(expense)	104	(108)
Operating profit	2,935	2,620
Investment income	211	129
Financing costs	(1,418)	(1,473)
Profit before taxation	1,728	1,276
Income tax (expense)/credit	(485)	1
Profit for the financial period	1,243	1,277
Attributable to:
- Owners of the parent	986	996
- Non-controlling interests	257	281
Profit for the financial period	€ 1,243	€ 1,277
Profit per share
- Basic	€ 0.0352	€ 0.0340
- Diluted	€ 0.0350	€ 0.0339

Consolidated statement of compr

Consolidated statement of comprehensive income/expense - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Consolidated statement of comprehensive income/expense
Profit for the financial period		€ 1,243	€ 1,277
Items that may be reclassified to the income statement in subsequent periods:
Foreign exchange translation differences, net of tax		(424)	(117)
Other, net of tax	[1]	924	1,286
Total items that may be reclassified to the income statement in subsequent periods		500	1,169
Items that will not be reclassified to the income statement in subsequent periods:
Net actuarial (losses)/gains on defined benefit pension schemes, net of tax		(42)	200
Total items that will not be reclassified to the income statement in subsequent periods		(42)	200
Other comprehensive income		458	1,369
Total comprehensive income for the financial period		1,701	2,646	[2]
Attributable to:
- Owners of the parent		1,415	2,354
- Non-controlling interests		286	292
Total comprehensive income for the financial period		€ 1,701	€ 2,646	[2]
[1] Principally includes the impact of the Group’s cash flow hedges deferred to other comprehensive income during the period. This opening balance adjustment relates to the adoption of hyperinflationary accounting in Turkey. See Note 1 ‘Basis of preparation’ for more information.

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Sep. 30, 2022	Mar. 31, 2022
Non-current assets
Goodwill	€ 31,225	€ 31,884
Other intangible assets	20,470	21,360
Property, plant and equipment	39,843	40,804
Investments in associates and joint ventures	4,381	4,268
Other investments	1,128	1,073
Deferred tax assets	18,699	19,089
Post employment benefits	493	555
Trade and other receivables	10,869	6,383
Total non-current assets	127,108	125,416
Current assets
Inventory	991	836
Taxation recoverable	393	296
Trade and other receivables	11,506	11,019
Other investments	7,824	7,931
Cash and cash equivalents	7,072	7,496
Total current assets	27,786	27,578
Assets held for sale	2,546	959
Total assets	157,440	153,953
Equity
Called up share capital	4,797	4,797
Additional paid-in capital	149,085	149,018
Treasury shares	(7,170)	(7,278)
Accumulated losses	(122,521)	(122,118)
Accumulated other comprehensive income	31,262	30,268
Total attributable to owners of the parent	55,453	54,687
Non-controlling interests	2,284	2,290
Total equity	57,737	56,977
Non-current liabilities
Borrowings	59,907	58,131
Deferred tax liabilities	681	520
Post employment benefits	281	281
Provisions	1,924	1,881
Trade and other payables	2,447	2,516
Total non-current liabilities	65,240	63,329
Current liabilities
Borrowings	15,675	11,961
Financial liabilities under put option arrangements	486	494
Taxation liabilities	722	864
Provisions	722	667
Trade and other payables	16,614	19,661
Total current liabilities	34,219	33,647
Liabilities held for sale	244
Total equity and liabilities	€ 157,440	€ 153,953

Consolidated statement of chang

Consolidated statement of changes in equity - EUR (€) € in Millions		Equity attributable to the owners Adoption of IAS 29	[3]	Equity attributable to the owners Opening balance after adjustment, cumulative effect at date of initial application [member]	Equity attributable to the owners	Share capital Opening balance after adjustment, cumulative effect at date of initial application [member]	Share capital	Additional paid-in capital. Opening balance after adjustment, cumulative effect at date of initial application [member]	[1]	Additional paid-in capital.	[1]	Treasury shares. Opening balance after adjustment, cumulative effect at date of initial application [member]	Treasury shares.	Accumulated comprehensive losses Adoption of IAS 29	[2],[3]	Accumulated comprehensive losses Opening balance after adjustment, cumulative effect at date of initial application [member]	[2]	Accumulated comprehensive losses	[2]	Non-controlling interests. Opening balance after adjustment, cumulative effect at date of initial application [member]	Non-controlling interests.	Adoption of IAS 29	[3]	Opening balance after adjustment, cumulative effect at date of initial application [member]	Total
Beginning balance at Mar. 31, 2021					€ 55,804		€ 4,797			€ 150,812			€ (6,172)					€ (93,633)			€ 2,012				€ 57,816
Issue or reissue of shares					1					1			90					(90)							1
Share-based payments					73					73											6				79
Transactions with non-controlling shareholders in subsidiaries					(38)													(38)			236				198
Comprehensive income	[3]				2,354													2,354			292				2,646
Dividends					(1,254)													(1,254)			(391)				(1,645)
Purchase of treasury shares					(1,048)								(1,048)												(1,048)
Ending balance at Sep. 30, 2021					55,892		4,797			150,886			(7,130)					(92,661)			2,155				58,047
Beginning balance at Mar. 31, 2022		€ 565		€ 55,252	54,687	€ 4,797	4,797	€ 149,018		149,018		€ (7,278)	(7,278)	€ 565		€ (91,285)		(91,850)		€ 2,290	2,290	€ 565		€ 57,542	56,977
Issue or reissue of shares					9					1			108					(100)							9
Share-based payments					66					66											5				71
Transactions with non-controlling shareholders in subsidiaries					(24)													(24)			(12)				(36)
Comprehensive income					1,415													1,415			286				1,701
Dividends					(1,265)													(1,265)			(285)				(1,550)
Ending balance at Sep. 30, 2022					€ 55,453		€ 4,797			€ 149,085			€ (7,170)					€ (91,259)			€ 2,284				€ 57,737
[1] Includes share premium, capital reserve, capital redemption reserve, merger reserve and share-based payment reserve. The merger reserve was derived from acquisitions made prior to 31 March 2004 and subsequently allocated to additional paid-in capital on adoption of IFRS. Includes accumulated losses and accumulated other comprehensive income. This opening balance adjustment relates to the adoption of hyperinflationary accounting in Turkey. See Note 1 ‘Basis of preparation’ for more information.

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Consolidated statement of cash flows
Inflow from operating activities		€ 6,280	€ 6,455
Cash flows from investing activities
Purchase of interests in subsidiaries, net of cash acquired			(1)
Purchase of interests in associates and joint ventures		(61)	(47)
Purchase of intangible assets		(1,433)	(1,593)
Purchase of property, plant and equipment		(3,456)	(3,118)
Purchase of investments		(871)	(580)
Disposal of property, plant and equipment and intangible assets			8
Disposal of investments		1,130	1,930
Dividends received from associates and joint ventures		463	469
Interest received		139	121
Outflow from investing activities		(4,089)	(2,811)
Cash flows from financing activities
Proceeds from issue of long-term borrowings		187	2,282
Repayment of borrowings		(5,549)	(3,771)
Net movement in short-term borrowings		6,194	1,173
Net movement in derivatives		(205)	(110)
Interest paid	[1]	(952)	(809)
Purchase of treasury shares		(1,090)	(1,101)
Issue of ordinary share capital and reissue of treasury shares		9	1
Equity dividends paid		(1,263)	(1,259)
Dividends paid to non-controlling shareholders in subsidiaries		(290)	(399)
Other transactions with non-controlling shareholders in subsidiaries		(34)	198
Outflow from financing activities		(2,993)	(3,795)
Net cash outflow		(802)	(151)
Cash and cash equivalents at beginning of the financial period	[2]	7,371	5,790
Exchange gain on cash and cash equivalents		282	11
Cash and cash equivalents at end of the financial period	[2]	€ 6,851	€ 5,650
[1] Interest paid includes €86 million of cash inflow (Six months ended 30 September 2021: €39 million inflow) on derivative financial instruments for the share buyback related to maturing tranches of mandatory convertible bonds. Comprises cash and cash equivalents as presented in the consolidated statement of financial position of €7,072 million ( €5,824 million as at 30 September 2021), together with overdrafts of €226 million ( €174 million as at 30 September 2021) and €5 million (€ nil as at 30 September 2021) of cash and cash equivalents included within assets held for sale.

