Vodafone Group Public Limited (VOD) 20-F 21 Jun 23 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Mar. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-10086
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	Vodafone House, The Connection
Entity Address, City or Town	Newbury
Entity Address, Postal Zip Code	RG14 2FN
Entity Address, Country	GB
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0000839923
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	1438
Auditor Location	London, United Kingdom
Ordinary shares
Document and Entity Information
Title of 12(b) Security	Ordinary shares of 20 20/21 US cents each
Trading Symbol	VOD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	28,818,256,058
American Depositary Shares (evidenced by American Depositary Receipts) each representing ten ordinary shares
Document and Entity Information
Title of 12(b) Security	American Depositary Shares (evidenced by American Depositary Receipts) each representing ten ordinary shares
Trading Symbol	VOD
Security Exchange Name	NASDAQ
3.750% Notes due 16 January 2024
Document and Entity Information
Title of 12(b) Security	3.750% Notes due 16 January 2024
Trading Symbol	VOD24
Security Exchange Name	NASDAQ
US$1,000,000,000 Floating Rate Notes due 16 January 2024
Document and Entity Information
Title of 12(b) Security	US$1,000,000,000 Floating Rate Notes due 16 January 2024
Trading Symbol	VOD24A
Security Exchange Name	NASDAQ
4.125% Notes due 30 May 2025
Document and Entity Information
Title of 12(b) Security	4.125% Notes due 30 May 2025
Trading Symbol	VOD25
Security Exchange Name	NASDAQ
4.375% Notes due 30 May 2028
Document and Entity Information
Title of 12(b) Security	4.375% Notes due 30 May 2028
Trading Symbol	VOD28
Security Exchange Name	NASDAQ
6.250% Notes due February 2032
Document and Entity Information
Title of 12(b) Security	6.250% Notes due February 2032
Trading Symbol	VOD32
Security Exchange Name	NASDAQ
6.150% Notes due February 2037
Document and Entity Information
Title of 12(b) Security	6.150% Notes due February 2037
Trading Symbol	VOD37
Security Exchange Name	NASDAQ
5.000% Notes due 30 May 2038
Document and Entity Information
Title of 12(b) Security	5.000% Notes due 30 May 2038
Trading Symbol	VOD38
Security Exchange Name	NASDAQ
4.375% Notes due February 2043
Document and Entity Information
Title of 12(b) Security	4.375% Notes due February 2043
Trading Symbol	VOD43
Security Exchange Name	NASDAQ
5.250% Notes due 30 May 2048
Document and Entity Information
Title of 12(b) Security	5.250% Notes due 30 May 2048
Trading Symbol	VOD48
Security Exchange Name	NASDAQ
4.875% Notes due 19 June 2049
Document and Entity Information
Title of 12(b) Security	4.875% Notes due 19 June 2049
Trading Symbol	VOD49
Security Exchange Name	NASDAQ
4.250% Notes due 17 September 2050
Document and Entity Information
Title of 12(b) Security	4.250% Notes due 17 September 2050
Trading Symbol	VOD50
Security Exchange Name	NASDAQ
5.625% Notes due 10 February 2053
Document and Entity Information
Title of 12(b) Security	5.625% Notes due 10 February 2053
Trading Symbol	VOD53
Security Exchange Name	NASDAQ
5.125% Notes due 19 June 2059
Document and Entity Information
Title of 12(b) Security	5.125% Notes due 19 June 2059
Trading Symbol	VOD59
Security Exchange Name	NASDAQ
5.750% Notes due 10 February 2063
Document and Entity Information
Title of 12(b) Security	5.750% Notes due 10 February 2063
Trading Symbol	VOD63
Security Exchange Name	NASDAQ
Capital Securities due April 2079
Document and Entity Information
Title of 12(b) Security	Capital Securities due April 2079
Trading Symbol	VOD79
Security Exchange Name	NASDAQ
NC 5.25 Capital Securities due 2081
Document and Entity Information
Title of 12(b) Security	NC5.25 Capital Securities due 2081
Trading Symbol	VOD81A
Security Exchange Name	NASDAQ
NC 10 Capital Securities due 2081
Document and Entity Information
Title of 12(b) Security	NC10 Capital Securities due 2081
Trading Symbol	VOD81B
Security Exchange Name	NASDAQ
NC 30 Capital Securities due 2081
Document and Entity Information
Title of 12(b) Security	NC30 Capital Securities due 2081
Trading Symbol	VOD81C
Security Exchange Name	NASDAQ
7% Cumulative Fixed Rate Shares of £1 each
Document and Entity Information
Entity Common Stock, Shares Outstanding	50,000
Business Contact [Member]
Document and Entity Information
Contact Personnel Name	Maaike de Bie
City Area Code	44
Local Phone Number	1635 33251
Contact Personnel Email Address	ir@vodafone.co.uk
Entity Address, Address Line One	Vodafone House, The Connection
Entity Address, City or Town	Newbury
Entity Address, Postal Zip Code	RG14 2FN
Entity Address, Country	GB

Consolidated income statement

Consolidated income statement - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Consolidated income statement
Revenue	€ 45,706	€ 45,580	€ 43,809
Cost of sales	(30,850)	(30,574)	(30,086)
Gross profit	14,856	15,006	13,723
Selling and distribution expenses	(3,329)	(3,358)	(3,522)
Administrative expenses	(6,092)	(5,713)	(5,350)
Net credit losses on financial assets	(606)	(561)	(664)
Share of results of equity accounted associates and joint ventures	433	389	374
Impairment loss	(64)	0
Other income	9,098	50	568
Operating profit	14,296	5,813	5,129
Investment income	248	254	245
Financing costs	(1,728)	(1,964)	(1,027)
Profit before taxation	12,816	4,103	4,347
Income tax expense	(481)	(1,330)	(3,864)
Profit for the financial year	12,335	2,773	483
Attributable to:
- Owners of the parent	11,838	2,237	59
- Non-controlling interests	497	536	424
Profit for the financial year	€ 12,335	€ 2,773	€ 483
Group earnings per share (all from continuing operations)
- Basic	€ 0.4277	€ 0.0771	€ 0.0020
- Diluted	€ 0.4262	€ 0.0768	€ 0.0020

Consolidated statement of compr

Consolidated statement of comprehensive income - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Consolidated statement of comprehensive income
Profit for the financial year	€ 12,335	€ 2,773	€ 483
Items that may be reclassified to the income statement in subsequent years:
Foreign exchange translation differences, net of tax	(1,236)	(30)	138
Foreign exchange translation differences transferred to the income statement	(334)	19	(17)
Other, net of tax	963	1,863	(3,743)
Total items that may be reclassified to the income statement in subsequent years	(607)	1,852	(3,622)
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	(160)	483	(555)
Total items that will not be reclassified to the income statement in subsequent years	(160)	483	(555)
Other comprehensive (expense)/income	(767)	2,335	(4,177)
Total comprehensive income/(expense) for the financial year	11,568	5,108	(3,694)
Attributable to:
- Owners of the parent	11,267	4,546	(4,117)
- Non-controlling interests	301	562	423
Total comprehensive income/(expense) for the financial year	€ 11,568	€ 5,108	€ (3,694)

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Non-current assets
Goodwill	€ 27,615	€ 31,884
Other intangible assets	19,592	21,360
Property, plant and equipment	37,992	40,804
Investments in associates and joint ventures	11,079	5,323
Other investments	1,093	1,073
Deferred tax assets	19,316	19,089
Post employment benefits	329	555
Trade and other receivables	7,843	6,383
Total non-current assets	124,859	126,471
Current assets
Inventory	956	836
Taxation recoverable	279	296
Trade and other receivables	10,705	11,019
Other investments	7,017	7,931
Cash and cash equivalents	11,705	7,496
Total current assets	30,662	27,578
Total assets	155,521	154,049
Equity
Called up share capital	4,797	4,797
Additional paid-in capital	149,145	149,018
Treasury shares	(7,719)	(7,278)
Accumulated losses	(113,086)	(122,022)
Accumulated other comprehensive income	30,262	30,268
Total attributable to owners of the parent	63,399	54,783
Non-controlling interests	1,084	2,290
Total equity	64,483	57,073
Non-current liabilities
Borrowings	51,669	58,131
Deferred tax liabilities	771	520
Post employment benefits	258	281
Provisions	1,572	1,881
Trade and other payables	2,184	2,516
Total non-current liabilities	56,454	63,329
Current liabilities
Borrowings	14,721	11,961
Financial liabilities under put option arrangements	485	494
Taxation liabilities	457	864
Provisions	674	667
Trade and other payables	18,247	19,661
Total current liabilities	34,584	33,647
Total equity and liabilities	€ 155,521	€ 154,049

Consolidated statement of chang

Consolidated statement of changes in equity - EUR (€) € in Millions	Equity attributable to the owners Adoption of IAS 29	Equity attributable to the owners After adoption of IAS 29	Equity attributable to the owners	Share capital After adoption of IAS 29	Share capital	Additional paid-in capital. After adoption of IAS 29	Additional paid-in capital.	Treasury shares. After adoption of IAS 29	Treasury shares.	Accumulated losses After adoption of IAS 29	Accumulated losses	Currency reserve Adoption of IAS 29	Currency reserve After adoption of IAS 29	Currency reserve	Pensions reserve After adoption of IAS 29	Pensions reserve	Revaluation surplus After adoption of IAS 29	Revaluation surplus	Other After adoption of IAS 29	Other	Non-controlling interests. After adoption of IAS 29	Non-controlling interests.	Adoption of IAS 29	After adoption of IAS 29	Total
Beginning balance at Mar. 31, 2020			€ 61,410		€ 4,797		€ 152,629		€ (7,802)		€ (120,349)			€ 28,308		€ (679)		€ 1,227		€ 3,279		€ 1,215			€ 62,625
Issue or reissue of shares			3				(1,943)		2,033		(87)														3
Share-based payments			126				126															10			136
Transactions with NCI in subsidiaries			1,149								1,149											748			1,897
Dividends			(2,412)								(2,412)											(384)			(2,796)
Comprehensive income/(expense)			(4,117)								59			122		(555)				(3,743)		423			(3,694)
Profit			59								59											424			483
OCI - before tax			(5,187)											129		(686)				(4,630)					(5,187)
OCI - taxes			1,024											6		131				887		3			1,027
Transfer to the IS			(13)											(13)								(4)			(17)
Purchase of treasury shares('TS')			(403)						(403)																(403)
Ending balance at Mar. 31, 2021			55,756		4,797		150,812		(6,172)		(121,640)			28,430		(1,234)		1,227		(464)		2,012			57,768
Issue or reissue of shares							(1,902)		2,000		(98)
Share-based payments			108				108															11			119
Transactions with NCI in subsidiaries			(38)								(38)											237			199
Dividends			(2,483)								(2,483)											(532)			(3,015)
Comprehensive income/(expense)			4,546								2,237			(37)		483				1,863		562			5,108
Profit			2,237								2,237											536			2,773
OCI - before tax			2,939											(56)		627				2,368		26			2,965
OCI - taxes			(649)													(144)				(505)					(649)
Transfer to the IS			19											19											19
Purchase of treasury shares('TS')			(3,106)						(3,106)																(3,106)
Ending balance at Mar. 31, 2022	€ 565	€ 55,348	54,783	€ 4,797	4,797	€ 149,018	149,018	€ (7,278)	(7,278)	€ (122,022)	(122,022)	€ 565	€ 28,958	28,393	€ (751)	(751)	€ 1,227	1,227	€ 1,399	1,399	€ 2,290	2,290	€ 565	€ 57,638	57,073
Issue or reissue of shares			10				1		122		(113)														10
Share-based payments			126				126															9			135
Transactions with NCI in subsidiaries			(287)								(287)											(1,118)			(1,405)
Dividends			(2,502)								(2,502)											(398)			(2,900)
Comprehensive income/(expense)			11,267								11,838			(1,374)		(160)				963		301			11,568
Profit			11,838								11,838											497			12,335
OCI - before tax			(368)											(1,469)		(213)				1,314		(230)			(598)
OCI - taxes			(301)											(3)		53				(351)		(3)			(304)
Transfer to the IS			(334)											(334)											(334)
Translation of hyperinflationary results			432											432								37			469
Purchase of treasury shares('TS')			(563)						(563)																(563)
Ending balance at Mar. 31, 2023			€ 63,399		€ 4,797		€ 149,145		€ (7,719)		€ (113,086)			€ 27,584		€ (911)		€ 1,227		€ 2,362		€ 1,084			€ 64,483

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) - EUR (€) € in Millions, shares in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Impact of the group's cash flow hedges, net gain (loss) deferred to other comprehensive income			€ 2,322	€ 3,704	€ (5,892)
Net gain (loss) recycled to the income statement			896	1,422	(1,226)
Equity	€ 57,073	€ 57,768	64,483	57,073	57,768
Reissue of treasury shares	1,519	1,427
Reissue of treasury shares, value	€ 1,903	€ 1,944
Retained earnings [member]
Equity	(122,022)	(121,640)	(113,086)	(122,022)	(121,640)
Vantage Towers [Member]
Gains (losses) on disposals of investments			8,607
Vodafone Ghana Mobile Financial Services Limited
Gains (losses) on disposals of investments			689
Vodafone Hungary
Gains (losses) on disposals of investments			€ (69)
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Equity	96	(48)		96	(48)
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member] | Retained earnings [member]
Equity	€ 96	(53)		€ 96	(53)
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member] | Accumulated other comprehensive income [member]
Equity		€ 5			€ 5

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Consolidated statement of cash flows
Inflow from operating activities	€ 18,054	€ 18,081	€ 17,215
Cash flows from investing activities
Purchase of interests in subsidiaries, net of cash acquired			(136)
Purchase of interests in associates and joint ventures	(78)	(445)	(13)
Purchase of intangible assets	(2,963)	(3,262)	(3,227)
Purchase of property, plant and equipment	(6,250)	(5,798)	(5,413)
Purchase of investments	(767)	(2,009)	(3,726)
Disposal of interests in subsidiaries, net of cash disposed	6,976		157
Disposal of interests in associates and joint ventures		446	420
Disposal of property, plant and equipment and intangible assets	98	33	43
Disposal of investments	1,650	3,282	1,704
Dividends received from associates and joint ventures	617	638	628
Interest received	338	247	301
Outflow from investing activities	(379)	(6,868)	(9,262)
Cash flows from financing activities
Proceeds from issue of long-term borrowings	4,071	2,548	4,359
Repayment of borrowings	(13,538)	(8,248)	(12,237)
Net movement in short-term borrowings	3,172	3,002	(2,791)
Net movement in derivatives	261	(293)	279
Interest paid	(1,951)	(1,804)	(2,152)
Payments for settlement of written put options	(12)		(1,482)
Purchase of treasury shares	(1,867)	(2,087)	(62)
Issue of ordinary share capital and reissue of treasury shares	10		5
Equity dividends paid	(2,484)	(2,474)	(2,427)
Dividends paid to non-controlling shareholders in subsidiaries	(400)	(539)	(391)
Other transactions with non-controlling shareholders in subsidiaries	(692)	189	1,663
Other movements with associates and joint ventures			40
Outflow from financing activities	(13,430)	(9,706)	(15,196)
Net cash inflow/(outflow)	4,245	1,507	(7,243)
Cash and cash equivalents at beginning of the financial year	7,371	5,790
Exchange gain/(loss) on cash and cash equivalents	12	74	(255)
Cash and cash equivalents at end of the financial year	€ 11,628	€ 7,371	€ 5,790

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Consolidated statement of cash flows
Cash flows from maturing tranches of mandatory convertible bonds, derivative financial instruments for share buyback programs	€ 26	€ (58)	€ (9)

Basis of preparation

Basis of preparation	12 Months Ended
	Mar. 31, 2023
Basis of preparation
Basis of preparation	1. Basis of preparation This section describes the critical accounting judgements and estimates that management has identified as having a potentially material impact on the Group’s consolidated financial statements and sets out our significant accounting policies that relate to the financial statements as a whole. Where an accounting policy is generally applicable to a specific note to the financial statements, the policy is described within that note. We have also detailed below the new accounting pronouncements that we will adopt in future years and our current view of the impact they will have on our financial reporting. The consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (‘IAS’), with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board (‘IASB’) and with the requirements of the Companies Act 2006 (the ‘Act’). The consolidated financial statements are prepared on a going concern basis (see page 112). Vodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The registered address of the Company is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England. IFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group’s circumstances. These have been applied consistently to all the years presented, unless otherwise stated. In determining and applying accounting policies, Directors and management are required to make judgements and estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption to be followed could materially affect the Group’s reported financial position, results or cash flows and disclosure of contingent assets or liabilities during the reporting period; it may later be determined that a different choice may have been more appropriate. The Group’s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if the revision affects both current and future periods. Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact the amounts recognised in the financial statements and the estimates that are considered to be ‘critical estimates’ due to their potential to give rise to material adjustments in the Group’s financial statements in the year to 31 March 2024. As at 31 March 2023, management has identified critical judgements in respect of revenue recognition, lease accounting, valuing assets and liabilities acquired in business combinations, the accounting for tax disputes, the classification of joint arrangements, whether to recognise provisions or to disclose contingent liabilities, held for sale accounting and the impacts of climate change. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post employment benefits and impairment reviews; estimates have also been identified that are not considered to be critical in respect of the allocation of revenue to goods and services, the useful economic lives of finite lived intangible assets and property, plant and equipment. The majority of the Group’s provisions are either long-term in nature (such as asset retirement obligations) or relate to shorter-term liabilities (such as those relating to restructuring and property) where there is not considered to be a significant risk of material adjustment in the next financial year. Critical judgements exercised in respect of tax disputes include cases in India and a tax dispute related to financing costs in the Netherlands. These critical accounting judgements, estimates and related disclosures have been discussed with the Group’s Audit and Risk Committee. Critical accounting judgements and key sources of estimation uncertainty Revenue recognition Revenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and the use of management judgements and estimates to produce financial information. The most significant accounting judgements and source of estimation uncertainty are disclosed below. ​ 1. Basis of preparation (continued) Gross versus net presentation If the Group has control of goods or services when they are delivered to a customer, then the Group is the principal in the sale to the customer; otherwise the Group is acting as an agent. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its business partners; such judgements impact the amount of reported revenue and operating expenses (see note 2 ‘Revenue disaggregation and segmental analysis’) but do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the Group is a principal or an agent include, for example, those where the Group delivers third-party branded software or services (such as premium music, TV content or cloud-based services) to customers and goods or those where services delivered to customers in partnership with a third-party. Allocation of revenue to goods and services provided to customers Revenue is recognised when goods and services are delivered to customers (see note 2 ‘Revenue disaggregation and segmental analysis’). Goods and services may be delivered to a customer at different times under the same contract, hence it is necessary to allocate the amount payable by the customer between goods and services on a ‘relative standalone selling price basis’; this requires the identification of performance obligations (‘obligations’) and the determination of standalone selling prices for the identified obligations. The determination of obligations is, for the primary goods and services sold by the Group, not considered to be a critical accounting judgement; the Group’s policy on identifying obligations is disclosed in note 2 ‘Revenue disaggregation and segmental analysis’. The determination of standalone selling prices for identified obligations is discussed below. It is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in similar circumstances on a standalone basis. When estimating the standalone price the Group maximises the use of external inputs; methods for estimating standalone prices include determining the standalone price of similar goods and services sold by the Group, observing the standalone prices for similar goods and services when sold by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and other equipment). Where it is not possible to reliably estimate standalone prices due to a lack of observable standalone sales or highly variable pricing, which is sometimes the case for services, the standalone price of an obligation may be determined as the transaction price less the standalone prices of other obligations in the contract. The standalone price determined for obligations materially impacts the allocation of revenue between obligations and impacts the timing of revenue when obligations are provided to customers at different times – for example, the allocation of revenue between devices, which are usually delivered up-front, and services which are typically delivered over the contract period. However, there is not considered to be a significant risk of material adjustment to the carrying value of contract-related assets or liabilities in the 12 months after the balance sheet date if these estimates were revised. Lease accounting Lease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts of data and the increased use of management judgements and estimates to produce financial information. The most significant accounting judgements are disclosed below. Lease identification Whether the arrangement is considered a lease or a service contract depends on the analysis by management of both the legal form and substance of the arrangement between the Group and the counter-party to determine if control of an identified asset has been passed between the parties; if not, the arrangement is a service arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the asset, and has the ability to direct its use, for a period of time. An identified asset exists where an agreement explicitly or implicitly identifies an asset or a physically distinct portion of an asset which the lessor has no substantive right to substitute. The scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or other fixed telecommunication lines. Generally, where the Group has exclusive use of a physical line it is determined that the Group can also direct the use of the line and therefore leases will be recognised. Where the Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis the arrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an end-user, generally control over such lines is not passed to the end-user and a lease is not identified. ​ 1. Basis of preparation (continued) The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an operating or finance lease. The impacts for each scenario are described below where the Group is potentially: - A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease results in an asset and a liability being reported and depreciation and interest being recognised; the interest charge will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and accruals). - An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the life of the contract. - A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance lease results in the lease income being recognised at commencement of the lease and an asset (the net investment in the lease) being recorded. Lease term Where leases include additional optional periods after an initial lease term, significant judgement is required in determining whether these optional periods should be included when determining the lease term. The impact of this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination option; this depends on an analysis by management of all relevant facts and circumstances including the leased asset’s nature and purpose, the economic and practical potential for replacing the asset and any plans that the Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use asset and lease liability will be greater when extension options are included in the lease term. The normal approach adopted for lease term by asset class is described below. The lease terms can vary significantly by type and use of asset and geography. In addition, the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease terms are judged to be the longer of the minimum lease term and: - Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons; - To the next contractual lease break date for retail premises (excluding breaks within the next 12 months); - Where leases are used to provide internal connectivity the lease term for the connectivity is aligned to the lease term or useful economic life of the assets connected; - The customer service agreement length for leases of local loop connections or other assets required to provide fixed line services to individual customers; and - Where there are contractual agreements to provide services using leased assets, the lease term for these assets is generally set in accordance with the above principles or for the lease term required to provide the services for the agreed service period, if longer. In most instances the Group has options to renew or extend leases for additional periods after the end of the lease term which are assessed using the criteria above. Lease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that is within the control of the Group; such changes usually relate to commercial agreements entered into by the Group, or business decisions made by the Group. Where such changes change the Group’s assessment of whether it is reasonably certain to exercise options to extend, or not terminate leases, then the lease term is reassessed and the lease liability is remeasured, which in most cases will increase the lease liability. Taxation The Group’s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the Group’s total tax charge involves estimation and judgement in respect of certain matters, being principally: ​ 1. Basis of preparation (continued) Recognition of deferred tax assets Significant items on which the Group has exercised accounting estimation and judgement include the recognition of deferred tax assets in respect of losses in Luxembourg, Germany, Italy and Spain as well as capital allowances in the United Kingdom. The recognition of deferred tax assets, particularly in respect of tax losses, is based upon whether management judge that it is probable that there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five year forecasts for the Group’s operations as are used in the Group’s value in use calculations (see note 4 ‘Impairment losses’). In the case of Luxembourg, this includes forecasts of future income from the Group’s internal financing, centralised procurement and roaming activities. Where tax losses are forecast to be recovered beyond the five year period, the availability of taxable profits is assessed using the cash flows and long-term growth rates used for the value in use calculations. The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the telecommunications business including the potential impacts of changes in the market structure, trends in customer pricing, the costs associated with the acquisition and retention of customers, future technological evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences. Changes in the estimates which underpin the Group’s forecasts could have an impact on the amount of future taxable profits and could have a significant impact on the period over which the deferred tax asset would be recovered. The Group only considers substantively enacted tax laws when assessing the amount and availability of tax losses to offset against the future taxable profits. See note 6 ‘Taxation’ to the consolidated financial statements. See additional commentary relating to climate change below. 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 judgements in this area relate to the Group’s tax disputes in India and a tax dispute related to financing costs in the Netherlands. Further details of tax disputes are included in note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. Business combinations and goodwill When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired, including intangible assets, are recognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on management’s judgement. If the purchase consideration exceeds the fair value of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase price consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the income statement. Allocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as goodwill affects the subsequent results of the Group as finite lived intangible assets are amortised, whereas indefinite lived intangible assets, including goodwill, are not amortised. See note 27 ‘Acquisitions and disposals’ to the consolidated financial statements for further details. Joint arrangements The Group participates in a number of joint arrangements where control of the arrangement is shared with one or more other parties. Judgement is required to classify joint arrangements in a separate legal entity as either a joint operation or as a joint venture, which depends on management’s assessment of the legal form and substance of the arrangement taking into account relevant facts and circumstances such as whether the owners have rights to substantially all the economic outputs and, in substance, settle the liabilities of the entity. The classification can have a material impact on the consolidated financial statements. The Group’s share of assets, liabilities, revenue, expenses and cash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group’s investment and share of results of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement respectively. See note 12 ‘Investments in associates and joint arrangements’ to the consolidated financial statements. ​ 1. Basis of preparation (continued) 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 2024 if these estimates were revised. The basis for determining the useful life for the most significant categories of intangible assets are discussed below. Customer bases The estimated useful life principally reflects management’s view of the average economic life of the customer base and is assessed by reference to customer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation charge. Capitalised software For computer software, the estimated useful life is based on management’s view, considering historical experience with similar products as well as anticipation of future events which may impact their life such as changes in technology. The useful life will not exceed the duration of a licence. Property, plant and equipment Property, plant and equipment represents 24.4% of the Group’s total assets (2022: 26.5)%. 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 2024 if these estimates were revised. Management determines the useful lives and residual values for assets when they are acquired, based on experience with similar assets and taking into account other relevant factors such as any expected changes in technology. See additional commentary relating to climate change, below. Post employment benefits Management uses estimates when determining the Group’s liabilities and expenses arising for defined benefit pension schemes. Management is required to estimate the future rates of inflation, salary increases, discount rates and longevity of members, each of which may have a material impact on the defined benefit obligations that are recorded. Further details, including a sensitivity analysis, are included in note 25 ‘Post employment benefits’ to the consolidated financial statements. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements). Judgement is necessary to assess the likelihood that a pending claim will succeed, or a liability will arise. ​ 1. Basis of preparation (continued) Impairment reviews IFRS requires management to perform impairment tests annually for indefinite lived assets, and for finite lived assets and for equity accounted investments if events or changes in circumstances indicate that their carrying amounts may not be recoverable. Management is required to make significant judgments concerning the identification of impairment indicators, the determination of fair values for assets and whether the carrying value of assets can be supported by the net present value of future cash flows that they are expected to generate. The Group performs an annual impairment test which focuses on determining a recoverable amount for its assets based on value in use, rather than fair value less costs of disposal due to a lack of observable market data on fair values for equivalent assets. Calculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including management’s expectations of: – Growth in adjusted EBITDAaL, (see note 2 ‘Revenue disaggregation and segmental analysis’ for a reconciliation to the consolidated income statement); – Timing and amount of future capital expenditure, licence and spectrum payments; – Long-term growth rates; and – Appropriate discount rates to reflect the risks involved. Changing the assumptions selected by management, in particular projected adjusted EBITDAaL, long-term growth rate and discount rate assumptions, 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. Where the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of those interests. If the market capitalisation indicates that their carrying amounts may not be recoverable, possible adjustments to the share price are reviewed and, where information is available, a value in use calculation is performed to support a conclusion on impairment. For operations that are classified as held for sale, management is required to determine whether the carrying value of the discontinued operation can be supported by the fair value less costs of disposal. Where not observable in a quoted market, management has determined fair value less costs to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. For a number of reasons, transaction values agreed as part of any business acquisition or disposal may be higher than the assessed value in use. See additional commentary relating to climate change, below. Held for sale accounting When the value of a non-current asset or a group of assets in a disposal group will be primarily recovered through a sale transaction and there is an active plan for the disposal such that it is highly probable that the disposal will be completed within 12 months (subject to certain matters outside of the Group’s control) then the related assets will be classified as held for sale or as a discontinued operation. Judgement is applied by management in determining if assets meet the requirements to be classified as held for sale or as discontinued operations. Further detail is provided in note 7 ‘Discontinued operations and assets held for sale’. ​ 1. Basis of preparation (continued) Climate change The potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in the Group’s TCFD disclosures on pages 58 and 59. Management has assessed the potential financial impacts relating to the identified risks, primarily considering the useful lives of, and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and other long-lived assets and the recoverability of the Group’s deferred tax assets. Management has exercised judgement in concluding that there are no further material financial impacts of the Group’s climate-related risks and opportunities on the consolidated financial statements. These judgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory and other factors outside of the Group’s control which are not all currently known. Significant accounting policies applied in the current reporting period that relate to the financial statements as a whole Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value and for the application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ for the Group’s entities reporting in Turkish lira (see below). Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31 ‘Related undertakings’ to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures and associates (see note 12 ‘Investments in associates and joint arrangements’ to the consolidated financial statements). Basis of preparation changes adopted on 1 April 2022 - Hyperinflation As anticipated in the Annual Report for the year ended 31 March 2022, 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. In addition, Ethiopia where the Group’s associate, Safaricom, has operations has also become a hyperinflationary economy in the year. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira and to Safaricom’s operations in Ethiopia where the Ethiopian birr is the functional currency 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 have not been restated. Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for the current financial year ended 31 March 2023 have been revalued to their present value equivalent local currency amount as at 31 March 2023, based on an inflation index, before translation to euros at the reporting date exchange rate of €1: 20.85 TRL and €1:58.59 ETB, respectively. For the Group’s operations in Turkey: – The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated 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’. For Safaricom’s operations in Ethiopia, the impacts of IAS 29 accounting are reflected as an increase to Investments in associates and joint ventures and an increase to Equity. The inflation index in Turkey selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical Institute which has risen by 50.5% during the current financial year ended 31 March 2023.The inflation index selected in Ethiopia is the CPI issued by the Ethiopian Statistics Service which rose 31.3% in the year ended 31 March 2023. ​ 1. Basis of preparation (continued) The main impacts of the aforementioned adjustments on the consolidated financial statements are shown below. ​ ​ ​ ​ ​ ​ Year ended 31 March 2023 ​ ​ Increase/(decrease) ​ ​ €m Revenue 85 Operating profit (87) Profit for the financial year (123) Non-current assets 814 Equity attributable to owners of the parent 777 Non-controlling interests 37 ​ 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. With the exception of the Group’s Turkish lira operations, which are subject to hyperinflation accounting (see above), 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 currencie

Revenue disaggregation and segm

Revenue disaggregation and segmental analysis	12 Months Ended
	Mar. 31, 2023
Revenue disaggregation and segmental analysis
Revenue disaggregation and segmental analysis	2. Revenue disaggregation and segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below. Accounting policies Revenue When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (‘obligations’) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and fixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with the Group’s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to connecting customers to the Group’s network for the future provision of services are not considered to meet the criteria to be recognised as obligations except to the extent that the control of related equipment passes to customers. The Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in contract acquisition costs. The transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not directly observable, estimation techniques are used maximising the use of external inputs. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer and cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised when the Group provides the related service during the agreed service period. Revenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the intermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the intermediary or the expiry of any right of return. Where refunds are issued to customers they are deducted from revenue in the relevant service period. When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details. Customers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of the related service agreement. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by the Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a contract liability is recognised. ​ 2. Revenue disaggregation and segmental analysis (continued) When contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other equipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is deemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk. Contract-related costs When costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the consolidated statement of financial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered. The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets in the consolidated statement of financial position when the related payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts payable to agents are deducted from revenue recognised (see above). Revenue disaggregation and segmental income statement analysis Revenue reported for the year includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising from transactions with a significant financing component. The tables below present Revenue and Adjusted EBITDAaL for the year ended 31 March 2023 and for the comparative years ended 31 March 2022 and 31 March 2021. The comparative information for the year ended 31 March 2021 is presented under the previous segmental reporting structure. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue EBITDAaL 31 March 2023 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 11,433 1,313 12,746 350 17 13,113 ​ 5,323 Italy 4,251 426 4,677 122 10 4,809 ​ 1,453 UK 5,358 1,375 6,733 58 33 6,824 ​ 1,350 Spain 3,514 307 3,821 60 26 3,907 ​ 947 Other Europe 5,005 602 5,607 117 20 5,744 ​ 1,632 Vodacom 4,849 1,034 5,883 403 28 6,314 ​ 2,159 Other Markets 3,300 530 3,830 4 – 3,834 ​ 1,145 Vantage Towers ​ – ​ – ​ – ​ 1,338 ​ – ​ 1,338 ​ 795 Common Functions 2 530 47 577 810 – 1,387 ​ (139) Eliminations (271) (1) (272) (1,292) – (1,564) ​ – Group 37,969 5,633 43,602 1,970 134 45,706 ​ 14,665 ​ ​ 2. Revenue disaggregation and segmental analysis (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment ​ Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 11,616 1,126 12,742 365 21 13,128 ​ 5,669 Italy 4,379 525 4,904 108 10 5,022 ​ 1,699 UK 5,154 1,333 6,487 69 33 6,589 ​ 1,395 Spain 3,714 369 4,083 73 24 4,180 ​ 957 Other Europe 5,001 528 5,529 105 19 5,653 ​ 1,606 Vodacom 4,635 950 5,585 384 24 5,993 ​ 2,125 Other Markets 3,420 404 3,824 6 – 3,830 ​ 1,335 Vantage Towers ​ – ​ – ​ – ​ 1,252 ​ – ​ 1,252 ​ 619 Common Functions 2 522 53 575 838 1 1,414 ​ (197) Eliminations (238) (1) (239) (1,242) – (1,481) ​ – Group 38,203 5,287 43,490 1,958 132 45,580 ​ 15,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue EBITDAaL 31 March 2021 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 11,520 1,055 12,575 380 29 12,984 ​ 5,634 Italy 4,458 446 4,904 97 13 5,014 ​ 1,597 UK 4,848 1,206 6,054 44 53 6,151 ​ 1,367 Spain 3,788 292 4,080 64 22 4,166 ​ 1,044 Other Europe 4,859 549 5,408 124 17 5,549 ​ 1,760 Vodacom 4,083 800 4,883 282 16 5,181 ​ 1,873 Other Markets 3,312 441 3,753 12 – 3,765 ​ 1,228 Common Functions 2 470 36 506 862 – 1,368 ​ (117) Eliminations (197) (1) (198) (171) – (369) ​ – Group 37,141 4,824 41,965 1,694 150 43,809 ​ 14,386 ​ Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2 Comprises central teams and business functions. ​ The total future revenue from the remaining term of Group’s contracts with customers for performance obligations not yet delivered to those customers at 31 March 2023 is €18,521 million (2022: €20,013 million; 2021: €21,038 million); of which €11,941 million (2022: €12,913 million; 2021: €14,110 million) is expected to be recognised within the next year and the majority of the remaining amount in the following 12 months. Segmental analysis The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related products. Vantage Towers A.G. (‘Vantage Towers’) has been presented as a separate segment of the Group since 1 April 2021, following its IPO in March 2021; the segmental presentation for the year ended 31 March 2021 was not revised. Vantage Towers continued to be reported as a separate segment until the time of its disposal. From 1 April 2023, the Group will revise its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment to reflect the effective date of changes made to the Group’s internal reporting structure, following the transfer of Vodafone Egypt to the Vodacom group in December 2022. Revenue is attributed to a country based on the location of the Group company reporting the revenue. Transactions between operating segments are charged at arm’s-length prices. ​ 2. Revenue disaggregation and segmental analysis (continued) With the exception of Vodacom, which is a legal entity encompassing South Africa and certain other smaller African markets, and Vantage Towers, which comprises companies providing mobile tower infrastructure in a number of European markets, segment information is primarily provided on the basis of geographic areas, being the basis on which the Group manages its worldwide interests. The operating segments for Germany, Italy, UK, Spain and Vodacom are individually material for the Group and are each reporting segments for which certain financial information is provided. In addition, the Vantage Towers operating segment was a separately listed part of the Group until its disposal into a joint venture on 22 March 2023 (see note 27 ‘Acquisitions and disposals’) and is presented as a reporting segment as it is considered to provide useful information to users of the financial statements. The aggregation of smaller operating segments into the Other Europe and Other Markets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe region (comprising Albania, Czech Republic, Greece, Hungary(to the date of its disposal), Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, while the Other Markets segment (comprising Egypt, Ghana (to the date of its disposal) and Turkey) largely includes developing economies with less stable economic or regulatory environments. Common Functions is a separate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for aggregation with other reporting segments. A reconciliation of adjusted EBITDAaL, the Group’s measure of segment profit, to the Group’s profit or loss before taxation for the financial year is shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 14,665 15,208 14,386 Restructuring costs ​ (587) ​ (346) ​ (356) Interest on lease liabilities 436 398 374 Loss on disposal of owned assets (36) (28) (30) Depreciation and amortisation on owned assets (9,649) (9,858) (10,187) Share of results of equity accounted associates and joint ventures 433 389 374 Impairment loss 2 (64) – – Other income 9,098 50 568 Operating profit 14,296 5,813 5,129 Investment income ​ 248 ​ 254 ​ 245 Finance costs ​ (1,728) ​ (1,964) ​ (1,027) Profit before taxation ​ 12,816 ​ 4,103 ​ 4,347 ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, the share of result of equity accounted associates and joint ventures has increased by €178 million, other income has decreased by €29 million and operating profit has increased by €149 million compared to amounts previously reported. In the year ended 31 March 2021, the share of result of equity accounted associates and joint ventures has increased by €32 million, operating profit has increased by €32 million and investment income has decreased by €85 million compared to amounts previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The FY23 impairment loss relates to Indus Towers and is included in the Other Markets segment. See overleaf and Note 4 ‘Impairment losses’. ​ ​ 2. Revenue disaggregation and segmental analysis (continued) Segmental assets The tables below present the segmental assets for the year ended 31 March 2023 and for the comparative years ended 31 March 2022 and 31 March 2021. The comparative information for the year ended 31 March 2021 is presented under the previous segmental reporting structure. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Depreciation ​ ​ Non-current ​ Capital ​ Right-of-use ​ additions to ​ and ​ ​ ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2023 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany ​ 43,878 ​ 2,701 ​ 2,145 ​ 2 ​ 4,154 ​ – Italy ​ 10,235 ​ 833 ​ 916 ​ 5 ​ 1,970 ​ – UK ​ 6,629 ​ 892 ​ 1,639 ​ – ​ 1,562 ​ – Spain ​ 6,331 ​ 565 ​ 742 ​ 8 ​ 1,393 ​ – Other Europe ​ 7,815 ​ 927 ​ 1,104 ​ 151 ​ 1,363 ​ – Vodacom ​ 5,810 ​ 862 ​ 219 ​ 260 ​ 1,027 ​ – Other Markets ​ 2,488 ​ 495 ​ 177 ​ 13 ​ 830 ​ 64 Vantage Towers ​ – ​ 551 ​ 318 ​ – ​ 326 ​ – Common Functions ​ 2,013 ​ 839 ​ 127 ​ – ​ 993 ​ – Group ​ 85,199 ​ 8,665 ​ 7,387 ​ 439 ​ 13,618 ​ 64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ Depreciation ​ ​ ​ Non-current Capital Right-of-use additions to and ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany ​ 43,190 ​ 2,670 ​ 795 ​ – ​ 3,981 ​ – Italy 10,519 840 670 255 1,929 – UK 6,226 832 580 229 1,905 – Spain 6,433 676 422 291 1,499 – Other Europe 8,548 1,009 502 126 1,511 – Vodacom 6,383 853 187 – 920 – Other Markets 2,467 530 229 – 598 – Vantage Towers ​ 8,179 ​ 366 ​ 320 ​ – ​ 523 ​ – Common Functions 2,103 844 123 – 979 – Group 94,048 8,620 3,828 901 13,845 – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ Non-current Capital Right-of-use Other additions to and ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2021 €m €m €m €m €m €m Germany ​ 47,563 ​ 2,772 ​ 1,133 ​ 1 ​ 4,836 ​ – Italy 10,707 805 758 17 2,025 – UK 7,968 822 1,138 – 2,202 – Spain 7,213 772 700 9 1,579 – Other Europe 10,369 968 1,016 431 1,727 – Vodacom 5,839 703 174 – 872 – Other Markets 2,988 512 247 439 666 – Common Functions 2,145 829 140 – 194 – Group 94,792 8,183 5,306 897 14,101 – ​ Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment (excluding right-of-use assets), computer software and development costs, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions. ​

Operating profit

Operating profit	12 Months Ended
	Mar. 31, 2023
Operating profit.
Operating profit	3. Operating profit Detailed below are the key amounts recognised in arriving at our operating profit ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Amortisation of intangible assets (Note 10) 4,031 4,044 4,421 Depreciation of property, plant and equipment (Note 11): ​ ​ ​ Owned assets 5,627 5,857 5,766 Leased assets 3,960 3,944 3,914 Impairment loss (Note 4) 64 – – Staff costs (Note 24) 5,842 5,334 5,157 Amounts related to inventory included in cost of sales ​ 5,950 ​ 5,671 ​ 5,160 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (1,267) (1,092) (995) Loss on disposal of Vodafone Hungary 2 (Note 27) ​ 69 ​ – ​ – Gain on disposal of Vodafone Ghana 2 (Note 27) ​ (689) ​ – ​ – Gain on disposal of Vantage Towers 2 (Note 27) ​ (8,607) ​ – ​ – Gain on disposal of Indus Towers Limited 1,2 ​ – ​ 81 ​ – Pledge arrangements in respect of Indus Towers Limited 2 (Note 29) ​ – ​ (15) ​ (429) Net gain on formation of TPG Telecom 2 (Note 12) ​ – ​ – ​ 1,043 Net gain on formation of Indus Towers Limited 2 (Note 12) ​ – ​ – ​ 292 Settlement of tender offer to KDG shareholders 2 ​ – ​ – ​ (204) ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, the gain on disposal of Indus Towers Limited has decreased by €29 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31 March 2021. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Included in other income in the consolidated income statement. ​ The total remuneration of the Group’s auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to the Group during the year ended 31 March 2023 is analysed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Parent company 5 4 3 Subsidiaries 22 19 18 Audit fees 1 27 23 21 ​ ​ ​ ​ ​ ​ ​ Audit-related 2 ​ 3 ​ 2 ​ – Vantage Towers IPO 3 ​ – ​ – ​ 11 Non-audit fees 3 2 11 ​ ​ ​ ​ ​ ​ ​ Total fees 30 25 32 ​ Notes: 1 Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to €1 million in each of the years presented. 2 Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year. 3 Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021.