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Consolidated statement of cash flows
Issuance	€ 187	€ 2,282
Repayment	5,549	3,771
Cash inflow on derivative financial instruments	86	39
Cash and cash equivalents	7,072	5,824
Bank overdrafts	226	174
Cash and cash equivalents presented in assets held for sale	5	0
Non-current debt securities
Consolidated statement of cash flows
Issuance	0	2,000
Repayment	€ 885	€ 657

Basis of preparation

Basis of preparation	6 Months Ended
	Sep. 30, 2022
Basis of preparation
Basis of preparation	1 Basis of preparation The unaudited condensed consolidated financial statements for the six months ended 30 September 2022: ● are prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’ (‘IAS 34’) as issued by the International Accounting Standards Board (‘IASB’) and as adopted by the United Kingdom; ● are presented on a condensed basis as permitted by IAS 34 and therefore do not include all disclosures that would otherwise be required in a full set of financial statements and should be read in conjunction with the Group’s Annual Report on Form 20-F for the year ended 31 March 2022; ● apply, with the exception of the application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ for the Group’s entities reporting in Turkish lira (see below), the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 March 2022, which were prepared in accordance with UK-adopted International Accounting Standards (‘IAS’), with International Financial Reporting Standards (‘IFRS’) as issued by the IASB and with the requirements of the UK Companies Act 2006. Income taxes are accrued using the tax rate that is expected to be applicable for the full financial year, adjusted for certain discrete items which occurred in the interim period in accordance with IAS 34; ● include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented; and ● were approved by the Board of directors on 15 November 2022. The information relating to the year ended 31 March 2022 is extracted from the Group’s published Annual Report on Form 20-F for that year. The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period, and the reported amounts of revenue and expenses during the period. Actual results could vary from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Going concern Trading during the period demonstrated a robust operating model for the Group. The Group has €6.9 billion of cash and cash equivalents available as at 30 September 2022 which, together with undrawn revolving credit facilities of €8.1 billion, cover all of the Group’s reasonably expected cash requirements over the going concern period. The Directors have reviewed trading and liquidity forecasts for the Group, which were based on current trading conditions, and considered a variety of scenarios including not being able to access the capital markets during the assessment period. In addition to the liquidity forecasts prepared, the Directors considered the availability of the Group’s revolving credit facilities which were undrawn as at 30 September 2022. As a result of the assessment performed, the Directors have concluded that the Group is able to continue in operation for the period up to and including December 2023 and that it is appropriate to continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements. War in Ukraine Whilst the Group does not have any significant operations in either Russia or Ukraine, a review was undertaken by management to assess any consequences on the financial statements arising from the conflict or from the resulting sanctions imposed on Russia and Belarus. It was concluded there are no material impacts on the consolidated financial statements for the period ended 30 September 2022. Critical accounting judgements and estimates The Group’s critical accounting judgements and estimates are disclosed in the Group’s Annual Report on Form 20-F for the year ended 31 March 2022. ​ 1 Basis of preparation (continued) Judgements relating to potential indicators of impairment The Group performs its annual impairment test for goodwill and indefinite lived intangible assets as at 31 March. At interim reporting periods the Group performs a review to identify any indicator of impairment that may indicate that the carrying amount of any of the Group’s cash generating units (‘CGUs’) may not be not recoverable. As part of this assessment as at 30 September 2022, the Group reviewed the key assumptions underlying the value in use valuations used in the annual impairment test at 31 March 2022. This included the year to date performance of the Group’s CGUs against their budgets, trends in energy and other costs and inflation rates, as well as considering the valuation implications of changes in other factors such as risk free discount rates and the assessment of long term growth rates. Value in use assessments were performed for Vodafone Italy and Vodafone Spain as at 30 September 2022 reflecting assumptions materially similar to those disclosed in note 4 ‘Impairment losses’ of the consolidated financial statements in the Annual Report on Form 20-F for the year ended 31 March 2022. The Group’s review of the potential impact of indicators of impairment and recoverable amounts did not indicate that the carrying amount of any of the Group’s CGUs was not recoverable as at 30 September 2022. New accounting pronouncements adopted On 1 April 2022, the Group adopted certain new accounting policies where necessary to comply with amendments to IFRS, none of which had a material impact on the consolidated results, financial position or cash flows of the Group. Further details are provided in the Group’s Annual Report on Form 20-F for the year ended 31 March 2022. Basis of preparation changes adopted on 1 April 2022 - Hyperinflation in Turkey As anticipated in the Annual Report on Form 20-F for the year ended 31 March 2022 and communicated in the Q1 trading update, Turkey met the requirements to be designated as a hyperinflationary economy under IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ in the quarter ended 30 June 2022. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira for the reporting period commencing 1 April 2022. This resulted in an opening balance adjustment of €565 million to consolidated equity. In accordance with IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’, comparative amounts are not restated. Turkish lira results and non-monetary asset and liability balances for the six months ended 30 September 2022 have been revalued to their present value equivalent local currency amount as at 30 September 2022, based on an inflation index, before translation to euros at the reporting date exchange rate of €1:18.16 TRL. The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the income statement within Other income. The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating, investing and financing cash flows as one number in the consolidated statement of cash flows. The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are judged to meet the definition of ‘exchange differences’. The inflation index selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical Institute which has risen by 24% in the six months to 30 September 2022. The main impacts on the consolidated financial statements for the six months ended 30 September 2022 of the aforementioned adjustments are shown below. ​ ​ ​ ​ ​ Six months ended ​ ​ 30 September 2022 ​ ​ €m Revenue 21 Operating profit (14) Profit for the financial period (40) ​ ​ ​ Non-current assets 780 Equity 659 ​

Segmental analysis

Segmental analysis	6 Months Ended
	Sep. 30, 2022
Segmental analysis
Segmental analysis	2 Segmental analysis Operating segments The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Chief Executive Officer. The Group has a single group of similar services and products, being the supply of communications services and related products. Revenue is attributed to a country based on the location of the Group company reporting the revenue. With the exception of Vodacom, which is a legal entity encompassing South Africa and certain other smaller African markets, and Vantage Towers which comprises companies providing mobile tower infrastructure in a number of European markets, segment information is primarily provided on the basis of geographic areas, being the basis on which the Group manages the rest of its worldwide interests. Transactions between operating segments are charged at arm’s-length prices. The operating segments for Germany, Italy, UK, Spain, Vodacom and Vantage Towers are individually material for the Group and are each reporting segments for which certain financial information is provided. The aggregation of other operating segments into the Other Europe and Other Markets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe region (comprising Albania, Czech Republic, Greece, Hungary, Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, while the Other Markets segment (comprising Egypt, Ghana and Turkey) largely includes developing economies with less stable economic or regulatory environments. Common Functions is a separate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for aggregation with other reporting segments. Revenue disaggregation Revenue reported for the period includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising from transactions with a significant financing component. The tables below and overleaf disaggregate the Group’s revenue by reporting segment. The table below presents the results for the six months ended 30 September 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2022 Germany 5,730 ​ 675 ​ 6,405 ​ 178 ​ 9 ​ 6,592 2,677 Italy 2,125 ​ 198 ​ 2,323 ​ 49 ​ 5 ​ 2,377 759 UK 2,712 ​ 630 ​ 3,342 ​ 34 ​ 16 ​ 3,392 685 Spain 1,782 ​ 142 ​ 1,924 ​ 31 ​ 10 ​ 1,965 445 Other Europe 2,552 ​ 281 ​ 2,833 ​ 53 ​ 8 ​ 2,894 843 Vodacom 2,472 ​ 509 ​ 2,981 ​ 207 ​ 14 ​ 3,202 ​ 1,084 Other Markets 1,721 ​ 230 ​ 1,951 ​ 2 ​ — ​ 1,953 ​ 671 Vantage Towers ​ — ​ — ​ — ​ 657 ​ — ​ 657 ​ 330 Common Functions 2 ​ 268 ​ 23 ​ 291 ​ 405 ​ — ​ 696 ​ (250) Eliminations (155) ​ — ​ (155) ​ (643) ​ — ​ (798) ​ — Group ​ 19,207 ​ 2,688 ​ 21,895 ​ 973 ​ 62 ​ 22,930 ​ 7,244 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Comprises central teams and business functions. ​ 2 Segmental analysis (continued) The table below presents the comparative information for the six months ended 30 September 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2021 Germany 5,777 475 6,252 183 12 6,447 2,892 Italy 2,187 265 2,452 49 6 2,507 917 UK 2,521 593 3,114 30 17 3,161 638 Spain 1,866 178 2,044 33 13 2,090 445 Other Europe 2,502 248 2,750 52 8 2,810 836 Vodacom ​ 2,271 ​ 455 ​ 2,726 ​ 190 ​ 12 ​ 2,928 ​ 1,062 Other Markets 1,752 201 1,953 5 — 1,958 683 Vantage Towers — — — 611 — 611 305 Common Functions 2 252 31 283 424 — 707 (213) Eliminations ​ (118) ​ — ​ (118) ​ (611) ​ (1) ​ (730) ​ — Group ​ 19,010 ​ 2,446 ​ 21,456 ​ 966 ​ 67 ​ 22,489 ​ 7,565 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Comprises central teams and business functions. ​ A reconciliation of Adjusted EBITDAaL, the Group’s measure of segment profit, to the Group’s profit before taxation for the financial period is shown below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m Adjusted EBITDAaL 7,244 7,565 Restructuring costs (142) (172) Interest on lease liabilities 204 199 Loss on disposal of property, plant & equipment and intangible assets ​ (11) ​ (26) Depreciation and amortisation on owned assets ​ (4,807) ​ (4,949) Share of results of equity accounted associates and joint ventures ​ 343 ​ 111 Other income/(expense) ​ 104 ​ (108) Operating profit 2,935 2,620 Investment income 211 129 Financing costs (1,418) (1,473) Profit before taxation ​ 1,728 ​ 1,276 ​ The Group’s non-current assets are disaggregated as follows: ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m Non-current assets 1 Germany 42,709 43,190 Italy 10,129 10,519 UK 5,847 6,226 Spain 6,129 6,433 Other Europe 6,855 8,548 Vodacom 6,319 6,383 Other Markets 3,349 2,467 Vantage Towers ​ 8,190 ​ 8,179 Common Functions 2 2,011 2,103 Group 91,538 94,048 Notes: 1. Comprises goodwill, other intangible assets and property, plant & equipment . 2. Comprises central teams and business functions.

Taxation

Taxation	6 Months Ended
	Sep. 30, 2022
Taxation
Taxation	3 Taxation ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m United Kingdom corporation tax (expense)/income ​ ​ ​ ​ Current period ​ (4) (6) Adjustments in respect of prior periods ​ 9 15 Overseas current tax (expense)/income ​ ​ ​ ​ Current period ​ (446) ​ (730) Adjustments in respect of prior periods ​ 12 (26) Total current tax expense (429) (747) ​ ​ ​ ​ ​ Deferred tax on origination and reversal of temporary differences ​ ​ ​ ​ United Kingdom deferred tax (10) 544 Overseas deferred tax (46) 204 Total deferred tax (expense)/credit (56) 748 Total income tax (expense)/credit (485) 1 ​ Deferred tax on losses in Luxembourg The tax charge for the six months ended 30 September 2022 includes deferred tax on the use of losses in Luxembourg. The Group would not recognise losses in Luxembourg which would be forecast to be used beyond 60 years. Current volatility in interest rates means that the period over which we expect to recover the losses is shorter than the 45 to 48 years disclosed as at 31 March 2022. The actual use of these losses and the period over which they may be used is dependent on many factors including the level of profitability in Luxembourg, changes in tax law and any changes to the structure of the Group. Further details about the Group’s tax losses can be found in Note 6 ‘Taxation’ to the consolidated financial statements of Vodafone Group Plc for the year ended 31 March 2022.

Assets and liabilities held for

Assets and liabilities held for sale	6 Months Ended
	Sep. 30, 2022
Assets and liabilities held for sale
Assets and liabilities held for sale	4 Assets and liabilities held for sale Assets and liabilities held for sale as at 30 September 2022 comprised (i) Vodafone Hungary and (ii) the Group’s 21.0% interest in Indus Towers. Assets held for sale as at 31 March 2022 comprised the Group’s 21.0% interest in Indus Towers. On 22 August 2022, the Group announced that it had entered into heads of terms with 4iG Public Limited Company and Corvinus Zrt (a Hungarian state holding company) in relation to the potential sale of 100% of Vodafone Magyarország Távközlési Zrt (‘Vodafone Hungary’) for a total cash consideration equivalent to an enterprise value of HUF 715 billion (€1.8 billion). The Group’s interest in Indus Towers has been provided as security against certain bank borrowings. The relevant assets and liabilities are detailed in the table below. ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m Non-current assets ​ ​ ​ Goodwill ​ 412 — Other intangible assets ​ 474 — Property, plant and equipment ​ 440 ​ — Investments in associates and joint ventures ​ 1,014 959 Trade and other receivables ​ 18 — ​ ​ 2,358 ​ 959 ​ ​ ​ ​ Current assets ​ ​ ​ ​ Inventory ​ 12 ​ — Trade and other receivables ​ 171 ​ — Cash and cash equivalents ​ 5 ​ — ​ ​ 188 ​ — Total assets ​ 2,546 ​ 959 ​ ​ ​ ​ ​ Non-current liabilities ​ ​ ​ ​ Borrowings ​ 47 ​ — Deferred tax liabilities ​ 16 ​ — Provisions ​ 23 ​ — Trade and other payables ​ 1 ​ — ​ ​ 87 ​ — Current liabilities ​ ​ ​ ​ Borrowings ​ 15 ​ — Provisions ​ 6 ​ — Trade and other payables ​ 136 ​ — ​ ​ 157 ​ — Total liabilities ​ 244 ​ — ​ ​ ​ ​ ​ Net assets and liabilities held for sale ​ 2,302 ​ 959 ​ As part of the disposal of Vodafone Hungary, the Group will realise a loss comprising the cumulative foreign exchange losses arising from the retranslation of the consolidated net assets of Vodafone Hungary (which has a functional currency of Hungarian Forint) 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 30 September 2022 exchange rate of €:HUF: 423.0, a loss of approximately €0.3 billion would arise. The actual loss from the recycling of foreign exchange previously recognised in equity that would be recognised on disposal, will depend on the €:HUF exchange rate at the date of completion. ​

Earnings per share

Earnings per share	6 Months Ended
	Sep. 30, 2022
Earnings per share
Earnings per share	5 Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ Millions Millions Weighted average number of shares for basic earnings per share ​ 28,037 ​ 29,331 Effect of dilutive potential shares: restricted shares and share options 104 84 Weighted average number of shares for diluted earnings per share 28,141 29,415 ​ ​ ​ ​ ​ ​ Earnings per share attributable to owners of the parent during the period ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m Profit for basic and diluted earnings per share 986 996 ​ ​ ​ ​ ​ ​ eurocents eurocents Basic profit per share 3.52 ​ 3.40 Diluted profit per share 3.50 ​ 3.39 ​

Equity dividends

Equity dividends	6 Months Ended
	Sep. 30, 2022
Equity dividends.
Equity dividends	6 Equity dividends ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2022 ​ 2021 ​ €m €m Declared during the financial period: ​ ​ ​ ​ Final dividend for the year ended 31 March 2022: 4.50 eurocents per share 1,265 1,254 Proposed after the end of the reporting period and not recognised as a liability: ​ ​ ​ ​ Interim dividend for the year ending 31 March 2023: 4.50 eurocents per share 1,237 1,229 ​

Investment in associates and jo

Investment in associates and joint ventures	6 Months Ended
	Sep. 30, 2022
Investment in associates and joint ventures
Investment in associates and joint ventures	7 Investment in associates and joint ventures ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m INWIT S.p.A. 1 ​ — ​ 2,851 VodafoneZiggo Group Holding B.V. ​ 893 ​ 822 TPG Telecom Limited ​ 123 ​ 84 Other ​ 49 ​ 24 Investment in joint ventures ​ 1,065 ​ 3,781 INWIT S.p.A. 1 ​ 2,778 ​ — Safaricom PLC ​ 478 ​ 428 Other 60 59 Investment in associates 3,316 487 ​ 4,381 4,268 Note: 1. The shareholders’ agreement between the Group and Telecom Italia was terminated on 3 August 2022 due to a change in Telecom Italia’s shareholding in INWIT S.p.A. As a result, INWIT S.p.A. ceased to be a joint venture of the Group and is now classified as an associate.

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	6 Months Ended
	Sep. 30, 2022
Reconciliation of net cash flow from operating activities
Reconciliation of net cash flow from operating activities	8 Reconciliation of net cash flow from operating activities ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m Profit for the financial period ​ 1,243 ​ 1,277 Investment income ​ (211) (129) Financing costs ​ 1,418 1,473 Income tax expense/(credit) ​ 485 (1) Operating profit ​ 2,935 2,620 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 46 98 Depreciation and amortisation ​ 6,853 6,952 Loss on disposal of property, plant & equipment and intangible assets ​ 9 26 Share of results of equity accounted associates and joint ventures ​ (343) (111) Other (income)/expense ​ (104) 108 Increase in inventory ​ (175) (41) Increase in trade and other receivables ​ (1,381) (1,254) Decrease in trade and other payables ​ (888) ​ (1,366) Cash generated by operations ​ 6,952 7,032 Taxation ​ (672) (577) Net cash flow from operating activities ​ 6,280 6,455 ​

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Sep. 30, 2022
Fair value of financial instruments
Fair value of financial instruments	9 Fair value of financial instruments The table below sets out the financial instruments held at fair value by the Group. ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m Financial assets at fair value: ​ ​ ​ ​ Money market funds (included within Cash and cash equivalents) 1 ​ 4,521 ​ 5,276 Debt and equity securities (included within Other investments) 2 ​ 5,992 ​ 6,398 Derivative financial instruments (included within Trade and other receivables) 2,3 ​ 8,769 ​ 4,626 Trade receivables at fair value through Other comprehensive income (included within Trade and other receivables) 2 ​ 1,967 ​ 1,408 ​ ​ 21,249 ​ 17,708 ​ ​ ​ ​ ​ Financial liabilities at fair value: ​ ​ ​ ​ Derivative financial instruments (included within Trade and other payables) 2,3 ​ 1,786 ​ 1,672 ​ ​ 1,786 ​ 1,672 Notes: 1. Items are measured at fair value and the valuation basis is Level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. 2. Quoted debt and equity securities of €2,537 million ( €2,997 million as at 31 March 2022) are Level 1 classification which comprises items where fair value is determined by unadjusted quoted prices in active markets. The remaining items are measured at fair value and the basis is Level 2 classification which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 3. €8,524 million ( €4,216 million as at 31 March 2022) of derivative financial assets and €1,596 million ( €1,506 million as at 31 March 2022) of derivative financial liabilities are classified as non-current. The fair value of the Group’s financial liabilities held at amortised cost approximates to fair value with the exception of non-current bonds with a carrying value of €48,299 million (€46,156 million as at 31 March 2022) and a fair value of €40,722 million (€46,348 million as at 31 March 2022). Fair value is based on Level 1 of the fair value hierarchy using quoted market prices. The fair value of the Group’s financial assets held at amortised cost approximate to fair value with the exception of non-current debt securities with a carrying value of €1,003 million (€930 million as at 31 March 2022) and a fair value of €735 million (€830 million as at 31 March 2022). Fair value is based on Level 2 of the fair value hierarchy 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.