Impairment losses

Impairment losses	12 Months Ended
	Mar. 31, 2023
Impairment losses
Impairment losses	4. Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are expected to generate. We review the carrying value of assets for each country in which we operate at least annually. For further details of our impairment review process see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation’ to the consolidated financial statements. Accounting policies Goodwill Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. The determination of the Group’s cash-generating units is primarily based on the geographic area where the Group supplies communications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic area. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Management prepares formal five year plans for the Group’s cash-generating units, which are the basis for the value in use calculations. Property, plant and equipment, finite lived intangible assets and equity accounted investments At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity- accounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. ​ 4. Impairment losses (continued) Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss reversal is recognised immediately in the consolidated income statement. Impairment loss Following our annual impairment review, the Group recognised an impairment loss in the consolidated income statement within operating profit relating to our investment in Indus Towers of €64 million in the current year. Further detail on events that led to the recognition of this loss is included on page 141. Goodwill The remaining carrying value of goodwill at 31 March was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Germany 20,335 20,335 Italy 2,481 2,481 Vantage Towers Germany ​ – ​ 2,565 Other 4,799 6,503 ​ 27,615 31,884 ​ ​ 4. Impairment losses (continued) Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption How determined Projected adjusted EBITDAaL ​ Projected adjusted EBITDAaL has been based on past experience adjusted for the following: ​ ​ – In Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data bundles, and new products and services are introduced. Fixed revenue is expected to continue to grow as penetration is increased and more products and services are sold to customers; ​ ​ – Outside of Europe, revenue is expected to continue to grow as the penetration of faster data-enabled devices rises along with higher data bundle attachment rates, and new products and services are introduced; and ​ ​ – Margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and by positive factors such as the efficiencies expected from the implementation of Group initiatives. Projected capital expenditure ​ The cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital expenditure required to maintain our networks, provide products and services in line with customer expectations, including of higher data volumes and speeds, and to meet the population coverage requirements of certain of the Group’s licences. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and gigabit networks. Outside of Europe, capital expenditure will be required for the continued rollout of current and next generation mobile networks in emerging markets. Capital expenditure includes cash outflows for the purchase of owned property, plant and equipment and computer software. Projected licence and spectrum payments ​ To enable the continued provision of products and services, the cash flow forecasts for licence and spectrum payments for each relevant cash-generating unit include amounts for expected renewals and newly available spectrum. Beyond the five year forecast period, a long-run cost of spectrum is assumed. Long-term growth rate ​ For the purposes of the Group’s value in use calculations, a long ‑ term growth rate into perpetuity is applied immediately at the end of the five year forecast period and is based on the lower of: ​ ​ – the nominal GDP growth rate forecasts for the country of operation; and ​ ​ – the long-term compound annual growth rate in adjusted EBITDAaL as estimated by management. ​ ​ Long-term compound annual growth rates determined by management may be lower than forecast nominal GDP growth rates due to the following market-specific factors: competitive intensity levels, maturity of business, regulatory environment or sector-specific inflation expectations. Pre-tax discount rate ​ The pre-tax discount rate for each cash-generating unit is derived such that when applied to pre-tax cash flows it gives the same result as when the observable post-tax weighted average cost of capital is applied to post-tax cash flows. ​ ​ The assumptions used to develop discount rates for each cash-generating unit are benchmarked to externally available data. ​ ​ – The risk free rate is derived from an average yield of a ten year bond issued by the government in each cash-generating unit’s respective country of operations. ​ ​ – The forward-looking equity market risk premium (an investor’s required rate return over and above a risk free rate) is based on studies by independent economists, the long-term average equity market risk premium and the market risk premiums typically used by valuation practitioners. ​ ​ – The asset beta reflecting the systematic risk of the telecommunications segment relative to the market as a whole is determined from betas observed for comparable listed telecommunications companies. ​ ​ – The region-specific leverage ratios are estimated from ratios observed for comparable listed telecommunications companies. ​ ​ Each cash-generating unit’s discount rate is determined in nominal terms in order to match their nominal estimates of future cash flows. ​ ​ Rising risk free interest rates and lower asset betas have, respectively, increased and decreased the cash-generating unit discount rates in the current year. ​ ​ 4. Impairment losses (continued) Year ended 31 March 2023 The Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and when there is an indicator of impairment of an asset. At each reporting period date judgement is exercised by management in determining whether any internal or external sources of information observed are indicative that the carrying amount of any of the Group’s cash generating units is not recoverable. For changes to the Group’s cash-generating units in the current year see note 27 ‘Acquisitions and disposals’. Climate change As a large owner of infrastructure and consumer of energy, the Group has exposure to climate change related risks such as energy cost increases, asset damage and service disruption. The long range plans used in the Group’s impairment testing include forecast energy costs and other costs that are embedded in the planning process to deliver the Group’s zero carbon targets. The long range plans also include capital expenditure in relation to the Group’s use of durable and energy efficient infrastructure and the costs of the Group’s extensive and ongoing network maintenance programme. Climate change has not had a material impact on the outcome of the Group’s impairment testing. Indus Towers Limited The Group’s investment in Indus Towers was tested for impairment at 31 March 2023 following a decline in Indus Towers’ quoted share price in the current year. Management concluded that fair value less costs of disposal is the appropriate basis to determine the recoverable amount of the Group’s investment. Indus Towers’ share price is observable in a quoted market and is considered a level 1 input under the IFRS 13 fair value hierarchy. The share price of INR143.00 per share implied a recoverable amount of INR 81 billion (€0.9 billion) which was lower than the carrying value of the investment at the same date. An impairment charge of €64 million was recognised to reduce the carrying value of the Group’s investment to the recoverable amount in the Group’s consolidated statement of financial position. Value in use assumptions The table below shows key assumptions used in the value in use calculations, and separately presented cash-generating units for which the carrying amount of goodwill is significant in comparison with the Group’s total carrying amount of goodwill: ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculations ​ Germany Italy ​ ​ % % Pre-tax discount rate ​ 7.8 8.9 Long-term growth rate ​ 0.6 1.5 Projected adjusted EBITDAaL CAGR 1 ​ 1.8 1.0 Projected capital expenditure 2 ​ 19.4 - 19.8 16.5 - 17.9 ​ Sensitivity analysis The estimated recoverable amounts of the Group’s operations in Germany, Italy, the UK, and Spain exceed their carrying values by €3.2 billion, €0.2 billion, €1.3 billion, and €0.4 billion respectively. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ Germany Italy UK Spain ​ ​ pps ​ pps ​ pps ​ pps Pre-tax discount rate ​ 0.6 0.2 1.6 0.5 Long-term growth rate ​ (0.6) (0.2) (1.9) (0.6) Projected adjusted EBITDAaL CAGR 1 ​ (1.8) (0.5) (4.1) (1.5) Projected capital expenditure 2 ​ 5.5 0.9 4.2 2.2 ​ Notes: 1 Projected adjusted EBITDAaL CAGR 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. ​ ​ 4. Impairment losses (continued) For the Group’s operations in Italy and Spain management has prepared the following sensitivity analysis for changes in pre-tax discount rate and projected adjusted EBITDAaL CAGR 1 ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ Italy ​ Spain ​ €bn €bn Base case as at 31 March 2023 ​ 0.2 ​ 0.4 Change in pre-tax discount rate ​ ​ ​ ​ Decrease by 1pps ​ 1.4 ​ 1.3 Increase by 1pps ​ (0.8) ​ (0.3) Change in projected adjusted EBITDAaL CAGR 1 ​ ​ ​ ​ Decrease by 5pps ​ (1.6) ​ (0.8) Increase by 5pps ​ 2.3 ​ 1.8 ​ Note: 1 Projected adjusted EBITDAaL CAGR 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. Year ended 31 March 2022 The disclosures below for the year ended 31 March 2022 are as previously disclosed in the 31 March 2022 Annual Report. The Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and when there is an indicator of impairment of an asset. At each reporting period date judgement is exercised by management in determining whether any internal or external sources of information observed are indicative that the carrying amount of any of the Group’s cash-generating units is not recoverable. As a large owner of infrastructure and consumer of energy, the Group has exposure to climate change related risks such as energy cost increases, asset damage and service disruption. The long range plans used in the Group’s impairment testing include forecast energy costs and other costs that are embedded in the planning process to deliver the Group’s zero carbon targets. The long range plans also include capital expenditure in relation to the Group’s use of durable and energy efficient infrastructure and the costs of the Group’s extensive and ongoing network maintenance programme. Furthermore, the Group will continue to develop strong reactive initiatives to manage the unpredictable impacts of future climate-related risks. Climate change, therefore, has not had a material impact on the outcome of the Group’s impairment testing and the Group will continue to refine its approach to modelling climate-related risks and opportunities in the value in use calculations. As the war in Ukraine continues, it is challenging to predict the full extent and duration of its impact on the economy and the Group’s businesses. However, to assess a potential impact of this on the Group’s impairment testing, management prepared scenario analysis based on adjustments to the long range plans for high level estimates of market risks impacted by the war. This analysis did not indicate a risk of impairment at 31 March 2022. Management will update the cash flows and assumptions used in the Group’s impairment testing at future reporting dates with latest best estimates. No impairments were recognised for the Group’s cash-generating units during the year to 31 March 2022. Value in use assumptions The table below shows key assumptions used in the value in use calculations, and separately presented cash-generating units for which the carrying amount of goodwill is significant in comparison with the Group’s total carrying amount of goodwill: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculations ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ ​ ​ Germany ​ Italy ​ Germany ​ Other ​ ​ % ​ % ​ % ​ % Pre-tax discount rate 7.4 9.3 6.1 6.2-22.5 Long-term growth rate 0.5 1.5 1.5 1.0-8.9 Projected adjusted EBITDAaL CAGR 1 (0.1) (0.2) 11.0 (5.4)-13.0 Projected capital expenditure 2 19.6-21.8 15.0-16.3 32.0-62.1 10.0-51.4 ​ Notes: 1 Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the purposes of this disclosure, Italy’s adjusted EBITDAaL for the year ended 31 March 2022 excludes the TIM settlement. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. ​ 4. Impairment losses (continued) Sensitivity analysis The estimated recoverable amounts of the Group’s operations in Germany, Italy, the UK and Spain exceed their carrying values by €7.3 billion, €0.4 billion, €1.3 billion and €0.1 billion respectively. However, if the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ ​ Germany ​ Italy ​ UK ​ Spain ​ pps pps pps pps Pre-tax discount rate ​ 1.4 0.3 1.3 0.1 Long-term growth rate ​ (1.4) (0.3) ​ (1.5) ​ (0.1) Projected adjusted EBITDAaL CAGR 1 ​ (4.1) (0.9) ​ (3.1) ​ (0.4) Projected capital expenditure 2 ​ 12.6 1.8 ​ 4.3 ​ 0.5 ​ For the Group’s operations in Germany, Italy, the UK and Spain management has considered the following reasonably possible changes in pre-tax discount rate, long-term growth rate and projected adjusted EBITDAaL CAGR 1 Management has concluded that no reasonably possible or foreseeable change in projected capital expenditure 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ Germany ​ Italy ​ UK ​ Spain ​ €bn €bn €bn €bn Base case as at 31 March 2022 7.3 0.4 1.3 0.1 Change in pre-tax discount rate Decrease by 1pps 14.9 1.7 2.8 1.0 Increase by 1pps 1.7 (0.7) 0.3 (0.6) Change in long-term growth rate ​ ​ ​ ​ ​ ​ ​ ​ Decrease by 1pps ​ 1.6 ​ (0.6) ​ 0.4 ​ (0.5) Increase by 1pps ​ 15.6 ​ 1.7 ​ 2.8 ​ 0.9 Change in projected adjusted EBITDAaL CAGR 1 Decrease by 5pps (1.4) (1.6) (0.7) (1.1) Increase by 5pps 17.9 2.8 3.8 1.5 ​ Notes: 1 Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the purposes of this disclosure, Italy’s adjusted EBITDAaL for the year ended 31 March 2022 excludes the TIM settlement. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2021 The disclosures below for the year ended 31 March 2021 are as previously disclosed in the 31 March 2021 Annual Report. Following the carve-out of Vodafone’s tower infrastructure to Vantage Towers A.G. (‘Vantage Towers’) during the year in Germany, Spain, Portugal, Ireland, Greece, Romania, Czech Republic and Hungary and the acquisitions by Vantage Towers of Vodafone UK’s 50% shareholding in Cornerstone Telecommunications Infrastructure Limited (‘CTIL’) and the remaining shareholding in the Vantage Towers Greece, management considers Vodafone’s operating companies and Vantage Tower’s operating companies in the affected geographical areas to represent two cash-generating units for the purpose of impairment testing as at 31 March 2021. Vodafone’s investment in Infrastrutture Wireless Italiane S.p.A. (‘INWIT’) was also transferred to Vantage Towers during the year. Goodwill has been allocated on a relative values basis to the Vantage Towers cash-generating units, where applicable, as part of the tower business carve out from Vodafone’s operations. The cash-generating units described below relate to Vodafone’s mobile and fixed line trading businesses, unless otherwise indicated as being part of Vantage Towers. ​ 4. Impairment losses (continued) Value in use assumptions The table below shows key assumptions used in the value in use calculations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculation ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ ​ % % % % % % Pre-tax discount rate 7.4 ​ 10.5 ​ 9.2 ​ 7.7 ​ 9.9 ​ 6.0 Long-term growth rate 0.5 ​ 0.5 ​ 0.5 ​ 0.5 ​ 1.0 ​ 1.5 Projected adjusted EBITDAaL CAGR 1 1.2 ​ 2.1 ​ 4.9 ​ 0.5 ​ 0.9 ​ 8.4 Projected capital expenditure 2 19.7-21.5 ​ 14.4-15.9 ​ 15.7-17.6 ​ 12.6-15.1 ​ 12.3-15.2 ​ 39.1-56.2 ​ Notes: 1 Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata adjustment has been made to true-up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The estimated recoverable amounts of the Group’s operations in Germany, Italy, Spain, Ireland, Romania and Vantage Towers Germany exceed their carrying values by €7.4 billion, €0.6 billion, €0.3 billion, €0.1 billion, €0.1 billion and €3.5 billion, respectively. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ ​ pps ​ pps ​ pps ​ pps ​ pps ​ pps Pre-tax discount rate 1.3 0.7 ​ 0.4 ​ 0.7 ​ 0.7 ​ 5.2 Long-term growth rate (1.3) (0.8) ​ (0.5) ​ (0.7) ​ (0.9) ​ (4.9) Projected adjusted EBITDAaL CAGR 1 (4.0) (1.5) ​ (1.5) ​ (1.6) ​ (1.9) ​ (19.3) Projected capital expenditure 2 12.7 3.0 ​ 1.6 ​ 2.8 ​ 1.9 ​ 162.6 ​ Management considered the following reasonably possible changes in key assumptions for projected adjusted EBITDAaL CAGR 1 1 Management believes that no reasonably possible or foreseeable change in the pre-tax discount rate or projected capital expenditure 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ €bn €bn €bn €bn €bn ​ €bn Base case as at 31 March 2021 7.4 0.6 0.3 0.1 0.1 ​ 3.5 Change in projected adjusted EBITDAaL CAGR 1 ​ ​ Decrease by 5pps (1.6) (1.3) (0.6) (0.2) (0.1) ​ 2.4 Increase by 5pps 18.2 2.9 1.4 0.5 0.3 ​ 5.0 Change in long-term growth rate ​ Decrease by 1pps 1.5 (0.1) (0.3) – – ​ 2.2 Increase by 1pps 16.0 1.6 1.0 0.3 0.2 ​ 6.1 ​ The carrying values for Vodafone UK, Portugal, Czech Republic, and Hungary include goodwill arising from acquisitions and/or the purchase of operating licences or spectrum rights. The recoverable amounts for these operating companies are also not materially greater than their carrying values and accordingly are disclosed below. ​ 4. Impairment losses (continued) If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised in the year ended 31 March 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ UK Portugal Czech Republic Hungary ​ ​ pps ​ pps ​ pps ​ pps Pre-tax discount rate 0.8 0.9 1.2 0.3 Long-term growth rate (0.8) (1.0) (1.3) (0.4) Projected adjusted EBITDAaL CAGR 1 (1.7) (2.2) (3.0) (0.7) Projected capital expenditure 2 2.5 3.7 7.5 1.5 ​ Notes: 1 Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata adjustment has been made to true up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing .

Investment income and financing

Investment income and financing costs	12 Months Ended
	Mar. 31, 2023
Investment income and financing costs
Investment income and financing costs	5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Investment income Financial assets measured at amortised cost 212 249 221 Financial assets measured at fair value through profit and loss 36 5 24 ​ 248 254 245 Financing costs Financial liabilities measured at amortised cost ​ ​ Bonds ​ 1,711 ​ 1,546 ​ 1,722 Lease liabilities ​ 436 ​ 398 ​ 374 Bank loans and other liabilities 2 430 469 463 Interest on derivatives (561) (428) (485) Mark-to-market on derivatives (423) (341) (1,070) Financial assets measured at fair value through profit and loss ​ – ​ 36 ​ – Foreign exchange 135 284 23 ​ 1,728 1,964 1,027 Net financing costs 1,480 1,710 782 ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2021, investment income has decreased by € 85 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31 March 2022. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Interest capitalised for the year ended 31 March 2023 was € 5 million (2022: €17 million, 2021: €17 million).

Taxation

Taxation	12 Months Ended
	Mar. 31, 2023
Taxation
Taxation	6. Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future. Accounting policies Income tax expense represents the sum of the current and deferred taxes. Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date. The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. ​ 6. Taxation (continued) 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Income tax expense ​ €m ​ €m ​ €m United Kingdom corporation tax expense: Current year 4 22 24 Adjustments in respect of prior years 4 17 3 ​ 8 39 27 Overseas current tax expense/(credit): ​ ​ ​ Current year 924 993 872 Adjustments in respect of prior years (26) 81 (30) ​ 898 1,074 842 Total current tax expense 906 1,113 869 Deferred tax on origination and reversal of temporary differences: ​ ​ ​ United Kingdom deferred tax (71) (791) (94) Overseas deferred tax (354) 1,008 3,089 Total deferred tax (credit)/expense (425) 217 2,995 Total income tax expense 481 1,330 3,864 ​ Tax charged/(credited) directly to other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Current tax 3 – (17) Deferred tax 304 648 (1,009) Total tax charged/(credited) directly to other comprehensive income 307 648 (1,026) ​ Tax charged/(credited) directly to equity ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Deferred tax 6 – (2) Total tax charged/(credited) directly to equity 6 – (2) ​ ​ 6. Taxation (continued) 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Continuing profit before tax as shown in the consolidated income statement 12,816 4,103 4,347 ​ ​ ​ ​ ​ ​ ​ Aggregated expected income tax expense 3,848 1,231 1,111 Impairment loss with no tax effect 18 – – Disposal of Group investments 2 (2,918) (8) (332) Effect of taxation of associates and joint ventures, reported within profit before tax (125) (111) 69 Deferred tax (credit)/charge following revaluation of investments in Luxembourg (393) 1,455 ​ 2,120 Previously unrecognised temporary differences we expect to use in the future, including in Luxembourg (16) (708) (45) Previously recognised temporary differences and losses we no longer expect to use in the future – 74 ​ 699 Current year temporary differences (including losses) that we currently do not expect to use 207 116 170 Adjustments in respect of prior year tax liabilities (35) 13 (10) Impact of tax credits and irrecoverable taxes 80 74 90 Deferred tax on overseas earnings (6) 2 – Effect of current year changes in statutory tax rates on deferred tax balances 3 35 (667) (45) Financing costs not (taxable)/deductible for tax purposes ​ (27) ​ 46 ​ (62) Revaluation of assets for tax purposes in Turkey and Italy 4 ​ (338) ​ (357) ​ – Expenses not deductible for tax purposes 151 170 99 Income tax expense 481 1,330 3,864 ​ Notes: 1 Amounts for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 7 ‘Discontinued operations and assets held for sale’ for more information . 2 2023 relates to the change in consolidation status of Vantage Towers and the tax exempt disposals of Vodafone Hungary and Vodafone Ghana. 2021 includes the tax exempt gains relating to the TPG Telecom Limited merger in Australia and Indus Towers Limited in India. 3 2022 includes the increase in future UK tax rate to 25% . 4 2023 relates to a step of assets for tax purposes in Turkey. 2022 relates to step up of assets for tax purposes in Italy and Turkey. ​ Deferred tax Analysis of movements in the net deferred tax asset balance during the year: ​ ​ ​ ​ ​ €m 1 April 2022 18,569 Foreign exchange movements (59) Credited the income statement 425 Charged directly to OCI (304) Charged directly to equity (6) Impact of hyperinflation accounting (191) Arising on acquisitions and disposals 111 31 March 2023 1 18,545 ​ ​ 6. Taxation (continued) Deferred tax assets and liabilities, before offset of balances within countries, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Net ​ ​ credited/ ​ ​ ​ ​ ​ ​ ​ recognised ​ ​ (expensed) ​ Gross ​ Gross ​ Less ​ deferred tax ​ ​ in income ​ deferred ​ deferred tax ​ amounts ​ asset/ ​ ​ statement ​ tax asset ​ liability ​ unrecognised ​ (liability) ​ ​ €m ​ €m ​ €m ​ €m ​ €m Accelerated tax depreciation 136 2,761 (1,426) (47) 1,288 Intangible assets 324 630 (1,495) 15 (850) Tax losses (78) 28,035 – (9,540) 18,495 Treasury related items 2 623 (717) (588) (682) Temporary differences relating to revenue recognition ​ (40) ​ 19 ​ (705) ​ – ​ (686) Temporary differences relating to leases 216 1,482 (1,054) (30) 398 Other temporary differences ​ (135) ​ 938 ​ (296) ​ (60) ​ 582 31 March 2023 1 425 34,488 (5,693) (10,250) 18,545 ​ Analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 19,316 Deferred tax liability (771) 31 March 2023 1 18,545 ​ At 31 March 2022, deferred tax assets and liabilities, before offset of balances within countries, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Net ​ ​ credited/ ​ ​ ​ ​ ​ ​ ​ recognised ​ ​ (expensed) ​ Gross ​ Gross ​ Less ​ deferred tax ​ ​ in income ​ deferred ​ deferred tax ​ amounts ​ asset/ ​ ​ statement ​ tax asset ​ liability ​ unrecognised ​ (liability) ​ ​ €m ​ €m ​ €m ​ €m ​ €m Accelerated tax depreciation 672 2,589 (1,361) (58) 1,170 Intangible assets 643 666 (1,801) 11 (1,124) Tax losses (1,450) 28,977 – (10,341) 18,636 Treasury related items (90) 616 (372) (562) (318) Temporary differences relating to revenue recognition ​ (9) ​ 3 ​ (666) ​ – ​ (663) Temporary differences relating to leases (3) 1,754 (1,577) – 177 Other temporary differences ​ 20 ​ 1,148 ​ (379) ​ (78) ​ 691 31 March 2022 1 (217) 35,753 (6,156) (11,028) 18,569 ​ At 31 March 2022, analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 19,089 Deferred tax liability (520) 31 March 2022 1 18,569 ​ Note: 1 The Group does not discount deferred tax assets. This is in accordance with IAS 12. Factors affecting the tax charge in future years The Group’s future tax charge, and effective tax rate, could be affected by several factors including; tax reform in countries around the world, including any arising from the OECD’s or European Commission’s work on the taxation of the digital economy and European Commission initiatives such as the Minimum Tax 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). ​ 6. Taxation (continued) The Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group considers each issue on its merits and, where appropriate, holds provisions in respect of the potential tax liability that may arise. As at 31 March 2023, the Group holds provisions for such potential liabilities of 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. The tables below present the gross amount and expiry dates of losses available for carry forward for the year ended 31 March 2023 and the comparative year ended 31 March 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ ​ ​ 5 years ​ 6 years ​ Unlimited ​ Total 31 March 2023 ​ €m ​ €m ​ €m ​ €m Losses for which a deferred tax asset is recognised 15 ​ 59 ​ 78,967 ​ 79,041 Losses for which no deferred tax is recognised 306 ​ 15,649 ​ 18,321 ​ 34,276 ​ 321 ​ 15,708 ​ 97,288 ​ 113,317 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ ​ ​ 5 years ​ 6 years ​ Unlimited ​ Total 31 March 2022 ​ €m ​ €m ​ €m ​ €m Losses for which a deferred tax asset is recognised 19 ​ 259 ​ 79,848 ​ 80,126 Losses for which no deferred tax is recognised 334 ​ 13,162 ​ 23,928 ​ 37,424 ​ 353 ​ 13,421 ​ 103,776 ​ 117,550 ​ Deferred tax assets on losses in Luxembourg Included in the table above are losses of €65,232 million (2022: €65,348 million) that have arisen in Luxembourg companies. A deferred tax asset of €16,269 million (2022: €16,298 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits in the future against which we can utilise these losses. These tax losses principally arose from historical impairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses also arose prior to the 2017 tax reform in Luxembourg and are available to carry forward indefinitely. In December 2022, the Group undertook an internal restructuring which saw the Luxembourg companies dispose of their investments in the Group’s operating companies. This resulted in the Luxembourg holding companies recording a tax deductible loss on the disposal in the local GAAP financial statements. The investments are valued for the local GAAP financial statements using the Group’s recoverable value calculations (see Note 4 – ‘Impairment losses’) and the carrying values and valuation methodology differs from the goodwill assessment for the Group’s consolidated financial statements. Losses incurred after the 2017 tax reform in Luxembourg expire after 17 years and are only used after any pre-existing losses. In the year ended 31 March 2023 the Luxembourg companies incurred additional tax losses of €2,608 million following the disposals of their investments in the Group’s operating companies. No deferred tax asset is recognised for these losses on the basis that they are not forecast to be used prior to the expiry of their 17 year life. In a period where pre-existing tax losses are not utilised due to impairments, the forecast utilisation timeframe extends by one year. Following the restructuring, the losses in Luxembourg are no longer impacted by changes in the value of the Group’s operating companies and the recovery of the deferred tax asset will be driven by the recurring profits of the Luxembourg companies. These recurring profits are derived from the Group’s internal financing, centralised procurement and international roaming activities. These activities have consistently generated taxable profits of over €1 billion per annum throughout their existence. The Group has reviewed the latest 5 year forecasts for the Luxembourg companies, including their ability to continue to generate income beyond this period. The forecasts consider the impact of the current market conditions on the existing financing activities, including the current view of interest rates, levels of intragroup financing, as well as the future profits generated from the procurement and roaming activities. ​ 6. Taxation (continued) This assessment also included a review of the commercial structures supporting the profits generated from these activities and considered the factors, under the Group’s control, which could impact the ability of these activities to generate taxable profits. We have assessed that the current structure continues to be sustainable under the tax laws substantively enacted at the balance sheet date and the Group’s intentions to keep these activities in Luxembourg remains unchanged. Based on the current forecasts, €4,518 million (2022: €3,546 million) of the deferred tax asset is forecast to be used within the next 10 years, and €8,742 million (2022: €6,953 million) used within 20 years. The losses are projected to be fully utilised over the next 35 to 39 years. The decrease in the recovery period over the prior year is principally a result of higher interest rates, driving margins up on existing financing activities. In the year ended 31 March 2022 these same factors also meant the Group recognised €699 million of previously unrecognised deferred tax asset as the forecasts produced at that time, which reflected the same factors discussed above, showed these losses will be used within 60 years. The Group did not previously recognise the asset as the losses were forecast to be used beyond 60 years. An increase or decrease in the forecast income in Luxembourg in each year of 5%-10% would change the period over which the losses will be fully utilised by 2 to 4 years. The Group uses these different scenarios of forecast income to understand the impact that a change in interest rates or level of debt advanced by the Luxembourg companies could have on the recovery period of the losses. Any future changes in tax law, including those driven by OECD, EU or domestic tax reforms or the structure of the Group could have a significant effect on the use of the Luxembourg losses, including the period over which these losses can be utilised. The Group has continued to monitor developments relating to OECD’s Pillar 2 rules, including reviewing the administrative guidance published in December 2022 and does not anticipate a significant impact on its ability to continue to use our losses in Luxembourg. On the basis that future changes in tax laws are unknown, the profit forecasts assume that existing tax laws continue. Based on the above factors the Group concludes that it is probable that the Luxembourg companies will continue to generate taxable profits in the future against which it will use these losses. In addition to the above, €15,925 million (2022; €13,298 million) of the Group’s Luxembourg losses expire after 11-17 years and no deferred tax asset is recognised as they will expire before we can use these losses. The remaining losses do not expire. We also have €9,136 million (2022: €9,136 million) of Luxembourg losses in a former Cable & Wireless Worldwide Group company, for which no deferred tax asset has been recognised as it is uncertain whether these losses will be utilised. Deferred tax assets on losses in Germany The Group has tax losses of €12,932 million (2022: €13,955 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 €2,021 million (2022: €2,170 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 Note 4 ‘Impairment losses’). In the period beyond the 5 year forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the German business we believe it is probable the German losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 4 to 9 years. A 5%-10% change in the forecast profits of the German business would alter the utilisation period by 1 year. Deferred tax assets in Italy The Group has a recognised deferred tax asset of €425 million (2022: €411 million), including €152 million (2022: €71 million) relating to tax losses in Italy. The Italian business has historically been profitable and is forecasted to return to profitability, absent the tax deductions arising from the revaluation of assets undertaken in the year ended 31 March 2022, in the short term. The Group has reviewed the latest forecasts for the Italian business which incorporate the unsystematic risks of operating in the telecommunications business (see Note 4 ‘Impairment losses’). In the period beyond the Deferred tax assets on losses in Spain The Group has tax losses of €5,130 million (2022: €4,627 million) which are available to offset against the future profits of the Grupo Corporativo ONO business. The losses do not expire, and no deferred tax asset is recognised for these losses due to the trading environment in Spain. ​ 6. Taxation (continued) Other tax losses The Group has losses amounting to €2,377 million (2022: €8,444 million) in respect of UK subsidiaries which are only available for offset against future capital gains and since it is uncertain whether these losses will be utilised, no deferred tax asset has been recognised, as in the prior year. The losses reduced following the dissolution of a UK holding company which held capital losses. The remaining losses relate to a number of other jurisdictions across the Group. There are also €2,443 million (2022: €2,365 million) of unrecognised temporary differences relating to treasury items and other items. Impact of climate risks The recovery of the Group’s deferred tax assets is dependent on its forecasts of future profitability and the climate related risks have been considered in the Group’s assessment of the recovery of those assets (see Note 4 ‘Impairment losses’). The Group does not expect the climate related risks to have an impact on the ability of Luxembourg to continue to provide the internal financing, procurement, and roaming activities to other members of the Group. Unremitted earnings No deferred tax liability has been recognised in respect of a further €26,371 million (2022: €8,599 million) of unremitted earnings of subsidiaries because the Group is able to control the timing of the reversal of the temporary difference, and it is probable that such differences will not reverse in the foreseeable future. It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings.

Discontinued operations and ass

Discontinued operations and assets held for sale	12 Months Ended
	Mar. 31, 2023
Discontinued operations and assets held for sale
Discontinued operations and assets held for sale	7. Discontinued operations and assets held for sale The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (‘assets’) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale. Where operations constitute a separately reportable segment (see note 2 ‘Revenue disaggregation and segmental analysis’) and have been disposed of, or are classified as held for sale, the Group classifies such operations as discontinued. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. Discontinued operations The Group did not have any discontinued operations in the year ended 31 March 2023 or the comparative years ended 31 March 2022 and 31 March 2021. Assets held for sale Reclassification of Indus Towers Limited In the consolidated financial statements for the prior year ended 31 March 2022, the Group’s 21.0% interest in Indus Towers Limited was reported within assets held for sale. Whilst the Group remains focused on achieving a sale, the investment is not assessed as meeting the requirements of held for sale at 31 March 2023. Consequently, comparative balances as at 31 March 2022 have been re-presented in these consolidated financial statements to reflect that Indus Towers Limited is no longer reported as held for sale. ​ 7. Discontinued operations and assets held for sale (continued) Impact on the consolidated income statement The reclassification has no impact on previously reported revenue and gross profit, as reported in the consolidated income statement. In the year ended 31 March 2022, the share of results of equity accounted associates and joint ventures increased by €178 million, offset by a decrease of €29 million in other income. Consequently, operating profit, profit before taxation and profit for the financial year all increased by €149 million compared to amounts previously reported. Total comprehensive income for the financial year increased by €144 million, reflecting the increase in profit for the financial year of €149 million, offset by a charge of €5 million included in other comprehensive income. In the year ended 31 March 2021, the share of results of equity accounted associates and joint ventures increased by €32 million and therefore operating profit increased by €32 million compared to the amount previously reported. Investment income decreased by €85 million and therefore profit before taxation and profit for the financial year both decreased by €53 million compared to amounts previously reported. Total comprehensive expense for the financial year increased by €48 million, reflecting the decrease in profit for the financial year of €53 million, offset by a credit of €5 million included in other comprehensive income Impact on the consolidated statement of financial position The consolidated statement of financial position is on page 124 and has not been reproduced below in its entirety. The table below only discloses the impacted lines. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As previously ​ Impact of ​ ​ ​ ​ presented ​ reclassification ​ Re-presented ​ ​ 2022 ​ 2022 ​ 2022 ​ €m €m €m Non-current assets Investments in associates and joint ventures ​ 4,268 ​ 1,055 ​ 5,323 Assets held for sale 959 (959) – ​ ​ ​ ​ ​ ​ ​ Total assets 153,953 96 154,049 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Accumulated losses (122,118) 96 (122,022) ​ ​ ​ ​ ​ ​ ​ Total equity and liabilities 153,953 96 154,049 ​

Earnings per share

Earnings per share	12 Months Ended
	Mar. 31, 2023
Earnings per share
Earnings per share	8. Earnings per share Basic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average number of shares in issue during the year. ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares for basic earnings per share 27,680 29,012 29,592 Effect of dilutive potential shares: restricted shares and share options 95 ​ 97 91 Weighted average number of shares for diluted earnings per share 27,775 29,109 29,683 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ ​ 2022 ​ 2021 ​ ​ ​ €m ​ ​ €m ​ €m ​ Profit for earnings per share from continuing operations attributable to owners 11,838 ​ 2,237 59 Profit for basic and diluted earnings per share 11,838 ​ 2,237 59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2023 ​ ​ 2022 ​ 2021 ​ ​ eurocents ​ eurocents eurocents Basic earnings per share from continuing operations 42.77 c ​ 7.71 c 0.20 c Basic earnings per share ​ 42.77 c ​ 7.71 c 0.20 c ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2023 ​ ​ 2022 ​ 2021 ​ ​ ​ eurocents ​ ​ eurocents ​ eurocents ​ Diluted earnings per share from continuing operations ​ 42.62 c ​ 7.68 c 0.20 c Diluted earnings per share ​ 42.62 c ​ 7.68 c 0.20 c ​ Note: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, profit for basic and diluted earnings per share has increased by €149 million (2021: €53 million decrease) compared to the amount previously reported. Consequently, basic earnings per share increased by 0.51 eurocents (2021: 0.18 eurocents decrease) and diluted earnings per share increased by 0.51 eurocents (2021: 0.18 eurocents decrease) compared to amounts previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information .