Post employments benefits

Post employments benefits	6 Months Ended
	Sep. 30, 2022
Post employments benefits
Post employments benefits	10 Post employments benefits Significant movements have been recorded in respect of the gross assets held by and liabilities of the Group’s pension schemes in the period. The Group has obtained valuations for its most material schemes in the UK, Germany and Ireland. Key financial information is presented below. The Group’s plan liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below. ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ 2022 ​ 2022 ​ ​ ​ % ​ % ​ Weighted average actuarial assumptions used 1 : ​ Rate of inflation 2 3.2 % 3.3 % Discount rate 4.7 % 2.4 % Notes: 1. Figures shown represent a weighted average assumption of the Group’s plans in the UK, Germany and Ireland. 2. This rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation. Assumptions relating to life expectancy are unchanged from 31 March 2022. Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the assumptions stated above are: ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 2021 ​ €m €m Total net cost/(credit) included within staff costs 6 (58) Actuarial (losses)/gains recognised in the SOCI (63) 246 ​ The Group’s overall net surplus is analysed as follows: ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m Assets 493 555 Liabilities (281) (281) Net surplus 212 274 ​ An analysis of the net surplus is provided below for the Vodafone UK Group Pension Scheme, comprising the Vodafone Section and the Cable & Wireless Section (‘CWW Section’). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Section CWW Section ​ ​ 30 September 31 March ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ 2022 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m Analysis of net surplus: Total fair value of plan assets 2,026 3,399 1,886 2,850 Present value of plan liabilities (1,856) (3,166) (1,648) (2,565) Net surplus 170 233 238 285 Net surplus are analysed as: Assets 170 233 238 285 ​ On 18 October 2022, the Group entered into short term liquidity facilities with both sections of the Vodafone UK Pension Scheme (‘the UK scheme’) for an aggregate amount of £450 million. These facilities can be used for short-term liquidity purposes in connection with potential future collateral calls, with the intention of reducing the risk the UK Scheme would be required to dispose of assets at short notice in the event of significant increases in interest rates. Drawings can be made from the facility until 27 January 2023, with all amounts borrowed required to be repaid by 28 February 2023. No amounts were drawn under these facilities at the date of this report.

Related party transactions

Related party transactions	6 Months Ended
	Sep. 30, 2022
Related party transactions
Related party transactions	11 Related party transactions Transactions with joint ventures and associates Related party transactions with the Group’s joint ventures and associates primarily consists of fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling ventures. No related party transactions have been entered into during the period which might reasonably affect any decisions made by the users of these unaudited condensed consolidated financial statements except as disclosed below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m Sales of goods and services to associates 11 10 Purchase of goods and services from associates 65 4 Sales of goods and services to joint arrangements 110 103 Purchase of goods and services from joint arrangements 69 132 Interest expense payable to associates 1 ​ 25 ​ — Interest income receivable from joint arrangements 1 22 26 Interest expense payable to joint arrangements 1 ​ — ​ 26 ​ ​ ​ ​ ​ ​ ​ ​ 30 September ​ 31 March ​ ​ 2022 ​ 2022 ​ €m €m Trade balances owed: ​ ​ ​ by associates 16 8 to associates 8 6 by joint arrangements 122 139 to joint arrangements 59 34 Other balances owed by associates ​ — ​ 80 Other balances owed to associates 2 ​ 1,449 ​ — Other balances owed by joint arrangements 1 986 1,080 Other balances owed to joint arrangements 2 189 1,561 Notes: 1. Amounts arise primarily through VodafoneZiggo Group Holding B.V., TPG Telecom Limited and INWIT S.p.A. Interest is charged in line with market rates. 2. Amounts are primarily in relation to leases of tower space from INWIT S.p.A. which was classified as a joint venture in the comparative period but is now classified as an associate. See note 7 ‘Investment in associates and joint ventures’ for more information. ​ In the six months ended 30 September 2022, the Group made contributions to defined benefit pension schemes of €11 million (Six months ended 30 September 2021: €12 million). In the six months ended 30 September 2022, dividends of €1.2 million were paid to Board and Executive Committee members (Six months ended 30 September 2021: €1.1 million). Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.

Contingent liabilities and lega

Contingent liabilities and legal proceedings	6 Months Ended
	Sep. 30, 2022
Contingent liabilities and legal proceedings
Contingent liabilities and legal proceedings	12 Contingent liabilities and legal proceedings Note 28 ‘Commitments’ and Note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements of Vodafone Group Plc for the year ended 31 March 2022 set forth the Group’s commitments, contingent liabilities and legal proceedings as at 31 March 2022. There have been no material changes during the period covered by this report. ​

Subsequent events

Subsequent events	6 Months Ended
	Sep. 30, 2022
Subsequent events
Subsequent events	13 Subsequent events On 9 November 2022, the Group announced that it had entered into a strategic co-control partnership with a consortium of long-term infrastructure investors led by Global Infrastructure Partners and KKR (together the ‘Consortium’) for Vodafone’s 81.7 % stake in Vantage Towers A.G. (‘Vantage Towers’). Vodafone and the Consortium have created a joint venture (‘JV’) which will hold Vodafone’s 81.7% stake in Vantage Towers. The JV will make a voluntary takeover offer (‘VTO’) for the remaining 18.3 % of shares in Vantage Towers at € 32 per share. The Consortium will acquire JV shares from Vodafone for cash consideration of € 32 per share. The Consortium has fully committed equity in place to obtain a shareholding in the JV of between 32 % and 40 %, depending on the level of take-up in the VTO by minority shareholders. The Consortium intends to raise additional equity before completion to reach a shareholding of 50 %. The Group’s minimum net cash proceeds will be € 3.2 bn based on 100 % take up in the VTO. The maximum total net cash proceeds to Vodafone based on a 50 % shareholding for the Consortium and 100 % take up in the VTO will be € 5.8 billion. The transaction is conditional on regulatory clearance and is expected to close in the first half of 2023. On 9 November 2022, RRJ Capital entered into an irrevocable undertaking to accept the VTO in respect of its 2.4 % shareholding in Vantage Towers. On 13 November 2022, the Group entered into an agreement to purchase Digital Bridge’s 4.1 % shareholding in Vantage Towers at the offer price of € 32 per share and committed to tender these shares into the VTO. This means that the JV will hold a minimum shareholding of 88.3 % in Vantage Towers following completion of the VTO.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Sep. 30, 2022
Basis of preparation
Going concern	Going concern Trading during the period demonstrated a robust operating model for the Group. The Group has €6.9 billion of cash and cash equivalents available as at 30 September 2022 which, together with undrawn revolving credit facilities of €8.1 billion, cover all of the Group’s reasonably expected cash requirements over the going concern period. The Directors have reviewed trading and liquidity forecasts for the Group, which were based on current trading conditions, and considered a variety of scenarios including not being able to access the capital markets during the assessment period. In addition to the liquidity forecasts prepared, the Directors considered the availability of the Group’s revolving credit facilities which were undrawn as at 30 September 2022. As a result of the assessment performed, the Directors have concluded that the Group is able to continue in operation for the period up to and including December 2023 and that it is appropriate to continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements.
War in Ukraine	War in Ukraine Whilst the Group does not have any significant operations in either Russia or Ukraine, a review was undertaken by management to assess any consequences on the financial statements arising from the conflict or from the resulting sanctions imposed on Russia and Belarus. It was concluded there are no material impacts on the consolidated financial statements for the period ended 30 September 2022.
Critical accounting judgements and estimates	Critical accounting judgements and estimates The Group’s critical accounting judgements and estimates are disclosed in the Group’s Annual Report on Form 20-F for the year ended 31 March 2022. ​ 1 Basis of preparation (continued) Judgements relating to potential indicators of impairment The Group performs its annual impairment test for goodwill and indefinite lived intangible assets as at 31 March. At interim reporting periods the Group performs a review to identify any indicator of impairment that may indicate that the carrying amount of any of the Group’s cash generating units (‘CGUs’) may not be not recoverable. As part of this assessment as at 30 September 2022, the Group reviewed the key assumptions underlying the value in use valuations used in the annual impairment test at 31 March 2022. This included the year to date performance of the Group’s CGUs against their budgets, trends in energy and other costs and inflation rates, as well as considering the valuation implications of changes in other factors such as risk free discount rates and the assessment of long term growth rates. Value in use assessments were performed for Vodafone Italy and Vodafone Spain as at 30 September 2022 reflecting assumptions materially similar to those disclosed in note 4 ‘Impairment losses’ of the consolidated financial statements in the Annual Report on Form 20-F for the year ended 31 March 2022. The Group’s review of the potential impact of indicators of impairment and recoverable amounts did not indicate that the carrying amount of any of the Group’s CGUs was not recoverable as at 30 September 2022.
New accounting pronouncements adopted	New accounting pronouncements adopted On 1 April 2022, the Group adopted certain new accounting policies where necessary to comply with amendments to IFRS, none of which had a material impact on the consolidated results, financial position or cash flows of the Group. Further details are provided in the Group’s Annual Report on Form 20-F for the year ended 31 March 2022. Basis of preparation changes adopted on 1 April 2022 - Hyperinflation in Turkey As anticipated in the Annual Report on Form 20-F for the year ended 31 March 2022 and communicated in the Q1 trading update, Turkey met the requirements to be designated as a hyperinflationary economy under IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ in the quarter ended 30 June 2022. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira for the reporting period commencing 1 April 2022. This resulted in an opening balance adjustment of €565 million to consolidated equity. In accordance with IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’, comparative amounts are not restated. Turkish lira results and non-monetary asset and liability balances for the six months ended 30 September 2022 have been revalued to their present value equivalent local currency amount as at 30 September 2022, based on an inflation index, before translation to euros at the reporting date exchange rate of €1:18.16 TRL. The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the income statement within Other income. The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating, investing and financing cash flows as one number in the consolidated statement of cash flows. The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are judged to meet the definition of ‘exchange differences’. The inflation index selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical Institute which has risen by 24% in the six months to 30 September 2022. The main impacts on the consolidated financial statements for the six months ended 30 September 2022 of the aforementioned adjustments are shown below. ​ ​ ​ ​ ​ Six months ended ​ ​ 30 September 2022 ​ ​ €m Revenue 21 Operating profit (14) Profit for the financial period (40) ​ ​ ​ Non-current assets 780 Equity 659