Equity dividends

Equity dividends	12 Months Ended
	Mar. 31, 2023
Equity dividends.
Equity dividends	9. Equity dividends Dividends are one type of shareholder return, historically paid to our shareholders in February and August. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Declared during the financial year Final dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share) 1,265 1,254 1,205 Interim dividend for the year ended 31 March 2023: 4.50 eurocents per share (2022: 4.50 eurocents per share, 2021: 4.50 eurocents per share) ​ 1,237 ​ 1,229 ​ 1,207 ​ ​ 2,502 ​ 2,483 ​ 2,412 Proposed after the end of the year and not recognised as a liability ​ ​ ​ ​ ​ ​ Final dividend for the year ended 31 March 2023: 4.50 eurocents per share (2022: 4.50 eurocents per share, 2021: 4.50 eurocents per share) ​ 1,215 ​ 1,265 ​ 1,260 ​

Intangible assets

Intangible assets	12 Months Ended
	Mar. 31, 2023
Intangible assets.
Intangible assets	10. Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews. Licences and spectrum are amortised over the life of the licence. For further details see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation ‘ to the consolidated financial statements. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group completes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent, on management’s judgement. Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting period date. Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal. Finite lived intangible assets Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. Licence and spectrum fees Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence renewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives from the commencement of related network services. Computer software Computer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are recognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads. Software integral to an item of hardware equipment is classified as property, plant and equipment. Costs associated with maintaining software programs are recognised as an expense when they are incurred. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for use. ​ 10. Intangible assets (continued) Other intangible assets Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the income statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each class of intangible asset reflects the Group’s consumption of the economic benefit from that asset. Estimated useful lives The estimated useful lives of finite lived intangible assets are as follows: ​ ​ ​ ​ Licence and spectrum fees 3 – 40 years Computer software ​ 3 – 5 years Brands ​ 1 – 30 years Customer bases ​ 2 – 37 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licence and Computer Customer ​ ​ ​ ​ Goodwill ​ spectrum fees ​ software ​ bases ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Cost ​ ​ 1 April 2021 99,364 33,528 17,833 ​ 12,308 466 163,499 Exchange movements (21) (148) (60) ​ 80 ​ 1 (148) Arising on acquisition (10) – – ​ 54 – 44 Additions – 901 2,727 ​ – 7 3,635 Disposals – (356) (2,823) ​ – (1) (3,180) Other – 1 36 ​ – (10) 27 31 March 2022 99,333 33,926 17,713 ​ 12,442 463 163,877 Adoption of IAS 29 ​ 1,564 ​ 1,099 ​ 408 ​ 110 ​ 87 ​ 3,268 1 April 2022 brought forward ​ 100,897 ​ 35,025 ​ 18,121 ​ 12,552 ​ 550 ​ 167,145 Exchange movements ​ (783) ​ (1,270) ​ (504) ​ (240) ​ (53) ​ (2,850) Disposal of subsidiaries ​ (3,939) ​ (443) ​ (348) ​ (458) ​ (4) ​ (5,192) Additions ​ – ​ 439 ​ 2,804 ​ – ​ 7 ​ 3,250 Disposals ​ – ​ (2) ​ (1,831) ​ – ​ (1) ​ (1,834) Hyperinflation impacts ​ 729 ​ 557 ​ 232 ​ 51 ​ 40 ​ 1,609 31 March 2023 ​ 96,904 ​ 34,306 ​ 18,474 ​ 11,905 ​ 539 ​ 162,128 Accumulated impairment losses and amortisation ​ ​ ​ 1 April 2021 67,633 22,043 12,496 ​ 7,324 454 109,950 Exchange movements (184) (35) (72) ​ 70 1 (220) Amortisation charge for the year ​ – ​ 1,306 ​ 2,225 ​ 509 ​ 4 ​ 4,044 Disposals – (351) (2,821) ​ – (1) (3,173) Other – – 39 ​ – (7) 32 31 March 2022 67,449 22,963 11,867 ​ 7,903 451 110,633 Adoption of IAS 29 ​ 1,564 ​ 829 ​ 390 ​ 110 ​ 87 ​ 2,980 1 April 2022 brought forward ​ 69,013 ​ 23,792 ​ 12,257 ​ 8,013 ​ 538 ​ 113,613 Exchange movements ​ (414) ​ (846) ​ (351) ​ (231) ​ (50) ​ (1,892) Disposal of subsidiaries ​ (39) ​ (147) ​ (180) ​ (80) ​ (2) ​ (448) Amortisation charge for the year ​ – ​ 1,133 ​ 2,343 ​ 554 ​ 1 ​ 4,031 Disposals ​ – ​ (2) ​ (1,814) ​ – ​ (1) ​ (1,817) Hyperinflation impacts ​ 729 ​ 407 ​ 207 ​ 51 ​ 40 ​ 1,434 31 March 2023 ​ 69,289 ​ 24,337 ​ 12,462 ​ 8,307 ​ 526 ​ 114,921 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ 31 March 2022 31,884 10,963 5,846 ​ 4,539 12 53,244 31 March 2023 ​ 27,615 ​ 9,969 ​ 6,012 ​ 3,598 ​ 13 ​ 47,207 ​ For licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line within the consolidated income statement. Included in the net book value of computer software are assets in the course of construction, which are not depreciated, with a cost of €1,451 million (2022: €1,955 million). ​ 10. Intangible assets (continued) The net book value and expiry dates of the most significant licences are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ Expiry dates ​ €m ​ €m Germany 2025/2033/2040 2,979 3,270 Italy 2029/2037 3,123 3,415 UK 2023/2033/2038/2041 1,055 1,209 Spain ​ 2028/2030/2031/2038/2041 ​ 758 ​ 809 ​ The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of the Group’s most significant spectrum licences can be found on page 241.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Mar. 31, 2023
Property, plant and equipment
Property, plant and equipment	11. Property, plant and equipment The Group makes significant investments in network equipment and infrastructure – the base stations and technology required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over their useful economic lives. For further details on the estimation of useful economic lives, see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation ‘to the consolidated financial statements. Accounting policies Land and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any accumulated impairment losses. Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as follows: Land and buildings ​ ​ ​ Freehold buildings 25 - 50 years Leasehold premises ​ the term of the lease ​ Equipment, fixtures and fittings ​ ​ ​ Network infrastructure and other 1 - 35 years ​ Depreciation is not provided on freehold land. Right-of-use assets arising from the Group’s lease arrangements are depreciated over their reasonably certain lease term, as determined under the Group’s leases policy (see note 20 ‘Leases’ and ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details). ​ 11. Property, plant and equipment (continued) The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income statement. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, ​ ​ ​ Land and ​ fixtures ​ ​ ​ ​ buildings ​ and fittings ​ Total ​ ​ €m ​ €m ​ €m Cost 1 April 2021 2,315 75,974 78,289 Exchange movements 1 (265) (264) Arising on acquisition (74) 44 (30) Additions 41 5,845 5,886 Disposals (200) ​ (2,280) (2,480) Other 263 2 265 31 March 2022 as reported 2,346 79,320 81,666 Adoption of IAS 29 ​ 15 ​ 1,776 ​ 1,791 1 April 2022 brought forward ​ 2,361 ​ 81,096 ​ 83,457 Exchange movements ​ (81) ​ (2,648) ​ (2,729) Disposal of subsidiaries ​ (69) ​ (7,210) ​ (7,279) Additions ​ 49 ​ 5,805 ​ 5,854 Disposals ​ (253) ​ (3,724) ​ (3,977) Hyperinflation impacts ​ 7 ​ 1,040 ​ 1,047 Other ​ (17) ​ 101 ​ 84 31 March 2023 ​ 1,997 ​ 74,460 ​ 76,457 ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation and impairment ​ 1 April 2021 1,216 48,403 49,619 Exchange movements 3 (171) (168) Charge for the year 117 5,740 5,857 Disposals (191) (2,240) (2,431) Other 224 (223) 1 31 March 2022 as reported 1,369 51,509 52,878 Adoption of IAS 29 ​ 3 ​ 1,432 ​ 1,435 1 April 2022 brought forward ​ 1,372 ​ 52,941 ​ 54,313 Exchange movements ​ (28) ​ (1,694) ​ (1,722) Disposal of subsidiaries ​ (18) ​ (4,543) ​ (4,561) Charge for the year ​ 83 ​ 5,544 ​ 5,627 Disposals ​ (170) ​ (3,672) ​ (3,842) Hyperinflation impacts ​ 1 ​ 747 ​ 748 31 March 2023 ​ 1,240 ​ 49,323 ​ 50,563 ​ ​ ​ ​ ​ ​ ​ Net book value 31 March 2022 977 27,811 28,788 31 March 2023 ​ 757 ​ 25,137 ​ 25,894 ​ 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 €10 million (2022: €12 million) and €1,988 million (2022: €2,353 million) respectively. Also included in the book value of equipment, fixtures and fittings are assets leased out by the Group under operating leases, with a cost of €2,170 million (2022: €2,998 million), accumulated depreciation of €1,393 million (2022: €2,050 million) and net book value of €777 million (2022: €948 million). ​ 11. Property, plant and equipment (continued) Right-of-use assets arising from the Group’s lease arrangements are recorded within property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ €m ​ €m Property, plant and equipment (owned assets) 25,894 28,788 Right-of-use assets 1 12,098 12,016 31 March 37,992 40,804 ​ Note: 1 Additions of €7,387 million (2022: €3,828 million) and a depreciation charge of €3,960 million (2022: €3,944 million) were recorded in respect of right-of-use assets during the year to 31 March 2023.

Investments in associates and j

Investments in associates and joint arrangements	12 Months Ended
	Mar. 31, 2023
Investments in associates and joint arrangements
Investments in associates and joint arrangements	12. Investments in associates and joint arrangements The Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a number of joint arrangements, notably in the Netherlands, India, Australia and now Oak Holdings 1 GmbH and its markets, where we share control with one or more third parties. For further details see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation ‘to the consolidated financial statements. Accounting policies Interests in joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint operations or joint ventures. Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis. Any goodwill arising on the acquisition of the Group’s interest in a joint operation is accounted for in accordance with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary. Joint ventures A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 ‘Discontinued operations and assets held for sale’), are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. ​ 12. Investments in associates and joint arrangements (continued) Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above. Joint operations On 22 March 2023, the Group completed the disposal of its principal joint operation as part of the transaction with Oak Holdings 1 GmbH. The financial and operating activities of the operation were jointly controlled by the participating shareholders and were primarily designed for all but an insignificant amount of the output to be consumed by the shareholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of ​ Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholdings 1 ​ shareholdings 1 Name of joint operation ​ Principal activity ​ registration ​ 2023 ​ 2022 Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK ​ – 50.0 ​ Note: 1 Effective ownership percentages of Vodafone Group Plc are rounded to the nearest tenth of one percent. Joint ventures and associates ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Re-presented 1 ​ ​ €m ​ €m Investments in joint ventures 9,578 3,781 Investments in associates 1,501 1,542 31 March 11,079 5,323 ​ Note: 1 The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, investments in associates have increased by €1,055 million compared to the amount previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information. ​ Joint ventures The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholdings 1 ​ shareholdings 1 Name of joint venture ​ Principal activity ​ registration ​ 2023 ​ 2022 Oak Holdings 1 GmbH ​ Network infrastructure ​ Germany ​ 64.2 ​ – VodafoneZiggo Group Holding B.V. Network operator Netherlands ​ 50.0 50.0 OXG Glasfaser GmbH ​ Fibre infrastructure ​ Germany ​ 50.0 ​ – Vodafone Idea Limited 2 ​ Network operator ​ India ​ 32.3 ​ 47.6 TPG Telecom Limited 3 ​ Network operator ​ Australia ​ 25.1 ​ 25.1 INWIT S.p.A. ​ Network infrastructure ​ Italy ​ – ​ 33.2 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2023 the fair value of the Group’s interest in Vodafone Idea Limited was INR 91 billion ( €1,021 million) (2022: INR 148 billion ( €1,750 million)) based on the quoted share price on the National Stock Exchange of India. 3 At 31 March 2023 the fair value of the Group’s interest in TPG Telecom Limited was AUD 2,273 million ( €1,401 million) (2022: AUD 2,818 million ( €1,902 million)) based on the quoted share price on ASX. ​ 12. Investments in associates and joint arrangements (continued) Oak Holdings 1 GmbH On 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of Vodafone, GIP and KKR. Vodafone retained an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. On 18 April 2023, the Management Board and the Supervisory Board of Vantage Towers A.G. published their joint reasoned statement on the public delisting tender offer of Oak Holdings 1 GmbH to the shareholders of Vantage Towers A.G. Both recommended that all remaining shareholders accept the delisting tender offer. OXG Glasfaser GmbH In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH (‘OXG’), with 50.0% shareholding held by each shareholder. Each shareholder is committed to contribute funding of up to €950 million to OXG for the deployment of fibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends on the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders. Vodafone Idea Limited The Group’s carrying value in Vodafone Idea Limited (‘VIL’) reduced to €nil at 30 September 2019. The Group’s share of VIL’s losses not recognised at 31 March 2023 is €3,717 million (31 March 2022: €5,120 million). Significant uncertainties exist in relation to VIL’s ability to generate the cash flow it requires to settle or its ability to refinance its liabilities and guarantees as they fall due (see note 29 ‘Contingent liabilities and legal proceedings’). The value of the Group’s 21.0% shareholding in Indus Towers Limited is, in part, dependent on the income generated by Indus Towers Limited from tower rentals to major customers, including VIL. Any inability of these major customers to pay such amounts in the future may impact the carrying value (31 March 2023: €908 million) of the Group’s investment in Indus Towers Limited. TPG Telecom Limited TPG Telecom Limited is listed on the Australian Securities Exchange (‘ASX’). Vodafone and Hutchison Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables below includes debt held within the structure that holds the Group’s interest in TPG. INWIT S.p.A. On 22 March 2023, the Group completed the disposal of its 33.2% interest in INWIT S.p.A. as part of the transaction with Oak Holdings 1 GmbH. Dividends received from joint ventures During the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo Group Holding B.V. of €165 million (2022: €350 million, 2021: €209 million), TPG Telecom Limited of €24 million (2022: €22 million, 2021: €nil) and INWIT S.p.A. of €103 million (2022: €96 million, 2021: €42 million). Aggregated financial information The table below provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the income statement and consolidated statement of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from ​ ​ Investment in joint ventures continuing operations 1 ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2021 ​ €m €m €m €m €m Oak Holdings 1 GmbH 8,634 – – – – VodafoneZiggo Group Holding B.V. ​ 793 ​ 822 ​ 137 ​ (19) ​ (232) TPG Telecom Limited ​ 108 ​ 84 ​ 48 ​ (5) ​ 98 INWIT S.p.A. – 2,851 30 27 3 Other 43 24 (15) (14) (15) Total 9,578 3,781 200 (11) (146) ​ Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. ​ 12. Investments in associates and joint arrangements (continued) Summarised financial information Summarised financial information for each of the Group’s material joint ventures on a 100% ownership basis is set out below and overleaf. As disclosed above, the Group’s investment in VIL was reduced to €nil in the year ended 31 March 2020 and the Group has not recorded any profit or loss in respect of its share of VIL’s results since that date. Financial information is presented for TPG Telecom Limited (‘TPG’) for the nine month period to, and as at 31 December 2022 on the basis that full-year information in relation to TPG has not been released at the date of approval of these financial statements and as such is market sensitive for TPG. Financial information presented for INWIT S.p.A. for the years to 31 March 2023, 31 March 2022 and 31 March 2021 is based on the financial results and financial position as at 31 December 2022, 31 December 2021 and 31 December 2020, respectively, being the latest financial information available to the Group when completing the financial statements for each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ VodafoneZiggo Group Holding B.V. Vodafone Idea Limited ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 4,063 ​ 4,056 ​ 4,010 5,046 4,450 4,847 Operating expenses ​ (2,124) ​ (2,104) ​ (2,058) ​ (3,280) ​ (2,802) ​ (3,133) Depreciation and amortisation (1,527) ​ (1,592) ​ (1,658) (2,396) (2,390) (2,442) Other income ​ – ​ – ​ 25 ​ – ​ (34) ​ (2,135) Operating profit/(loss) ​ 412 ​ 360 ​ 319 ​ (630) ​ (776) ​ (2,863) Interest income – ​ – ​ – 9 14 32 Interest expense 11 ​ (276) ​ (658) (2,567) (2,297) (2,035) Profit/(loss) before tax ​ 423 ​ 84 ​ (339) ​ (3,188) ​ (3,059) ​ (4,866) Income tax (expense)/credit (150) ​ (121) ​ (125) – 2 – Profit/(loss) from continuing operations 1 273 ​ (37) ​ (464) (3,188) (3,057) (4,866) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPG Telecom Limited ​ INWIT S.p.A. ​ 2023 ​ 2022 ​ 2021 2023 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ Revenue 3,027 ​ 3,375 ​ 3,010 853 785 562 Operating expenses (1,870) ​ (2,292) ​ (2,096) (73) (70) (46) Depreciation and amortisation (700) ​ (914) ​ (769) (508) (513) (398) Operating profit 457 ​ 169 ​ 145 272 202 118 Interest income – ​ – ​ 1 – – – Interest expense (172) ​ (122) ​ (201) (81) (90) (101) Profit/(loss) before tax 285 ​ 47 ​ (55) 191 112 17 Income tax (expense)/credit ​ (25) ​ (27) ​ 495 ​ (1) ​ (30) ​ (7) Profit from continuing operations 1 260 ​ 20 ​ 440 190 82 ​ 10 ​ Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. ​ 12. Investments in associates and joint arrangements (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Holdings 1 ​ ​ ​ GmbH 1 ​ VodafoneZiggo Group Holding B.V. ​ ​ 2023 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Statement of financial position Non-current assets 23,878 16,570 16,521 Current assets 749 719 739 Total assets 24,627 17,289 17,260 Equity shareholders’ funds 13,450 1,586 1,643 Non-controlling interests ​ 1,262 ​ – ​ – Non-current liabilities 6,709 13,299 13,187 Current liabilities 3,206 2,404 2,430 Cash and cash equivalents within current assets 224 20 190 Non-current liabilities excluding trade and other payables and provisions 6,215 13,138 13,007 Current liabilities excluding trade and other payables and provisions 2,409 1,247 1,282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited 2 TPG Telecom Limited ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position Non-current assets 18,162 17,267 9,823 10,638 Current assets 2,174 2,693 1,009 898 Total assets 20,336 19,960 10,832 11,536 Equity shareholders’ (deficit)/funds (10,760) (10,214) 3,019 3,129 Non-current liabilities 24,730 23,266 6,702 7,227 Current liabilities 6,366 6,908 1,111 1,180 Cash and cash equivalents within current assets 96 365 290 435 Non-current liabilities excluding trade and other payables and provisions 24,707 23,241 6,595 7,173 Current liabilities excluding trade and other payables and provisions 2,699 3,334 86 121 ​ ​ ​ ​ ​ INWIT S.p.A. ​ ​ 2022 ​ ​ €m Statement of financial position Non-current assets 14,532 Current assets 270 Total assets 14,802 Equity shareholders’ funds 8,595 Non-current liabilities 5,672 Current liabilities 535 Cash and cash equivalents within current assets 96 Non-current liabilities excluding trade and other payables and provisions 5,420 Current liabilities excluding trade and other payables and provisions 319 ​ Notes: 1 Includes balances which are provisional based on finalisation of the purchase price allocation. 2 Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 ‘Contingent liabilities and legal proceedings’. ​ 12. Investments in associates and joint arrangements (continued) The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Holdings 1 ​ ​ ​ ​ GmbH ​ VodafoneZiggo Group Holding B.V. ​ 2023 2023 2022 2021 ​ ​ €m ​ €m ​ €m ​ €m Equity shareholders’ funds 13,450 1,586 1,643 ​ Interest in joint ventures 1 8,634 793 822 ​ Carrying value ​ 8,634 ​ 793 ​ 822 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from continuing operations ​ – ​ 273 ​ (37) ​ (464) Share of profit/(loss) 1 – 137 (19) (232) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited ​ TPG Telecom Limited ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ €m €m €m €m €m €m Equity shareholders’ (deficit)/funds (10,760) (10,214) ​ 3,019 3,129 ​ Interest in joint ventures 1 (3,475) ​ (4,863) ​ ​ 56 ​ 27 ​ ​ Impairment (242) ​ (257) ​ ​ – ​ – ​ ​ Goodwill – ​ – ​ ​ 52 ​ 57 ​ ​ Investment proportion not recognised 3,717 ​ 5,120 ​ ​ – ​ – ​ ​ Carrying value – – ​ 108 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/profit from continuing operations (3,188) ​ (3,057) ​ (4,866) 260 ​ 20 ​ 440 Share of (loss)/profit 1 ​ (1,030) ​ (1,357) ​ (2,160) ​ 48 ​ (5) ​ 98 Share of loss not recognised 1,030 ​ 1,357 ​ 2,160 – ​ – ​ – Share of profit/(loss) 1 – ​ – ​ – 48 ​ (5) ​ 98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Equity shareholders’ funds — 8,595 8,801 Interest in joint ventures — 2,851 2,920 Carrying value — 2,851 2,920 ​ ​ ​ ​ ​ ​ ​ Profit from continuing operations 190 82 10 Share of profit 63 27 3 Share of profit not recognised as held for sale (33) — — Share of profit 30 27 3 ​ Note: 1 The Group’s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and TPG Telecom Limited are 64.2% , 50.0% , 32.3% and 25.1% , respectively, rounded to the nearest tenth of one percent. ​ 12. Investments in associates and joint arrangements (continued) Associates Unless otherwise stated, the Company’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholding 1 shareholding 1 Name of associate ​ Principal activity ​ registration ​ 2023 2022 Safaricom PLC 2 ​ Network operator ​ Kenya ​ 39.9 ​ 40.0 Indus Towers Limited 3 Network infrastructure India 21.0 ​ 21.0 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2023, the fair value of the Group’s interest in Safaricom PLC was KES 290 billion ( €2,012 million) (2022: KES 546 billion ( €4,270 million)) based on the closing quoted share price on the Nairobi Stock Exchange. The Group also holds two non-voting shares. 3 At 31 March 2023, the fair value of the Group’s interest in Indus Towers Limited was INR 81 billion ( €908 million) (2022: INR 126 billion ( €1,494 million)) based on the closing quoted share price on the National Stock Exchange of India. Aggregated financial information The table below provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the income statement and consolidated statement of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ Profit/(loss) from continuing operations ​ ​ ​ ​ Re-presented 1 ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Safaricom PLC 2 ​ 509 ​ 428 ​ 195 ​ 217 ​ 217 Indus Towers Limited ​ 908 ​ 1,055 ​ 50 ​ 178 ​ 306 Other 2 ​ 84 ​ 59 ​ (12) ​ 5 ​ (3) Total 1,501 1,542 233 ​ 400 520 ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, investments in associates has increased by €1,055 million and profit from continuing operations has increased by €178 million (2021: €32 million) compared to the amounts previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Other comprehensive income includes profit from continuing operations, together with €127 million in respect of the application of IAS 29 to Safaricom’s operations in Ethiopia. Dividends from associates During the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from Indus Towers Limited of €75 million (2022: €nil, 2021: €201 million) and from Safaricom PLC of €250 million (2022: €170 million, 2021: €171 million). ​ 12. Investments in associates and joint arrangements (continued) Summarised financial information Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set out below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Safaricom PLC ​ Indus Towers Limited ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 2,468 2,318 2,083 3,343 3,122 2,421 Operating expenses (1,353) (1,164) (1,030) (2,240) (1,480) (1,247) Depreciation and amortisation (432) (309) (299) (588) (598) (477) Other income 68 – – – – 412 Operating profit 751 845 754 515 1,044 1,109 Interest income 13 9 12 26 – 61 Interest expense (69) (59) (27) (200) (140) (194) Profit before tax 695 795 739 341 904 976 Income tax expense (285) (270) (197) (102) (272) (168) Profit from continuing operations and total comprehensive income ​ 410 ​ 525 ​ 542 ​ 239 ​ 632 ​ 808 Attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - Owners of the parent ​ 489 ​ 542 ​ 542 ​ 239 ​ 632 ​ 808 - Non-controlling interests (79) (17) – – – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of financial position Non-current assets 3,007 2,173 5,243 5,359 Current assets 436 510 1,081 1,685 Total assets 3,443 2,683 6,324 7,044 Equity shareholders' funds 1,269 1,066 3,453 3,774 Non-controlling interests ​ 532 ​ 312 ​ ​ ​ – ​ – ​ ​ Non-current liabilities 753 558 1,954 2,101 Current liabilities 889 747 917 1,169 Cash and cash equivalents within current assets 127 241 3 278 Non-current liabilities excluding trade and other payables and provisions 500 465 1,665 1,795 Current liabilities excluding trade and other payables and provisions 322 241 491 638 ​ The reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Safaricom PLC ​ Indus Towers Limited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Equity shareholders' funds 1,269 1,066 3,453 3,774 Interest in associates 2 507 425 727 794 Goodwill 2 3 181 261 Carrying value 509 428 908 1,055 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit from continuing operations 489 542 542 239 632 808 Share of profit 195 217 217 50 178 306 ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, the carrying value of the Group’s interest in the associate has increased by €1,055 million and the Group’s share of profit has increased by €178 million (2021: €32 million) compared to the amounts previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The Group’s effective ownership percentages of Safaricom PLC and Indus Towers Limited are 39.9% and 21.0% , respectively, rounded to the nearest tenth of one percent.

Other investments

Other investments	12 Months Ended
	Mar. 31, 2023
Other investments.
Other investments.	13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds, deposits and government bonds. Accounting policies Other investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including transaction costs. Debt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through profit and loss. Equity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following derecognition of the investment. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Included within non-current assets Equity securities 1 94 143 Debt securities 2 999 930 ​ 1,093 1,073 ​ ​ ​ ​ ​ ​ Included within current assets Short-term investments: Bonds and debt securities 3 1,338 1,446 Managed investment funds 1 2,967 3,349 ​ ​ 4,305 ​ 4,795 Collateral assets 4 ​ 239 ​ 698 Other investments 5 2,473 2,438 ​ 7,017 7,931 ​ Notes: 1 Items measured at a fair value, € 47 million (2022: € 91 million) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Items are measured at amortised cost and have a fair value of € 803 million (2022: € 830 million) with a valuation basis of level 1 classification. 3 Items are measured at fair value and the valuation basis is level 1 classification. 4 Items are measured at amortised cost and the carrying amount approximates fair value. 5 Includes investments measured at a fair value of € 1,409 million (2022: €1,460 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value. Non-current debt securities within non-current assets include €885 million (2022: €885 million) of loan notes issued by VodafoneZiggo Holding B.V. The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. Collateral arrangements on derivative financial instruments result in cash being paid/(held), repayable when the derivatives are settled. These assets do not meet the definition of cash and cash equivalents but are included in the Group’s net debt based on their liquidity. Bonds and debt securities includes €899 million(2022: €681 million) of highly liquid Japanese; €290 million (2022: €nil) Dutch; €150 million (2022: €nil) German; €nil (2022: €501 million) Belgian; €nil (2022: €200 million) French government securities and €nil (2022: €64 million) of UK government bonds. Managed investment funds of €2,967 million (2022: €3,349 million) are in funds with liquidity of up to 90 days. Collateral assets of €239 million (2022: €698 million) represents collateral paid on derivative financial instruments. Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Mar. 31, 2023
Trade and other receivables
Trade and other receivables	14. Trade and other receivables Trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are contract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for which a trade receivable does not yet exist, and finance lease receivables recognised where the Group acts as a lessor. See note 20 ‘Leases’ for more information on the Group’s leasing activities. Accounting policies Trade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is accreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the Group establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other comprehensive income; all other trade receivables are recorded at amortised cost. The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management deems them not to be collectible. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Included within non-current assets Trade receivables 51 34 Trade receivables held at fair value through other comprehensive income 337 606 Net investment in leases ​ 267 ​ 134 Contract assets ​ 494 ​ 495 Contract-related costs ​ 690 ​ 630 Other receivables 66 37 Prepayments 296 231 Derivative financial instruments 1 5,642 4,216 ​ 7,843 6,383 Included within current assets ​ ​ Trade receivables ​ 3,277 ​ 3,300 Trade receivables held at fair value through other comprehensive income 566 802 Net investment in leases ​ 106 ​ 66 Contract assets 3,063 3,056 Contract-related costs 1,471 1,403 Amounts owed by associates and joint ventures ​ 175 ​ 241 Other receivables 730 869 Prepayments 835 872 Derivative financial instruments 1 482 410 ​ 10,705 11,019 ​ Note: 1 Includes €198 million (2022: €3 million) of embedded derivative option for which fair value is based on level 3 of the fair value hierarchy (see section on fair value carrying value information within note 22 ‘Capital and Risk Management’). All other items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The Group’s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for future expected credit losses, see note 22 ‘Capital and financial risk management’ for more information on credit risk. The carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly non-interest bearing. ​ 14. Trade and other receivables (continued) The Group’s contract-related costs comprise €2,078 million (2022: €1,967 million) relating to costs incurred to obtain customer contracts and €83 million (2022: €66 million) relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of €1,541 million (2022: €1,517 million) was recognised in operating profit during the year. Other than for the embedded derivative option described above, the fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.

Trade and other payables

Trade and other payables	12 Months Ended
	Mar. 31, 2023
Trade and other payables
Trade and other payables	15. Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group’s role as an employer. Derivative financial instruments with a negative market value are reported within this note. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Included within non-current liabilities Other payables 520 452 Accruals 48 28 Contract liabilities 500 530 Derivative financial instruments 1 1,116 1,506 ​ 2,184 2,516 Included within current liabilities ​ ​ ​ ​ Trade payables 7,662 7,327 Amounts owed to associates and joint ventures 329 40 Other taxes and social security payable 1,013 1,114 Other payables 2,080 2,032 Accruals 2 4,814 6,991 Contract liabilities 2,043 1,991 Derivative financial instruments 1 306 166 ​ 18,247 19,661 ​ Notes: 1 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Includes € nil (2022: € 1,434 million) payable in relation to the irrevocable and non-discretionary share buyback programmes. The carrying amounts of trade and other payables approximate their fair value. Materially all of the €1,991 million recorded as current contract liabilities at 1 April 2022 was recognised as revenue during the year. Other payables included within non-current liabilities include €257 million (2022: €351 million) in respect of the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.

Provisions

Provisions	12 Months Ended
	Mar. 31, 2023
Provisions
Provisions	16. Provisions A provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or amount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset retirement obligations, which include the cost of returning network infrastructure sites to their original condition at the end of the lease and claims for legal and regulatory matters. Accounting policies Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. Asset retirement obligations In the course of the Group’s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in nature. Legal and regulatory The Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The Directors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the Group see note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. Restructuring The Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year. Other provisions Other provisions comprise various items that do not fall within the Group’s other categories of provisions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 2021 1,222 528 426 463 2,639 Exchange movements 3 (25) (4) 5 (21) Amounts capitalised in the year 297 – – – 297 Amounts charged to the income statement – 216 216 139 571 Utilised in the year − payments (51) (128) (295) (197) (671) Amounts released to the income statement (1) (142) (41) (83) (267) 31 March 2022 1,470 449 302 327 2,548 Exchange movements ​ (22) ​ (28) ​ – ​ (2) ​ (52) Disposal of subsidiaries ​ (578) ​ (8) ​ (2) ​ (2) ​ (590) Amounts capitalised in the year 185 – – – 185 Amounts charged to the income statement – 138 425 126 689 Utilised in the year − payments (59) (44) (181) (123) (407) Amounts released to the income statement (1) (77) (36) (48) (162) Other 35 – – – 35 31 March 2023 1,030 430 508 278 2,246 ​ ​ 16. Provisions (continued) Provisions have been analysed between current and non-current as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m Current liabilities 61 193 298 122 674 Non-current liabilities 969 237 210 156 1,572 31 March 2023 1,030 430 508 278 2,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m Current liabilities 43 235 241 148 667 Non-current liabilities 1,427 214 61 179 1,881 31 March 2022 1,470 449 302 327 2,548 ​

Called up share capital

Called up share capital	12 Months Ended
	Mar. 31, 2023
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ ​ Number ​ €m ​ Number ​ €m Ordinary shares of 20 20 ⁄ 21 US cents each allotted, issued and fully paid: 1,2,3 1 April 28,817,627,868 4,797 28,816,835,778 4,797 Allotted during the year 628,190 – 792,090 – 31 March 28,818,256,058 4,797 28,817,627,868 4,797 ​ Notes: 1 At 31 March 2023, there were 50,000 (2022: 50,000 ) 7% cumulative fixed rate shares of £1 each in issue. 2 At 31 March 2023, the Group held 1,825,691,429 (2022: 447,576,522 ) treasury shares with a nominal value of €304 million (2022: €75 million). The market value of shares held was €1,855 million (2022: €661 million). During the year, 85,844,124 (2022: 68,306,442 ) treasury shares were reissued under Group share schemes and 1,463,959,031 (2022: 1,441,870,348 ) shares were repurchased under share buy-back arrangements. 3 During the year ended 31 March 2022, 1,518,629,693 treasury shares were issued in settlement of a maturing £1.72 billion subordinated mandatory convertible bond.

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	12 Months Ended
	Mar. 31, 2023
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Notes ​ €m ​ €m ​ €m Profit for the financial year 12,335 2,773 483 Investment income 5 (248) (254) (245) Financing costs 5 1,728 1,964 1,027 Income tax expense 6 481 1,330 3,864 Operating profit 14,296 5,813 5,129 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 73 173 146 Depreciation and amortisation 10, 11 13,618 13,845 14,101 Loss on disposal of property, plant and equipment and intangible assets ​ 27 30 17 Share of result of equity accounted associates and joint ventures 12 (433) (389) (374) Impairment loss 4 64 – – Other income 3 (9,098) (50) (568) Increase in inventory ​ (180) (162) (68) (Increase)/decrease in trade and other receivables 14 (458) (638) 582 Increase/(decrease) in trade and other payables 15 1,379 384 (730) Cash generated by operations 19,288 19,006 18,235 Net tax paid (1,234) (925) (1,020) Net cash flow from operating activities 18,054 18,081 17,215 ​ Note: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, profit for the financial year and operating profit have both increased by €149 million, other income has decreased by €29 million and the share of result of equity accounted associates and joint ventures has increased by €178 million compared to the amounts previously reported. In the year ended 31 March 2021, profit for the financial year has decreased by €53 million, investment income has decreased by €85 million, operating profit has increased by €32 million and the share of result of equity accounted associates and joint ventures has increased by €32 million compared to the amounts previously reported. There is no impact on cash generated by operations and net cash flow from operating activities. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Mar. 31, 2023
Cash and cash equivalents
Cash and cash equivalents	19. Cash and cash equivalents The majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less from acquisition to enable us to meet our short-term liquidity requirements. Accounting policies Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit or loss for the period. All other cash and cash equivalents are measured at amortised cost. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Cash and bank deposits 1 3,924 2,220 Money market funds 2 7,781 5,276 Cash and cash equivalents as presented in the consolidated statement of financial position 11,705 7,496 Bank overdrafts (77) (125) Cash and cash equivalents as presented in the consolidated statement of cash flows 11,628 7,371 ​ Note: 1 Includes bank deposits under repurchase agreements of €1,750 million (2022: € nil ). 2 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. 19. Cash and cash equivalents (continued) The carrying amount of balances at amortised cost approximates their fair value. Cash and cash equivalents of €1,572 million (2022: €1,554 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries’ third party liabilities. In addition, those balances could also be used to repay €722 million (2022: €932 million) of intercompany liabilities as at 31 March 2023.

Leases

Leases	12 Months Ended
	Mar. 31, 2023
Leases
Leases	20. Leases The Group leases assets from other parties (the Group is a lessee) and also leases assets to other parties (the Group is a lessor). This note describes how the Group accounts for leases and provides details about its lease arrangements. Accounting policies As a lessee When the Group leases an asset, a ‘right-of-use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset’s useful life or the end of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment (as described in note 11 ‘Property, plant and equipment’). If right-of-use assets are considered to be impaired, the carrying value is reduced accordingly. Lease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group’s assessment of the lease term changes; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset. As a lessor Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease. Where the Group is an intermediate lessor, the interests in the head lease and the sub-lease are accounted for separately and the lease classification of a sub-lease is determined by reference to the right-of-use asset arising from the head lease. Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease commencement with interest income recognised over the lease term. Lease income is recognised as revenue for transactions that are part of the Group’s ordinary activities (i.e. primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group’s fibre and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components. The Group’s leasing activities as a lessee The Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base stations, space on mobile base stations to place active RAN equipment and network space (primarily rack space or duct space). In addition, the Group leases fibre and other fixed connectivity to provide internal connectivity for the Group’s operations and on a wholesale basis from other operators to provide fixed connectivity services to the Group’s customers. The Group’s general approach to determining lease term by class of asset is described in note 1 ‘Basis of preparation’ under critical accounting judgements and key sources of estimation uncertainty. 20. Leases (continued) Most of the Group’s leases include future price increases through fixed percentage increases, indexation to inflation measures on a periodic basis or rent review clauses. Other than fixed percentage increases the lease liability does not reflect the impact of these future increases unless the measurement date has passed. The Group’s leases contain no material variable payments clauses other than those related to the number of operators sharing space on third party mobile base stations. Optional lease periods Where practicable the Group seeks to include extension or break options in leases to provide operational flexibility, therefore many of the Group’s lease contracts contain optional periods. The Group’s policy on assessing and reassessing whether it is reasonably certain that the optional period will be included in the lease term is described in note 1 ‘Basis of preparation’ under ‘critical accounting judgements and key sources of estimation uncertainty’. After initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a significant change in circumstances, which was not anticipated at the time of the previous assessment. Significant events or significant changes in circumstances could include merger and acquisition or similar activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed management plans indicating a different conclusion on optional periods to the previous assessment. Where a significant event or significant change in circumstances does not occur, the lease term and therefore lease liability and right-of-use asset value, will decline over time. The Group’s cash outflow for leases in the year ended 31 March 2023 was €4,479 million (2022: €4,338 million). Following changes to the Group’s structure during the year, it is expected that future annual cash outflows will increase by circa €300 million absent significant future changes in the volume of the Group’s activities or strategic changes to use more or fewer owned assets, subject to contractual price increases. The future cash outflows included within lease liabilities are shown in the maturity analysis below. The maturity analysis only includes the reasonably certain payments to be made; cash outflows in these future periods will likely exceed these amounts as payments will be made on optional periods not considered reasonably certain at present and on new leases entered into in future periods. The Group’s leases for customer connectivity are normally either under regulated access or network sharing or similar preferential access arrangements and as a result the Group normally has significant flexibility over the term it can lease such connections for; generally the notice period required to cancel the lease is less than the notice period included in the service contract with the end customer. As a result, the Group does not have any significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when the service agreement ends. In some circumstances the Group is committed to minimum spend amounts for connectivity leases, which are included within reported lease liabilities. Sale and leaseback In March 2023, the Group disposed of its interest in Vantage Towers A.G. (‘Vantage Towers’) into a new joint venture, Oak Holdings 1 GmbH (‘Oak’); Vodafone retains an interest of 64.2% in Oak, which owns 89.3% of Vantage Towers (see note 27 ‘Acquisitions and disposals’ for additional details). The Group has agreements with Vantage Towers to lease back spaces on its towers (see note 30 ‘Related party transactions’). The Group de-recognised assets related to the mobile base stations with a net book value of €4,793 million. A total net gain on disposal of €9,287 million was realised as a result of the disposal of Vantage Towers; €680 million of this gain, reflecting the gain on the proportion of sold towers that has been retained through the leaseback, has been recorded as a reduction in the value of the right-of-use asset recognised for the leaseback of tower space and will be realised as a reduction in depreciation over the term of the leaseback until November 2028. Other sale and leaseback transactions entered into by the Group were not material, individually or in aggregate. Amounts recognised in the primary financial statements in relation to lessee transactions Right-of-use assets The carrying value of the Group’s right-of-use assets, depreciation charge for the year and additions during the year are disclosed in note 11 ‘Property, plant and equipment’. ​ 20. Leases (continued) Lease liabilities The Group’s lease liabilities are disclosed in note 21 ‘Borrowings’. The maturity profile of the Group’s lease liabilities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ €m ​ €m Within one year ​ 3,452 3,130 In more than one year but less than two years ​ 2,574 2,189 In more than two years but less than three years ​ 2,200 1,759 In more than three years but less than four years ​ 1,981 1,579 In more than four years but less than five years ​ 1,810 1,387 In more than five years ​ 3,240 4,242 ​ ​ 15,257 14,286 Effect of discounting ​ (1,893) (1,747) Lease liability - as disclosed in note 21 'Borrowings' ​ 13,364 12,539 ​ At 31 March 2023 the Group has entered into lease contracts with payment obligations with an undiscounted value of €320 million (2022: €51 million) that had not commenced at 31 March 2023. Interest expense on lease liabilities for the year is disclosed in note 5 ‘Investment income and financing costs’. The Group has no material liabilities under residual value guarantees and makes no material variable payments not included in the lease liability. The Group does not apply either the short term or low value expedient options in IFRS 16. The Group’s leasing activities as a lessor The Group has a wide range of lessor activities with consumer and enterprise customers, other telecommunication companies and other companies. With consumer and enterprise customers, the Group generates lease income from the provision of handsets, routers and other communications equipment. The Group provides wholesale access to the Group’s fibre and cable networks, leases out space on the Group’s owned mobile base stations to other telecommunication companies and sub-leases certain retained mobile base station sites to telecommunication tower companies. In addition, the Group sub-leases retail stores to franchise partners in certain markets and leases out surplus assets (e.g. vacant offices and retail stores) to other companies. Lessor transactions are classified as operating or finance leases based on whether the lease transfers substantially all of the risks and rewards incidental to ownership of the asset. Leases are individually assessed, but generally, the Group’s lessor transactions in the year are classified as: – Operating leases where the Group provides wholesale access to its fibre and cable networks, provides routers or similar equipment to fixed customers or is lessor of space on owned mobile base stations; and – Finance leases where the Group is sub-lessor of handsets or similar items in back-to-back arrangements or where surplus assets or certain retained mobile base stations sites are sublet out for all or substantially all of the remaining head lease term. The Group’s income as a lessor in the year is as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ €m €m Operating leases ​ ​ Lease revenue (note 2 'Revenue disaggregation and segmental analysis') ​ 751 758 Income from leases not recognised as revenue ​ 47 45 ​ Substantially all of the Group’s income as a lessor is operating lease income. ​ 20. Leases (continued) The committed amounts to be received from the Group’s operating leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Within one In one to two In two to In three to four In four to five In more than ​ ​ year ​ years ​ three years ​ years ​ years ​ five years ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Committed operating lease payments due to the Group as a lessor ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2023 ​ 304 ​ 128 ​ 36 ​ 16 ​ 7 ​ 4 ​ 495 31 March 2022 ​ 513 ​ 250 ​ 161 ​ 128 ​ 114 ​ 343 ​ 1,509 ​ The Group’s net investment in leases are disclosed in note 14 ‘Trade and other receivables’. The maturity profile of the Group’s net investment in leases is as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ €m ​ €m Within one year 111 72 In more than one year but less than two years 88 55 In more than two years but less than three years 67 36 In more than three years but less than four years 54 25 In more than four years but less than five years 47 11 In more than five years 39 9 ​ 406 208 Unearned finance income (33) (8) Net investment in leases - as disclosed in note 14 ‘Trade and other receivables’ 373 200 ​ The Group has no material lease income arising from variable lease payments.

Borrowings

Borrowings	12 Months Ended
	Mar. 31, 2023
Borrowings.
Borrowings	21. Borrowings The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. Liabilities arising from the Group’s lease arrangements are also reported in borrowings; see note 20 ‘Leases’. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items. Accounting policies Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 22 ‘Capital and financial risk management’). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method. ​ 21. Borrowings (continued) Borrowings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Non-current borrowings ​ ​ ​ Bonds ​ 39,512 46,156 Bank loans 487 ​ 629 Lease liabilities (note 20) ​ 10,318 9,810 Other borrowings 1 ​ 1,352 ​ 1,536 ​ ​ 51,669 ​ 58,131 Current borrowings ​ ​ ​ ​ Bonds 4,604 1,875 Bank loans 308 688 Lease liabilities (note 20) 3,046 2,729 Collateral liabilities ​ 4,886 ​ 2,914 Bank borrowings secured against Indian assets ​ 1,485 1,382 Other borrowings 1 392 2,373 ​ 14,721 ​ 11,961 Borrowings ​ 66,390 70,092 ​ Note: 1 Includes € 1,140 million (2022: € 1,273 million) and € 196 million (2022: € 2,165 million) of licence and spectrum fees payable in non-current and current borrowings respectively. The fair value of the Group’s financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of €39,512 million (2022: €46,156 million) which have a fair value of €35,044 million (2022: €46,348 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices. The Group’s current borrowings also include €1,485 million (2022: €1,382 million) of bank borrowings that are secured against the Group’s shareholdings in Indus Towers and Vodafone Idea (see note 12 ‘Investments in Associates and Joint Ventures’ for further details of these assets) and will be repaid through the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been separately fair valued and is presented within derivative assets in current assets (see note 14 ‘Trade and other receivables’). The Group’s borrowings, which include certain bonds that have been designated in hedge relationships, are carried at €1,282 million higher (2022: €1,316 million 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 is not reflected in borrowings and would decrease the euro equivalent redemption value of the bonds by €1,440 million (2022: €1,456 million). Commercial paper programmes We currently have US and euro commercial paper programmes of US$15 billion (€13.8 billion) and €10 billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2023 both programmes remained undrawn. The commercial paper facilities were supported by US$4.0 billion (€3.7 billion) and €4.0 billion of syndicated committed bank facilities. No amounts had been drawn under these facilities. Bonds We have two €30 billion At 31 March 2023 the Group had bonds outstanding with a nominal value equivalent to €42.8 billion. During the year ended 31 March 2023, bonds with a nominal value of €1.8 billion and £0.6 billion were issued utilising the euro medium-term note programme and US$1.2 billion were issued utilising the US Shelf programme. During the year bonds with euro equivalent nominal values of €1.9 billion and €3.8 billion matured and were re-purchased respectively. Bonds mature between 2023 and 2063 (2022: 2022 and 2059) and have interest rates between 0.375% and 7.875% (2022: 0% and 7.875%). ​ 21. Borrowings (continued) Mandatory convertible bonds In March 2023 the Group concluded the last remaining share buybacks related to the mandatory convertible bonds (‘MCBs’) and no further instruments remain outstanding. On 12 March 2019 the Group issued £3.4 billion of subordinated mandatory convertible bonds (‘MCBs’) split into two equal tranches Treasury shares The Group held a maximum of 1,825,691,429 (2022: 1,911,661,729) of its own shares during the year which represented 6.3% (2022: 6.6%) of issued share capital at that time.

Capital and financial risk mana

Capital and financial risk management	12 Months Ended
	Mar. 31, 2023
Fair value of financial instruments
Capital and financial risk management	22. Capital and financial risk management This note details the treasury management and financial risk management objectives and policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place to monitor and manage these risks. Accounting policies Financial instruments Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group’s consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Financial liabilities under put option arrangements The Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group’s subsidiary Kabel Deutschland AG, under the terms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to put their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no non-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised in financing costs. Derivative financial instruments and hedge accounting The Group’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group’s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. The Group designates certain derivatives as: – hedges of the change in fair value of recognised assets and liabilities (‘fair value hedges’); – hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (‘cash flow hedges’); or – hedges of net investments in foreign operations. ​ 22. Capital and financial risk management (continued) Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income statement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and losses recognised in the income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. For net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign operation is disposed of. Capital management The following table summarises the capital of the Group at 31 March: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ €m €m Borrowings (note 21) 66,390 70,092 Cash and cash equivalents (note 19) (11,705) (7,496) Derivative financial instruments included in trade and other receivables (note 14) (6,124) (4,626) Derivative financial instruments included in trade and other payables (note 15) 1,422 1,672 Short-term investments (note 13) (4,305) (4,795) Collateral assets (note 13) ​ (239) ​ (698) Financial liabilities under put option arrangements ​ 485 ​ 494 Equity 64,483 57,073 Capital 110,407 111,716 ​ Note: 1 The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Capital has increased by €96 million compared to the amount previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information. The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. Dividends from joint ventures and associates and to non-controlling shareholders Dividend policies within shareholder agreements for certain of the Group’s associates and joint ventures give the Group certain rights to receive dividends but are generally paid at the discretion of the Board of Directors or shareholders. We do not have existing obligations to pay dividends to non-controlling interest partners of our subsidiaries other than ongoing dividend obligations to the Kabel Deutschland A.G. minority shareholders. The amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows. ​ 22. Capital and financial risk management (continued) Potential cash outflows from option agreements and similar arrangements All remaining put options issued as part of the hedging strategy for the mandatory convertible bonds (‘MCBs’) matured during the financial year (1,452 million share options outstanding as at 31 March 2022). These permitted the holders to exercise against the Group at maturity of the option if there was a decrease in our share price. Under the terms of the options, settlement was made in cash which equated to the reduced value of shares from the initial conversion price, adjusted for dividends declared. Sale of trade receivables During the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no repurchase obligations in respect of these receivables, the Group provided credit guarantees which would only become payable if default rates were significantly higher than historical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to the purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2023 was €1,927 million (2022: €1,341 million). No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been assessed as remote. Supplier financing arrangements The Group offers suppliers the opportunity to use supply chain financing (‘SCF’). SCF allows suppliers that decide to use it to receive funding earlier than the invoice due date. At 31 March 2023, the financial institutions that run the SCF programmes had purchased €2.4 billion (2022: €2.4 billion) of outstanding supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions under this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not change the Group’s net debt, trade payable balances or cash flows. The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms exceed the shorter of customary payment terms in the industry or 180 days. At 31 March 2023, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as borrowings. Financial risk management The Group’s treasury function centrally manages the Group’s funding requirement, net foreign exchange exposure, interest rate management exposures and counterparty risk arising from investments and derivatives. Treasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the Board, most recently in March 2023. A treasury risk committee comprising of the Group’s Chief Financial Officer, Group General Counsel and Company Secretary, Group Financial Controller, Group Corporate Finance Director, Group Treasury Director and Group Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management information relating to treasury activities on a quarterly basis. The Group’s Internal Auditor reviews the internal control environment regularly. No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios. Approximately €35 billion (2022: €38 billion) of issued bonds have a change of control clause. The Group uses derivative instruments for currency and interest rate risk management purposes that are transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements. The Group’s financial risk management policies seek to reduce the Group’s exposure to any future disruption to financial markets, including any future impacts from global economic and political uncertainty and other macro economic events. The Group has combined cash and cash equivalent and short-term investments of €16.0 billion, providing significant headroom over short-term liquidity requirements. Additionally the Group maintains undrawn revolving credit facilities of €7.7 billion euro equivalent. As at 31 March 2023 and after hedging, substantially all the Group’s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk. The Group has no significant currency exposures other than positions in economic hedging relationships. The Group’s credit risk under financing activities is spread across a portfolio of highly rated institutions to reduce counterparty exposures and derivative balances are substantially all collateralised. The Group’s operating activities result in customer credit risk, for which provisions for expected credit losses are recognised. ​ 22. Capital and financial risk management (continued) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31 March to be: ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Cash and bank deposits (note 19) 3,924 2,220 Money market funds (note 19) ​ 7,781 ​ 5,276 Managed investment funds (note 13) 2,967 3,349 Bonds and debt securities (note 13) 2,337 2,376 Collateral assets (note 13) ​ 239 ​ 698 Other investments (note 13) ​ 2,473 ​ 2,438 Derivative financial instruments (note 14) 6,124 4,626 Trade receivables (note 14) 1 6,158 6,083 Contract assets and other receivables (note 14) 4,353 4,457 Performance bonds and other guarantees (note 29) 3,381 2,866 ​ 39,737 34,389 ​ Note: 1 Includes amounts guaranteed under sales of trade receivables €1,927 million (2022: €1,341 million). Expected credit loss The Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the expected credit loss model requirements of IFRS 9. Cash and bank deposits and certain other investments are both classified and measured at amortised cost and subject to impairment requirements. However, the identified expected credit loss is considered to be immaterial. Information about expected credit losses for trade receivables and contract assets can be found under ‘operating activities’ on page 179. Financing activities The Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments available. Investments are made in accordance with established internal treasury policies which dictate the scaled maximum exposure permissible in relation to an investment’s long-term credit rating. The Group invests in AAA unsecured money market mutual funds, where the investment is limited to 10% of each fund; A to AAA government securities, both directly and through money market mutual funds; and has two managed investment funds that hold securities with an average credit quality of AA. In respect of financial instruments used by the Group’s treasury function, the aggregate credit risk the Group may have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty by Moody’s, Fitch Ratings and Standard & Poor’s. Furthermore, collateral support agreements reduce the Group’s exposure to counterparties who must post 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 collateral would revert to the respective holder at that point. Detailed below is the value of the cash collateral, which is reported within current borrowings, held by the Group at 31 March: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Collateral liabilities 4,886 2,914 ​ In addition, as discussed in note 29 ‘Contingent liabilities and legal proceedings’, the Group has covenanted to provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus Towers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 ‘Other investments’. ​ 22. Capital and financial risk management (continued) Operating activities Customer credit risk is managed by the Group’s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group’s customer base is large and unrelated. The Group applies the simplified approach and records lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash collection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer type. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade receivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and enforcement activity has ceased. Movements in the allowance for expected credit losses during the year were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables held ​ ​ ​ ​ ​ ​ Trade receivables held ​ at fair value through ​ ​ Contract assets ​ at amortised cost ​ other comprehensive income ​ 2023 2022 2023 2022 2023 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 83 101 1,342 1,480 108 57 Exchange movements (3) 1 (72) (70) 1 – Amounts charged to credit losses on financial assets 138 114 449 394 19 53 Other 1 (140) (133) (570) (462) (57) (2) 31 March 78 83 1,149 1,342 71 108 ​ Note: 1 Primarily utilisation of the provision by way of write-off. Expected credit losses are presented as net credit losses on financial assets within operating profit and subsequent recoveries of amounts previously written off are credited against the same line item. The majority of the Group’s trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business customers. The table below presents information on trade receivables past due¹ and their associated expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31-60 ​ 61-180 ​ 180 ​ ​ ​ ​ Due ​ or less ​ days ​ days ​ days+ ​ Total 31 March 2023 €m ​ €m €m €m €m €m Gross carrying amount 2,465 ​ 599 163 329 957 4,513 Expected credit loss allowance (67) ​ (64) (50) (173) (831) (1,185) Net carrying amount 2,398 ​ 535 113 156 126 3,328 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31–60 ​ 61–180 ​ 180 ​ ​ ​ ​ Due ​ or less ​ days ​ days ​ days+ ​ Total 31 March 2022 €m ​ €m €m €m €m €m Gross carrying amount 2,411 ​ 650 182 390 1,043 4,676 Expected credit loss allowance (123) ​ (83) (53) (190) (893) (1,342) Net carrying amount 2,288 ​ 567 129 200 150 3,334 ​ Note: 1 Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other comprehensive income are not materially past due. ​ 22. Capital and financial risk management (continued) Liquidity risk Liquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that any commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2023 amounted to cash €11.7 billion (2022: €7.5 billion) and undrawn committed facilities of €8.0 billion (2022: €8.2 billion), principally euro and US dollar revolving credit facilities of €4.0 billion and US $4.0 billion (€3.7 billion) which mature in 2025 and 2028 respectively. The Group manages liquidity risk on non-current borrowings by maintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Non-current borrowings mature between 1 and 40 years. The maturity profile of the anticipated future cash flows including interest in relation to the Group’s non-derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade payables and ​ ​ ​ ​ Bank loans ​ Bonds ​ Lease liabilities ​ Other 2 ​ Total borrowings ​ other financial liabilities 3 ​ Total Maturity profile 1 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Within one year 308 6,234 3,452 6,764 16,758 15,370 ​ 32,128 In one to two years 235 3,070 2,574 423 6,302 51 ​ 6,353 In two to three years 110 5,725 2,200 259 8,294 – ​ 8,294 In three to four years 18 5,500 1,981 258 7,757 – ​ 7,757 In four to five years 70 2,212 1,810 233 4,325 – ​ 4,325 In more than five years 128 42,325 3,240 599 46,292 – ​ 46,292 ​ 869 65,066 15,257 8,536 89,728 15,421 ​ 105,149 Effect of discount/financing rates (74) (20,950) (1,893) (421) (23,338) (3) ​ (23,341) 31 March 2023 795 44,116 13,364 8,115 66,390 15,418 ​ 81,808 Within one year 700 3,569 3,130 6,823 14,222 16,884 ​ 31,106 In one to two years 33 6,190 2,189 417 8,829 29 ​ 8,858 In two to three years 411 3,786 1,759 207 6,163 – ​ 6,163 In three to four years 2 5,746 1,579 199 7,526 – ​ 7,526 In four to five years 205 6,253 1,387 678 8,523 – ​ 8,523 In more than five years 21 43,514 4,242 136 47,913 – ​ 47,913 ​ 1,372 69,058 14,286 8,460 93,176 16,913 ​ 110,089 Effect of discount/financing rates (55) (21,027) (1,747) (255) (23,084) (1) ​ (23,085) 31 March 2022 1,317 48,031 12,539 8,205 70,092 16,912 ​ 87,004 ​ Notes: 1 Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause. 2 Includes spectrum licence payables with maturity profile €196 million (2022: €2,319 million) within one year, €170 million (2022: €165 million) in one to two years, €199 million (2022: €199 million) in two to three years, €199 million (2022: €199 million) in three to four years, €199 million (2022: €662 million) in four to five years and €587 million (2022: €136 million) in more than five years. Also includes €4,886 million (2022: €2,914 million) in relation to cash received under collateral support agreements shown within 1 year. 3 Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables. ​ 22. Capital and financial risk management (continued) 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Payable 1 ​ Receivable 1 ​ Total ​ Payable 1 ​ Receivable 1 ​ Total ​ €m €m €m €m €m €m Within one year ​ (17,845) ​ 18,527 ​ 682 ​ (12,671) ​ 13,470 ​ 799 In one to two years ​ (3,534) ​ 4,055 ​ 521 ​ (5,897) ​ 6,399 ​ 502 In two to three years ​ (4,028) ​ 4,441 ​ 413 ​ (2,584) ​ 3,158 ​ 574 In three to four years ​ (2,186) ​ 2,567 ​ 381 ​ (3,373) ​ 3,864 ​ 491 In four to five years ​ (2,265) ​ 2,681 ​ 416 ​ (1,699) ​ 2,139 ​ 440 In more than five years ​ (38,494) ​ 44,586 ​ 6,092 ​ (34,097) ​ 40,129 ​ 6,032 ​ ​ (68,352) ​ 76,857 ​ 8,505 ​ (60,321) ​ 69,159 ​ 8,838 Effect of discount/financing rates ​ ​ ​ (3,803) ​ ​ ​ (5,884) Financial derivative net receivable/(payable) ​ ​ ​ 4,702 ​ ​ ​ 2,954 ​ Note: 1 Payables and receivables are stated separately in the table above as cash settlement is on a gross basis. Market risk Interest rate management Under the Group’s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed rate basis. At 31 March 2023 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury policy. At 31 March 2022 the Group held economic interest rate hedges at fair value through profit and loss. For each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2023 there would be an increase in profit before tax by €27 million (2022: €420 million) including mark to market revaluations of interest rate and other derivatives and the potential interest on cash and short-term investments. There would be no material impact on equity. At 31 March 2023, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank offered rates (IBORs). Foreign exchange management As Vodafone’s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions denominated in other currencies above a certain de minimis level. At 31 March 2023 11% of net debt was denominated in currencies other than euro (3% sterling, 6% South African rand and 2% other). This allows sterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic hedge against income statement translation exposure, as interest costs will be denominated in foreign currencies. Under the Group’s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the lower of €5 million per currency per month or €15 million per currency over a six month period. The Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as investments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments as there would be an offset in the currency translation of the foreign operation. At 31 March 2023 the Group held financial liabilities in a net investment hedge against the Group’s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities, analysed against a strengthening of the South African rand by 12% (2022: 13%) would result in a decrease in equity of €267 million (2022: €221million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar borrowings would result in an increase in equity of €204 million (2022: €371 million) against a strengthening of US dollar by 5% (2022: 5%). ​ 22. Capital and financial risk management (continued) The Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal operations not generating income in euro are Vodacom South Africa (South African rand), and Egypt (Egyptian pound). Financing income and expense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are principally on certain borrowings, derivatives, and other investments denominated in sterling and Turkish lira. The following table details the Group’s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ €m €m Increase/ (decrease) in Profit before taxation ​ ​ ​ ​ ZAR 12% change (2022: 13%) 87 134 EGP 27% change (2022: 9%) ​ 116 ​ 41 TRY 43% change (2022: 39%) ​ 33 ​ 83 GBP 3% change (2022: 2%) (46) (67) ​ Equity risk There is no material equity risk relating to the Group’s equity investments which are detailed in note 13 ‘Other investments’. In the prior financial year, the Group had 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. This option strategy ended during the current financial year. As at 31 March 2023, the Group is no longer sensitive (2022: Risk management strategy of hedge relationships The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market risk strategies. The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate borrowings in US dollar, pound sterling, Australian dollar, Swiss franc, Hong Kong dollar, Japanese yen, Norwegian krona and US dollar floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not denominated in functional currency of the entity, to hedge foreign exchange spot risk. Derivative financial instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps and forwards. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the underlying borrowings and exposures. The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the business. The objective of the fair value hedges is to hedge a proportion of the Group’s fixed rate euro denominated borrowing to a euro floating rate borrowing. The swap maturity dates match those of the underlying borrowing and the nominal cash flows are converted to quarterly payments. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap contracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. ​ 22. Capital and financial risk management (continued) Hedge ineffectiveness may occur due to: a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil; b) Changes in the contractual terms or timing of the payments on the hedged item; and c) A change in the credit risk of the Group or the counterparty with the hedging instrument. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group’s existing hedge relationships the hedge ratio has been determined as 1:1. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly. Derivative financial assets and liabilities are included within trade and other receivables and trade and other payables in the statement of financial position. The following table represents the carrying values and nominal amounts of derivatives in a continued hedge re

Directors and key management co

Directors and key management compensation	12 Months Ended
	Mar. 31, 2023
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Short-term remuneration 6 7 7 Long-term incentive schemes 2 3 2 1 ​ 9 9 8 ​ Notes: 1 The prior year comparatives have been re-presented to aggregate previously disclosed salaries and fees and incentive schemes into Short-term remuneration. Additional disclosure is now provided for long-term incentive schemes, increasing total emoluments by €2 million and €1 million for the years ended 31 March 2022 and 31 March 2021, respectively. 2 Relates to share-based payments. No Directors serving during the year exercised share options in the year ended 31 March 2023 (2022: None; 2021: None). Key management compensation Aggregate compensation for key management, being the Directors and members of the Executive Committee, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Short-term employee benefits 25 28 28 Share-based payments 12 8 11 ​ 37 36 39 ​

Employees

Employees	12 Months Ended
	Mar. 31, 2023
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ Employees ​ Employees ​ Employees By activity Operations 15,808 15,404 14,893 Selling and distribution 24,676 25,499 26,874 Customer care and administration 57,619 56,038 54,739 ​ 98,103 96,941 96,506 By segment ​ ​ ​ Germany 15,242 15,256 15,798 Italy 5,733 5,765 5,818 Spain 3,992 4,194 4,257 UK 9,312 9,198 9,584 Other Europe 14,189 15,106 15,460 Vodacom 7,990 7,973 7,810 Other Markets 9,331 9,336 9,498 Vantage Towers 1 ​ 753 ​ 502 ​ – Common Functions 31,561 29,611 28,281 Total 98,103 96,941 96,506 ​ Note: 1 Vantage Towers was a new reporting segment in the comparative year ended 31 March 2022. ​ 24. Employees (continued) The cost incurred in respect of these employees (including Directors) was: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Wages and salaries 4,853 4,469 4,238 Social security costs 604 578 549 Other pension costs (note 25 'Post employment benefits') 244 168 235 Share-based payments (note 26 'Shared-based payments') 141 119 135 Total 5,842 5,334 5,157 ​

Post employment benefits

Post employment benefits	12 Months Ended
	Mar. 31, 2023
Post employment benefits
Post employment benefits	25. Post employment benefits The Group operates a number of Defined Benefit and Defined Contribution retirement plans for our employees. The Group’s largest defined benefit plan is in the UK. For further details see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation’. Accounting policies For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value. Actuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income statement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. Other movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated income statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the Group’s share of the results of equity accounted operations, as appropriate. The Group’s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due. Background At 31 March 2023 the Group operated a number of retirement plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the countries concerned. The Group’s philosophy is to provide access to defined contribution retirement plans where feasible and to manage legacy defined benefit retirement arrangements. Defined benefit plans provide benefits based on the employees’ length of pensionable service and their final pensionable salary or other criteria. Defined contribution plans offer employees individual funds that are converted into benefits at the time of retirement. The Group operates defined benefit plans in Germany, India, Ireland, Italy, the UK, the United States; defined benefit indemnity plans in Greece and Turkey; and a cash leaver plan in India. Defined contribution plans are currently provided in Egypt, Germany, Greece, India, Ireland, Italy, Portugal, South Africa, Spain and the UK. ​ 25. Post employment benefits (continued) Income statement expense/(income) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Defined contribution plans 207 197 204 Defined benefit plans 37 (29) 31 Total amount charged to income statement (note 24) 244 168 235 ​ Defined benefit plans The Group’s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that location. The Group’s preferred retirement provision is focused on Defined Contribution arrangements and/or State provision for future service. The Group’s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (‘Vodafone UK plan’). Since June 2014 the Vodafone UK plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (‘CWW Section’). Both sections are closed to new entrants and to future accrual. The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in Germany and a funded plan in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity of participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the plans. The main defined benefit plans are administered by trustee boards which are legally separate from the Group and consist of representatives who are employees, former employees or are independent from the Group. The trustee boards of the pension plans are required by legislation to act in the best interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding regimes. The Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (‘HMRC’) and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK legislation requires that pension plans are funded prudently and that valuations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section. The trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to restore funding to the level of the agreed technical provisions. The 31 March 2022 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan showed a net surplus of £248 million (€282 million) on the funding basis, comprising of a £97 million (€110 million) surplus for the Vodafone Section and a £151 million (€172 million) surplus for the CWW Section. No further contributions are due in respect of the Vodafone UK plan at this time. The next actuarial valuation has an effective date of 31 March 2025. These plan- specific actuarial valuations differ to the IAS 19 accounting basis, which is used to measure pension assets and liabilities presented in the Group’s consolidated statement of financial position. Funding plans are individually agreed for each of the Group’s other defined benefit plans with the respective trustees or governing board, taking into account local regulatory requirements. It is expected that ordinary contributions of €71 million will be paid into the Group’s defined benefit plans during the year ending 31 March 2024. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are provided in note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. The investment strategy for the UK plans is controlled by the trustees in consultation with the Group and the plans have no direct investments in the Group’s equity securities or in property or other assets currently used by the Group. The allocation of assets between different classes of investment is reviewed regularly and is a key factor in the trustee investment policy. The trustees aim to achieve the plan’s investment objectives through investing partly in a diversified mix of growth assets which, over the long term, are expected to grow in value by more than the low risk assets. The low risk assets include cash and gilts, inflation and interest rate hedging and in substance insured pensioner annuity policies in both the Vodafone Section and CWW Sections of the Vodafone UK plan and an insured pensioner annuity policy in the Vodafone Ireland Pension Plan. A number of investment managers are appointed to promote diversification by assets, organisation and investment style and current market conditions and trends are regularly assessed, which may lead to adjustments in the asset allocation. ​ 25. Post employment benefits (continued) During the reporting period, there were significant movements in UK gilt markets – in particular the ‘mini budget’ announced by the UK government on 23 September 2022 caused rapid sales of government bonds which further depressed gilt markets. Although a temporary intervention by the Bank of England and subsequent policy changes stabilised the market, gilt yields increased significantly in a short period of time. This triggered an increase in collateral calls for pension schemes that, like the Vodafone UK plan, used liability driven investment (LDI) strategies to hedge their interest rate risks. In response to the risk of potential future collateral calls, on 18 October 2022, the Group entered into short term liquidity facilities with both sections of the Vodafone UK plan for an aggregate amount of £450 million (€512 million). These facilities were put in place for short-term liquidity purposes, with the intention of reducing the risk should the UK plan be required to dispose of assets at short notice in the event of significant increases in gilt yields. Drawings could 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. There has been reduced volatility in gilt yields since the end of 2022, although, the level of yields are significantly higher than they were at 31 March 2022. This has resulted in a decrease in the value of the assets, and also liabilities in respect of the Vodafone UK plan as at 31 March 2023. Actuarial assumptions The Group’s plan liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ % ​ % ​ % Weighted average actuarial assumptions used at 31 March 1 Rate of inflation 2 3.0 3.3 2.9 Rate of increase in salaries 3 3.0 3.1 2.7 Discount rate 4.5 2.5 1.8 ​ Notes: 1 Figures shown represent a weighted average assumption of the individual plans. 2 The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation. 3 Relates only to schemes open to future accrual primarily in Germany, Ireland and India. Mortality assumptions used are based on recommendations from the individual local actuaries which include adjustments for the experience of the Group where appropriate. The Group’s largest plan is the Vodafone UK plan. Further life expectancies assumed for the UK plans are 22.8/24.7 years (2022: 23.4/25.4 years) for a male/female pensioner currently aged 65 years and 23.7/25.5 years (2022: 25.4/27.5 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Current service cost 44 38 37 Net past service (credit)/costs 1 – (71) 2 Net interest (income)/charge (7) 4 (8) Total net cost/(credit) included within staff costs 37 (29) 31 Actuarial losses/(gains) recognised in the SOCI 213 (627) 686 ​ Note: 1 No past service credits were recorded in the current financial year. In the prior year, a change in Germany relating to the provision of death and disability benefits effective from 1 April 2021 resulted in a past service credit of €49 million; further net past service credits were recognised in the year ended 31 March 2022 for the Vodafone UK plan relating to the offer of a pension increase exchange to all members at retirement and benefit clarifications. Duration of the benefit obligations The weighted average duration of the defined benefit obligation at 31 March 2023 is 16 years (2022: 21 years). ​ 25. Post employment benefits (continued) Fair value of the assets and present value of the liabilities of the plans The amount included in the consolidated statement of financial position arising from the Group’s obligations in respect of its defined benefit plans is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net surplus/ ​ ​ Assets ​ Liabilities ​ (deficit) ​ ​ €m ​ €m ​ €m 1 April 2021 7,632 (8,085) (453) Service cost – (38) (38) Past service credit ​ – ​ 71 ​ 71 Interest income/(cost) 140 (144) (4) Return on plan assets excluding interest income 58 – 58 Actuarial gains arising from changes in demographic assumptions ​ – ​ 7 ​ 7 Actuarial gains arising from changes in financial assumptions – 483 483 Actuarial gains arising from experience adjustments – 79 79 Employer cash contributions 60 – 60 Member cash contributions 17 (17) – Benefits paid (241) 241 – Exchange rate movements 52 (45) 7 Other movements (3) 7 4 31 March 2022 7,715 (7,441) 274 Service cost – (44) (44) Interest income/(cost) 185 (178) 7 Return on plan assets excluding interest income (2,475) – (2,475) Actuarial gains arising from changes in demographic assumptions ​ – ​ 186 ​ 186 Actuarial gains arising from changes in financial assumptions – 2,293 2,293 Actuarial losses arising from experience adjustments ​ – ​ (217) ​ (217) Employer cash contributions 42 – 42 Member cash contributions 15 (15) – Benefits paid (216) 216 – Exchange rate movements (211) 224 13 Other movements (8) – (8) 31 March 2023 5,047 (4,976) 71 ​ The table below provides an analysis of the net surplus for the Group as a whole. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Analysis of net surplus: Total fair value of plan assets 5,047 7,715 Present value of funded plan liabilities (4,875) (7,337) Net surplus for funded plans 172 378 Present value of unfunded plan liabilities (101) (104) Net surplus 71 274 Net surplus is analysed as: ​ ​ Assets 1 329 555 Liabilities (258) (281) ​ Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. ​ 25. Post employment benefits (continued) An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CWW Section ​ ​ Vodafone Section ​ ​ 2023 ​ 2022 ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ ​ €m ​ €m Analysis of net surplus: ​ ​ Total fair value of plan assets 1,845 ​ 2,850 1,958 3,399 Present value of plan liabilities (1,657) ​ (2,565) (1,900) (3,166) Net surplus 188 ​ 285 58 233 Net surpluses are analysed as: ​ ​ ​ ​ ​ Assets 188 ​ 285 58 233 Liabilities – ​ – – – ​ F air value of plan assets ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Cash and cash equivalents 27 55 Equity investments: ​ ​ With quoted prices in an active market 140 849 Without quoted prices in an active market 322 359 Debt instruments: ​ ​ With quoted prices in an active market 588 1,334 Without quoted prices in an active market 288 317 Property: ​ ​ With quoted prices in an active market 17 29 Without quoted prices in an active market 438 460 Derivatives: 1 ​ ​ Without quoted prices in an active market 1,791 2,195 Investment fund 782 1,161 Annuity policies ​ ​ ​ ​ With quoted prices in an active market 25 34 Without quoted prices ​ 629 ​ 922 Total 5,047 7,715 ​ Note: 1 Derivatives include collateral held in the form of cash. Assets are valued using ‘level 2’ inputs under IFRS 13 ‘Fair Value Measurement’ principles and classified as unquoted accordingly. The fair value of plan assets, which have been measured in accordance with IFRS 13 ‘Fair Value Measurement’, are analysed by asset category above and are subdivided by assets that have a quoted market price in an active market and those that do not, such as investment funds. Where available, the fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active market (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs such as yield curves. The Vodafone UK plan annuity policies fully match the pension obligations of those pensioners insured and therefore are set equal to the present value of the related obligations. Investment funds of €782 million at 31 March 2023 (2022: €1,161 million) include investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone UK plan. The actual return on plan assets over the year to 31 March 2023 was a loss of €2,290 million (2022: €198 million gain). ​ 25. Post employment benefits (continued) 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 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate of inflation Rate of increase in salaries Discount rate Life expectancy ​ ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 1 year ​ Increase by 1 year ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m (Decrease)/increase in present value of defined benefit obligation 1 (222) 260 (1) 1 385 (341) (129) 128 ​ 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, 2023
Share-based payments
Share-based payments	26. Share-based payments The Group has a number of share plans used to award shares to Executive Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. Accounting policies The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is a calculation of the closing price of the Company’s shares on the day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: ​ – 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and – 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis. ​ ​ 26. Share-based payments (continued) Share options Vodafone Sharesave Plan Under the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up to £375 over a three 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 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 continue to hold shares in the plan will receive dividends paid out in cash. Movements in outstanding ordinary share options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary share options ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Millions ​ Millions ​ Millions 1 April ​ 61 ​ 62 ​ 53 Granted during the year ​ 50 ​ 20 ​ 35 Forfeited during the year ​ (2) ​ (2) ​ (1) Exercised during the year ​ (8) ​ (1) ​ – Expired during the year ​ (39) ​ (18) ​ (25) 31 March ​ 62 ​ 61 ​ 62 Weighted average exercise price: ​ ​ ​ ​ 1 April ​ ​ £1.02 ​ ​ £1.07 ​ ​ £1.19 Granted during the year ​ ​ £0.83 ​ ​ £0.95 ​ ​ £1.03 Forfeited during the year ​ ​ £1.02 ​ ​ £1.06 ​ ​ £1.16 Exercised during the year ​ ​ £1.05 ​ ​ £1.17 ​ ​ £1.23 Expired during the year ​ ​ £1.01 ​ ​ £1.10 ​ ​ £1.27 31 March ​ ​ £0.87 ​ ​ £1.02 ​ ​ £1.07 ​ Summary of options outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2023 31 March 2022 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ Weighted ​ average ​ ​ ​ Weighted ​ average ​ ​ Outstanding ​ average ​ contractual ​ Outstanding ​ average ​ contractual ​ ​ shares ​ exercise ​ life ​ shares ​ exercise ​ life ​ ​ Millions ​ price ​ Months ​ Millions ​ price ​ Months Vodafone Group Sharesave Plan: ​ ​ £0.78 – £1.78 ​ 62 ​ ​ £0.87 33 61 £1.02 24 ​ ​ 26. Share-based payments (continued) Share awards Movements in non-vested shares are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ ​ ​ 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 270 ​ ​ £1.07 267 ​ ​ £1.20 245 ​ ​ £1.41 Granted 120 ​ ​ £1.17 113 ​ ​ £1.17 108 ​ ​ £0.99 Vested (70) ​ ​ £1.15 (68) ​ ​ £1.44 (56) ​ ​ £1.56 Forfeited (59) ​ ​ £0.89 (42) ​ ​ £1.52 (30) ​ ​ £1.10 31 March 261 ​ ​ £1.14 270 ​ ​ £1.07 267 ​ ​ £1.20 ​ Other information The total fair value of shares vested during the year ended 31 March 2023 was £81 million (2022: £98 million; 2021: £ 108 million). The compensation cost included in the consolidated income statement in respect of share options and share plans was €141 million (2022: €119 million; 2021: €135 million) which is comprised principally of equity-settled transactions. The average share price for the year ended 31 March 2023 was 108.2 pence (2022: 122.1 pence; 2021: 120.8 pence).