Basis of preparation (Tables)

Basis of preparation (Tables)	6 Months Ended
	Sep. 30, 2022
Basis of preparation
Schedule of impact on consolidated financial statements due to hyperinflation	​ ​ ​ ​ ​ Six months ended ​ ​ 30 September 2022 ​ ​ €m Revenue 21 Operating profit (14) Profit for the financial period (40) ​ ​ ​ Non-current assets 780 Equity 659

Segmental analysis (Tables)

Segmental analysis (Tables)	6 Months Ended
	Sep. 30, 2022
Segmental analysis
Schedule of group's revenue and profit	The table below presents the results for the six months ended 30 September 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2022 Germany 5,730 ​ 675 ​ 6,405 ​ 178 ​ 9 ​ 6,592 2,677 Italy 2,125 ​ 198 ​ 2,323 ​ 49 ​ 5 ​ 2,377 759 UK 2,712 ​ 630 ​ 3,342 ​ 34 ​ 16 ​ 3,392 685 Spain 1,782 ​ 142 ​ 1,924 ​ 31 ​ 10 ​ 1,965 445 Other Europe 2,552 ​ 281 ​ 2,833 ​ 53 ​ 8 ​ 2,894 843 Vodacom 2,472 ​ 509 ​ 2,981 ​ 207 ​ 14 ​ 3,202 ​ 1,084 Other Markets 1,721 ​ 230 ​ 1,951 ​ 2 ​ — ​ 1,953 ​ 671 Vantage Towers ​ — ​ — ​ — ​ 657 ​ — ​ 657 ​ 330 Common Functions 2 ​ 268 ​ 23 ​ 291 ​ 405 ​ — ​ 696 ​ (250) Eliminations (155) ​ — ​ (155) ​ (643) ​ — ​ (798) ​ — Group ​ 19,207 ​ 2,688 ​ 21,895 ​ 973 ​ 62 ​ 22,930 ​ 7,244 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Comprises central teams and business functions. ​ 2 Segmental analysis (continued) The table below presents the comparative information for the six months ended 30 September 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2021 Germany 5,777 475 6,252 183 12 6,447 2,892 Italy 2,187 265 2,452 49 6 2,507 917 UK 2,521 593 3,114 30 17 3,161 638 Spain 1,866 178 2,044 33 13 2,090 445 Other Europe 2,502 248 2,750 52 8 2,810 836 Vodacom ​ 2,271 ​ 455 ​ 2,726 ​ 190 ​ 12 ​ 2,928 ​ 1,062 Other Markets 1,752 201 1,953 5 — 1,958 683 Vantage Towers — — — 611 — 611 305 Common Functions 2 252 31 283 424 — 707 (213) Eliminations ​ (118) ​ — ​ (118) ​ (611) ​ (1) ​ (730) ​ — Group ​ 19,010 ​ 2,446 ​ 21,456 ​ 966 ​ 67 ​ 22,489 ​ 7,565 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Comprises central teams and business functions. ​
Schedule of reconciliation of adjusted EBITDA to operating profit	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m Adjusted EBITDAaL 7,244 7,565 Restructuring costs (142) (172) Interest on lease liabilities 204 199 Loss on disposal of property, plant & equipment and intangible assets ​ (11) ​ (26) Depreciation and amortisation on owned assets ​ (4,807) ​ (4,949) Share of results of equity accounted associates and joint ventures ​ 343 ​ 111 Other income/(expense) ​ 104 ​ (108) Operating profit 2,935 2,620 Investment income 211 129 Financing costs (1,418) (1,473) Profit before taxation ​ 1,728 ​ 1,276
Schedule of groups non-current assets	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m Non-current assets 1 Germany 42,709 43,190 Italy 10,129 10,519 UK 5,847 6,226 Spain 6,129 6,433 Other Europe 6,855 8,548 Vodacom 6,319 6,383 Other Markets 3,349 2,467 Vantage Towers ​ 8,190 ​ 8,179 Common Functions 2 2,011 2,103 Group 91,538 94,048 Notes: 1. Comprises goodwill, other intangible assets and property, plant & equipment . 2. Comprises central teams and business functions.

Taxation (Tables)

Taxation (Tables)	6 Months Ended
	Sep. 30, 2022
Taxation
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m United Kingdom corporation tax (expense)/income ​ ​ ​ ​ Current period ​ (4) (6) Adjustments in respect of prior periods ​ 9 15 Overseas current tax (expense)/income ​ ​ ​ ​ Current period ​ (446) ​ (730) Adjustments in respect of prior periods ​ 12 (26) Total current tax expense (429) (747) ​ ​ ​ ​ ​ Deferred tax on origination and reversal of temporary differences ​ ​ ​ ​ United Kingdom deferred tax (10) 544 Overseas deferred tax (46) 204 Total deferred tax (expense)/credit (56) 748 Total income tax (expense)/credit (485) 1

Assets and liabilities held f_2

Assets and liabilities held for sale (Tables)	6 Months Ended
	Sep. 30, 2022
Assets and liabilities held for sale
Schedule of net assets and liabilities held for sale	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m Non-current assets ​ ​ ​ Goodwill ​ 412 — Other intangible assets ​ 474 — Property, plant and equipment ​ 440 ​ — Investments in associates and joint ventures ​ 1,014 959 Trade and other receivables ​ 18 — ​ ​ 2,358 ​ 959 ​ ​ ​ ​ Current assets ​ ​ ​ ​ Inventory ​ 12 ​ — Trade and other receivables ​ 171 ​ — Cash and cash equivalents ​ 5 ​ — ​ ​ 188 ​ — Total assets ​ 2,546 ​ 959 ​ ​ ​ ​ ​ Non-current liabilities ​ ​ ​ ​ Borrowings ​ 47 ​ — Deferred tax liabilities ​ 16 ​ — Provisions ​ 23 ​ — Trade and other payables ​ 1 ​ — ​ ​ 87 ​ — Current liabilities ​ ​ ​ ​ Borrowings ​ 15 ​ — Provisions ​ 6 ​ — Trade and other payables ​ 136 ​ — ​ ​ 157 ​ — Total liabilities ​ 244 ​ — ​ ​ ​ ​ ​ Net assets and liabilities held for sale ​ 2,302 ​ 959

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 30, 2022
Earnings per share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ Millions Millions Weighted average number of shares for basic earnings per share ​ 28,037 ​ 29,331 Effect of dilutive potential shares: restricted shares and share options 104 84 Weighted average number of shares for diluted earnings per share 28,141 29,415 ​ ​ ​ ​ ​ ​ Earnings per share attributable to owners of the parent during the period ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m Profit for basic and diluted earnings per share 986 996 ​ ​ ​ ​ ​ ​ eurocents eurocents Basic profit per share 3.52 ​ 3.40 Diluted profit per share 3.50 ​ 3.39

Equity dividends (Tables)

Equity dividends (Tables)	6 Months Ended
	Sep. 30, 2022
Equity dividends.
Schedule of dividends declared and proposed	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2022 ​ 2021 ​ €m €m Declared during the financial period: ​ ​ ​ ​ Final dividend for the year ended 31 March 2022: 4.50 eurocents per share 1,265 1,254 Proposed after the end of the reporting period and not recognised as a liability: ​ ​ ​ ​ Interim dividend for the year ending 31 March 2023: 4.50 eurocents per share 1,237 1,229

Investments in associates and j

Investments in associates and joint ventures (Tables)	6 Months Ended
	Sep. 30, 2022
Investment in associates and joint ventures
Schedule of joint ventures and associates	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m INWIT S.p.A. 1 ​ — ​ 2,851 VodafoneZiggo Group Holding B.V. ​ 893 ​ 822 TPG Telecom Limited ​ 123 ​ 84 Other ​ 49 ​ 24 Investment in joint ventures ​ 1,065 ​ 3,781 INWIT S.p.A. 1 ​ 2,778 ​ — Safaricom PLC ​ 478 ​ 428 Other 60 59 Investment in associates 3,316 487 ​ 4,381 4,268 Note: 1. The shareholders’ agreement between the Group and Telecom Italia was terminated on 3 August 2022 due to a change in Telecom Italia’s shareholding in INWIT S.p.A. As a result, INWIT S.p.A. ceased to be a joint venture of the Group and is now classified as an associate.