Acquisitions and disposals

Acquisitions and disposals	12 Months Ended
	Mar. 31, 2023
Acquisitions and disposals
Acquisitions and disposals	27. Acquisitions and disposals The note below provides details of acquisition and disposal transactions for the current year as well as those completed in the prior year. For further details see ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 ‘Basis of preparation’ to the consolidated financial statements. Accounting policies Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity. Disposals The difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed of, and that have previously recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal. ​ 27. Acquisitions and disposals (continued) Other transactions with non-controlling shareholders in subsidiaries The aggregate cash consideration in respect of other transactions with non-controlling shareholders in subsidiaries, net of cash acquired, is as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ €m €m Cash consideration (paid)/received Vantage Towers ​ (667) ​ 217 Other (25) (28) ​ (692) 189 ​ Vantage Towers On 13 November 2022, the Group completed the purchase of 4.2% of Vantage Towers A.G. for cash consideration of € 667 million, taking its shareholding to 85.8% . In the comparative period, the Group received € 217 million following completion of the market stabilisation period resulting from the IPO of Vantage Towers in March 2020 and as described in the Vantage Towers prospectus. Disposals The aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Cash consideration received ​ ​ ​ ​ Vodafone Hungary ​ 1,606 ​ – Vantage Towers ​ 5,592 ​ – Other disposals during the period ​ 2 ​ – Net cash disposed ​ (224) ​ – ​ ​ 6,976 ​ – ​ Vodafone Hungary On 31 January 2023, the Group completed the sale of Vodafone Magyarország Zrt (‘Vodafone Hungary’) to 4iG Public Limited Company and Corvinus Zrt. The table below summarises the net assets disposed and the resulting loss on disposal of €69 million. ​ ​ ​ ​ ​ ​ €m Goodwill ​ (441) Other intangible assets ​ (521) Property, plant and equipment ​ (516) Inventory ​ (17) Trade and other receivables ​ (206) Cash and cash equivalents ​ (3) Current and deferred taxation ​ 13 Borrowings ​ 106 Trade and other payables ​ 163 Provisions ​ 31 Net assets disposed ​ (1,391) Cash proceeds ​ 1,606 Foreign exchange recycled from Currency reserve on disposal ​ (284) Net loss on disposal 1 ​ (69) ​ Note: 1 Included in other income in the consolidated income statement. ​ 27. Acquisitions and disposals (continued) Vantage Towers On 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of Vodafone, GIP and KKR. Vodafone retains an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. The table below summarises the net assets disposed and the net gain on disposal as €8,607 million. ​ ​ ​ ​ ​ €m Goodwill (3,448) Other intangible assets (294) Property, plant and equipment (4,882) Investments in associates and joint ventures (2,778) Trade and other receivables (292) Cash and cash equivalants (207) Current and deferred taxation 61 Borrowings 4,916 Trade and other payables 658 Provisions 556 Net assets disposed (5,710) Non-controlling interests derecognised 807 Cash proceeds 5,592 Fair value of Investment in Oak Holdings 1 GmbH 8,634 Restriction of gain (note 20) 1 (680) Foreign exchange recycled from Currency reserve on disposal (36) Net gain on disposal 2 8,607 ​ Notes: 1 Related tax of €154 million is included in Income tax expense in the consolidated income statement. 2 Included in other income in the consolidated income statement. Vodafone Ghana On 21 February 2023, the Group completed the sale of its 70% shareholding in Vodafone Telecommunications Company Limited (‘Vodafone Ghana’) to Telecel Group for consideration of €Nil. A net gain on disposal of €689 million has been recorded within other income and expense in the consolidated income statement. Other matters Vodafone Egypt In the comparative period on 10 November 2021, the Group announced that it had agreed to transfer its 55% shareholding in Vodafone Egypt to its subsidiary, Vodacom Group Limited (‘Vodacom’). On 13 December 2022, the Group announced the completion of the transaction. Vodafone was issued with 242 million shares in Vodacom and received cash proceeds of €577 million in exchange for its 55% shareholding in Vodafone Egypt. Following completion, Vodafone’s shareholding in Vodacom has increased from 60.5% to 65.1%. .

Commitments

Commitments	12 Months Ended
	Mar. 31, 2023
Commitments
Commitments	28. Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. Capital commitments The amounts below are the minimum amounts that we are committed to pay. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company and subsidiaries Share of joint operations Group ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Contracts placed for future capital expenditure not provided in the financial statements 1 3,507 4,388 – 140 3,507 4,527 ​ Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. Leases entered into by the Group but not commenced at 31 March 2023 are disclosed in note 20 ‘Leases’. Included in capital commitments is an amount of € 114 million (2022: € 331 million) relating to spectrum acquisition commitments in Vodacom. In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH ‘OXG’, with 50.0% shareholding held by each shareholder. Each shareholder is committed to contribute funding of up to €950 million to OXG for the deployment of fibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends on the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.

Contingent liabilities and lega

Contingent liabilities and legal proceedings	12 Months Ended
	Mar. 31, 2023
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. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ €m €m Performance bonds 1 504 430 Other guarantees 2 2,877 2,436 ​ Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of a US $3.5 billion loan facility (2022: US $3.5 billion loan facility), which forms part of the Group’s overall joint venture investment in TPG Telecom Ltd. The Group’s share of these loan balances is included in the net investment in joint venture (see note 12 ‘Investments in associates and joint arrangements’). Other guarantees also include a secondary pledge of INR 42.5 billion (2022: INR 42.5 billion) over shares owned by Vodafone Group in Indus Towers to the value of €476 million (2022: €504 million). See page 197. Certain ongoing tax litigations include guarantee arrangements, principally €267 million in relation to the Netherlands tax case (refer to legal proceedings section below). ​ UK pension schemes The Group’s main defined benefit plan is the Vodafone UK Group Pension Scheme (‘Vodafone UK plan’) which has two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 ‘Post employment benefits’. The Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they are in a deficit position. The deficit is measured on a prescribed basis agreed between the Group and trustee, which differs from the accounting basis reported in note 25 ‘Post employment benefits’. The Group provides surety bonds as the security. The level of the security has varied since inception in line with the movement in the Vodafone UK plan deficit. Due to the improved funding position of the Plan the level of security has reduced over the year. As at 31 March 2023 the Vodafone UK plan retains security over €114 million (notional value) for the Vodafone Section and no security is currently required for the CWW Section. The security may be substituted either on a voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the Vodafone UK plan for a combined value up to €1.42 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 €1.42 billion for the CWW Section. 29. Contingent liabilities and legal proceedings (continued) An additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for up to €114 million. Vodafone Idea As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for payments between the Group and Vodafone Idea Limited (‘VIL’) pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, and refunds relating to Vodafone India and Idea Cellular. Cash payments or cash receipts relating to these matters must have been made or received by VIL before any amount becomes due from or owed to the Group. Any future payments by the Group to VIL as a result of this agreement would only be made after satisfaction of this and other contractual conditions. The Group’s potential exposure under this mechanism is capped at INR 64 billion (€719 million) following payments made under this mechanism from Vodafone to VIL, in the year ended 31 March 2021, totalling INR 19 billion (€235 million). On 7 February 2023, VIL issued equity to the Government of India equivalent to INR 161 billion (€1.8 billion ), representing the net present value of interest accrued on both deferred spectrum auction instalments and AGR dues pursuant to a relief package announced in September 2021 which is designed to improve the liquidity and financial health of the telecom sector. Wider reforms announced as part of the relief package include a VIL remains in need of additional liquidity support from its lenders and intends to raise additional funding. There are significant uncertainties in relation to VIL’s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable from the Group as at 31 March 2023. The carrying value of the Group’s investment in VIL is € Indus Towers VIL’s ability to satisfy certain payment obligations under its Master Services Agreements with Indus Towers (the ‘MSAs’) is uncertain and depends on a number of factors including its ability to raise additional funding. Under the terms of the Indus and Bharti Infratel merger in November 2020, a security package was agreed for the benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable to make MSA payments. The security package included the following elements: - A cash prepayment of INR 24 billion ( €279 million) by VIL to Indus Towers in respect of its undisputed payment obligations, due under the MSAs after the merger closing. The prepayment was fully utilised during the year to 31 March 2022; - A primary pledge over 190.7 million shares owned by Vodafone Group in Indus Towers having a value of INR 47 billion ( €544 million) as at 31 March 2021. These pledged shares were sold by the Group in the year ended 31 March 2022; the Group invested INR 33.7 billion ( €393 million) of the proceeds by subscribing to newly issued VIL equity, which VIL immediately used to partially settle outstanding MSA obligations to Indus Towers resulting in an equivalent partial release of the primary pledge. On 14 February 2023, a similar transaction was undertaken with INR 4.4 billion ( €49 million) remaining from the sale of the primary pledge shares, fully releasing the pledge. - A secondary pledge over shares owned by Vodafone Group in Indus Towers, ranking behind Vodafone’s existing lenders for the outstanding bank borrowings of €1.5 billion as at 31 March 2023 secured against Indian assets (‘the bank borrowings’), with a maximum liability cap of INR 42.5 billion ( €476 million). In the event of non-payment of relevant MSA obligations by VIL, Indus Towers would have recourse to any secondary pledged shares, after repayment of the bank borrowings in full, up to the value of the liability cap. Legal Proceedings The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with, government authorities that are incidental to its operations. ​ 29. Contingent liabilities and legal proceedings (continued) Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that obligation, a provision is recognised for these amounts. In all cases, determining the probability of successfully defending a claim against the Group involves the application of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex legal proceedings, regardless of outcome, can be significant. The Group is not involved in any material proceedings in which any of the Group’s Directors, members of senior management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group. Indian tax cases The Group has been challenging retrospective tax demands raised by the Indian tax authority under the Finance Act 2012 against Vodafone International Holdings BV (‘VIHBV’) relating to a transaction in 2007 whereby VIHBV acquired assets in India from Hutchison Telecommunications International Limited. Pursuant to a new scheme for resolving tax disputes introduced by legislation in August 2021, Vodafone and the Indian Government have reached a final agreement and the demands for outstanding tax (including interest and penalties) have been withdrawn in full. Further background relating to this matter is provided in the Group’s Annual Report for the financial year ended 31 March 2022. VISPL tax claims Vodafone India Services Private Ltd (‘VISPL’) is involved in a number of tax cases. The total value of the claims is approximately €471 million plus interest, and penalties of up to 300% of the principal. Of the individual tax claims, the most significant is in the amount of approximately €239 million (plus interest of €628 million), which VISPL has been assessed as owing in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with Vodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer of options held by VISPL in Vodafone India. The first two of the three heads of tax are subject to an indemnity by HTIL. The larger part of the potential claim is not subject to an indemnity. A stay of the tax demand on a deposit of £20 million and a corporate guarantee by VIHBV for the balance of tax assessed are in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The Indian Tax Authority has appealed to the Supreme Court of India. The appeal hearing has been adjourned indefinitely. While there is some uncertainty as to the outcome of the tax cases involving VISPL, the Group believes it has valid defences and does not consider it probable that a financial outflow will be required to settle these cases. Netherlands tax case Vodafone Europe BV (‘VEBV’) has received assessments totalling €267 million of tax and interest from the Dutch tax authorities, who are challenging the application of the arm’s length principle in relation to various intra-group financing transactions. VEBV has appealed against these assessments to the District Court of the Hague where a hearing was held in March 2023 and we are awaiting the decision which is currently expected in summer 2023. The Group has entered into a guarantee for the full value of the assessments issued. The Group believes it has robust defences and does not consider it probable that there will be a financial outflow required to resolve the case. ​ 29. Contingent liabilities and legal proceedings (continued) Other cases in the Group Germany: Kabel Deutschland takeover - class actions The German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone’s takeover of Kabel Deutschland in 2013. Hearings took place in May 2019 and a decision was delivered in November 2019 in Vodafone’s favour, rejecting all claims by minority shareholders. A number of shareholders appealed which was rejected by the court in December 2021. Several minority shareholders have filed a further appeal before the Federal Court of Justice. The appeal process is ongoing. While the outcome is uncertain, the Group believes it has valid defences and that the outcome of the appeal will be favourable to Vodafone. Italy: Iliad v Vodafone Italy In July 2019, Iliad filed a claim for €500 million against Vodafone Italy in the Civil Court of Milan. The claim alleges anti-competitive behaviour in relation to portability and certain advertising campaigns by Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021. On 17 April 2023, the Civil Court issued a judgement in Vodafone Italy’s favour and rejected Iliad’s claim for damages in full. lliad has filed an appeal before the court of Appeal of Milan. The Group is currently unable to estimate any possible loss in this claim in the event of an adverse judgement on appeal but while the outcome is uncertain, the Group believes it has valid defences and that it is probable that no present obligation exists. Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece In October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against Vodafone Greece with a total value of approximately €330 million for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Lawsuits which the Papistas claimants had previously brought against Vodafone Group Plc and certain directors and officers of Vodafone were withdrawn. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the Papistas claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have the merits of the case considered had not been made. Vodafone Greece’s counter claim was also rejected. The Papistas claimants and Vodafone Greece have each filed appeals. The appeal hearings took place on 23 February and 11 May 2023 and we are waiting to receive the judgements. The amount claimed in these lawsuits is substantial and, if the claimants are successful, the total potential liability could be material. However, we are continuing vigorously to defend the claims and based on the progress of the litigation so far the Group believes that it is highly unlikely that there will be an adverse ruling for the Group. On this basis, the Group does not expect the outcome of these claims to have a material financial impact. UK: Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others In December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile network operators (‘MNOs’), including Vodafone, and their parent companies in the English High Court. The administrators allege collusion between the MNOs to pull their business from Phones 4U, thereby causing its collapse. Vodafone and the other defendants filed their defences in April 2019 and the Administrators filed their replies in October 2019. Disclosure has taken place and witness statements were filed in December 2021. The judge has also ordered that there should be a split trial between liability and damages. The first trial on liability took place from May to July 2022. We are waiting to receive the judgement. Taking into account all available evidence, the Group assesses it to be more likely than not that a present obligation does not exist and that the allegations of collusion are completely without merit; the Group is vigorously defending the claim. The value of the claim is not pleaded but we understand it to be the total value of the business, allegedly equivalent to approximately £ billion with the addition of alleged exemplary damages. Vodafone’s alleged share of the liability is also not pleaded. The Group is not able to estimate any possible loss in the event of an adverse judgment.

Related party transactions

Related party transactions	12 Months Ended
	Mar. 31, 2023
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Sales of goods and services to associates 20 20 14 Purchase of goods and services from associates 8 10 5 Sales of goods and services to joint arrangements 220 221 203 Purchase of goods and services from joint arrangements 263 298 109 Interest income receivable from joint arrangements 1 ​ 52 ​ 48 ​ 65 Interest expense payable to joint arrangements 1 33 52 56 ​ ​ ​ ​ ​ ​ ​ Trade balances owed: ​ ​ ​ by associates 7 8 – to associates 1 6 – by joint arrangements 170 139 – to joint arrangements 329 34 – Other balances owed by associates ​ – ​ 80 ​ – Other balances owed by joint arrangements 1 980 1,080 – Other balances owed to joint arrangements 2 5,628 1,561 – ​ Notes: 1 Amounts arise primarily through VodafoneZiggo and Oak Holdings 1 GmbH. Interest is paid/received in line with market rates. 2 Amounts are primarily in relation to leases of tower space from Oak Holdings 1 GmbH (2022: INWIT S.p.A.). On 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of Vodafone, GIP and KKR. Vodafone retained a non-controlling interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. Oak Holdings 1 GmbH is a joint venture of the Group. 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 2023 and as of 21 June 2023, no Director nor any other executive officer, nor any associate of any Director or any other executive officer, was indebted to the Group. During the three years ended 31 March 2023 and as of 21 June 2023, the Group has not been a party to any other material transaction, or proposed transactions, in which any member of the key management personnel (including Directors, any other executive officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to have a direct or indirect material interest.

Related undertakings

Related undertakings	12 Months Ended
	Mar. 31, 2023
Related undertakings
Related undertakings	31. Related undertakings A full list of all of our subsidiaries, joint arrangements and associated undertakings is detailed below. A full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 March 2023 is detailed below. No subsidiaries are excluded from the Group consolidation. Unless otherwise stated the Company’s subsidiaries all have share capital consisting solely of ordinary shares and are indirectly held. The percentage held by Group companies reflect both the proportion of nominal capital and voting rights unless otherwise stated. Summarised financial information is provided in respect of the Group’s most significant joint arrangements and associates in note 12 ‘Investments in associates and joint arrangements’. Subsidiaries A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ​ 31. Related undertakings (continued) ​ ​ ​ ​ Company name % of share class held Share Class Albania ​ ​ Autostrada Tirane-Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania ​ ​ Vodafone Albania Sh.A 99.94 Ordinary shares Rruga "Ibrahim Rugova", Sky Tower, Kati i 5, Hyrja 2, Tiranë, 1000, Albania ​ ​ _VOIS Albania Shpk. 100.00 Ordinary shares Australia ​ ​ Mills Oakley , Level 7, 151 Clarence Street, Sydney NSW 2000, Australia ​ ​ Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria ​ ​ c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria ​ ​ Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain ​ ​ RSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain ​ ​ Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium ​ ​ Malta House, rue Archimède 25, 1000 Bruxelles, Belgium ​ ​ Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil ​ ​ Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil ​ ​ Cobra do Brasil Serviços de Telemàtica ltda. (in process of dissolution) 70.00 Ordinary shares Av. Paulista, 37 - 4º andar, Sala 427, Bela Vista, CEP, 01311-902, São Paulo, Brazil ​ ​ Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Rua Boa Vista, No. 254, room 1304 (parte), Centro, São Paulo, 01014907, Brazil ​ ​ Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Bulgaria ​ ​ 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria ​ ​ Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Canada ​ ​ c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H 1W8, Canada ​ ​ Vodafone Canada Inc. 100.00 Common shares Cayman Islands ​ ​ One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands ​ ​ CGP Investments (Holdings) Limited 100.00 Ordinary shares China ​ ​ Building 21, 11, Kangdin5g St., BDA, Beijing, 100176 - China ​ ​ Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Level 9, Tower 2, China Central Place, Room 941, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China ​ ​ Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. Beijing Branch 2 100.00 Branch Room 1603, 16th Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China ​ ​ Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the ​ ​ 292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic Republic of the Congo ​ ​ Vodacom Congo (RDC) SA 5 33.20 Ordinary shares Building Commimo II Ground Floor Right, 3157 Boulevard du 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo, The Democratic Republic of the Congo ​ ​ Vodacash S.A 5 33.20 Ordinary shares Cyprus ​ ​ Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus ​ ​ Vodafone Evde Operations Ltd 100.00 Ordinary shares Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic ​ ​ náměstí Junkových 2, Prague 5, 15500, Czech Republic ​ ​ Nadace Vodafone Česká Republika 100.00 Trustee Oskar Mobil s.r.o. 100.00 Ordinary shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - Czech Branch 2 100.00 Branch Praha 4, Závišova 502/5, 14000, Nusle, Czech Republic ​ ​ Vantage Towers 2 s.r.o 100.00 Ordinary shares Závišova Real Estate, s.r.o. 100.00 Ordinary shares Denmark ​ ​ Tuborg Boulevard 12, 2900, Hellerup, Denmark ​ ​ Vodafone Enterprise Denmark A/S 100.00 Ordinary shares Egypt ​ ​ 37 Kasr El Nil St, 4th. Floor, Cairo, Egypt ​ ​ Starnet 5 35.81 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt ​ ​ Sarmady Communications 5 35.82 Ordinary shares Building no. 2109 “VHUB1”, Smart Village, Cairo Alexandria, Egypt ​ ​ Vodafone International Services LLC 5 100.00 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt ​ ​ Vodafone Egypt Telecommunications S.A.E. 5 35.82 Ordinary shares ​ ​ ​ Smart Village C3 Vodafone Building, Egypt ​ ​ Vodafone Data 5 35.81 Ordinary shares Vodafone Building Zahraa EL Maadi, Building A, Service Area D, Maadi, Cairo, Egypt ​ ​ Vodafone For Trading 5 35.78 Ordinary shares Finland ​ ​ c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland ​ ​ Vodafone Enterprise Finland Oy 100.00 Ordinary shares France ​ ​ 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France ​ ​ Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares EuroPlaza Tour, 20, Avenue Andre Prothin, La Défense Cedex - France (149153), 92400, Courbevoie, France ​ ​ Vodafone Automotive France S.A.S 100.00 Ordinary shares Vodafone Enterprise France SAS 100.00 New euro shares Rue Champollion, 22300, Lannion, France ​ ​ Apollo Submarine Cable System Ltd – French Branch 2 100.00 Branch Germany ​ ​ Altes Forsthaus 2, 67661, Kaiserslautern, Germany ​ ​ TKS Telepost Kabel-Service Kaiserslautern GmbH 3 94.01 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany ​ ​ Kabel Deutschland Holding AG 94.01 Ordinary shares Vodafone Customer Care GmbH 3 94.01 Ordinary shares Vodafone Deutschland GmbH 94.01 Ordinary shares ​ 31. Related undertakings (continued) ​ ​ ​ Company name % of share class held Share class Buschurweg 4, 76870 Kandel, Germany ​ ​ Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand-Braun-Platz 1, 40549, Düsseldorf, Germany ​ ​ Vodafone Enterprise Germany GmbH 100.00 Ordinary shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnützige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Vodafone West GmbH 100.00 Ordinary shares Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany ​ ​ KABELCOM Braunschweig Gesellschaft Für Breitbandkabel-Kommunikation Mit Beschränkter Haftung 3 94.01 Ordinary shares Holzmarkt 1, 50676, Köln, North Rhine-Westphalia, Germany ​ ​ Grandcentrix GmbH 100.00 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany ​ ​ "Urbana Teleunion" Rostock GmbH & Co.KG 3 65.80 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany ​ ​ KABELCOM Wolfsburg Gesellschaft für Breitbandkabel-Kommunikation mit beschränkter Haftung 3 94.01 Ordinary shares Greece ​ ​ 12,5 km National Road Athens – Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A 99.87 Ordinary shares 1-3 Tzavella str, 152 31 Halandri, Athens, Greece ​ ​ Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece ​ ​ 360 Connect S.A. 99.87 Ordinary shares Guernsey ​ ​ Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey ​ ​ FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey ​ ​ VBA Holdings Limited 5 65.10 Ordinary shares, Non-voting irredeemable non-cumulative preference shares VBA International Limited 5 65.10 Ordinary shares, Non-voting irredeemable non-cumulative preference shares Hong Kong ​ ​ Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong ​ ​ Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary ​ ​ 40-44 Hungaria Krt., Budapest, H-1087, Hungary ​ ​ VSSB Vodafone Szolgáltató Központ Budapest Zártkörűen Működő Részvénytársaság 100.00 Registered ordinary shares India ​ ​ 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka, 560103, India ​ ​ Cable & Wireless Networks India Private Limited 100.00 Equity shares Cable and Wireless (India) Limited - Branch 2 100.00 Branch Cable and Wireless Global (India) Private Limited 100.00 Equity shares 201 - 206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Mumbai, Maharashtra, Worli, 400018, India ​ ​ Omega Telecom Holdings Private Limited 100.00 Equity shares Vodafone India Services Private Limited 100.00 Equity shares Business Mantri, Tower B, Wing no - B1 & B2, 3rd Floor, S. No. - 197, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India ​ ​ Vodafone Global Services Private Limited 100.00 Equity shares E-47, Bankra Super Market, Bankra, Howrah, West Bengal, 711403, India ​ ​ Usha Martin Telematics Limited 100.00 Equity shares Ireland ​ ​ 2nd Floor, Palmerston House, Fenian Street, DUBLIN 2, Ireland ​ ​ Vodafone International Financing Designated Activity Company 100.00 Ordinary shares 38/39 Fitzwilliam Square West, Dublin 2, D02 NX53, Ireland ​ ​ Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland ​ ​ VF Ireland Property Holdings Limited 100.00 Ordinary euro shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy ​ ​ Piazzale Luigi Cadorna, 4, 20123, Milano, Italy ​ ​ Vodafone Global Enterprise (Italy) S.R.L. 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy ​ ​ Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy ​ ​ Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Vodafone Automotive Telematics Srl 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea (TO), 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 ​ ​ 31. Related undertakings (continued) ​ ​ ​ Company name % of share class held Share Class IVia per Carpi 26/B, 42015, Correggio (RE), Italy ​ ​ VND S.p.A. 100.00 Ordinary shares Japan ​ ​ KAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222-0033, Japan ​ ​ Vodafone Automotive Japan KK 100.00 Ordinary shares Marunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome, level 15 , Chiyoda-ku, Tokyo, Japan ​ ​ Vodafone Enterprise U.K. – Japanese Branch 2 100.00 Branch Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey ​ ​ 44 Esplanade, St Helier, JE4 9WG, Jersey ​ ​ Vodafone International 2 Limited 100.00 Ordinary shares Kenya ​ ​ 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya ​ ​ M-PESA Holding Co. Limited 100.00 Equity shares Vodafone Kenya Limited 5 69.46 Ordinary voting shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya ​ ​ Vodacom Business (Kenya) Limited 5 52.08 Ordinary shares Korea, Republic of ​ ​ ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of ​ ​ Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho ​ ​ 585 Mabile Road, Vodacom Park, Maseru, Lesotho, Lesotho ​ ​ Vodacom Lesotho (Pty) Limited 5 52.08 Ordinary shares VCL Financial Services (Pty) Ltd 5 52.08 Ordinary shares Luxembourg ​ ​ 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg ​ ​ Tomorrow Street GP S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Global Businesses S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary euro shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à r.l. 100.00 Ordinary shares Malaysia ​ ​ Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia ​ ​ Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta ​ ​ Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta ​ ​ Vodafone Holdings Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Vodafone Insurance Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Mauritius ​ ​ 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius, Mauritius ​ ​ Mobile Wallet VM15 65.10 Ordinary shares Mobile Wallet VM25 65.10 Ordinary shares VBA (Mauritius) Limited 5 65.10 Ordinary shares, Redeemable preference shares Vodacom International Limited 5 65.10 Ordinary shares, Non-Cumulative preference shares Fifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity, Ebene, Mauritius ​ ​ Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Mexico ​ ​ Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San José Insurgentes, Alcaldía Benito Juárez, C.P. 03900, Ciudad de México, Mexico ​ ​ Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Mozambique ​ ​ Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique ​ ​ Vodacom Moçambique, SA 5 55.33 Ordinary shares Vodafone M-Pesa, S.A 5 55.33 Ordinary shares Netherlands ​ ​ Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands ​ ​ Vodafone Enterprise Netherlands B.V. 100.00 Ordinary shares Vodafone Europe B.V. 100.00 Ordinary shares Vodafone International Holdings B.V. 100.00 Ordinary shares Vodafone Panafon International Holdings B.V. 99.87 Ordinary shares Zuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands ​ ​ IoT.nxt USA BV 5 42.31 Ordinary shares IOT.NXT B.V. 5 42.31 Ordinary shares IoT.nxt Europe BV 5 42.31 Ordinary shares New Zealand ​ ​ 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand ​ ​ Vodafone Enterprise Hong Kong Limited - New Zealand Branch 2 100.00 Branch Norway ​ ​ c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway ​ ​ Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom ​ ​ Vodafone Limited – Norway Branch 2 100.00 Branch Oman ​ ​ Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman ​ ​ Vodafone Services LLC 100.00 Shares Poland ​ ​ ul. Towarowa 28, 00-839, Warsaw, Poland ​ ​ Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares ​ ​ 31. Related undertakings (continued) ​ ​ ​ ​ % 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 Enterprise Spain, S.L.U. – Portugal Branch 2 100.00 Branch Vodafone Portugal – Comunicacoes Pessoais, S.A. 100.00 Ordinary shares Vodafone Solutions, Unipessoal LDA 100.00 Ordinary shares Romania ​ ​ 1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest, Romania ​ ​ UPC Services S.R.L. (in liquidation) 100.00 Ordinary shares 18 Diligenței Steet, 1st floor, Building C1, Ploiesti, Prahova County, Romania ​ ​ Evotracking SRL 100.00 Ordinary shares 201 Barbu Vacarescu Street, 5th floor, 2nd District, Bucharest, Romania ​ ​ Vodafone External Services SRL 100.00 Ordinary shares Vodafone Foundation 100.00 Sole member 201 Barbu Vacarescu, 4th floor, 2nd District, Bucharest, Romania ​ ​ Vodafone Romania S.A 100.00 Ordinary shares 62 D Nordului Street, District 1, Bucharest, Romania ​ ​ UPC Foundation 100.00 Sole member Oltenitei Street no. 2, City Offices Building, 3rd Floor, Bucharest 4th District, Romania ​ ​ Vodafone România Technologies SRL 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucharest, Romania ​ ​ Vodafone România M – Payments SRL 100.00 Ordinary shares Russian Federation ​ ​ Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation ​ ​ Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Serbia ​ ​ Vladimira Popovića 38-40, New Belgrade, 11070, Serbia ​ ​ Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch 2 100.00 Branch Singapore ​ ​ Asia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore ​ ​ Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia ​ ​ Karadžičova 2, mestská časť Staré mesto, Bratislava, 811 09, Slovakia ​ ​ Vodafone Global Network Limited – Slovakia Branch 2 100.00 Branch Prievozská 6, Bratislava, 821 09, Slovakia ​ ​ Vodafone Czech Republic A.S. – Slovakia Branch 2 100.00 Branch South Africa ​ ​ 9 Kinross Street, Germiston South, 1401, South Africa ​ ​ Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary no par value shares Bylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra Road, Centurion, Highveld Ext 73, 0046, South Africa ​ ​ IoT.nxt (Pty) Limited 5 42.31 Ordinary shares IoT.nxt Development (Pty) Limited 5 42.31 Ordinary shares 10T Holdings Proprietary Limited 5 42.31 Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa ​ ​ Jupicol (Proprietary) Limited 5 45.57 Ordinary shares Storage Technology Services (Pty) Limited 5 33.20 Ordinary shares Infinity Services Partner Company 5 65.10 Ordinary shares Mezzanine Ware (RF) Proprietary Limited 5 58.59 Ordinary shares Motifprops 1 (Proprietary) Limited 5 65.10 Ordinary shares Vodacom (Pty) Limited 5 65.10 Ordinary shares, Ordinary A shares Vodacom Business Africa Group (Pty) Limited 5 65.10 Ordinary shares Vodacom Business Africa SA (Pty) Limited 5 65.10 Ordinary shares Vodacom Financial Services (Proprietary) Limited 5 65.10 Ordinary shares Vodacom Group Limited 65.10 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 5 65.10 Ordinary shares Vodacom Insurance Company (RF) Limited 5 65.10 Ordinary shares Vodacom International Holdings (Pty) Limited 5 65.10 Ordinary shares Vodacom Life Assurance Company (RF) Limited 5 65.10 Ordinary shares Vodacom Payment Services (Proprietary) Limited 5 65.10 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 5 65.10 Ordinary shares Vodacom Properties No.2 (Pty) Limited 5 65.10 Ordinary shares Vodacom Tower Company Proprietary Limited 5 65.10 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 5 65.10 Ordinary shares XLink Communications (Proprietary) Limited 5 65.10 Ordinary A shares Spain ​ ​ Antracita, 7 – 28045, Madrid, Spain ​ ​ Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain ​ ​ Vodafone Energía, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary euro shares Vodafone España, S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe, S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios, S.L.U. 100.00 Ordinary shares Torre Norte Adif, Explanada de la Estación no 7, 29002, Málaga, Spain ​ ​ Vodafone Intelligent Solutions España, S.L.U. 100.00 Ordinary shares Sweden ​ ​ c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden ​ ​ Vodafone Enterprise Sweden AB 100.00 Ordinary shares, Shareholder’s contribution shares Switzerland ​ ​ Schiffbaustrasse 2, 8005, Zurich, Switzerland ​ ​ Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Taiwan ​ ​ 22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan ​ ​ Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of ​ ​ 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of ​ ​ M-Pesa Limited 5 48.82 Ordinary A shares, Ordinary B shares Shared Networks Tanzania Limited 5 48.82 Ordinary shares Vodacom Tanzania Public Limited Company 5 48.82 Ordinary shares 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of ​ ​ Gateway Communications Tanzania Limited 5 64.45 Ordinary shares Thailand ​ ​ 725 Metropolis Building, 20th floor, Unit 100, Sukhumvit Road, Klongton Nua Sub-district, Watthana District, Bangkok, 10110, Thailand ​ ​ Vodafone Business Siam Co., Ltd. 100.00 Ordinary shares Turkey ​ ​ Büyükdere Caddesi, No:251, Maslak, Şişli / İstanbul, 34398, Turkey ​ ​ Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Dijital Yayincilik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Kule ve Altyapi Hizmetleri A.S. 100.00 Ordinary shares Vodafone Mall Ve Elektronik Hizmetler Ticaret AS 100.00 Ordinary shares Vodafone Medya Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Net İletişim Hizmetleri A.S. 100.00 Ordinary shares Vodafone Telekomunikasyon A.S 100.00 Registered shares İTÜ Ayazağa Kampüsü, Koru Yolu, Arı Teknokent Arı 3 Binası, Maslak, İstanbul, 586553, Turkey ​ ​ Vodafone Teknoloji Hizmetleri A.S. 100.00 Registered shares Maslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663, Sarıyer Istanbul, Turkey ​ ​ Vodafone Sigorta Aracilik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.S. 100.00 Registered shares Vodafone Finansman A.S. 100.00 Ordinary shares Maslak Mah. Büyükdere Cad. Büyükdere No: 251, Sarıyer, Istanbul, 34453, Turkey ​ ​ VOIS Turkey Akilli Çözümler Limited Şirket 100.00 Ordinary shares Ukraine ​ ​ Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine ​ ​ LLC Vodafone Enterprise Ukraine 100.00 Ordinary shares ​ ​ 31. Related undertakings (continued) ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class United Arab Emirates ​ ​ 16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City, United Arab Emirates ​ ​ Vodacom Fintech Services FZ-LLC 5 65.10 Ordinary shares Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates ​ ​ Vodafone Enterprise Europe (UK) Limited – Dubai Branch 2 100.00 Branch United Kingdom ​ ​ 11 Staple Inn Building, London, WC1V 7QH, United Kingdom ​ ​ Vodacom Business Africa Group Services Limited 5 65.10 Ordinary shares, Preference shares Vodacom Investments Company Proprietary Limited 5 65.10 Ordinary shares Vodacom UK Limited 5 65.10 Ordinary shares, Ordinary B shares, Non-redeemable ordinary A shares, Non-redeemable preference shares 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 3 More London, Riverside, London, SE1 2AQ, United Kingdom ​ ​ IoT Nxt UK Limited 42.31 Ordinary shares 784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom ​ ​ Vodafone (NI) Limited 100.00 Ordinary shares Edinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ, United Kingdom ​ ​ Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares One Kingdom Street, London, W2 6BY, United Kingdom ​ ​ DABCo Limited 100.00 Ordinary shares Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland ​ ​ Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares, D Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom ​ ​ Apollo Submarine Cable System 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D shares Cable & Wireless Aspac Holdings Limited 100.00 Ordinary shares Cable & Wireless CIS Services Limited 100.00 Ordinary shares Cable & Wireless Communications Data Network Services Limited 100.00 'A' Ordinary shares, 'B' Ordinary shares Cable & Wireless Europe Holdings Limited 100.00 Ordinary shares Cable & Wireless Global Telecommunication Services Limited 100.00 Ordinary shares Cable & Wireless UK Holdings 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 Central Communications Group Limited 100.00 Ordinary Shares, Ordinary A shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares London Hydraulic Power Company (The) 100.00 Ordinary shares, MetroHoldings Limited 100.00 Ordinary shares Navtrak Ltd 100.00 Ordinary shares Project Telecom Holdings Limited 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares The Eastern Leasing Company Limited 100.00 Ordinary shares Thus Limited 100.00 Ordinary shares Vizzavi Limited 100.00 Ordinary shares Voda Limited 100.00 Ordinary shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 2 100.00 Ordinary shares Vodafone 4 UK 100.00 Ordinary shares Vodafone 5 Limited 100.00 Ordinary shares Vodafone 5 UK 100.00 Ordinary shares Vodafone 6 UK 100.00 Ordinary shares Vodafone Americas 4 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Vodafone Benelux Limited 100.00 Ordinary shares Vodafone Cellular Limited 1 100.00 Ordinary shares ​ 31. Related undertakings (continued) ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 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 Limited 100.00 Ordinary shares Vodafone Europe UK 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone European Portal Limited 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Luxembourg Limited 100.00 Ordinary shares Vodafone Finance Management 100.00 Ordinary shares Vodafone Finance UK Limited 100.00 Ordinary shares Vodafone Financial Operations 100.00 Ordinary shares Vodafone Global Content Services Limited 100.00 Ordinary shares, 5% Fixed rate non-voting preference shares Vodafone Global Enterprise Limited 100.00 Ordinary shares, Deferred shares, B deferred shares Vodafone Group (Directors) Trustee Limited 1 100.00 Ordinary shares Vodafone Group Pension Trustee Limited 1 100.00 Ordinary shares Vodafone Group Services Limited 100.00 Ordinary shares, deferred shares Vodafone Group Services No.2 Limited 1 100.00 Ordinary shares Vodafone Group Share Trustee Limited 1 100.00 Ordinary shares Vodafone Holdings Luxembourg Limited 100.00 Ordinary shares Vodafone Intermediate Enterprises Limited 100.00 Ordinary shares Vodafone International 2 Limited – UK Branch 2 100.00 Branch Vodafone International Holdings Limited 100.00 Ordinary shares Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investment UK 100.00 Ordinary shares Vodafone Investments Australia Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone Limited 100.00 Ordinary shares Vodafone Marketing UK 100.00 Ordinary shares Vodafone Mobile Communications Limited 100.00 Ordinary shares Vodafone Mobile Enterprises Limited 100.00 Ordinary shares Vodafone Mobile Network Limited 100.00 Ordinary shares Vodafone Nominees Limited 1 100.00 Ordinary shares Vodafone Oceania Limited 100.00 Ordinary shares Vodafone Overseas Finance Limited 100.00 Ordinary shares Vodafone Overseas Holdings Limited 100.00 Ordinary shares Vodafone Panafon UK 99.87 Ordinary shares Vodafone Partner Services Limited 100.00 Ordinary shares, Redeemable preference shares Vodafone Retail (Holdings) Limited 100.00 Ordinary shares Vodafone Sales & Services Limited 100.00 Ordinary shares Vodafone UK Foundation 100.00 Sole member Vodafone UK Limited 1 100.00 Ordinary shares Vodafone Ventures Limited 1 100.00 Ordinary shares Vodafone Worldwide Holdings Limited 100.00 Ordinary shares, Cumulative preference shares Vodafone Yen Finance Limited 100.00 Ordinary shares Vodafone-Central Limited 100.00 Ordinary shares Vodaphone Limited 100.00 Ordinary shares Vodata Limited 100.00 Ordinary shares Your Communications Group Limited 100.00 B Ordinary shares, Redeemable preference shares United States ​ ​ 1209 Orange Street, Wilmington DE 19801, United States ​ ​ IoT nxt USA Inc 5 42.31 Common stock 1450 Broadway, Fl 11, Suite 104, New York NY 10018, United States ​ ​ Cable & Wireless Americas 100.00 Common stock shares Vodafone Americas Virginia Inc. 100.00 Common stock shares Vodafone US Inc. 100.00 Common stock shares, Ordinary shares 1615 Platte Street, Suite 02-115, Denver CO 80202, United States ​ ​ Vodafone Americas Foundation 100.00 Trustee ​ 31. Related undertakings (continued) Associated undertakings and joint arrangements ​ ​ ​ Company Name % of share Share Class Australia ​ ​ Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia ​ ​ 3.6 GHz Spectrum Pty Ltd 25.05 Ordinary shares AAPT Limited 25.05 Ordinary shares ACN 088 889 230 Pty Ltd 25.05 Ordinary shares ACN 139 798 404 Pty Ltd 25.05 Ordinary shares Adam Internet Holdings Pty Ltd 25.05 Ordinary shares Adam Internet Pty Ltd 25.05 A shares, B shares, Ordinary shares Agile Pty Ltd 25.05 Ordinary shares Alchem

Subsidiaries exempt from audit

Subsidiaries exempt from audit	12 Months Ended
	Mar. 31, 2023
Subsidiaries exempt from audit
Subsidiaries exempt from audit	32. Subsidiaries exempt from audit The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 March 2023. ​ Name ​ Registration number ​ Name ​ Registration number ​ ​ ​ ​ ​ ​ ​ ​ Bluefish Communications Limited ​ 5142610 ​ Vodafone Enterprise Europe (UK) Limited ​ 3137479 ​ Cable & Wireless Aspac Holdings Limited ​ 4705342 ​ Vodafone Europe UK ​ 5798451 ​ Cable & Wireless CIS Services Limited ​ 2964774 ​ Vodafone European Investments ​ 3961908 ​ Cable & Wireless Europe Holdings Limited ​ 4659719 ​ Vodafone European Portal Limited ​ 3973442 ​ Cable & Wireless UK Holdings Limited ​ 3840888 ​ Vodafone Finance Management ​ 2139168 ​ Cable & Wireless Worldwide Limited ​ 7029206 ​ Vodafone Finance UK Limited ​ 3922620 ​ Cable & Wireless Worldwide Voice Messaging Limited ​ 1981417 ​ Vodafone Global Content Services Limited ​ 4064873 ​ Cable & Wireless Nominee Limited ​ 3249884 ​ Vodafone Holdings Luxembourg Limited ​ 4200970 ​ Energis (Ireland) Limited ​ NI035793 ​ Vodafone Intermediate Enterprises Limited ​ 3869137 ​ Energis Communications Limited ​ 2630471 ​ Vodafone International Holdings Limited ​ 2797426 ​ Energis Squared Limited ​ 3037442 ​ Vodafone International Operations Limited ​ 2797438 ​ London Hydraulic Power Company (The) ​ ZC000055 ​ Vodafone Investment UK ​ 5798385 ​ MetroHoldings Limited ​ 3511122 ​ Vodafone Investments Limited ​ 1530514 ​ The Eastern Leasing Company Limited ​ 1672832 ​ Vodafone IP Licensing Limited ​ 6846238 ​ Thus Group Holdings Limited ​ SC192666 ​ Vodafone Marketing UK ​ 6858585 ​ Thus Group Limited ​ SC226738 ​ Vodafone Mobile Communications Limited ​ 3942221 ​ Voda Limited ​ 1847509 ​ Vodafone Mobile Enterprises Limited ​ 2373469 ​ Vodafone 2. ​ 4083193 ​ Vodafone Mobile Network Limited ​ 3961482 ​ Vodafone 5 Limited ​ 6688527 ​ Vodafone Nominees Limited ​ 1172051 ​ Vodafone 5 UK ​ 2960479 ​ Vodafone Oceania Limited ​ 3973427 ​ Vodafone 6 UK ​ 8809444 ​ Vodafone Overseas Finance Limited ​ 4171115 ​ Vodafone Americas 4 ​ 6389457 ​ Vodafone Panafon UK ​ 6326918 ​ Vodafone Benelux Limited ​ 4200960 ​ Vodafone UK Limited ​ 2227940 ​ Vodafone Consolidated Holdings Limited ​ 5754561 ​ Vodafone Worldwide Holdings Limited ​ 3294074 ​ Vodafone Corporate Secretaries Limited ​ 2357692 ​ Vodafone Yen Finance Limited ​ 4373166 ​ Vodafone Enterprise Corporate Secretaries Limited ​ 2303594 ​ Vodaphone Limited ​ 3961390 ​ Vodafone Enterprise Equipment Limited ​ 1648524 ​ Your Communications Group Limited ​ 4171876 ​ ​

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2023
Subsequent events
Subsequent events	33.Subsequent events M-Pesa Holding Company Limited On 17 April 2023, the Group entered into an agreement to sell M-Pesa Holding Company Limited (‘MPHCL’) to Safaricom Plc, an associate entity of the Group, for USD 1 . MPHCL holds M-Pesa customer funds on trust for the benefit of M-Pesa customers in Kenya. Balances included in the Group’s consolidated financial statements for MPHCL at 31 March 2023 include short term investments of Vodafone UK and Three UK merger On 14 June 2023, the Group and CK Hutchison Group Telecom Holdings Limited (‘CKHGT’), a subsidiary of CK Hutchison Holdings Limited (‘CK Hutchison’) entered into binding agreements to combine their UK telecommunication businesses, respectively Vodafone UK and Three UK. Vodafone UK and Three UK will be contributed to ‘MergeCo’ with differential debt amounts at completion of the transaction to achieve MergeCo ownership of The Group and CKHGT have entered into a comprehensive governance framework which will result in the Group fully consolidating MergeCo. A put/call framework will enable the Group to acquire of MergeCo. Under the put/call framework, after three stake in MergeCo will be based on fair market value, determined by an independent third-party valuation process. Exercise of the Call Option and Put Option will be subject to fair market value reaching a minimum enterprise value of In respect of both the Call Option and the Put Option, the Group can elect to pay CKHGT in cash and/or non-cash consideration (being new shares and convertible loan notes issued by the Group), subject to certain conditions and protections for CKHGT as a result of holding any such non-cash consideration. For any non-cash consideration, one third of which will mature on the fourth anniversary of the completion of the Call Option or Put Option. On the maturity dates, the Group shall redeem the loan notes, based on a mix of cash and/or new Vodafone shares at its election. The transaction is subject to certain regulatory conditions, including clearance from the UK’s Competition and Markets Authority and approval under the UK National Security and Investment Act. Approvals will also be required from both the Group’s and CK Hutchison’s shareholders. Bond issuances and repurchases On 25 May 2023, the Group issued subordinated debt securities, under its euro medium-term note programme, with nominal amounts of €750 million and £500 million (maturing on 30 August 2084 and 30 August 2086 respectively) and repurchased €1,561 million and $324 million of outstanding subordinated debt securities on 6 June 2023 (maturing on 3 January 2079 and 3 October 2078 respectively) as part of a liability management exercise.

Basis of preparation (Policies)

Basis of preparation (Policies)	12 Months Ended
	Mar. 31, 2023
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 and for the application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ for the Group’s entities reporting in Turkish lira (see below).
Basis of consolidation	Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31 ‘Related undertakings’ to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures and associates (see note 12 ‘Investments in associates and joint arrangements’ to the consolidated financial statements). Basis of preparation changes adopted on 1 April 2022 - Hyperinflation As anticipated in the Annual Report for the year ended 31 March 2022, 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. In addition, Ethiopia where the Group’s associate, Safaricom, has operations has also become a hyperinflationary economy in the year. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira and to Safaricom’s operations in Ethiopia where the Ethiopian birr is the functional currency 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 have not been restated. Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for the current financial year ended 31 March 2023 have been revalued to their present value equivalent local currency amount as at 31 March 2023, based on an inflation index, before translation to euros at the reporting date exchange rate of €1: 20.85 TRL and €1:58.59 ETB, respectively. For the Group’s operations in Turkey: – The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated 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’. For Safaricom’s operations in Ethiopia, the impacts of IAS 29 accounting are reflected as an increase to Investments in associates and joint ventures and an increase to Equity. The inflation index in Turkey selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical Institute which has risen by 50.5% during the current financial year ended 31 March 2023.The inflation index selected in Ethiopia is the CPI issued by the Ethiopian Statistics Service which rose 31.3% in the year ended 31 March 2023. ​ 1. Basis of preparation (continued) The main impacts of the aforementioned adjustments on the consolidated financial statements are shown below. ​ ​ ​ ​ ​ ​ Year ended 31 March 2023 ​ ​ Increase/(decrease) ​ ​ €m Revenue 85 Operating profit (87) Profit for the financial year (123) Non-current assets 814 Equity attributable to owners of the parent 777 Non-controlling interests 37 ​
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. With the exception of the Group’s Turkish lira operations, which are subject to hyperinflation accounting (see above), 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. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2023 is €111 million (31 March 2022: €309 million loss; 2021: €13 million loss). The net gains and net losses are recorded within operating profit (2023: €247 million credit; 2022: €24 million charge; 2021: €3 million credit), financing costs (2023: €135 million charge; 2022: €284 million charge; 2021 €23 million charge) and income tax expense (2023: €1 million charge; 2022: €1 million charge; 2021: €7 million credit). The foreign exchange gains and losses included within other income arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign exchange gains and losses previously recognised in the consolidated statement of comprehensive income.
Current or non-current classification	Current or non-current classification Assets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and investments in associates and joint ventures are reported as non-current. Liabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. For provisions, where the timing of settlement is uncertain, amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as non-current.
Inventory	Inventory Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
New accounting pronouncements adopted	New accounting pronouncements adopted on or after 1 April 2022 The Group adopted the following new accounting policies on 1 April 2022 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group’s financial reporting on adoption, are: – Annual Improvements to IFRS Standards 2018-2020; – Amendments to IAS 16 ‘Property, Plant and Equipment: Proceeds before Intended Use’; – Amendments to IAS 37 ‘Onerous Contracts - Cost of Fulfilling a Contract’; and – Amendments to IFRS 3 ‘Reference to the Conceptual Framework’. New accounting pronouncements to be adopted on or after 1 April 2023 The following new standards and narrow-scope amendments have been issued by the IASB and are effective for annual reporting periods beginning on or after 1 January 2023: – IFRS 17 ‘Insurance Contracts’; – Amendments to IAS 1 ‘Disclosure of Accounting Policies’; – Amendment to IAS 8 ‘Definition of Accounting Estimates’; and – Amendment to IAS 12 ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’. These amendments have been endorsed by the UK Endorsement Board. The Group’s financial reporting will be presented in accordance with the above new standards from 1 April 2023. The amendments to IAS 1, IAS 8 and IAS 12 are not expected to have a material impact on the consolidated income statement, consolidated statement of financial position or consolidated statement of cash flows. The impact of the adoption of IFRS 17 is addressed below. IFRS 17 ‘Insurance Contracts’ IFRS 17 sets out revised principles for the recognition, measurement, presentation and disclosure of insurance contracts. The Group issues certain short and long-term insurance contracts including device insurance and the reinsurance of a third-party annuity policy issued to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme. The adoption of IFRS 17 will result in insurance and reinsurance liabilities being reclassified into a separate line item from Trade and other payables and Provisions. The total reclassifications as at 1 April 2023 and for comparative periods are estimated to range from The Group will issue further details on the impact of adopting IFRS 17 as part of the Interim Financial Statements for the six months ending 30 September 2023. New accounting pronouncements to be adopted on or after 1 April 2024 The following amendments have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2024; they have not yet been endorsed by the UK Endorsement Board. – Amendments to IAS 1 ‘Classification of Liabilities as Current or Non-Current’; Amendments to IAS 1 ‘Non-current Liabilities and Covenants’; and – Amendments to IFRS 16 ‘Lease Liability in a Sale and Leaseback’. The Group is assessing the impact of these new standards and the Group’s financial reporting will be presented in accordance with these standards from 1 April 2024 as applicable.
Revenue	Revenue When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (‘obligations’) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and fixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with the Group’s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to connecting customers to the Group’s network for the future provision of services are not considered to meet the criteria to be recognised as obligations except to the extent that the control of related equipment passes to customers. The Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in contract acquisition costs. The transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not directly observable, estimation techniques are used maximising the use of external inputs. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer and cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised when the Group provides the related service during the agreed service period. Revenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the intermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the intermediary or the expiry of any right of return. Where refunds are issued to customers they are deducted from revenue in the relevant service period. When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details. Customers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of the related service agreement. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by the Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a contract liability is recognised. ​ 2. Revenue disaggregation and segmental analysis (continued) When contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other equipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is deemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk.
Contract-related costs	Contract-related costs When costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the consolidated statement of financial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered. The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets in the consolidated statement of financial position when the related payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts payable to agents are deducted from revenue recognised (see above).
Segmental analysis	Segmental analysis The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related products. Vantage Towers A.G. (‘Vantage Towers’) has been presented as a separate segment of the Group since 1 April 2021, following its IPO in March 2021; the segmental presentation for the year ended 31 March 2021 was not revised. Vantage Towers continued to be reported as a separate segment until the time of its disposal. From 1 April 2023, the Group will revise its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment to reflect the effective date of changes made to the Group’s internal reporting structure, following the transfer of Vodafone Egypt to the Vodacom group in December 2022. Revenue is attributed to a country based on the location of the Group company reporting the revenue. Transactions between operating segments are charged at arm’s-length prices. ​ 2. Revenue disaggregation and segmental analysis (continued) With the exception of Vodacom, which is a legal entity encompassing South Africa and certain other smaller African markets, and Vantage Towers, which comprises companies providing mobile tower infrastructure in a number of European markets, segment information is primarily provided on the basis of geographic areas, being the basis on which the Group manages its worldwide interests. The operating segments for Germany, Italy, UK, Spain and Vodacom are individually material for the Group and are each reporting segments for which certain financial information is provided. In addition, the Vantage Towers operating segment was a separately listed part of the Group until its disposal into a joint venture on 22 March 2023 (see note 27 ‘Acquisitions and disposals’) and is presented as a reporting segment as it is considered to provide useful information to users of the financial statements. The aggregation of smaller operating segments into the Other Europe and Other Markets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe region (comprising Albania, Czech Republic, Greece, Hungary(to the date of its disposal), Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, while the Other Markets segment (comprising Egypt, Ghana (to the date of its disposal) and Turkey) largely includes developing economies with less stable economic or regulatory environments. Common Functions is a separate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for aggregation with other reporting segments. A reconciliation of adjusted EBITDAaL, the Group’s measure of segment profit, to the Group’s profit or loss before taxation for the financial year is shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 14,665 15,208 14,386 Restructuring costs ​ (587) ​ (346) ​ (356) Interest on lease liabilities 436 398 374 Loss on disposal of owned assets (36) (28) (30) Depreciation and amortisation on owned assets (9,649) (9,858) (10,187) Share of results of equity accounted associates and joint ventures 433 389 374 Impairment loss 2 (64) – – Other income 9,098 50 568 Operating profit 14,296 5,813 5,129 Investment income ​ 248 ​ 254 ​ 245 Finance costs ​ (1,728) ​ (1,964) ​ (1,027) Profit before taxation ​ 12,816 ​ 4,103 ​ 4,347
Impairment losses	Goodwill Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. The determination of the Group’s cash-generating units is primarily based on the geographic area where the Group supplies communications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic area. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Management prepares formal five year plans for the Group’s cash-generating units, which are the basis for the value in use calculations. Property, plant and equipment, finite lived intangible assets and equity accounted investments At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity- accounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. ​ 4. Impairment losses (continued) Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss reversal is recognised immediately in the consolidated income statement.
Investment income and financing costs	Investment income comprises interest received from short-term investments and other receivables. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements.
Taxation	Income tax expense represents the sum of the current and deferred taxes. Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date. The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. ​ 6. Taxation (continued) Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity.
Discontinued operations and assets held for sale	The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (‘assets’) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale. Where operations constitute a separately reportable segment (see note 2 ‘Revenue disaggregation and segmental analysis’) and have been disposed of, or are classified as held for sale, the Group classifies such operations as discontinued. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.
Intangible assets	Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group completes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent, on management’s judgement. Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting period date. Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal. Finite lived intangible assets Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. Licence and spectrum fees Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence renewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives from the commencement of related network services. Computer software Computer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are recognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads. Software integral to an item of hardware equipment is classified as property, plant and equipment. Costs associated with maintaining software programs are recognised as an expense when they are incurred. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for use. ​ 10. Intangible assets (continued) Other intangible assets Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the income statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each class of intangible asset reflects the Group’s consumption of the economic benefit from that asset.
Property, plant and equipment	Land and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any accumulated impairment losses. Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as follows: Land and buildings ​ ​ ​ Freehold buildings 25 - 50 years Leasehold premises ​ the term of the lease ​ Equipment, fixtures and fittings ​ ​ ​ Network infrastructure and other 1 - 35 years ​ Depreciation is not provided on freehold land. Right-of-use assets arising from the Group’s lease arrangements are depreciated over their reasonably certain lease term, as determined under the Group’s leases policy (see note 20 ‘Leases’ and ‘Critical accounting judgements and key sources of estimation uncertainty’ in note 1 for details). ​ 11. Property, plant and equipment (continued) The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income statement. ​
Investments in associates and joint arrangements	Interests in joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint operations or joint ventures. Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis. Any goodwill arising on the acquisition of the Group’s interest in a joint operation is accounted for in accordance with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary. Joint ventures A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 ‘Discontinued operations and assets held for sale’), are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. ​ 12. Investments in associates and joint arrangements (continued) Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above.
Other investments	Other investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including transaction costs. Debt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through profit and loss. Equity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following derecognition of the investment.
Trade and other receivables	Trade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is accreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the Group establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other comprehensive income; all other trade receivables are recorded at amortised cost. The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management deems them not to be collectible.
Trade and other payables	Trade payables are not interest-bearing and are stated at their nominal value.
Provisions	Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. Asset retirement obligations In the course of the Group’s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in nature. Legal and regulatory The Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The Directors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the Group see note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. Restructuring The Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these reviews. The associated cash outflows for restructuring costs are primarily less than one year. Other provisions Other provisions comprise various items that do not fall within the Group’s other categories of provisions.
Called up share capital	Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.
Cash and cash equivalents	Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit or loss for the period. All other cash and cash equivalents are measured at amortised cost.
Leases	As a lessee When the Group leases an asset, a ‘right-of-use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset’s useful life or the end of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment (as described in note 11 ‘Property, plant and equipment’). If right-of-use assets are considered to be impaired, the carrying value is reduced accordingly. Lease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group’s assessment of the lease term changes; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset. As a lessor Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease. Where the Group is an intermediate lessor, the interests in the head lease and the sub-lease are accounted for separately and the lease classification of a sub-lease is determined by reference to the right-of-use asset arising from the head lease. Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease commencement with interest income recognised over the lease term. Lease income is recognised as revenue for transactions that are part of the Group’s ordinary activities (i.e. primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group’s fibre and cable networks and leases of tower infrastructure assets). The Group uses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components. The Group’s leasing activities as a lessee The Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base stations, space on mobile base stations to place active RAN equipment and network space (primarily rack space or duct space). In addition, the Group leases fibre and other fixed connectivity to provide internal connectivity for the Group’s operations and on a wholesale basis from other operators to provide fixed connectivity services to the Group’s customers. The Group’s general approach to determining lease term by class of asset is described in note 1 ‘Basis of preparation’ under critical accounting judgements and key sources of estimation uncertainty. 20. Leases (continued) Most of the Group’s leases include future price increases through fixed percentage increases, indexation to inflation measures on a periodic basis or rent review clauses. Other than fixed percentage increases the lease liability does not reflect the impact of these future increases unless the measurement date has passed. The Group’s leases contain no material variable payments clauses other than those related to the number of operators sharing space on third party mobile base stations. Optional lease periods Where practicable the Group seeks to include extension or break options in leases to provide operational flexibility, therefore many of the Group’s lease contracts contain optional periods. The Group’s policy on assessing and reassessing whether it is reasonably certain that the optional period will be included in the lease term is described in note 1 ‘Basis of preparation’ under ‘critical accounting judgements and key sources of estimation uncertainty’. After initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a significant change in circumstances, which was not anticipated at the time of the previous assessment. Significant events or significant changes in circumstances could include merger and acquisition or similar activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed management plans indicating a different conclusion on optional periods to the previous assessment. Where a significant event or significant change in circumstances does not occur, the lease term and therefore lease liability and right-of-use asset value, will decline over time. The Group’s cash outflow for leases in the year ended 31 March 2023 was €4,479 million (2022: €4,338 million). Following changes to the Group’s structure during the year, it is expected that future annual cash outflows will increase by circa €300 million absent significant future changes in the volume of the Group’s activities or strategic changes to use more or fewer owned assets, subject to contractual price increases. The future cash outflows included within lease liabilities are shown in the maturity analysis below. The maturity analysis only includes the reasonably certain payments to be made; cash outflows in these future periods will likely exceed these amounts as payments will be made on optional periods not considered reasonably certain at present and on new leases entered into in future periods. The Group’s leases for customer connectivity are normally either under regulated access or network sharing or similar preferential access arrangements and as a result the Group normally has significant flexibility over the term it can lease such connections for; generally the notice period required to cancel the lease is less than the notice period included in the service contract with the end customer. As a result, the Group does not have any significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when the service agreement ends. In some circumstances the Group is committed to minimum spend amounts for connectivity leases, which are included within reported lease liabilities. Sale and leaseback In March 2023, the Group disposed of its interest in Vantage Towers A.G. (‘Vantage Towers’) into a new joint venture, Oak Holdings 1 GmbH (‘Oak’); Vodafone retains an interest of 64.2% in Oak, which owns 89.3% of Vantage Towers (see note 27 ‘Acquisitions and disposals’ for additional details). The Group has agreements with Vantage Towers to lease back spaces on its towers (see note 30 ‘Related party transactions’). The Group de-recognised assets related to the mobile base stations with a net book value of €4,793 million. A total net gain on disposal of €9,287 million was realised as a result of the disposal of Vantage Towers; €680 million of this gain, reflecting the gain on the proportion of sold towers that has been retained through the leaseback, has been recorded as a reduction in the value of the right-of-use asset recognised for the leaseback of tower space and will be realised as a reduction in depreciation over the term of the leaseback until November 2028. Other sale and leaseback transactions entered into by the Group were not material, individually or in aggregate.
Borrowings	Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 22 ‘Capital and financial risk management’). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method. ​
Capital and financial risk management	Financial instruments Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group’s consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Financial liabilities under put option arrangements The Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group’s subsidiary Kabel Deutschland AG, under the terms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to put their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no non-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised in financing costs. Derivative financial instruments and hedge accounting The Group’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group’s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. The Group designates certain derivatives as: – hedges of the change in fair value of recognised assets and liabilities (‘fair value hedges’); – hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (‘cash flow hedges’); or – hedges of net investments in foreign operations. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income statement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and losses recognised in the income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. For net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign operation is disposed of.
Post employment benefits	For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value. Actuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income statement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. Other movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated income statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the Group’s share of the results of equity accounted operations, as appropriate. The Group’s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due.
Share-based payments	The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is a calculation of the closing price of the Company’s shares on the day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: ​ – 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and – 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis.
Business combinations	Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the consolidated income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity. Disposals The difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed of, and that have previously recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal. ​
Commitments	A commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier.
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 A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Basis of preparation (Tables)

Basis of preparation (Tables)	12 Months Ended
	Mar. 31, 2023
Basis of preparation
Schedule of impact on consolidated financial statements due to hyperinflation	​ ​ ​ ​ ​ ​ Year ended 31 March 2023 ​ ​ Increase/(decrease) ​ ​ €m Revenue 85 Operating profit (87) Profit for the financial year (123) Non-current assets 814 Equity attributable to owners of the parent 777 Non-controlling interests 37

Revenue disaggregation and se_2

Revenue disaggregation and segmental analysis (Tables)	12 Months Ended
	Mar. 31, 2023
Revenue disaggregation and segmental analysis
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue EBITDAaL 31 March 2023 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 11,433 1,313 12,746 350 17 13,113 ​ 5,323 Italy 4,251 426 4,677 122 10 4,809 ​ 1,453 UK 5,358 1,375 6,733 58 33 6,824 ​ 1,350 Spain 3,514 307 3,821 60 26 3,907 ​ 947 Other Europe 5,005 602 5,607 117 20 5,744 ​ 1,632 Vodacom 4,849 1,034 5,883 403 28 6,314 ​ 2,159 Other Markets 3,300 530 3,830 4 – 3,834 ​ 1,145 Vantage Towers ​ – ​ – ​ – ​ 1,338 ​ – ​ 1,338 ​ 795 Common Functions 2 530 47 577 810 – 1,387 ​ (139) Eliminations (271) (1) (272) (1,292) – (1,564) ​ – Group 37,969 5,633 43,602 1,970 134 45,706 ​ 14,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment ​ Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 11,616 1,126 12,742 365 21 13,128 ​ 5,669 Italy 4,379 525 4,904 108 10 5,022 ​ 1,699 UK 5,154 1,333 6,487 69 33 6,589 ​ 1,395 Spain 3,714 369 4,083 73 24 4,180 ​ 957 Other Europe 5,001 528 5,529 105 19 5,653 ​ 1,606 Vodacom 4,635 950 5,585 384 24 5,993 ​ 2,125 Other Markets 3,420 404 3,824 6 – 3,830 ​ 1,335 Vantage Towers ​ – ​ – ​ – ​ 1,252 ​ – ​ 1,252 ​ 619 Common Functions 2 522 53 575 838 1 1,414 ​ (197) Eliminations (238) (1) (239) (1,242) – (1,481) ​ – Group 38,203 5,287 43,490 1,958 132 45,580 ​ 15,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue EBITDAaL 31 March 2021 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m €m Germany 11,520 1,055 12,575 380 29 12,984 ​ 5,634 Italy 4,458 446 4,904 97 13 5,014 ​ 1,597 UK 4,848 1,206 6,054 44 53 6,151 ​ 1,367 Spain 3,788 292 4,080 64 22 4,166 ​ 1,044 Other Europe 4,859 549 5,408 124 17 5,549 ​ 1,760 Vodacom 4,083 800 4,883 282 16 5,181 ​ 1,873 Other Markets 3,312 441 3,753 12 – 3,765 ​ 1,228 Common Functions 2 470 36 506 862 – 1,368 ​ (117) Eliminations (197) (1) (198) (171) – (369) ​ – Group 37,141 4,824 41,965 1,694 150 43,809 ​ 14,386 ​ Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2 Comprises central teams and business functions. ​
Schedule of reconciliation of adjusted EBITDA to operating profit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 14,665 15,208 14,386 Restructuring costs ​ (587) ​ (346) ​ (356) Interest on lease liabilities 436 398 374 Loss on disposal of owned assets (36) (28) (30) Depreciation and amortisation on owned assets (9,649) (9,858) (10,187) Share of results of equity accounted associates and joint ventures 433 389 374 Impairment loss 2 (64) – – Other income 9,098 50 568 Operating profit 14,296 5,813 5,129 Investment income ​ 248 ​ 254 ​ 245 Finance costs ​ (1,728) ​ (1,964) ​ (1,027) Profit before taxation ​ 12,816 ​ 4,103 ​ 4,347
Schedule of segmental assets and cash flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Depreciation ​ ​ Non-current ​ Capital ​ Right-of-use ​ additions to ​ and ​ ​ ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2023 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany ​ 43,878 ​ 2,701 ​ 2,145 ​ 2 ​ 4,154 ​ – Italy ​ 10,235 ​ 833 ​ 916 ​ 5 ​ 1,970 ​ – UK ​ 6,629 ​ 892 ​ 1,639 ​ – ​ 1,562 ​ – Spain ​ 6,331 ​ 565 ​ 742 ​ 8 ​ 1,393 ​ – Other Europe ​ 7,815 ​ 927 ​ 1,104 ​ 151 ​ 1,363 ​ – Vodacom ​ 5,810 ​ 862 ​ 219 ​ 260 ​ 1,027 ​ – Other Markets ​ 2,488 ​ 495 ​ 177 ​ 13 ​ 830 ​ 64 Vantage Towers ​ – ​ 551 ​ 318 ​ – ​ 326 ​ – Common Functions ​ 2,013 ​ 839 ​ 127 ​ – ​ 993 ​ – Group ​ 85,199 ​ 8,665 ​ 7,387 ​ 439 ​ 13,618 ​ 64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ Depreciation ​ ​ ​ Non-current Capital Right-of-use additions to and ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2022 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Germany ​ 43,190 ​ 2,670 ​ 795 ​ – ​ 3,981 ​ – Italy 10,519 840 670 255 1,929 – UK 6,226 832 580 229 1,905 – Spain 6,433 676 422 291 1,499 – Other Europe 8,548 1,009 502 126 1,511 – Vodacom 6,383 853 187 – 920 – Other Markets 2,467 530 229 – 598 – Vantage Towers ​ 8,179 ​ 366 ​ 320 ​ – ​ 523 ​ – Common Functions 2,103 844 123 – 979 – Group 94,048 8,620 3,828 901 13,845 – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ Non-current Capital Right-of-use Other additions to and ​ ​ assets 1 ​ additions 2 ​ asset additions ​ intangible assets 3 ​ amortisation ​ Impairment loss 31 March 2021 €m €m €m €m €m €m Germany ​ 47,563 ​ 2,772 ​ 1,133 ​ 1 ​ 4,836 ​ – Italy 10,707 805 758 17 2,025 – UK 7,968 822 1,138 – 2,202 – Spain 7,213 772 700 9 1,579 – Other Europe 10,369 968 1,016 431 1,727 – Vodacom 5,839 703 174 – 872 – Other Markets 2,988 512 247 439 666 – Common Functions 2,145 829 140 – 194 – Group 94,792 8,183 5,306 897 14,101 – ​ Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment (excluding right-of-use assets), computer software and development costs, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions.

Operating profit (Tables)

Operating profit (Tables)	12 Months Ended
	Mar. 31, 2023
Operating profit.
Schedule of operating profit	​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Amortisation of intangible assets (Note 10) 4,031 4,044 4,421 Depreciation of property, plant and equipment (Note 11): ​ ​ ​ Owned assets 5,627 5,857 5,766 Leased assets 3,960 3,944 3,914 Impairment loss (Note 4) 64 – – Staff costs (Note 24) 5,842 5,334 5,157 Amounts related to inventory included in cost of sales ​ 5,950 ​ 5,671 ​ 5,160 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (1,267) (1,092) (995) Loss on disposal of Vodafone Hungary 2 (Note 27) ​ 69 ​ – ​ – Gain on disposal of Vodafone Ghana 2 (Note 27) ​ (689) ​ – ​ – Gain on disposal of Vantage Towers 2 (Note 27) ​ (8,607) ​ – ​ – Gain on disposal of Indus Towers Limited 1,2 ​ – ​ 81 ​ – Pledge arrangements in respect of Indus Towers Limited 2 (Note 29) ​ – ​ (15) ​ (429) Net gain on formation of TPG Telecom 2 (Note 12) ​ – ​ – ​ 1,043 Net gain on formation of Indus Towers Limited 2 (Note 12) ​ – ​ – ​ 292 Settlement of tender offer to KDG shareholders 2 ​ – ​ – ​ (204) ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, the gain on disposal of Indus Towers Limited has decreased by €29 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31 March 2021. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Included in other income in the consolidated income statement.
Schedule of auditors remuneration	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Parent company 5 4 3 Subsidiaries 22 19 18 Audit fees 1 27 23 21 ​ ​ ​ ​ ​ ​ ​ Audit-related 2 ​ 3 ​ 2 ​ – Vantage Towers IPO 3 ​ – ​ – ​ 11 Non-audit fees 3 2 11 ​ ​ ​ ​ ​ ​ ​ Total fees 30 25 32 ​ Notes: 1 Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to €1 million in each of the years presented. 2 Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year. 3 Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021.

Impairment losses (Tables)

Impairment losses (Tables)	12 Months Ended
	Mar. 31, 2023
Impairment losses
Schedule of carrying value of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Germany 20,335 20,335 Italy 2,481 2,481 Vantage Towers Germany ​ – ​ 2,565 Other 4,799 6,503 ​ 27,615 31,884 ​
Schedule of key assumptions used in the value in use calculations	Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption How determined Projected adjusted EBITDAaL ​ Projected adjusted EBITDAaL has been based on past experience adjusted for the following: ​ ​ – In Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data bundles, and new products and services are introduced. Fixed revenue is expected to continue to grow as penetration is increased and more products and services are sold to customers; ​ ​ – Outside of Europe, revenue is expected to continue to grow as the penetration of faster data-enabled devices rises along with higher data bundle attachment rates, and new products and services are introduced; and ​ ​ – Margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and by positive factors such as the efficiencies expected from the implementation of Group initiatives. Projected capital expenditure ​ The cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital expenditure required to maintain our networks, provide products and services in line with customer expectations, including of higher data volumes and speeds, and to meet the population coverage requirements of certain of the Group’s licences. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and gigabit networks. Outside of Europe, capital expenditure will be required for the continued rollout of current and next generation mobile networks in emerging markets. Capital expenditure includes cash outflows for the purchase of owned property, plant and equipment and computer software. Projected licence and spectrum payments ​ To enable the continued provision of products and services, the cash flow forecasts for licence and spectrum payments for each relevant cash-generating unit include amounts for expected renewals and newly available spectrum. Beyond the five year forecast period, a long-run cost of spectrum is assumed. Long-term growth rate ​ For the purposes of the Group’s value in use calculations, a long ‑ term growth rate into perpetuity is applied immediately at the end of the five year forecast period and is based on the lower of: ​ ​ – the nominal GDP growth rate forecasts for the country of operation; and ​ ​ – the long-term compound annual growth rate in adjusted EBITDAaL as estimated by management. ​ ​ Long-term compound annual growth rates determined by management may be lower than forecast nominal GDP growth rates due to the following market-specific factors: competitive intensity levels, maturity of business, regulatory environment or sector-specific inflation expectations. Pre-tax discount rate ​ The pre-tax discount rate for each cash-generating unit is derived such that when applied to pre-tax cash flows it gives the same result as when the observable post-tax weighted average cost of capital is applied to post-tax cash flows. ​ ​ The assumptions used to develop discount rates for each cash-generating unit are benchmarked to externally available data. ​ ​ – The risk free rate is derived from an average yield of a ten year bond issued by the government in each cash-generating unit’s respective country of operations. ​ ​ – The forward-looking equity market risk premium (an investor’s required rate return over and above a risk free rate) is based on studies by independent economists, the long-term average equity market risk premium and the market risk premiums typically used by valuation practitioners. ​ ​ – The asset beta reflecting the systematic risk of the telecommunications segment relative to the market as a whole is determined from betas observed for comparable listed telecommunications companies. ​ ​ – The region-specific leverage ratios are estimated from ratios observed for comparable listed telecommunications companies. ​ ​ Each cash-generating unit’s discount rate is determined in nominal terms in order to match their nominal estimates of future cash flows. ​ ​ Rising risk free interest rates and lower asset betas have, respectively, increased and decreased the cash-generating unit discount rates in the current year.
Schedule of assumptions used in valuation of impairment loss	​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculations ​ Germany Italy ​ ​ % % Pre-tax discount rate ​ 7.8 8.9 Long-term growth rate ​ 0.6 1.5 Projected adjusted EBITDAaL CAGR 1 ​ 1.8 1.0 Projected capital expenditure 2 ​ 19.4 - 19.8 16.5 - 17.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ Germany Italy UK Spain ​ ​ pps ​ pps ​ pps ​ pps Pre-tax discount rate ​ 0.6 0.2 1.6 0.5 Long-term growth rate ​ (0.6) (0.2) (1.9) (0.6) Projected adjusted EBITDAaL CAGR 1 ​ (1.8) (0.5) (4.1) (1.5) Projected capital expenditure 2 ​ 5.5 0.9 4.2 2.2 ​ Notes: 1 Projected adjusted EBITDAaL CAGR 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. ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ Italy ​ Spain ​ €bn €bn Base case as at 31 March 2023 ​ 0.2 ​ 0.4 Change in pre-tax discount rate ​ ​ ​ ​ Decrease by 1pps ​ 1.4 ​ 1.3 Increase by 1pps ​ (0.8) ​ (0.3) Change in projected adjusted EBITDAaL CAGR 1 ​ ​ ​ ​ Decrease by 5pps ​ (1.6) ​ (0.8) Increase by 5pps ​ 2.3 ​ 1.8 ​ Note: 1 Projected adjusted EBITDAaL CAGR 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculations ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ ​ ​ Germany ​ Italy ​ Germany ​ Other ​ ​ % ​ % ​ % ​ % Pre-tax discount rate 7.4 9.3 6.1 6.2-22.5 Long-term growth rate 0.5 1.5 1.5 1.0-8.9 Projected adjusted EBITDAaL CAGR 1 (0.1) (0.2) 11.0 (5.4)-13.0 Projected capital expenditure 2 19.6-21.8 15.0-16.3 32.0-62.1 10.0-51.4 ​ Notes: 1 Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the purposes of this disclosure, Italy’s adjusted EBITDAaL for the year ended 31 March 2022 excludes the TIM settlement. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ ​ Germany ​ Italy ​ UK ​ Spain ​ pps pps pps pps Pre-tax discount rate ​ 1.4 0.3 1.3 0.1 Long-term growth rate ​ (1.4) (0.3) ​ (1.5) ​ (0.1) Projected adjusted EBITDAaL CAGR 1 ​ (4.1) (0.9) ​ (3.1) ​ (0.4) Projected capital expenditure 2 ​ 12.6 1.8 ​ 4.3 ​ 0.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ Germany ​ Italy ​ UK ​ Spain ​ €bn €bn €bn €bn Base case as at 31 March 2022 7.3 0.4 1.3 0.1 Change in pre-tax discount rate Decrease by 1pps 14.9 1.7 2.8 1.0 Increase by 1pps 1.7 (0.7) 0.3 (0.6) Change in long-term growth rate ​ ​ ​ ​ ​ ​ ​ ​ Decrease by 1pps ​ 1.6 ​ (0.6) ​ 0.4 ​ (0.5) Increase by 1pps ​ 15.6 ​ 1.7 ​ 2.8 ​ 0.9 Change in projected adjusted EBITDAaL CAGR 1 Decrease by 5pps (1.4) (1.6) (0.7) (1.1) Increase by 5pps 17.9 2.8 3.8 1.5 ​ Notes: 1 Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the purposes of this disclosure, Italy’s adjusted EBITDAaL for the year ended 31 March 2022 excludes the TIM settlement. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumptions used in value in use calculation ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ ​ % % % % % % Pre-tax discount rate 7.4 ​ 10.5 ​ 9.2 ​ 7.7 ​ 9.9 ​ 6.0 Long-term growth rate 0.5 ​ 0.5 ​ 0.5 ​ 0.5 ​ 1.0 ​ 1.5 Projected adjusted EBITDAaL CAGR 1 1.2 ​ 2.1 ​ 4.9 ​ 0.5 ​ 0.9 ​ 8.4 Projected capital expenditure 2 19.7-21.5 ​ 14.4-15.9 ​ 15.7-17.6 ​ 12.6-15.1 ​ 12.3-15.2 ​ 39.1-56.2 ​ Notes: 1 Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata adjustment has been made to true-up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ ​ pps ​ pps ​ pps ​ pps ​ pps ​ pps Pre-tax discount rate 1.3 0.7 ​ 0.4 ​ 0.7 ​ 0.7 ​ 5.2 Long-term growth rate (1.3) (0.8) ​ (0.5) ​ (0.7) ​ (0.9) ​ (4.9) Projected adjusted EBITDAaL CAGR 1 (4.0) (1.5) ​ (1.5) ​ (1.6) ​ (1.9) ​ (19.3) Projected capital expenditure 2 12.7 3.0 ​ 1.6 ​ 2.8 ​ 1.9 ​ 162.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable amount less carrying value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vantage Towers ​ ​ Germany ​ Italy ​ Spain ​ Ireland ​ Romania ​ Germany ​ €bn €bn €bn €bn €bn ​ €bn Base case as at 31 March 2021 7.4 0.6 0.3 0.1 0.1 ​ 3.5 Change in projected adjusted EBITDAaL CAGR 1 ​ ​ Decrease by 5pps (1.6) (1.3) (0.6) (0.2) (0.1) ​ 2.4 Increase by 5pps 18.2 2.9 1.4 0.5 0.3 ​ 5.0 Change in long-term growth rate ​ Decrease by 1pps 1.5 (0.1) (0.3) – – ​ 2.2 Increase by 1pps 16.0 1.6 1.0 0.3 0.2 ​ 6.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ UK Portugal Czech Republic Hungary ​ ​ pps ​ pps ​ pps ​ pps Pre-tax discount rate 0.8 0.9 1.2 0.3 Long-term growth rate (0.8) (1.0) (1.3) (0.4) Projected adjusted EBITDAaL CAGR 1 (1.7) (2.2) (3.0) (0.7) Projected capital expenditure 2 2.5 3.7 7.5 1.5 ​ Notes: 1 Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata adjustment has been made to true up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing .

Investment income and financi_2

Investment income and financing costs (Tables)	12 Months Ended
	Mar. 31, 2023
Investment income and financing costs
Schedule of investment income and financing costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Investment income Financial assets measured at amortised cost 212 249 221 Financial assets measured at fair value through profit and loss 36 5 24 ​ 248 254 245 Financing costs Financial liabilities measured at amortised cost ​ ​ Bonds ​ 1,711 ​ 1,546 ​ 1,722 Lease liabilities ​ 436 ​ 398 ​ 374 Bank loans and other liabilities 2 430 469 463 Interest on derivatives (561) (428) (485) Mark-to-market on derivatives (423) (341) (1,070) Financial assets measured at fair value through profit and loss ​ – ​ 36 ​ – Foreign exchange 135 284 23 ​ 1,728 1,964 1,027 Net financing costs 1,480 1,710 782 ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2021, investment income has decreased by € 85 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31 March 2022. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Interest capitalised for the year ended 31 March 2023 was € 5 million (2022: €17 million, 2021: €17 million).

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Mar. 31, 2023
Taxation
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Income tax expense ​ €m ​ €m ​ €m United Kingdom corporation tax expense: Current year 4 22 24 Adjustments in respect of prior years 4 17 3 ​ 8 39 27 Overseas current tax expense/(credit): ​ ​ ​ Current year 924 993 872 Adjustments in respect of prior years (26) 81 (30) ​ 898 1,074 842 Total current tax expense 906 1,113 869 Deferred tax on origination and reversal of temporary differences: ​ ​ ​ United Kingdom deferred tax (71) (791) (94) Overseas deferred tax (354) 1,008 3,089 Total deferred tax (credit)/expense (425) 217 2,995 Total income tax expense 481 1,330 3,864 ​
Schedule of tax charged/(credited) directly to other comprehensive income	Tax charged/(credited) directly to other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Current tax 3 – (17) Deferred tax 304 648 (1,009) Total tax charged/(credited) directly to other comprehensive income 307 648 (1,026) ​
Schedule of tax charged/(credited) directly to equity	Tax charged/(credited) directly to equity ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Deferred tax 6 – (2) Total tax charged/(credited) directly to equity 6 – (2) ​ ​
Schedule of factors affecting the tax expense for the year	The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Continuing profit before tax as shown in the consolidated income statement 12,816 4,103 4,347 ​ ​ ​ ​ ​ ​ ​ Aggregated expected income tax expense 3,848 1,231 1,111 Impairment loss with no tax effect 18 – – Disposal of Group investments 2 (2,918) (8) (332) Effect of taxation of associates and joint ventures, reported within profit before tax (125) (111) 69 Deferred tax (credit)/charge following revaluation of investments in Luxembourg (393) 1,455 ​ 2,120 Previously unrecognised temporary differences we expect to use in the future, including in Luxembourg (16) (708) (45) Previously recognised temporary differences and losses we no longer expect to use in the future – 74 ​ 699 Current year temporary differences (including losses) that we currently do not expect to use 207 116 170 Adjustments in respect of prior year tax liabilities (35) 13 (10) Impact of tax credits and irrecoverable taxes 80 74 90 Deferred tax on overseas earnings (6) 2 – Effect of current year changes in statutory tax rates on deferred tax balances 3 35 (667) (45) Financing costs not (taxable)/deductible for tax purposes ​ (27) ​ 46 ​ (62) Revaluation of assets for tax purposes in Turkey and Italy 4 ​ (338) ​ (357) ​ – Expenses not deductible for tax purposes 151 170 99 Income tax expense 481 1,330 3,864 ​ Notes: 1 Amounts for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 7 ‘Discontinued operations and assets held for sale’ for more information . 2 2023 relates to the change in consolidation status of Vantage Towers and the tax exempt disposals of Vodafone Hungary and Vodafone Ghana. 2021 includes the tax exempt gains relating to the TPG Telecom Limited merger in Australia and Indus Towers Limited in India. 3 2022 includes the increase in future UK tax rate to 25% . 4 2023 relates to a step of assets for tax purposes in Turkey. 2022 relates to step up of assets for tax purposes in Italy and Turkey. ​
Schedule of analysis of movements in net deferred tax	​ ​ ​ ​ ​ €m 1 April 2022 18,569 Foreign exchange movements (59) Credited the income statement 425 Charged directly to OCI (304) Charged directly to equity (6) Impact of hyperinflation accounting (191) Arising on acquisitions and disposals 111 31 March 2023 1 18,545 ​ ​
Schedule of other information related to deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Net ​ ​ credited/ ​ ​ ​ ​ ​ ​ ​ recognised ​ ​ (expensed) ​ Gross ​ Gross ​ Less ​ deferred tax ​ ​ in income ​ deferred ​ deferred tax ​ amounts ​ asset/ ​ ​ statement ​ tax asset ​ liability ​ unrecognised ​ (liability) ​ ​ €m ​ €m ​ €m ​ €m ​ €m Accelerated tax depreciation 136 2,761 (1,426) (47) 1,288 Intangible assets 324 630 (1,495) 15 (850) Tax losses (78) 28,035 – (9,540) 18,495 Treasury related items 2 623 (717) (588) (682) Temporary differences relating to revenue recognition ​ (40) ​ 19 ​ (705) ​ – ​ (686) Temporary differences relating to leases 216 1,482 (1,054) (30) 398 Other temporary differences ​ (135) ​ 938 ​ (296) ​ (60) ​ 582 31 March 2023 1 425 34,488 (5,693) (10,250) 18,545 ​ Analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 19,316 Deferred tax liability (771) 31 March 2023 1 18,545 ​ At 31 March 2022, deferred tax assets and liabilities, before offset of balances within countries, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Net ​ ​ credited/ ​ ​ ​ ​ ​ ​ ​ recognised ​ ​ (expensed) ​ Gross ​ Gross ​ Less ​ deferred tax ​ ​ in income ​ deferred ​ deferred tax ​ amounts ​ asset/ ​ ​ statement ​ tax asset ​ liability ​ unrecognised ​ (liability) ​ ​ €m ​ €m ​ €m ​ €m ​ €m Accelerated tax depreciation 672 2,589 (1,361) (58) 1,170 Intangible assets 643 666 (1,801) 11 (1,124) Tax losses (1,450) 28,977 – (10,341) 18,636 Treasury related items (90) 616 (372) (562) (318) Temporary differences relating to revenue recognition ​ (9) ​ 3 ​ (666) ​ – ​ (663) Temporary differences relating to leases (3) 1,754 (1,577) – 177 Other temporary differences ​ 20 ​ 1,148 ​ (379) ​ (78) ​ 691 31 March 2022 1 (217) 35,753 (6,156) (11,028) 18,569 ​ At 31 March 2022, analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 19,089 Deferred tax liability (520) 31 March 2022 1 18,569 ​ Note: 1 The Group does not discount deferred tax assets. This is in accordance with IAS 12.
Schedule of carry forward of losses and expiration period	As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the amount ultimately paid may differ materially from the amount accrued and could therefore affect the Group’s overall profitability and cash flows in future periods. See Note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements. The tables below present the gross amount and expiry dates of losses available for carry forward for the year ended 31 March 2023 and the comparative year ended 31 March 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ ​ ​ 5 years ​ 6 years ​ Unlimited ​ Total 31 March 2023 ​ €m ​ €m ​ €m ​ €m Losses for which a deferred tax asset is recognised 15 ​ 59 ​ 78,967 ​ 79,041 Losses for which no deferred tax is recognised 306 ​ 15,649 ​ 18,321 ​ 34,276 ​ 321 ​ 15,708 ​ 97,288 ​ 113,317 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ ​ ​ 5 years ​ 6 years ​ Unlimited ​ Total 31 March 2022 ​ €m ​ €m ​ €m ​ €m Losses for which a deferred tax asset is recognised 19 ​ 259 ​ 79,848 ​ 80,126 Losses for which no deferred tax is recognised 334 ​ 13,162 ​ 23,928 ​ 37,424 ​ 353 ​ 13,421 ​ 103,776 ​ 117,550 ​

Discontinued operations and a_2

Discontinued operations and assets held for sale (Tables)	12 Months Ended
	Mar. 31, 2023
Discontinued operations and assets held for sale
Schedule of net assets and liabilities held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As previously ​ Impact of ​ ​ ​ ​ presented ​ reclassification ​ Re-presented ​ ​ 2022 ​ 2022 ​ 2022 ​ €m €m €m Non-current assets Investments in associates and joint ventures ​ 4,268 ​ 1,055 ​ 5,323 Assets held for sale 959 (959) – ​ ​ ​ ​ ​ ​ ​ Total assets 153,953 96 154,049 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Accumulated losses (122,118) 96 (122,022) ​ ​ ​ ​ ​ ​ ​ Total equity and liabilities 153,953 96 154,049

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Mar. 31, 2023
Earnings per share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ Weighted average number of shares for basic earnings per share 27,680 29,012 29,592 Effect of dilutive potential shares: restricted shares and share options 95 ​ 97 91 Weighted average number of shares for diluted earnings per share 27,775 29,109 29,683 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ ​ 2022 ​ 2021 ​ ​ ​ €m ​ ​ €m ​ €m ​ Profit for earnings per share from continuing operations attributable to owners 11,838 ​ 2,237 59 Profit for basic and diluted earnings per share 11,838 ​ 2,237 59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2023 ​ ​ 2022 ​ 2021 ​ ​ eurocents ​ eurocents eurocents Basic earnings per share from continuing operations 42.77 c ​ 7.71 c 0.20 c Basic earnings per share ​ 42.77 c ​ 7.71 c 0.20 c ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2023 ​ ​ 2022 ​ 2021 ​ ​ ​ eurocents ​ ​ eurocents ​ eurocents ​ Diluted earnings per share from continuing operations ​ 42.62 c ​ 7.68 c 0.20 c Diluted earnings per share ​ 42.62 c ​ 7.68 c 0.20 c ​ Note: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, profit for basic and diluted earnings per share has increased by €149 million (2021: €53 million decrease) compared to the amount previously reported. Consequently, basic earnings per share increased by 0.51 eurocents (2021: 0.18 eurocents decrease) and diluted earnings per share increased by 0.51 eurocents (2021: 0.18 eurocents decrease) compared to amounts previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information .

Equity dividends (Tables)

Equity dividends (Tables)	12 Months Ended
	Mar. 31, 2023
Equity dividends.
Schedule of dividends declared and proposed	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Declared during the financial year Final dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share) 1,265 1,254 1,205 Interim dividend for the year ended 31 March 2023: 4.50 eurocents per share (2022: 4.50 eurocents per share, 2021: 4.50 eurocents per share) ​ 1,237 ​ 1,229 ​ 1,207 ​ ​ 2,502 ​ 2,483 ​ 2,412 Proposed after the end of the year and not recognised as a liability ​ ​ ​ ​ ​ ​ Final dividend for the year ended 31 March 2023: 4.50 eurocents per share (2022: 4.50 eurocents per share, 2021: 4.50 eurocents per share) ​ 1,215 ​ 1,265 ​ 1,260

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Mar. 31, 2023
Intangible assets.
Schedule of estimated useful lives of finite lived intangible assets	​ ​ ​ ​ Licence and spectrum fees 3 – 40 years Computer software ​ 3 – 5 years Brands ​ 1 – 30 years Customer bases ​ 2 – 37 years
Schedule of reconciliation of changes in goodwill and intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licence and Computer Customer ​ ​ ​ ​ Goodwill ​ spectrum fees ​ software ​ bases ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Cost ​ ​ 1 April 2021 99,364 33,528 17,833 ​ 12,308 466 163,499 Exchange movements (21) (148) (60) ​ 80 ​ 1 (148) Arising on acquisition (10) – – ​ 54 – 44 Additions – 901 2,727 ​ – 7 3,635 Disposals – (356) (2,823) ​ – (1) (3,180) Other – 1 36 ​ – (10) 27 31 March 2022 99,333 33,926 17,713 ​ 12,442 463 163,877 Adoption of IAS 29 ​ 1,564 ​ 1,099 ​ 408 ​ 110 ​ 87 ​ 3,268 1 April 2022 brought forward ​ 100,897 ​ 35,025 ​ 18,121 ​ 12,552 ​ 550 ​ 167,145 Exchange movements ​ (783) ​ (1,270) ​ (504) ​ (240) ​ (53) ​ (2,850) Disposal of subsidiaries ​ (3,939) ​ (443) ​ (348) ​ (458) ​ (4) ​ (5,192) Additions ​ – ​ 439 ​ 2,804 ​ – ​ 7 ​ 3,250 Disposals ​ – ​ (2) ​ (1,831) ​ – ​ (1) ​ (1,834) Hyperinflation impacts ​ 729 ​ 557 ​ 232 ​ 51 ​ 40 ​ 1,609 31 March 2023 ​ 96,904 ​ 34,306 ​ 18,474 ​ 11,905 ​ 539 ​ 162,128 Accumulated impairment losses and amortisation ​ ​ ​ 1 April 2021 67,633 22,043 12,496 ​ 7,324 454 109,950 Exchange movements (184) (35) (72) ​ 70 1 (220) Amortisation charge for the year ​ – ​ 1,306 ​ 2,225 ​ 509 ​ 4 ​ 4,044 Disposals – (351) (2,821) ​ – (1) (3,173) Other – – 39 ​ – (7) 32 31 March 2022 67,449 22,963 11,867 ​ 7,903 451 110,633 Adoption of IAS 29 ​ 1,564 ​ 829 ​ 390 ​ 110 ​ 87 ​ 2,980 1 April 2022 brought forward ​ 69,013 ​ 23,792 ​ 12,257 ​ 8,013 ​ 538 ​ 113,613 Exchange movements ​ (414) ​ (846) ​ (351) ​ (231) ​ (50) ​ (1,892) Disposal of subsidiaries ​ (39) ​ (147) ​ (180) ​ (80) ​ (2) ​ (448) Amortisation charge for the year ​ – ​ 1,133 ​ 2,343 ​ 554 ​ 1 ​ 4,031 Disposals ​ – ​ (2) ​ (1,814) ​ – ​ (1) ​ (1,817) Hyperinflation impacts ​ 729 ​ 407 ​ 207 ​ 51 ​ 40 ​ 1,434 31 March 2023 ​ 69,289 ​ 24,337 ​ 12,462 ​ 8,307 ​ 526 ​ 114,921 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ 31 March 2022 31,884 10,963 5,846 ​ 4,539 12 53,244 31 March 2023 ​ 27,615 ​ 9,969 ​ 6,012 ​ 3,598 ​ 13 ​ 47,207 ​
Schedule of net book value of significant licenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ Expiry dates ​ €m ​ €m Germany 2025/2033/2040 2,979 3,270 Italy 2029/2037 3,123 3,415 UK 2023/2033/2038/2041 1,055 1,209 Spain ​ 2028/2030/2031/2038/2041 ​ 758 ​ 809 ​

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Mar. 31, 2023
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	​
Schedule of right-of-use assets arising from the group's lease arrangements	Right-of-use assets arising from the Group’s lease arrangements are recorded within property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ €m ​ €m Property, plant and equipment (owned assets) 25,894 28,788 Right-of-use assets 1 12,098 12,016 31 March 37,992 40,804 ​ Note: 1 Additions of €7,387 million (2022: €3,828 million) and a depreciation charge of €3,960 million (2022: €3,944 million) were recorded in respect of right-of-use assets during the year to 31 March 2023.

Investments in associates and_2

Investments in associates and joint arrangements (Tables)	12 Months Ended
	Mar. 31, 2023
Investments in associates and joint arrangements
Schedule of joint operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of ​ Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholdings 1 ​ shareholdings 1 Name of joint operation ​ Principal activity ​ registration ​ 2023 ​ 2022 Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK ​ – 50.0 ​ Note: 1 Effective ownership percentages of Vodafone Group Plc are rounded to the nearest tenth of one percent.
Schedule of joint ventures and associates	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Re-presented 1 ​ ​ €m ​ €m Investments in joint ventures 9,578 3,781 Investments in associates 1,501 1,542 31 March 11,079 5,323 ​ Note: 1 The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, investments in associates have increased by €1,055 million compared to the amount previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information.
Schedule of joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholdings 1 ​ shareholdings 1 Name of joint venture ​ Principal activity ​ registration ​ 2023 ​ 2022 Oak Holdings 1 GmbH ​ Network infrastructure ​ Germany ​ 64.2 ​ – VodafoneZiggo Group Holding B.V. Network operator Netherlands ​ 50.0 50.0 OXG Glasfaser GmbH ​ Fibre infrastructure ​ Germany ​ 50.0 ​ – Vodafone Idea Limited 2 ​ Network operator ​ India ​ 32.3 ​ 47.6 TPG Telecom Limited 3 ​ Network operator ​ Australia ​ 25.1 ​ 25.1 INWIT S.p.A. ​ Network infrastructure ​ Italy ​ – ​ 33.2 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2023 the fair value of the Group’s interest in Vodafone Idea Limited was INR 91 billion ( €1,021 million) (2022: INR 148 billion ( €1,750 million)) based on the quoted share price on the National Stock Exchange of India. 3 At 31 March 2023 the fair value of the Group’s interest in TPG Telecom Limited was AUD 2,273 million ( €1,401 million) (2022: AUD 2,818 million ( €1,902 million)) based on the quoted share price on ASX.
Schedule of aggregated financial information for group's joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from ​ ​ Investment in joint ventures continuing operations 1 ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2021 ​ €m €m €m €m €m Oak Holdings 1 GmbH 8,634 – – – – VodafoneZiggo Group Holding B.V. ​ 793 ​ 822 ​ 137 ​ (19) ​ (232) TPG Telecom Limited ​ 108 ​ 84 ​ 48 ​ (5) ​ 98 INWIT S.p.A. – 2,851 30 27 3 Other 43 24 (15) (14) (15) Total 9,578 3,781 200 (11) (146) ​ Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. ​
Schedule of financial information of each of Group's material equity accounted joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ VodafoneZiggo Group Holding B.V. Vodafone Idea Limited ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 4,063 ​ 4,056 ​ 4,010 5,046 4,450 4,847 Operating expenses ​ (2,124) ​ (2,104) ​ (2,058) ​ (3,280) ​ (2,802) ​ (3,133) Depreciation and amortisation (1,527) ​ (1,592) ​ (1,658) (2,396) (2,390) (2,442) Other income ​ – ​ – ​ 25 ​ – ​ (34) ​ (2,135) Operating profit/(loss) ​ 412 ​ 360 ​ 319 ​ (630) ​ (776) ​ (2,863) Interest income – ​ – ​ – 9 14 32 Interest expense 11 ​ (276) ​ (658) (2,567) (2,297) (2,035) Profit/(loss) before tax ​ 423 ​ 84 ​ (339) ​ (3,188) ​ (3,059) ​ (4,866) Income tax (expense)/credit (150) ​ (121) ​ (125) – 2 – Profit/(loss) from continuing operations 1 273 ​ (37) ​ (464) (3,188) (3,057) (4,866) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPG Telecom Limited ​ INWIT S.p.A. ​ 2023 ​ 2022 ​ 2021 2023 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ Revenue 3,027 ​ 3,375 ​ 3,010 853 785 562 Operating expenses (1,870) ​ (2,292) ​ (2,096) (73) (70) (46) Depreciation and amortisation (700) ​ (914) ​ (769) (508) (513) (398) Operating profit 457 ​ 169 ​ 145 272 202 118 Interest income – ​ – ​ 1 – – – Interest expense (172) ​ (122) ​ (201) (81) (90) (101) Profit/(loss) before tax 285 ​ 47 ​ (55) 191 112 17 Income tax (expense)/credit ​ (25) ​ (27) ​ 495 ​ (1) ​ (30) ​ (7) Profit from continuing operations 1 260 ​ 20 ​ 440 190 82 ​ 10 ​ Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Holdings 1 ​ ​ ​ GmbH 1 ​ VodafoneZiggo Group Holding B.V. ​ ​ 2023 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Statement of financial position Non-current assets 23,878 16,570 16,521 Current assets 749 719 739 Total assets 24,627 17,289 17,260 Equity shareholders’ funds 13,450 1,586 1,643 Non-controlling interests ​ 1,262 ​ – ​ – Non-current liabilities 6,709 13,299 13,187 Current liabilities 3,206 2,404 2,430 Cash and cash equivalents within current assets 224 20 190 Non-current liabilities excluding trade and other payables and provisions 6,215 13,138 13,007 Current liabilities excluding trade and other payables and provisions 2,409 1,247 1,282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited 2 TPG Telecom Limited ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position Non-current assets 18,162 17,267 9,823 10,638 Current assets 2,174 2,693 1,009 898 Total assets 20,336 19,960 10,832 11,536 Equity shareholders’ (deficit)/funds (10,760) (10,214) 3,019 3,129 Non-current liabilities 24,730 23,266 6,702 7,227 Current liabilities 6,366 6,908 1,111 1,180 Cash and cash equivalents within current assets 96 365 290 435 Non-current liabilities excluding trade and other payables and provisions 24,707 23,241 6,595 7,173 Current liabilities excluding trade and other payables and provisions 2,699 3,334 86 121 ​ ​ ​ ​ ​ INWIT S.p.A. ​ ​ 2022 ​ ​ €m Statement of financial position Non-current assets 14,532 Current assets 270 Total assets 14,802 Equity shareholders’ funds 8,595 Non-current liabilities 5,672 Current liabilities 535 Cash and cash equivalents within current assets 96 Non-current liabilities excluding trade and other payables and provisions 5,420 Current liabilities excluding trade and other payables and provisions 319 ​ Notes: 1 Includes balances which are provisional based on finalisation of the purchase price allocation. 2 Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 ‘Contingent liabilities and legal proceedings’.
Reconciliation of summarised financial information present to the carrying amount of our interest in joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Holdings 1 ​ ​ ​ ​ GmbH ​ VodafoneZiggo Group Holding B.V. ​ 2023 2023 2022 2021 ​ ​ €m ​ €m ​ €m ​ €m Equity shareholders’ funds 13,450 1,586 1,643 ​ Interest in joint ventures 1 8,634 793 822 ​ Carrying value ​ 8,634 ​ 793 ​ 822 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit/(loss) from continuing operations ​ – ​ 273 ​ (37) ​ (464) Share of profit/(loss) 1 – 137 (19) (232) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited ​ TPG Telecom Limited ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ €m €m €m €m €m €m Equity shareholders’ (deficit)/funds (10,760) (10,214) ​ 3,019 3,129 ​ Interest in joint ventures 1 (3,475) ​ (4,863) ​ ​ 56 ​ 27 ​ ​ Impairment (242) ​ (257) ​ ​ – ​ – ​ ​ Goodwill – ​ – ​ ​ 52 ​ 57 ​ ​ Investment proportion not recognised 3,717 ​ 5,120 ​ ​ – ​ – ​ ​ Carrying value – – ​ 108 84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/profit from continuing operations (3,188) ​ (3,057) ​ (4,866) 260 ​ 20 ​ 440 Share of (loss)/profit 1 ​ (1,030) ​ (1,357) ​ (2,160) ​ 48 ​ (5) ​ 98 Share of loss not recognised 1,030 ​ 1,357 ​ 2,160 – ​ – ​ – Share of profit/(loss) 1 – ​ – ​ – 48 ​ (5) ​ 98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Equity shareholders’ funds — 8,595 8,801 Interest in joint ventures — 2,851 2,920 Carrying value — 2,851 2,920 ​ ​ ​ ​ ​ ​ ​ Profit from continuing operations 190 82 10 Share of profit 63 27 3 Share of profit not recognised as held for sale (33) — — Share of profit 30 27 3 ​ Note: 1 The Group’s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and TPG Telecom Limited are 64.2% , 50.0% , 32.3% and 25.1% , respectively, rounded to the nearest tenth of one percent. ​
Schedule of associates	Unless otherwise stated, the Company’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholding 1 shareholding 1 Name of associate ​ Principal activity ​ registration ​ 2023 2022 Safaricom PLC 2 ​ Network operator ​ Kenya ​ 39.9 ​ 40.0 Indus Towers Limited 3 Network infrastructure India 21.0 ​ 21.0 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2023, the fair value of the Group’s interest in Safaricom PLC was KES 290 billion ( €2,012 million) (2022: KES 546 billion ( €4,270 million)) based on the closing quoted share price on the Nairobi Stock Exchange. The Group also holds two non-voting shares. 3 At 31 March 2023, the fair value of the Group’s interest in Indus Towers Limited was INR 81 billion ( €908 million) (2022: INR 126 billion ( €1,494 million)) based on the closing quoted share price on the National Stock Exchange of India.
Schedule of aggregated financial information for group's associates	The table below provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the income statement and consolidated statement of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ Profit/(loss) from continuing operations ​ ​ ​ ​ Re-presented 1 ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Safaricom PLC 2 ​ 509 ​ 428 ​ 195 ​ 217 ​ 217 Indus Towers Limited ​ 908 ​ 1,055 ​ 50 ​ 178 ​ 306 Other 2 ​ 84 ​ 59 ​ (12) ​ 5 ​ (3) Total 1,501 1,542 233 ​ 400 520 ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, investments in associates has increased by €1,055 million and profit from continuing operations has increased by €178 million (2021: €32 million) compared to the amounts previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Other comprehensive income includes profit from continuing operations, together with €127 million in respect of the application of IAS 29 to Safaricom’s operations in Ethiopia. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Safaricom PLC ​ Indus Towers Limited ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 2,468 2,318 2,083 3,343 3,122 2,421 Operating expenses (1,353) (1,164) (1,030) (2,240) (1,480) (1,247) Depreciation and amortisation (432) (309) (299) (588) (598) (477) Other income 68 – – – – 412 Operating profit 751 845 754 515 1,044 1,109 Interest income 13 9 12 26 – 61 Interest expense (69) (59) (27) (200) (140) (194) Profit before tax 695 795 739 341 904 976 Income tax expense (285) (270) (197) (102) (272) (168) Profit from continuing operations and total comprehensive income ​ 410 ​ 525 ​ 542 ​ 239 ​ 632 ​ 808 Attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - Owners of the parent ​ 489 ​ 542 ​ 542 ​ 239 ​ 632 ​ 808 - Non-controlling interests (79) (17) – – – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of financial position Non-current assets 3,007 2,173 5,243 5,359 Current assets 436 510 1,081 1,685 Total assets 3,443 2,683 6,324 7,044 Equity shareholders' funds 1,269 1,066 3,453 3,774 Non-controlling interests ​ 532 ​ 312 ​ ​ ​ – ​ – ​ ​ Non-current liabilities 753 558 1,954 2,101 Current liabilities 889 747 917 1,169 Cash and cash equivalents within current assets 127 241 3 278 Non-current liabilities excluding trade and other payables and provisions 500 465 1,665 1,795 Current liabilities excluding trade and other payables and provisions 322 241 491 638 ​ The reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Safaricom PLC ​ Indus Towers Limited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Equity shareholders' funds 1,269 1,066 3,453 3,774 Interest in associates 2 507 425 727 794 Goodwill 2 3 181 261 Carrying value 509 428 908 1,055 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit from continuing operations 489 542 542 239 632 808 Share of profit 195 217 217 50 178 306 ​ Notes: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, the carrying value of the Group’s interest in the associate has increased by €1,055 million and the Group’s share of profit has increased by €178 million (2021: €32 million) compared to the amounts previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The Group’s effective ownership percentages of Safaricom PLC and Indus Towers Limited are 39.9% and 21.0% , respectively, rounded to the nearest tenth of one percent.

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Mar. 31, 2023
Other investments.
Schedule of other investments Included within non-current assets	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Included within non-current assets Equity securities 1 94 143 Debt securities 2 999 930 ​ 1,093 1,073
Schedule of current other investments Included within current assets	​ ​ ​ ​ ​ ​ Included within current assets Short-term investments: Bonds and debt securities 3 1,338 1,446 Managed investment funds 1 2,967 3,349 ​ ​ 4,305 ​ 4,795 Collateral assets 4 ​ 239 ​ 698 Other investments 5 2,473 2,438 ​ 7,017 7,931 ​ Notes: 1 Items measured at a fair value, € 47 million (2022: € 91 million) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Items are measured at amortised cost and have a fair value of € 803 million (2022: € 830 million) with a valuation basis of level 1 classification. 3 Items are measured at fair value and the valuation basis is level 1 classification. 4 Items are measured at amortised cost and the carrying amount approximates fair value. 5 Includes investments measured at a fair value of € 1,409 million (2022: €1,460 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value.

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Mar. 31, 2023
Trade and other receivables
Schedule of trade and other receivables	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Included within non-current assets Trade receivables 51 34 Trade receivables held at fair value through other comprehensive income 337 606 Net investment in leases ​ 267 ​ 134 Contract assets ​ 494 ​ 495 Contract-related costs ​ 690 ​ 630 Other receivables 66 37 Prepayments 296 231 Derivative financial instruments 1 5,642 4,216 ​ 7,843 6,383 Included within current assets ​ ​ Trade receivables ​ 3,277 ​ 3,300 Trade receivables held at fair value through other comprehensive income 566 802 Net investment in leases ​ 106 ​ 66 Contract assets 3,063 3,056 Contract-related costs 1,471 1,403 Amounts owed by associates and joint ventures ​ 175 ​ 241 Other receivables 730 869 Prepayments 835 872 Derivative financial instruments 1 482 410 ​ 10,705 11,019 ​ Note: 1 Includes €198 million (2022: €3 million) of embedded derivative option for which fair value is based on level 3 of the fair value hierarchy (see section on fair value carrying value information within note 22 ‘Capital and Risk Management’). All other items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Mar. 31, 2023
Trade and other payables
Schedule of trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Included within non-current liabilities Other payables 520 452 Accruals 48 28 Contract liabilities 500 530 Derivative financial instruments 1 1,116 1,506 ​ 2,184 2,516 Included within current liabilities ​ ​ ​ ​ Trade payables 7,662 7,327 Amounts owed to associates and joint ventures 329 40 Other taxes and social security payable 1,013 1,114 Other payables 2,080 2,032 Accruals 2 4,814 6,991 Contract liabilities 2,043 1,991 Derivative financial instruments 1 306 166 ​ 18,247 19,661 ​ Notes: 1 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Includes € nil (2022: € 1,434 million) payable in relation to the irrevocable and non-discretionary share buyback programmes.

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Mar. 31, 2023
Provisions
Schedule of Provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 2021 1,222 528 426 463 2,639 Exchange movements 3 (25) (4) 5 (21) Amounts capitalised in the year 297 – – – 297 Amounts charged to the income statement – 216 216 139 571 Utilised in the year − payments (51) (128) (295) (197) (671) Amounts released to the income statement (1) (142) (41) (83) (267) 31 March 2022 1,470 449 302 327 2,548 Exchange movements ​ (22) ​ (28) ​ – ​ (2) ​ (52) Disposal of subsidiaries ​ (578) ​ (8) ​ (2) ​ (2) ​ (590) Amounts capitalised in the year 185 – – – 185 Amounts charged to the income statement – 138 425 126 689 Utilised in the year − payments (59) (44) (181) (123) (407) Amounts released to the income statement (1) (77) (36) (48) (162) Other 35 – – – 35 31 March 2023 1,030 430 508 278 2,246 ​ ​
Schedule of Provisions analysed between current and non-current	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m Current liabilities 61 193 298 122 674 Non-current liabilities 969 237 210 156 1,572 31 March 2023 1,030 430 508 278 2,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m Current liabilities 43 235 241 148 667 Non-current liabilities 1,427 214 61 179 1,881 31 March 2022 1,470 449 302 327 2,548

Called up share capital (Tables

Called up share capital (Tables)	12 Months Ended
	Mar. 31, 2023
Called up share capital
Schedule of called up share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ ​ Number ​ €m ​ Number ​ €m Ordinary shares of 20 20 ⁄ 21 US cents each allotted, issued and fully paid: 1,2,3 1 April 28,817,627,868 4,797 28,816,835,778 4,797 Allotted during the year 628,190 – 792,090 – 31 March 28,818,256,058 4,797 28,817,627,868 4,797 ​ Notes: 1 At 31 March 2023, there were 50,000 (2022: 50,000 ) 7% cumulative fixed rate shares of £1 each in issue. 2 At 31 March 2023, the Group held 1,825,691,429 (2022: 447,576,522 ) treasury shares with a nominal value of €304 million (2022: €75 million). The market value of shares held was €1,855 million (2022: €661 million). During the year, 85,844,124 (2022: 68,306,442 ) treasury shares were reissued under Group share schemes and 1,463,959,031 (2022: 1,441,870,348 ) shares were repurchased under share buy-back arrangements. 3 During the year ended 31 March 2022, 1,518,629,693 treasury shares were issued in settlement of a maturing £1.72 billion subordinated mandatory convertible bond.

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	12 Months Ended
	Mar. 31, 2023
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Notes ​ €m ​ €m ​ €m Profit for the financial year 12,335 2,773 483 Investment income 5 (248) (254) (245) Financing costs 5 1,728 1,964 1,027 Income tax expense 6 481 1,330 3,864 Operating profit 14,296 5,813 5,129 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 73 173 146 Depreciation and amortisation 10, 11 13,618 13,845 14,101 Loss on disposal of property, plant and equipment and intangible assets ​ 27 30 17 Share of result of equity accounted associates and joint ventures 12 (433) (389) (374) Impairment loss 4 64 – – Other income 3 (9,098) (50) (568) Increase in inventory ​ (180) (162) (68) (Increase)/decrease in trade and other receivables 14 (458) (638) 582 Increase/(decrease) in trade and other payables 15 1,379 384 (730) Cash generated by operations 19,288 19,006 18,235 Net tax paid (1,234) (925) (1,020) Net cash flow from operating activities 18,054 18,081 17,215 ​ Note: 1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, profit for the financial year and operating profit have both increased by €149 million, other income has decreased by €29 million and the share of result of equity accounted associates and joint ventures has increased by €178 million compared to the amounts previously reported. In the year ended 31 March 2021, profit for the financial year has decreased by €53 million, investment income has decreased by €85 million, operating profit has increased by €32 million and the share of result of equity accounted associates and joint ventures has increased by €32 million compared to the amounts previously reported. There is no impact on cash generated by operations and net cash flow from operating activities. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Mar. 31, 2023
Cash and cash equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Cash and bank deposits 1 3,924 2,220 Money market funds 2 7,781 5,276 Cash and cash equivalents as presented in the consolidated statement of financial position 11,705 7,496 Bank overdrafts (77) (125) Cash and cash equivalents as presented in the consolidated statement of cash flows 11,628 7,371 ​ Note: 1 Includes bank deposits under repurchase agreements of €1,750 million (2022: € nil ). 2 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2023
Leases
Schedule of maturity profile of the Group's lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ €m ​ €m Within one year ​ 3,452 3,130 In more than one year but less than two years ​ 2,574 2,189 In more than two years but less than three years ​ 2,200 1,759 In more than three years but less than four years ​ 1,981 1,579 In more than four years but less than five years ​ 1,810 1,387 In more than five years ​ 3,240 4,242 ​ ​ 15,257 14,286 Effect of discounting ​ (1,893) (1,747) Lease liability - as disclosed in note 21 'Borrowings' ​ 13,364 12,539
Schedule of the Group's income as a lessor	​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ €m €m Operating leases ​ ​ Lease revenue (note 2 'Revenue disaggregation and segmental analysis') ​ 751 758 Income from leases not recognised as revenue ​ 47 45
Schedule of committed amounts to be received from the Group's operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Within one In one to two In two to In three to four In four to five In more than ​ ​ year ​ years ​ three years ​ years ​ years ​ five years ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Committed operating lease payments due to the Group as a lessor ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2023 ​ 304 ​ 128 ​ 36 ​ 16 ​ 7 ​ 4 ​ 495 31 March 2022 ​ 513 ​ 250 ​ 161 ​ 128 ​ 114 ​ 343 ​ 1,509
Schedule of maturity profile of Group's net investment in leases	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ €m ​ €m Within one year 111 72 In more than one year but less than two years 88 55 In more than two years but less than three years 67 36 In more than three years but less than four years 54 25 In more than four years but less than five years 47 11 In more than five years 39 9 ​ 406 208 Unearned finance income (33) (8) Net investment in leases - as disclosed in note 14 ‘Trade and other receivables’ 373 200

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Mar. 31, 2023
Borrowings
Schedule of Total borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Non-current borrowings ​ ​ ​ Bonds ​ 39,512 46,156 Bank loans 487 ​ 629 Lease liabilities (note 20) ​ 10,318 9,810 Other borrowings 1 ​ 1,352 ​ 1,536 ​ ​ 51,669 ​ 58,131 Current borrowings ​ ​ ​ ​ Bonds 4,604 1,875 Bank loans 308 688 Lease liabilities (note 20) 3,046 2,729 Collateral liabilities ​ 4,886 ​ 2,914 Bank borrowings secured against Indian assets ​ 1,485 1,382 Other borrowings 1 392 2,373 ​ 14,721 ​ 11,961 Borrowings ​ 66,390 70,092 ​ Note: 1 Includes € 1,140 million (2022: € 1,273 million) and € 196 million (2022: € 2,165 million) of licence and spectrum fees payable in non-current and current borrowings respectively.