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	6 Months Ended
	Sep. 30, 2022
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m Profit for the financial period ​ 1,243 ​ 1,277 Investment income ​ (211) (129) Financing costs ​ 1,418 1,473 Income tax expense/(credit) ​ 485 (1) Operating profit ​ 2,935 2,620 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 46 98 Depreciation and amortisation ​ 6,853 6,952 Loss on disposal of property, plant & equipment and intangible assets ​ 9 26 Share of results of equity accounted associates and joint ventures ​ (343) (111) Other (income)/expense ​ (104) 108 Increase in inventory ​ (175) (41) Increase in trade and other receivables ​ (1,381) (1,254) Decrease in trade and other payables ​ (888) ​ (1,366) Cash generated by operations ​ 6,952 7,032 Taxation ​ (672) (577) Net cash flow from operating activities ​ 6,280 6,455

Fair value of financial instr_2

Fair value of financial instruments (Tables)	6 Months Ended
	Sep. 30, 2022
Fair value of financial instruments
Schedule of financial instruments held at fair value	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m Financial assets at fair value: ​ ​ ​ ​ Money market funds (included within Cash and cash equivalents) 1 ​ 4,521 ​ 5,276 Debt and equity securities (included within Other investments) 2 ​ 5,992 ​ 6,398 Derivative financial instruments (included within Trade and other receivables) 2,3 ​ 8,769 ​ 4,626 Trade receivables at fair value through Other comprehensive income (included within Trade and other receivables) 2 ​ 1,967 ​ 1,408 ​ ​ 21,249 ​ 17,708 ​ ​ ​ ​ ​ Financial liabilities at fair value: ​ ​ ​ ​ Derivative financial instruments (included within Trade and other payables) 2,3 ​ 1,786 ​ 1,672 ​ ​ 1,786 ​ 1,672 Notes: 1. Items are measured at fair value and the valuation basis is Level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. 2. Quoted debt and equity securities of €2,537 million ( €2,997 million as at 31 March 2022) are Level 1 classification which comprises items where fair value is determined by unadjusted quoted prices in active markets. The remaining items are measured at fair value and the basis is Level 2 classification which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 3. €8,524 million ( €4,216 million as at 31 March 2022) of derivative financial assets and €1,596 million ( €1,506 million as at 31 March 2022) of derivative financial liabilities are classified as non-current.

Post employments benefits (Tabl

Post employments benefits (Tables)	6 Months Ended
	Sep. 30, 2022
Post employments benefits
Schedule of weighted average actuarial assumptions used	​ ​ ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ 2022 ​ 2022 ​ ​ ​ % ​ % ​ Weighted average actuarial assumptions used 1 : ​ Rate of inflation 2 3.2 % 3.3 % Discount rate 4.7 % 2.4 % Notes: 1. Figures shown represent a weighted average assumption of the Group’s plans in the UK, Germany and Ireland. 2. This rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation.
Schedule of charges made to the consolidated income statement and consolidated statement of comprehensive income ('SOCI')	​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 2021 ​ €m €m Total net cost/(credit) included within staff costs 6 (58) Actuarial (losses)/gains recognised in the SOCI (63) 246
Schedule of net surplus	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ ​ €m ​ €m Assets 493 555 Liabilities (281) (281) Net surplus 212 274 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Section CWW Section ​ ​ 30 September 31 March ​ 30 September 31 March ​ ​ 2022 ​ 2022 ​ 2022 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m Analysis of net surplus: Total fair value of plan assets 2,026 3,399 1,886 2,850 Present value of plan liabilities (1,856) (3,166) (1,648) (2,565) Net surplus 170 233 238 285 Net surplus are analysed as: Assets 170 233 238 285

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Sep. 30, 2022
Related party transactions
Schedule of transactions with joint arrangements and associates	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2022 ​ 2021 ​ €m €m Sales of goods and services to associates 11 10 Purchase of goods and services from associates 65 4 Sales of goods and services to joint arrangements 110 103 Purchase of goods and services from joint arrangements 69 132 Interest expense payable to associates 1 ​ 25 ​ — Interest income receivable from joint arrangements 1 22 26 Interest expense payable to joint arrangements 1 ​ — ​ 26 ​ ​ ​ ​ ​ ​ ​ ​ 30 September ​ 31 March ​ ​ 2022 ​ 2022 ​ €m €m Trade balances owed: ​ ​ ​ by associates 16 8 to associates 8 6 by joint arrangements 122 139 to joint arrangements 59 34 Other balances owed by associates ​ — ​ 80 Other balances owed to associates 2 ​ 1,449 ​ — Other balances owed by joint arrangements 1 986 1,080 Other balances owed to joint arrangements 2 189 1,561 Notes: 1. Amounts arise primarily through VodafoneZiggo Group Holding B.V., TPG Telecom Limited and INWIT S.p.A. Interest is charged in line with market rates. 2. Amounts are primarily in relation to leases of tower space from INWIT S.p.A. which was classified as a joint venture in the comparative period but is now classified as an associate. See note 7 ‘Investment in associates and joint ventures’ for more information.

Basis of preparation - Addition

Basis of preparation - Additional Information (Details) € in Millions		6 Months Ended
		Sep. 30, 2022 EUR (€)	Sep. 30, 2022 ₺ / €	Sep. 30, 2022 Ft / €	Mar. 31, 2022 EUR (€)	Sep. 30, 2021 EUR (€)	Mar. 31, 2021 EUR (€)
Basis of Preparation
Cash and cash equivalents	[1]	€ 6,851			€ 7,371	€ 5,650	€ 5,790
Revolving credit facilities undrawn		8,100
Equity		€ 57,737			56,977	€ 58,047	€ 57,816
Exchange rate			18.16	423
Adoption of IAS 29
Basis of Preparation
Equity	[2]				565
Opening balance after adjustment, cumulative effect at date of initial application [member]
Basis of Preparation
Equity					57,542
Turky
Basis of Preparation
Price index movements		0.24
Turky | Adoption of IAS 29
Basis of Preparation
Equity					€ 565
[1] Comprises cash and cash equivalents as presented in the consolidated statement of financial position of €7,072 million ( €5,824 million as at 30 September 2021), together with overdrafts of €226 million ( €174 million as at 30 September 2021) and €5 million (€ nil as at 30 September 2021) of cash and cash equivalents included within assets held for sale. This opening balance adjustment relates to the adoption of hyperinflationary accounting in Turkey. See Note 1 ‘Basis of preparation’ for more information.

Basis of preparation - consolid

Basis of preparation - consolidated financial statements (Details) - Turky € in Millions	6 Months Ended
	Sep. 30, 2022 EUR (€)
Disclosure of Basis Of Preparation [Line Items]
Impact of hyperinflationary accounting on revenue	€ 21
Impact of hyperinflationary accounting on operating profit	(14)
Impact of hyperinflationary accounting on profit (loss)	(40)
Impact of hyperinflationary accounting on non-current assets	780
Impact of hyperinflationary accounting on equity	€ 659

Segmental analysis (Details)

Segmental analysis (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segmental analysis
Service revenue	€ 19,207
Equipment revenue	2,688
Revenue from contracts with customers	21,895
Other revenue	973
Interest revenue	62
Total segment revenue	22,930	€ 22,489
Adjusted EBITDAaL	7,244	7,565
Previous basis of segment reporting
Segmental analysis
Service revenue		19,010
Equipment revenue		2,446
Revenue from contracts with customers		21,456
Other revenue		966
Interest revenue		67
Total segment revenue		22,489
Adjusted EBITDAaL		7,565
Germany
Segmental analysis
Service revenue	5,730
Equipment revenue	675
Revenue from contracts with customers	6,405
Other revenue	178
Interest revenue	9
Total segment revenue	6,592
Adjusted EBITDAaL	2,677
Germany | Previous basis of segment reporting
Segmental analysis
Service revenue		5,777
Equipment revenue		475
Revenue from contracts with customers		6,252
Other revenue		183
Interest revenue		12
Total segment revenue		6,447
Adjusted EBITDAaL		2,892
Italy
Segmental analysis
Service revenue	2,125
Equipment revenue	198
Revenue from contracts with customers	2,323
Other revenue	49
Interest revenue	5
Total segment revenue	2,377
Adjusted EBITDAaL	759
Italy | Previous basis of segment reporting
Segmental analysis
Service revenue		2,187
Equipment revenue		265
Revenue from contracts with customers		2,452
Other revenue		49
Interest revenue		6
Total segment revenue		2,507
Adjusted EBITDAaL		917
UK
Segmental analysis
Service revenue	2,712
Equipment revenue	630
Revenue from contracts with customers	3,342
Other revenue	34
Interest revenue	16
Total segment revenue	3,392
Adjusted EBITDAaL	685
UK | Previous basis of segment reporting
Segmental analysis
Service revenue		2,521
Equipment revenue		593
Revenue from contracts with customers		3,114
Other revenue		30
Interest revenue		17
Total segment revenue		3,161
Adjusted EBITDAaL		638
Spain
Segmental analysis
Service revenue	1,782
Equipment revenue	142
Revenue from contracts with customers	1,924
Other revenue	31
Interest revenue	10
Total segment revenue	1,965
Adjusted EBITDAaL	445
Spain | Previous basis of segment reporting
Segmental analysis
Service revenue		1,866
Equipment revenue		178
Revenue from contracts with customers		2,044
Other revenue		33
Interest revenue		13
Total segment revenue		2,090
Adjusted EBITDAaL		445
Other Europe
Segmental analysis
Service revenue	2,552
Equipment revenue	281
Revenue from contracts with customers	2,833
Other revenue	53
Interest revenue	8
Total segment revenue	2,894
Adjusted EBITDAaL	843
Other Europe | Previous basis of segment reporting
Segmental analysis
Service revenue		2,502
Equipment revenue		248
Revenue from contracts with customers		2,750
Other revenue		52
Interest revenue		8
Total segment revenue		2,810
Adjusted EBITDAaL		836
Eliminations
Segmental analysis
Service revenue	(155)
Revenue from contracts with customers	(155)
Other revenue	(643)
Total segment revenue	(798)
Eliminations | Previous basis of segment reporting
Segmental analysis
Service revenue		(118)
Revenue from contracts with customers		(118)
Other revenue		(611)
Interest revenue		(1)
Total segment revenue		(730)
Vodacom
Segmental analysis
Service revenue	2,472
Equipment revenue	509
Revenue from contracts with customers	2,981
Other revenue	207
Interest revenue	14
Total segment revenue	3,202
Adjusted EBITDAaL	1,084
Vodacom | Previous basis of segment reporting
Segmental analysis
Service revenue		2,271
Equipment revenue		455
Revenue from contracts with customers		2,726
Other revenue		190
Interest revenue		12
Total segment revenue		2,928
Adjusted EBITDAaL		1,062
Vantage Towers [Member]
Segmental analysis
Other revenue	657
Total segment revenue	657
Adjusted EBITDAaL	330
Vantage Towers [Member] | Previous basis of segment reporting
Segmental analysis
Other revenue		611
Total segment revenue		611
Adjusted EBITDAaL		305
Other Markets
Segmental analysis
Service revenue	1,721
Equipment revenue	230
Revenue from contracts with customers	1,951
Other revenue	2
Total segment revenue	1,953
Adjusted EBITDAaL	671
Other Markets | Previous basis of segment reporting
Segmental analysis
Service revenue		1,752
Equipment revenue		201
Revenue from contracts with customers		1,953
Other revenue		5
Total segment revenue		1,958
Adjusted EBITDAaL		683
Common Functions
Segmental analysis
Service revenue	268
Equipment revenue	23
Revenue from contracts with customers	291
Other revenue	405
Total segment revenue	696
Adjusted EBITDAaL	€ (250)
Common Functions | Previous basis of segment reporting
Segmental analysis
Service revenue		252
Equipment revenue		31
Revenue from contracts with customers		283
Other revenue		424
Total segment revenue		707
Adjusted EBITDAaL		€ (213)

Segmental analysis - Non-curren

Segmental analysis - Non-current assets (Details) - EUR (€) € in Millions	Sep. 30, 2022	Mar. 31, 2022
Non-current assets
Non-current assets	€ 91,538	€ 94,048
Germany
Non-current assets
Non-current assets	42,709	43,190
Italy
Non-current assets
Non-current assets	10,129	10,519
UK
Non-current assets
Non-current assets	5,847	6,226
Spain
Non-current assets
Non-current assets	6,129	6,433
Other Europe
Non-current assets
Non-current assets	6,855	8,548
Vodacom
Non-current assets
Non-current assets	6,319	6,383
Other Markets
Non-current assets
Non-current assets	3,349	2,467
Vantage Towers [Member]
Non-current assets
Non-current assets	8,190	8,179
Common Functions
Non-current assets
Non-current assets	€ 2,011	€ 2,103

Segmental analysis - Reconcilia

Segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segmental analysis
Adjusted EBITDAaL	€ 7,244	€ 7,565
Restructuring costs	(142)	(172)
Interest on lease liabilities	204	199
Loss on disposal of property, plant & equipment and intangible assets	(11)	(26)
Depreciation and amortisation on owned assets	(4,807)	(4,949)
Share of results of equity accounted associates and joint ventures	343	111
Other income/(expense)	104	(108)
Operating profit	2,935	2,620
Investment income	211	129
Financing costs	(1,418)	(1,473)
Profit before taxation	€ 1,728	€ 1,276

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Current tax (expense)/income
Total current tax expense	€ (429)	€ (747)
Deferred tax credit/(expense)	(56)	748
Total income tax credit/(expense)	(485)	1
United Kingdom
Current tax (expense)/income
Current period	(4)	(6)
Adjustments in respect of prior periods	9	15
Deferred tax credit/(expense)	(10)	544
Overseas
Current tax (expense)/income
Current period	(446)	(730)
Adjustments in respect of prior periods	12	(26)
Deferred tax credit/(expense)	€ (46)	€ 204

Taxation - Additional informati

Taxation - Additional information (Details) - Luxembourg	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Disclosure of geographical areas [line items]
Utilization period beyond which tax losses are not recognised	60 years
Minimum [Member]
Disclosure of geographical areas [line items]
Tax Losses Utilisation Period		45 years
Maximum [Member]
Disclosure of geographical areas [line items]
Tax Losses Utilisation Period		48 years

Assets and liabilities held f_3

Assets and liabilities held for sale (Details) € in Billions, Ft in Billions			6 Months Ended	12 Months Ended
	Aug. 22, 2022 HUF (Ft)	Aug. 22, 2022 EUR (€)	Sep. 30, 2022 EUR (€) ₺ / €	Mar. 31, 2022	Sep. 30, 2022 Ft / €
Assets and liabilities held for sale
Exchange rate			18.16		423
Vodafone Hungary
Assets and liabilities held for sale
Proportion of ownership interest to be sold	100%	100%
Potential consideration received in sale of subsidiary	Ft 715	€ 1.8
Vodafone Hungary | If subsidiary is sold
Assets and liabilities held for sale
Foreign exchange translation differences transferred to the income statement			€ 0.3
Indus Towers
Assets and liabilities held for sale
Joint venture ownership interest			21%	21%

Assets and liabilities held f_4

Assets and liabilities held for sale - Relevant assets and liabilities (Details) - EUR (€) € in Millions	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Non-current assets
Goodwill	€ 31,225	€ 31,884
Other intangible assets	20,470	21,360
Property, plant and equipment	39,843	40,804
Investments in associates and joint ventures	4,381	4,268
Trade and other receivables	10,869	6,383
Total non-current assets	127,108	125,416
Current assets [abstract]
Inventory	991	836
Trade and other receivables	11,506	11,019
Cash and cash equivalents	7,072	7,496	€ 5,824
Total assets	157,440	153,953
Non-current liabilities
Borrowings	59,907	58,131
Deferred tax liabilities	681	520
Provisions	1,924	1,881
Trade and other payables	2,447	2,516
Total non-current liabilities	65,240	63,329
Current liabilities
Borrowings	15,675	11,961
Provisions	722	667
Trade and other payables	16,614	19,661
Total current liabilities	34,219	33,647
Assets and liabilities held for sale
Non-current assets
Goodwill	412
Other intangible assets	474
Property, plant and equipment	440
Investments in associates and joint ventures	1,014	959
Trade and other receivables	18
Total non-current assets	2,358	959
Current assets [abstract]
Inventory	12
Trade and other receivables	171
Cash and cash equivalents	5
Total current assets	188
Total assets	2,546	959
Non-current liabilities
Borrowings	47
Deferred tax liabilities	16
Provisions	23
Trade and other payables	1
Total non-current liabilities	87
Current liabilities
Borrowings	15
Provisions	6
Trade and other payables	136
Total current liabilities	157
Total liabilities	244
Net assets and liabilities	€ 2,302	€ 959

Earnings per share (Details)

Earnings per share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share	28,037	29,331
Effect of dilutive potential shares: restricted shares and share options	104	84
Weighted average number of shares for diluted earnings per share	28,141	29,415
Earnings per share attributable to owners of the parent during the period
Profit for basic earnings per share	€ 986	€ 996
Profit for diluted earnings per share	€ 986	€ 996
Basic profit per share	€ 0.0352	€ 0.0340
Diluted profit per share	€ 0.0350	€ 0.0339

Equity dividends (Details)

Equity dividends (Details) - EUR (€) € / shares in Units, € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Declared during the financial period:
Final dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share)	€ 1,265	€ 1,254
Proposed after the end of the reporting period and not recognised as a liability:
Interim dividend for the year ending 31 March 2023: 4.50 eurocents per share (2022: 4.50 eurocents per share)	€ 1,237	€ 1,229
Final dividends
Declared during the financial period:
Dividends per share, declared and paid during the financial year	€ 0.0450	€ 0.0450
Interim dividends
Declared during the financial period:
Dividends per share, declared and paid during the financial year	€ 0.0450	€ 0.0450

Investments in associates and_2

Investments in associates and joint ventures - Summary of Investments (Details) - EUR (€) € in Millions	Sep. 30, 2022	Mar. 31, 2022
Investment in associates and joint arrangements
Investment in joint ventures	€ 1,065	€ 3,781
Investment in associates	3,316	487
Total investment in joint ventures and associates	4,381	4,268
INWIT S.p.A.
Investment in associates and joint arrangements
Investment in associates	2,778
Safaricom PLC
Investment in associates and joint arrangements
Investment in associates	478	428
Other
Investment in associates and joint arrangements
Investment in associates	60	59
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Investment in joint ventures	893	822
INWIT S.p.A.
Investment in associates and joint arrangements
Investment in joint ventures		2,851
TPG Telecom Limited
Investment in associates and joint arrangements
Investment in joint ventures	123	84
Other joint ventures
Investment in associates and joint arrangements
Investment in joint ventures	€ 49	€ 24

Reconciliation of net cash fl_3

Reconciliation of net cash flow from operating activities (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of net cash flow from operating activities
Profit for the financial period	€ 1,243	€ 1,277
Investment income	(211)	(129)
Financing costs	1,418	1,473
Income tax expense/(credit)	485	(1)
Operating profit	2,935	2,620
Adjustments for:
Share-based payments and other non-cash charges	46	98
Depreciation and amortisation	6,853	6,952
Loss on disposal of property, plant and equipment and intangible assets	9	26
Share of result of equity accounted associates and joint ventures	(343)	(111)
Other (income)/expense	(104)	108
Increase in inventory	(175)	(41)
Increase in trade and other receivables	(1,381)	(1,254)
Decrease in trade and other payables	(888)	(1,366)
Cash generated by operations	6,952	7,032
Taxation	(672)	(577)
Net cash flow from operating activities	€ 6,280	€ 6,455

Fair value of financial instr_3

Fair value of financial instruments - Financial assets & liabilities at fair value (Details) - EUR (€) € in Millions	Sep. 30, 2022	Mar. 31, 2022
Financial liabilities at fair value
Fair value of financial instruments
Financial liabilities	€ 1,786	€ 1,672
Financial assets at fair value
Fair value of financial instruments
Financial assets	21,249	17,708
Derivatives financial instruments | Financial liabilities at fair value
Fair value of financial instruments
Financial liabilities	1,786	1,672
Money Market funds | Financial assets at fair value
Fair value of financial instruments
Financial assets	4,521	5,276
Debt and equity securities | Financial assets at fair value
Fair value of financial instruments
Financial assets	5,992	6,398
Debt and equity securities | Level 1 | Financial assets at fair value
Fair value of financial instruments
Financial assets	2,537	2,997
Derivative financial instruments | Financial liabilities at fair value
Fair value of financial instruments
Non-current financial liabilities	1,596	1,506
Derivative financial instruments | Financial assets at fair value
Fair value of financial instruments
Financial assets	8,769	4,626
Non-current financial assets	8,524	4,216
Trade receivables at fair value through Other comprehensive income | Financial assets at fair value
Fair value of financial instruments
Financial assets	1,967	1,408
Amortised cost | Non-current bonds | Not measured at fair value in statement of financial position but for which fair value is disclosed
Fair value of financial instruments
Financial liabilities at fair value	40,722	46,348
Financial liabilities	48,299	46,156
Amortised cost | Non-current debt securities | Not measured at fair value in statement of financial position but for which fair value is disclosed
Fair value of financial instruments
Financial assets at fair value	735	830
Financial assets	€ 1,003	€ 930

Post employments benefits - Act

Post employments benefits - Actuarial assumptions (Details)	Sep. 30, 2022	Mar. 31, 2022
Weighted average actuarial assumptions used:
Rate of inflation	3.20%	3.30%
Discount rate	4.70%	2.40%

Post employments benefits - Cha

Post employments benefits - Charges (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Post employments benefits
Total net cost/(credit) included within staff costs	€ 6	€ (58)
Actuarial (losses)/gains recognised in the SOCI	€ (63)	€ 246

Post employments benefits - Net

Post employments benefits - Net surplus (Details) - EUR (€) € in Millions	Sep. 30, 2022	Mar. 31, 2022
Post employments benefits
Assets	€ 493	€ 555
Liabilities	(281)	(281)
Net surplus	€ 212	€ 274

Post employments benefits - Ana

Post employments benefits - Analysis of net surplus (Details) € in Millions, £ in Millions	Oct. 18, 2022 GBP (£)	Sep. 30, 2022 EUR (€)	Mar. 31, 2022 EUR (€)
Analysis of net surplus:
Total fair value of plan assets		€ 493	€ 555
Present value of plan liabilities		(281)	(281)
Net surplus		212	274
Vodafone Section
Analysis of net surplus:
Total fair value of plan assets		2,026	3,399
Present value of plan liabilities		(1,856)	(3,166)
Net surplus		170	233
Vodafone Section | Short term liquidity facilities
Analysis of net surplus:
Borrowings drawn | £	£ 0
Vodafone Section | Maximum [Member] | Short term liquidity facilities
Analysis of net surplus:
Notional amount | £	£ 450
CWW Section
Analysis of net surplus:
Total fair value of plan assets		1,886	2,850
Present value of plan liabilities		(1,648)	(2,565)
Net surplus		€ 238	€ 285

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Related party transactions
Interest income	€ 62
Contributions to defined benefit pension	11	€ 12
Dividends	1,550	1,645
Associates
Related party transactions
Sales of goods and services	11	10
Purchase of goods and services	65	4
Interest expense	25
Trade balances owed (by )	16		€ 8
Trade balances owed (to)	8		6
Other balances owed by			80
Other balances owed to	1,449
Joint arrangements
Related party transactions
Sales of goods and services	110	103
Purchase of goods and services	69	132
Interest income	22	26
Interest expense		26
Trade balances owed (by )	122		139
Trade balances owed (to)	59		34
Other balances owed by	986		1,080
Other balances owed to	189		€ 1,561
Board members and executive committee members
Related party transactions
Dividends	€ 1.2	€ 1.1

Subsequent events (Details)

Subsequent events (Details) - Creation of strategic co-control partnership for Vantage Towers - EUR (€) € / shares in Units, € in Billions			6 Months Ended
	Nov. 13, 2022	Nov. 09, 2022	Jun. 30, 2023
Subsequent events
Price per share		€ 32
If If 50% shareholding for consortium and 100% take up in the voluntary takeover offer
Subsequent events
Maximum cash proceeds			€ 5.8
Minimum | If 100% take up in the voluntary takeover offer
Subsequent events
Minimum cash proceeds			€ 3.2
Vantage Towers
Subsequent events
Ownership interest		81.70%
Joint venture to hold shares in Vantage Towers | If 100% take up in the voluntary takeover offer
Subsequent events
Percentage to take up in VTO			100%
Joint venture to hold shares in Vantage Towers | If If 50% shareholding for consortium and 100% take up in the voluntary takeover offer
Subsequent events
Percentage to take up in VTO			100%
Joint venture to hold shares in Vantage Towers | Global Infrastructure Partners and KKR Consortium | If transaction goes through
Subsequent events
Joint venture ownership interest			50%
Joint venture to hold shares in Vantage Towers | Global Infrastructure Partners and KKR Consortium | If transaction goes through | Vodafone
Subsequent events
Price per share			€ 32
Joint venture to hold shares in Vantage Towers | Global Infrastructure Partners and KKR Consortium | If If 50% shareholding for consortium and 100% take up in the voluntary takeover offer
Subsequent events
Joint venture ownership interest			50%
Joint venture to hold shares in Vantage Towers | Minimum | Global Infrastructure Partners and KKR Consortium | If transaction goes through
Subsequent events
Joint venture ownership interest			32%
Joint venture to hold shares in Vantage Towers | Maximum | Global Infrastructure Partners and KKR Consortium | If transaction goes through
Subsequent events
Joint venture ownership interest			40%
Joint venture to hold shares in Vantage Towers | Vantage Towers | Digital Bridge
Subsequent events
Price per share	€ 32
Ownership interest acquired	4.10%
Joint venture to hold shares in Vantage Towers | Vantage Towers | If transaction goes through
Subsequent events
Joint venture ownership interest			81.70%
Joint venture to hold shares in Vantage Towers | Vantage Towers | If transaction goes through | Minority shareholders in Vantage Towers
Subsequent events
Remaining percentage of shares		18.30%
Joint venture to hold shares in Vantage Towers | Vantage Towers | RRJ Capital
Subsequent events
Joint venture ownership interest		2.40%
Joint venture to hold shares in Vantage Towers | Vantage Towers | Minimum
Subsequent events
Joint venture ownership interest			88.30%