Capital and financial risk ma_2

Capital and financial risk management (Tables)	12 Months Ended
	Mar. 31, 2023
Fair value of financial instruments
Schedule of capital management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ €m €m Borrowings (note 21) 66,390 70,092 Cash and cash equivalents (note 19) (11,705) (7,496) Derivative financial instruments included in trade and other receivables (note 14) (6,124) (4,626) Derivative financial instruments included in trade and other payables (note 15) 1,422 1,672 Short-term investments (note 13) (4,305) (4,795) Collateral assets (note 13) ​ (239) ​ (698) Financial liabilities under put option arrangements ​ 485 ​ 494 Equity 64,483 57,073 Capital 110,407 111,716 ​ Note: 1 The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Capital has increased by €96 million compared to the amount previously reported. See note 7 ‘Discontinued operations and assets held for sale’ for more information.
Schedule of financial instruments exposure to credit risk	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Cash and bank deposits (note 19) 3,924 2,220 Money market funds (note 19) ​ 7,781 ​ 5,276 Managed investment funds (note 13) 2,967 3,349 Bonds and debt securities (note 13) 2,337 2,376 Collateral assets (note 13) ​ 239 ​ 698 Other investments (note 13) ​ 2,473 ​ 2,438 Derivative financial instruments (note 14) 6,124 4,626 Trade receivables (note 14) 1 6,158 6,083 Contract assets and other receivables (note 14) 4,353 4,457 Performance bonds and other guarantees (note 29) 3,381 2,866 ​ 39,737 34,389 ​ Note: 1 Includes amounts guaranteed under sales of trade receivables €1,927 million (2022: €1,341 million).
Schedule of cash collateral, which is reported within short-term borrowings, held by Group	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Collateral liabilities 4,886 2,914
Schedule of movements in the allowance for expected credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables held ​ ​ ​ ​ ​ ​ Trade receivables held ​ at fair value through ​ ​ Contract assets ​ at amortised cost ​ other comprehensive income ​ 2023 2022 2023 2022 2023 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 83 101 1,342 1,480 108 57 Exchange movements (3) 1 (72) (70) 1 – Amounts charged to credit losses on financial assets 138 114 449 394 19 53 Other 1 (140) (133) (570) (462) (57) (2) 31 March 78 83 1,149 1,342 71 108 ​ Note: 1 Primarily utilisation of the provision by way of write-off.
Schedule of ageing of receivables that are past due	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31-60 ​ 61-180 ​ 180 ​ ​ ​ ​ Due ​ or less ​ days ​ days ​ days+ ​ Total 31 March 2023 €m ​ €m €m €m €m €m Gross carrying amount 2,465 ​ 599 163 329 957 4,513 Expected credit loss allowance (67) ​ (64) (50) (173) (831) (1,185) Net carrying amount 2,398 ​ 535 113 156 126 3,328 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31–60 ​ 61–180 ​ 180 ​ ​ ​ ​ Due ​ or less ​ days ​ days ​ days+ ​ Total 31 March 2022 €m ​ €m €m €m €m €m Gross carrying amount 2,411 ​ 650 182 390 1,043 4,676 Expected credit loss allowance (123) ​ (83) (53) (190) (893) (1,342) Net carrying amount 2,288 ​ 567 129 200 150 3,334 ​ Note: 1 Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other comprehensive income are not materially past due. ​
Schedule of maturity analysis for non-derivative financial liabilities on an undiscounted basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade payables and ​ ​ ​ ​ Bank loans ​ Bonds ​ Lease liabilities ​ Other 2 ​ Total borrowings ​ other financial liabilities 3 ​ Total Maturity profile 1 ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Within one year 308 6,234 3,452 6,764 16,758 15,370 ​ 32,128 In one to two years 235 3,070 2,574 423 6,302 51 ​ 6,353 In two to three years 110 5,725 2,200 259 8,294 – ​ 8,294 In three to four years 18 5,500 1,981 258 7,757 – ​ 7,757 In four to five years 70 2,212 1,810 233 4,325 – ​ 4,325 In more than five years 128 42,325 3,240 599 46,292 – ​ 46,292 ​ 869 65,066 15,257 8,536 89,728 15,421 ​ 105,149 Effect of discount/financing rates (74) (20,950) (1,893) (421) (23,338) (3) ​ (23,341) 31 March 2023 795 44,116 13,364 8,115 66,390 15,418 ​ 81,808 Within one year 700 3,569 3,130 6,823 14,222 16,884 ​ 31,106 In one to two years 33 6,190 2,189 417 8,829 29 ​ 8,858 In two to three years 411 3,786 1,759 207 6,163 – ​ 6,163 In three to four years 2 5,746 1,579 199 7,526 – ​ 7,526 In four to five years 205 6,253 1,387 678 8,523 – ​ 8,523 In more than five years 21 43,514 4,242 136 47,913 – ​ 47,913 ​ 1,372 69,058 14,286 8,460 93,176 16,913 ​ 110,089 Effect of discount/financing rates (55) (21,027) (1,747) (255) (23,084) (1) ​ (23,085) 31 March 2022 1,317 48,031 12,539 8,205 70,092 16,912 ​ 87,004 ​ Notes: 1 Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause. 2 Includes spectrum licence payables with maturity profile €196 million (2022: €2,319 million) within one year, €170 million (2022: €165 million) in one to two years, €199 million (2022: €199 million) in two to three years, €199 million (2022: €199 million) in three to four years, €199 million (2022: €662 million) in four to five years and €587 million (2022: €136 million) in more than five years. Also includes €4,886 million (2022: €2,914 million) in relation to cash received under collateral support agreements shown within 1 year. 3 Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables.
Schedule of maturity analysis for derivative financial liabilities on an undiscounted basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Payable 1 ​ Receivable 1 ​ Total ​ Payable 1 ​ Receivable 1 ​ Total ​ €m €m €m €m €m €m Within one year ​ (17,845) ​ 18,527 ​ 682 ​ (12,671) ​ 13,470 ​ 799 In one to two years ​ (3,534) ​ 4,055 ​ 521 ​ (5,897) ​ 6,399 ​ 502 In two to three years ​ (4,028) ​ 4,441 ​ 413 ​ (2,584) ​ 3,158 ​ 574 In three to four years ​ (2,186) ​ 2,567 ​ 381 ​ (3,373) ​ 3,864 ​ 491 In four to five years ​ (2,265) ​ 2,681 ​ 416 ​ (1,699) ​ 2,139 ​ 440 In more than five years ​ (38,494) ​ 44,586 ​ 6,092 ​ (34,097) ​ 40,129 ​ 6,032 ​ ​ (68,352) ​ 76,857 ​ 8,505 ​ (60,321) ​ 69,159 ​ 8,838 Effect of discount/financing rates ​ ​ ​ (3,803) ​ ​ ​ (5,884) Financial derivative net receivable/(payable) ​ ​ ​ 4,702 ​ ​ ​ 2,954 ​ Note: 1 Payables and receivables are stated separately in the table above as cash settlement is on a gross basis.
Schedule of sensitivity of Group's adjusted operating profit to strengthening major currency	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ €m €m Increase/ (decrease) in Profit before taxation ​ ​ ​ ​ ZAR 12% change (2022: 13%) 87 134 EGP 27% change (2022: 9%) ​ 116 ​ 41 TRY 43% change (2022: 39%) ​ 33 ​ 83 GBP 3% change (2022: 2%) (46) (67) ​
Schedule of carrying values and nominal amounts of derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ Opening ​ (Gain)/ ​ Gain/(Loss) ​ Closing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ balance ​ Loss ​ recycled to ​ balance ​ ​ ​ ​ ​ Euro ​ ​ Nominal ​ value ​ value ​ 1 April ​ deferred to ​ financing ​ 31 March ​ Maturity ​ ​ ​ interest ​ ​ amounts ​ assets ​ liabilities ​ 2022 ​ OCI ​ costs ​ 2023 1 ​ year ​ FX rate ​ rate At 31 March 2023 €m €m €m €m €m €m €m ​ ​ % Cash flow hedges - foreign currency risk 3 Cross-currency and foreign exchange swaps US dollar bonds 17,690 4,456 – (1,484) (2,321) 1,096 (2,709) 2038 1.18 3.14 Australian dollar bonds 288 13 – (5) 31 (47) (21) 2027 1.56 1.57 Swiss franc bonds 624 58 – 20 (43) 20 (3) 2026 1.08 1.26 Pound sterling bonds 4,195 61 152 109 6 (152) (37) 2044 0.86 3.15 Hong Kong dollar bonds 233 22 – 7 (17) 5 (5) 2028 9.08 1.48 Japanese yen bonds 78 3 – 2 (9) (5) (12) 2037 128.53 2.47 Norwegian krona bonds 241 – 34 3 17 (32) (12) 2026 9.15 1.12 Foreign exchange forwards 2 ​ 383 ​ – ​ 34 ​ (69) ​ 34 ​ 1 ​ (34) ​ 2023 ​ 18.92 ​ – Cash flow hedges - foreign currency and interest rate risk 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross currency swaps - US dollar bonds 417 49 – (1) (20) 10 (11) 2023 1.17 1.07 Net investment hedge - foreign exchange risk 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross-currency and foreign exchange swaps - South African rand investment 2,004 96 – 1,133 (181) – ​ 952 2025 18.23 1.83 ​ 26,153 4,758 220 (285) (2,503) 896 (1,892) ​ ​ ​ ​ ​ ​ ​ ​ 22. Capital and financial risk management (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ Opening ​ ​ ​ Gain/(Loss) ​ Closing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ balance ​ (Gain)/Loss ​ recycled to ​ balance ​ ​ ​ ​ ​ Euro ​ ​ Nominal ​ value ​ value ​ 1 April ​ deferred to ​ financing ​ 31 March ​ Maturity ​ ​ ​ interest ​ ​ amounts ​ assets ​ liabilities ​ 2021 ​ OCI ​ costs ​ 2022 1 ​ year ​ FX rate ​ rate At 31 March 2022 €m €m €m €m €m €m €m ​ ​ % Cash flow hedges – foreign currency risk 3 Cross-currency and foreign exchange swaps US dollar bonds 20,995 2,745 10 501 (3,257) 1,272 (1,484) 2036 1.18 2.76 Australian dollar bonds 736 50 – (24) (12) 31 (5) 2024 1.56 0.92 Swiss franc bonds 624 16 1 30 (59) 49 20 2026 1.08 1.26 Pound sterling bonds 3,498 61 145 323 (239) 25 109 2043 0.86 2.97 Hong Kong dollar bonds 233 8 3 13 (18) 12 7 2028 9.08 1.48 Japanese yen bonds 78 – 6 11 (7) (2) 2 2037 128.53 2.47 Norwegian krona bonds 241 – 16 3 (7) 7 3 2026 9.15 1.12 Foreign exchange forwards 2 ​ 244 ​ – ​ 69 ​ – ​ (72) ​ 3 ​ (69) ​ 2022 ​ 12.34 ​ – Cash flow hedges – foreign currency and interest rate risk 3 ​ ​ Cross currency swaps - US dollar bonds 417 24 – 8 (33) 24 (1) 2023 1.17 1.07 Cash flow hedges – interest rate risk 3 Interest rate swaps – Euro loans – – – (1) – 1 – – – – Net investment hedge – foreign exchange risk 5 Cross-currency and foreign exchange swaps – South African rand investment 1,555 – 113 959 174 – ​ 1,133 2022 17.29 0.31 ​ 28,621 2,904 363 1,823 (3,530) 1,422 (285) ​ ​ ​ ​ ​ ​ ​ Notes: 1 Fair value movement deferred into other comprehensive income includes €383 million loss (2022: €1,318 million loss) and €17 million gain (2022: €1 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively. 2 Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of €259 million (2022: €146 million) and $134 million or €124 million equivalent (2022: $109 million or €98 million equivalent) with weighted average exchange rates of 18.36 (2022: 12.45 ) and 20.07 (2022: 10.95 ) respectively to Turkish lira. 3 For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was € nil (2022: € nil ). 4 The carrying value of bonds includes an additional €776 million loss (2022: €760 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships. 5 Hedge ineffectiveness of swaps designated in a net investment hedge during the period was € nil (2022: € nil ).
Summary of changes in assets and liabilities arising from financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and liabilities ​ ​ ​ ​ Derivative assets ​ Financial liabilities ​ ​ ​ arising from ​ ​ Borrowings ​ and liabilities ​ under put options ​ Other liabilities ​ financing activities ​ €m €m €m €m €m 1 April 2022 ​ 70,092 ​ (2,954) ​ 494 ​ 1,498 ​ 69,130 Cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from issuance of long-term borrowings ​ 4,071 ​ – ​ – ​ – ​ 4,071 Repayment of borrowings ​ (13,538) ​ – ​ – ​ – ​ (13,538) Net movement in short-term borrowings ​ 3,172 ​ – ​ – ​ – ​ 3,172 Net movement in derivatives ​ – ​ 261 ​ – ​ – ​ 261 Interest paid ​ (2,444) ​ 590 ​ (18) ​ (79) ​ (1,951) Purchase of treasury shares ​ – ​ – ​ – ​ (1,867) ​ (1,867) Other ​ – ​ – ​ (12) ​ – ​ (12) Non-cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value movements ​ – ​ (1,688) ​ – ​ – ​ (1,688) Foreign exchange ​ (44) ​ (350) ​ – ​ (20) ​ (414) Interest costs ​ 2,657 ​ (561) ​ 21 ​ (113) ​ 2,004 Lease additions ​ 7,652 ​ – ​ – ​ – ​ 7,652 Acquisition and disposal of subsidiaries ​ (5,243) ​ – ​ – ​ – ​ (5,243) Other 1 ​ 15 ​ – ​ – ​ 684 ​ 699 31 March 2023 ​ 66,390 ​ (4,702) ​ 485 ​ 103 ​ 62,276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets and liabilities ​ ​ ​ ​ Derivative assets ​ Financial liabilities ​ ​ ​ arising from ​ ​ Borrowings ​ and liabilities ​ under put options ​ Other liabilities ​ financing activities ​ €m €m €m €m €m 1 April 2021 ​ 67,760 ​ 859 ​ 492 ​ 491 ​ 69,602 Cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from issuance of long-term borrowings ​ 2,548 ​ – ​ – ​ – ​ 2,548 Repayment of borrowings ​ (8,248) ​ – ​ – ​ – ​ (8,248) Net movement in short-term borrowings ​ 3,002 ​ – ​ – ​ – ​ 3,002 Net movement in derivatives ​ – ​ (293) ​ – ​ – ​ (293) Interest paid ​ (2,246) ​ 469 ​ (17) ​ (10) ​ (1,804) Purchase of treasury shares ​ – ​ – ​ – ​ (2,087) ​ (2,087) Non-cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value movements ​ – ​ (2,631) ​ – ​ – ​ (2,631) Foreign exchange ​ 1,386 ​ (930) ​ – ​ (15) ​ 441 Interest costs ​ 2,356 ​ (428) ​ 19 ​ 13 ​ 1,960 Lease additions ​ 3,410 ​ – ​ – ​ – ​ 3,410 Other 1 ​ 124 ​ – ​ – ​ 3,106 ​ 3,230 31 March 2022 ​ 70,092 ​ (2,954) ​ 494 ​ 1,498 ​ 69,130 ​ Note: 1 Movement in Other liabilities primarily relate to share buyback programmes. ​
Schedule of Group's financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable master netting or similar agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related amounts not set off in the balance sheet ​ ​ ​ ​ ​ ​ Amounts ​ Right of set off ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ presented in ​ with derivative ​ Collateral ​ ​ ​ ​ Gross amount ​ Amount set off ​ balance sheet ​ counterparties ​ (liabilities)/assets 1 ​ Net amount At 31 March 2023 €m €m €m €m €m €m Derivative financial assets 6,124 – 6,124 (910) (4,886) 328 Derivative financial liabilities (1,422) – (1,422) 910 239 (273) Total 4,702 – 4,702 – (4,647) 55 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related amounts not set off in the balance sheet ​ ​ ​ ​ ​ ​ Amounts ​ Right of set off ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ presented in ​ with derivative ​ Collateral ​ ​ ​ ​ Gross amount ​ Amount set off ​ balance sheet ​ counterparties ​ (liabilities)/assets 1 ​ Net amount At 31 March 2022 €m €m €m €m €m €m Derivative financial assets 4,626 – 4,626 (1,365) (2,914) 347 Derivative financial liabilities (1,672) – (1,672) 1,365 368 61 Total 2,954 – 2,954 – (2,546) 408 ​ Note: 1 Excludes collateral of € nil (2022: € 330 million) pledged as initial margin, as security against future mark to market movements on certain derivative options, that therefore does not offset against existing mark to market balances as at 31 March.

Directors and key management _2

Directors and key management compensation (Tables)	12 Months Ended
	Mar. 31, 2023
Directors and key management compensation
Schedule of aggregate emoluments of directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 Re-presented 1 ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Short-term remuneration 6 7 7 Long-term incentive schemes 2 3 2 1 ​ 9 9 8 ​ Notes: 1 The prior year comparatives have been re-presented to aggregate previously disclosed salaries and fees and incentive schemes into Short-term remuneration. Additional disclosure is now provided for long-term incentive schemes, increasing total emoluments by €2 million and €1 million for the years ended 31 March 2022 and 31 March 2021, respectively. 2 Relates to share-based payments.
Schedule of aggregate compensation for key management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Short-term employee benefits 25 28 28 Share-based payments 12 8 11 ​ 37 36 39

Employees (Tables)

Employees (Tables)	12 Months Ended
	Mar. 31, 2023
Employees
Schedule of number of employees by activity and segment	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ Employees ​ Employees ​ Employees By activity Operations 15,808 15,404 14,893 Selling and distribution 24,676 25,499 26,874 Customer care and administration 57,619 56,038 54,739 ​ 98,103 96,941 96,506 By segment ​ ​ ​ Germany 15,242 15,256 15,798 Italy 5,733 5,765 5,818 Spain 3,992 4,194 4,257 UK 9,312 9,198 9,584 Other Europe 14,189 15,106 15,460 Vodacom 7,990 7,973 7,810 Other Markets 9,331 9,336 9,498 Vantage Towers 1 ​ 753 ​ 502 ​ – Common Functions 31,561 29,611 28,281 Total 98,103 96,941 96,506
Schedule of cost incurred in respect of employees (including Directors)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Wages and salaries 4,853 4,469 4,238 Social security costs 604 578 549 Other pension costs (note 25 'Post employment benefits') 244 168 235 Share-based payments (note 26 'Shared-based payments') 141 119 135 Total 5,842 5,334 5,157

Post employment benefits (Table

Post employment benefits (Tables)	12 Months Ended
	Mar. 31, 2023
Post employment benefits
Schedule of income statement expense for defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Defined contribution plans 207 197 204 Defined benefit plans 37 (29) 31 Total amount charged to income statement (note 24) 244 168 235
Schedule of actuarial assumptions for defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ % ​ % ​ % Weighted average actuarial assumptions used at 31 March 1 Rate of inflation 2 3.0 3.3 2.9 Rate of increase in salaries 3 3.0 3.1 2.7 Discount rate 4.5 2.5 1.8 ​ Notes: 1 Figures shown represent a weighted average assumption of the individual plans. 2 The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation. 3 Relates only to schemes open to future accrual primarily in Germany, Ireland and India.
Schedule of charges made to consolidated income statement and consolidated statement of comprehensive income on basis of actuarial assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Current service cost 44 38 37 Net past service (credit)/costs 1 – (71) 2 Net interest (income)/charge (7) 4 (8) Total net cost/(credit) included within staff costs 37 (29) 31 Actuarial losses/(gains) recognised in the SOCI 213 (627) 686 ​ Note: 1 No past service credits were recorded in the current financial year. In the prior year, a change in Germany relating to the provision of death and disability benefits effective from 1 April 2021 resulted in a past service credit of €49 million; further net past service credits were recognised in the year ended 31 March 2022 for the Vodafone UK plan relating to the offer of a pension increase exchange to all members at retirement and benefit clarifications.
Schedule of fair value of assets and present value of liabilities under defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net surplus/ ​ ​ Assets ​ Liabilities ​ (deficit) ​ ​ €m ​ €m ​ €m 1 April 2021 7,632 (8,085) (453) Service cost – (38) (38) Past service credit ​ – ​ 71 ​ 71 Interest income/(cost) 140 (144) (4) Return on plan assets excluding interest income 58 – 58 Actuarial gains arising from changes in demographic assumptions ​ – ​ 7 ​ 7 Actuarial gains arising from changes in financial assumptions – 483 483 Actuarial gains arising from experience adjustments – 79 79 Employer cash contributions 60 – 60 Member cash contributions 17 (17) – Benefits paid (241) 241 – Exchange rate movements 52 (45) 7 Other movements (3) 7 4 31 March 2022 7,715 (7,441) 274 Service cost – (44) (44) Interest income/(cost) 185 (178) 7 Return on plan assets excluding interest income (2,475) – (2,475) Actuarial gains arising from changes in demographic assumptions ​ – ​ 186 ​ 186 Actuarial gains arising from changes in financial assumptions – 2,293 2,293 Actuarial losses arising from experience adjustments ​ – ​ (217) ​ (217) Employer cash contributions 42 – 42 Member cash contributions 15 (15) – Benefits paid (216) 216 – Exchange rate movements (211) 224 13 Other movements (8) – (8) 31 March 2023 5,047 (4,976) 71 ​ The table below provides an analysis of the net surplus for the Group as a whole. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Analysis of net surplus: Total fair value of plan assets 5,047 7,715 Present value of funded plan liabilities (4,875) (7,337) Net surplus for funded plans 172 378 Present value of unfunded plan liabilities (101) (104) Net surplus 71 274 Net surplus is analysed as: ​ ​ Assets 1 329 555 Liabilities (258) (281) ​ Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. ​ 25. Post employment benefits (continued) An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CWW Section ​ ​ Vodafone Section ​ ​ 2023 ​ 2022 ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ ​ €m ​ €m Analysis of net surplus: ​ ​ Total fair value of plan assets 1,845 ​ 2,850 1,958 3,399 Present value of plan liabilities (1,657) ​ (2,565) (1,900) (3,166) Net surplus 188 ​ 285 58 233 Net surpluses are analysed as: ​ ​ ​ ​ ​ Assets 188 ​ 285 58 233 Liabilities – ​ – – –
Schedule of fair value of pension assets	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Cash and cash equivalents 27 55 Equity investments: ​ ​ With quoted prices in an active market 140 849 Without quoted prices in an active market 322 359 Debt instruments: ​ ​ With quoted prices in an active market 588 1,334 Without quoted prices in an active market 288 317 Property: ​ ​ With quoted prices in an active market 17 29 Without quoted prices in an active market 438 460 Derivatives: 1 ​ ​ Without quoted prices in an active market 1,791 2,195 Investment fund 782 1,161 Annuity policies ​ ​ ​ ​ With quoted prices in an active market 25 34 Without quoted prices ​ 629 ​ 922 Total 5,047 7,715 ​ Note: 1 Derivatives include collateral held in the form of cash. Assets are valued using ‘level 2’ inputs under IFRS 13 ‘Fair Value Measurement’ principles and classified as unquoted accordingly.
Schedule of sensitivity analysis under defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate of inflation Rate of increase in salaries Discount rate Life expectancy ​ ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 0.5% ​ Increase by 0.5% ​ Decrease by 1 year ​ Increase by 1 year ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m (Decrease)/increase in present value of defined benefit obligation 1 (222) 260 (1) 1 385 (341) (129) 128 ​ 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, 2023
Share-based payments
Schedule of movements in outstanding ordinary share options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary share options ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Millions ​ Millions ​ Millions 1 April ​ 61 ​ 62 ​ 53 Granted during the year ​ 50 ​ 20 ​ 35 Forfeited during the year ​ (2) ​ (2) ​ (1) Exercised during the year ​ (8) ​ (1) ​ – Expired during the year ​ (39) ​ (18) ​ (25) 31 March ​ 62 ​ 61 ​ 62 Weighted average exercise price: ​ ​ ​ ​ 1 April ​ ​ £1.02 ​ ​ £1.07 ​ ​ £1.19 Granted during the year ​ ​ £0.83 ​ ​ £0.95 ​ ​ £1.03 Forfeited during the year ​ ​ £1.02 ​ ​ £1.06 ​ ​ £1.16 Exercised during the year ​ ​ £1.05 ​ ​ £1.17 ​ ​ £1.23 Expired during the year ​ ​ £1.01 ​ ​ £1.10 ​ ​ £1.27 31 March ​ ​ £0.87 ​ ​ £1.02 ​ ​ £1.07 ​
Summary of options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2023 31 March 2022 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ Weighted ​ average ​ ​ ​ Weighted ​ average ​ ​ Outstanding ​ average ​ contractual ​ Outstanding ​ average ​ contractual ​ ​ shares ​ exercise ​ life ​ shares ​ exercise ​ life ​ ​ Millions ​ price ​ Months ​ Millions ​ price ​ Months Vodafone Group Sharesave Plan: ​ ​ £0.78 – £1.78 ​ 62 ​ ​ £0.87 33 61 £1.02 24 ​ ​
Schedule of movements in non-vested shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ ​ ​ 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 270 ​ ​ £1.07 267 ​ ​ £1.20 245 ​ ​ £1.41 Granted 120 ​ ​ £1.17 113 ​ ​ £1.17 108 ​ ​ £0.99 Vested (70) ​ ​ £1.15 (68) ​ ​ £1.44 (56) ​ ​ £1.56 Forfeited (59) ​ ​ £0.89 (42) ​ ​ £1.52 (30) ​ ​ £1.10 31 March 261 ​ ​ £1.14 270 ​ ​ £1.07 267 ​ ​ £1.20 ​

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	12 Months Ended
	Mar. 31, 2023
Disclosure of detailed information about business combination [line items]
Summary of other transactions with non-controlling shareholders in subsidiaries	The aggregate cash consideration in respect of other transactions with non-controlling shareholders in subsidiaries, net of cash acquired, is as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ €m €m Cash consideration (paid)/received Vantage Towers ​ (667) ​ 217 Other (25) (28) ​ (692) 189 ​
Schedule of aggregate cash consideration in respect of purchase or disposal of subsidiaries, net of cash	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ €m ​ €m Cash consideration received ​ ​ ​ ​ Vodafone Hungary ​ 1,606 ​ – Vantage Towers ​ 5,592 ​ – Other disposals during the period ​ 2 ​ – Net cash disposed ​ (224) ​ – ​ ​ 6,976 ​ –
Vodafone Hungary
Disclosure of detailed information about business combination [line items]
Schedule of net assets disposed and the resulting net gain (loss) on disposal	​ ​ ​ ​ ​ ​ €m Goodwill ​ (441) Other intangible assets ​ (521) Property, plant and equipment ​ (516) Inventory ​ (17) Trade and other receivables ​ (206) Cash and cash equivalents ​ (3) Current and deferred taxation ​ 13 Borrowings ​ 106 Trade and other payables ​ 163 Provisions ​ 31 Net assets disposed ​ (1,391) Cash proceeds ​ 1,606 Foreign exchange recycled from Currency reserve on disposal ​ (284) Net loss on disposal 1 ​ (69) ​ Note: 1 Included in other income in the consolidated income statement.
Vantage Towers
Disclosure of detailed information about business combination [line items]
Schedule of net assets disposed and the resulting net gain (loss) on disposal	​ ​ ​ ​ ​ €m Goodwill (3,448) Other intangible assets (294) Property, plant and equipment (4,882) Investments in associates and joint ventures (2,778) Trade and other receivables (292) Cash and cash equivalants (207) Current and deferred taxation 61 Borrowings 4,916 Trade and other payables 658 Provisions 556 Net assets disposed (5,710) Non-controlling interests derecognised 807 Cash proceeds 5,592 Fair value of Investment in Oak Holdings 1 GmbH 8,634 Restriction of gain (note 20) 1 (680) Foreign exchange recycled from Currency reserve on disposal (36) Net gain on disposal 2 8,607 ​ Notes: 1 Related tax of €154 million is included in Income tax expense in the consolidated income statement. 2 Included in other income in the consolidated income statement.

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Mar. 31, 2023
Commitments
Schedule of capital commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company and subsidiaries Share of joint operations Group ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Contracts placed for future capital expenditure not provided in the financial statements 1 3,507 4,388 – 140 3,507 4,527 ​ 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, 2023
Contingent liabilities and legal proceedings
Schedule of contingent liabilities	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ €m €m Performance bonds 1 504 430 Other guarantees 2 2,877 2,436 ​ Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of a US $3.5 billion loan facility (2022: US $3.5 billion loan facility), which forms part of the Group’s overall joint venture investment in TPG Telecom Ltd. The Group’s share of these loan balances is included in the net investment in joint venture (see note 12 ‘Investments in associates and joint arrangements’). Other guarantees also include a secondary pledge of INR 42.5 billion (2022: INR 42.5 billion) over shares owned by Vodafone Group in Indus Towers to the value of €476 million (2022: €504 million). See page 197. Certain ongoing tax litigations include guarantee arrangements, principally €267 million in relation to the Netherlands tax case (refer to legal proceedings section below). ​

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Mar. 31, 2023
Related party transactions
Schedule of transactions with joint arrangements and associates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ €m ​ €m ​ €m Sales of goods and services to associates 20 20 14 Purchase of goods and services from associates 8 10 5 Sales of goods and services to joint arrangements 220 221 203 Purchase of goods and services from joint arrangements 263 298 109 Interest income receivable from joint arrangements 1 ​ 52 ​ 48 ​ 65 Interest expense payable to joint arrangements 1 33 52 56 ​ ​ ​ ​ ​ ​ ​ Trade balances owed: ​ ​ ​ by associates 7 8 – to associates 1 6 – by joint arrangements 170 139 – to joint arrangements 329 34 – Other balances owed by associates ​ – ​ 80 ​ – Other balances owed by joint arrangements 1 980 1,080 – Other balances owed to joint arrangements 2 5,628 1,561 – ​ Notes: 1 Amounts arise primarily through VodafoneZiggo and Oak Holdings 1 GmbH. Interest is paid/received in line with market rates. 2 Amounts are primarily in relation to leases of tower space from Oak Holdings 1 GmbH (2022: INWIT S.p.A.).

Related undertakings (Tables)

Related undertakings (Tables)	12 Months Ended
	Mar. 31, 2023
Related undertakings
Schedule of investment in subsidiaries, associated undertakings and joint arrangements	​ ​ ​ ​ Company name % of share class held Share Class Albania ​ ​ Autostrada Tirane-Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania ​ ​ Vodafone Albania Sh.A 99.94 Ordinary shares Rruga "Ibrahim Rugova", Sky Tower, Kati i 5, Hyrja 2, Tiranë, 1000, Albania ​ ​ _VOIS Albania Shpk. 100.00 Ordinary shares Australia ​ ​ Mills Oakley , Level 7, 151 Clarence Street, Sydney NSW 2000, Australia ​ ​ Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria ​ ​ c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria ​ ​ Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain ​ ​ RSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain ​ ​ Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium ​ ​ Malta House, rue Archimède 25, 1000 Bruxelles, Belgium ​ ​ Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil ​ ​ Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil ​ ​ Cobra do Brasil Serviços de Telemàtica ltda. (in process of dissolution) 70.00 Ordinary shares Av. Paulista, 37 - 4º andar, Sala 427, Bela Vista, CEP, 01311-902, São Paulo, Brazil ​ ​ Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Rua Boa Vista, No. 254, room 1304 (parte), Centro, São Paulo, 01014907, Brazil ​ ​ Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Bulgaria ​ ​ 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria ​ ​ Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Canada ​ ​ c/o ARC Information Services Inc., 3-84 Castlebury Crescent, Toronto ON M2H 1W8, Canada ​ ​ Vodafone Canada Inc. 100.00 Common shares Cayman Islands ​ ​ One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands ​ ​ CGP Investments (Holdings) Limited 100.00 Ordinary shares China ​ ​ Building 21, 11, Kangdin5g St., BDA, Beijing, 100176 - China ​ ​ Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Level 9, Tower 2, China Central Place, Room 941, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China ​ ​ Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. Beijing Branch 2 100.00 Branch Room 1603, 16th Floor, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China ​ ​ Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the ​ ​ 292 Avenue de La Justice, Commune de la Gombe, Kinshasa, The Democratic Republic of the Congo ​ ​ Vodacom Congo (RDC) SA 5 33.20 Ordinary shares Building Commimo II Ground Floor Right, 3157 Boulevard du 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo, The Democratic Republic of the Congo ​ ​ Vodacash S.A 5 33.20 Ordinary shares Cyprus ​ ​ Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus ​ ​ Vodafone Evde Operations Ltd 100.00 Ordinary shares Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic ​ ​ náměstí Junkových 2, Prague 5, 15500, Czech Republic ​ ​ Nadace Vodafone Česká Republika 100.00 Trustee Oskar Mobil s.r.o. 100.00 Ordinary shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - Czech Branch 2 100.00 Branch Praha 4, Závišova 502/5, 14000, Nusle, Czech Republic ​ ​ Vantage Towers 2 s.r.o 100.00 Ordinary shares Závišova Real Estate, s.r.o. 100.00 Ordinary shares Denmark ​ ​ Tuborg Boulevard 12, 2900, Hellerup, Denmark ​ ​ Vodafone Enterprise Denmark A/S 100.00 Ordinary shares Egypt ​ ​ 37 Kasr El Nil St, 4th. Floor, Cairo, Egypt ​ ​ Starnet 5 35.81 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt ​ ​ Sarmady Communications 5 35.82 Ordinary shares Building no. 2109 “VHUB1”, Smart Village, Cairo Alexandria, Egypt ​ ​ Vodafone International Services LLC 5 100.00 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt ​ ​ Vodafone Egypt Telecommunications S.A.E. 5 35.82 Ordinary shares ​ ​ ​ Smart Village C3 Vodafone Building, Egypt ​ ​ Vodafone Data 5 35.81 Ordinary shares Vodafone Building Zahraa EL Maadi, Building A, Service Area D, Maadi, Cairo, Egypt ​ ​ Vodafone For Trading 5 35.78 Ordinary shares Finland ​ ​ c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland ​ ​ Vodafone Enterprise Finland Oy 100.00 Ordinary shares France ​ ​ 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France ​ ​ Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares EuroPlaza Tour, 20, Avenue Andre Prothin, La Défense Cedex - France (149153), 92400, Courbevoie, France ​ ​ Vodafone Automotive France S.A.S 100.00 Ordinary shares Vodafone Enterprise France SAS 100.00 New euro shares Rue Champollion, 22300, Lannion, France ​ ​ Apollo Submarine Cable System Ltd – French Branch 2 100.00 Branch Germany ​ ​ Altes Forsthaus 2, 67661, Kaiserslautern, Germany ​ ​ TKS Telepost Kabel-Service Kaiserslautern GmbH 3 94.01 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany ​ ​ Kabel Deutschland Holding AG 94.01 Ordinary shares Vodafone Customer Care GmbH 3 94.01 Ordinary shares Vodafone Deutschland GmbH 94.01 Ordinary shares ​ 31. Related undertakings (continued) ​ ​ ​ Company name % of share class held Share class Buschurweg 4, 76870 Kandel, Germany ​ ​ Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand-Braun-Platz 1, 40549, Düsseldorf, Germany ​ ​ Vodafone Enterprise Germany GmbH 100.00 Ordinary shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnützige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Vodafone West GmbH 100.00 Ordinary shares Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany ​ ​ KABELCOM Braunschweig Gesellschaft Für Breitbandkabel-Kommunikation Mit Beschränkter Haftung 3 94.01 Ordinary shares Holzmarkt 1, 50676, Köln, North Rhine-Westphalia, Germany ​ ​ Grandcentrix GmbH 100.00 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany ​ ​ "Urbana Teleunion" Rostock GmbH & Co.KG 3 65.80 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany ​ ​ KABELCOM Wolfsburg Gesellschaft für Breitbandkabel-Kommunikation mit beschränkter Haftung 3 94.01 Ordinary shares Greece ​ ​ 12,5 km National Road Athens – Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A 99.87 Ordinary shares 1-3 Tzavella str, 152 31 Halandri, Athens, Greece ​ ​ Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece ​ ​ 360 Connect S.A. 99.87 Ordinary shares Guernsey ​ ​ Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey ​ ​ FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey ​ ​ VBA Holdings Limited 5 65.10 Ordinary shares, Non-voting irredeemable non-cumulative preference shares VBA International Limited 5 65.10 Ordinary shares, Non-voting irredeemable non-cumulative preference shares Hong Kong ​ ​ Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong ​ ​ Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary ​ ​ 40-44 Hungaria Krt., Budapest, H-1087, Hungary ​ ​ VSSB Vodafone Szolgáltató Központ Budapest Zártkörűen Működő Részvénytársaság 100.00 Registered ordinary shares India ​ ​ 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka, 560103, India ​ ​ Cable & Wireless Networks India Private Limited 100.00 Equity shares Cable and Wireless (India) Limited - Branch 2 100.00 Branch Cable and Wireless Global (India) Private Limited 100.00 Equity shares 201 - 206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Mumbai, Maharashtra, Worli, 400018, India ​ ​ Omega Telecom Holdings Private Limited 100.00 Equity shares Vodafone India Services Private Limited 100.00 Equity shares Business Mantri, Tower B, Wing no - B1 & B2, 3rd Floor, S. No. - 197, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India ​ ​ Vodafone Global Services Private Limited 100.00 Equity shares E-47, Bankra Super Market, Bankra, Howrah, West Bengal, 711403, India ​ ​ Usha Martin Telematics Limited 100.00 Equity shares Ireland ​ ​ 2nd Floor, Palmerston House, Fenian Street, DUBLIN 2, Ireland ​ ​ Vodafone International Financing Designated Activity Company 100.00 Ordinary shares 38/39 Fitzwilliam Square West, Dublin 2, D02 NX53, Ireland ​ ​ Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland ​ ​ VF Ireland Property Holdings Limited 100.00 Ordinary euro shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy ​ ​ Piazzale Luigi Cadorna, 4, 20123, Milano, Italy ​ ​ Vodafone Global Enterprise (Italy) S.R.L. 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy ​ ​ Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy ​ ​ Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Vodafone Automotive Telematics Srl 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea (TO), 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 ​ ​ 31. Related undertakings (continued) ​ ​ ​ Company name % of share class held Share Class IVia per Carpi 26/B, 42015, Correggio (RE), Italy ​ ​ VND S.p.A. 100.00 Ordinary shares Japan ​ ​ KAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222-0033, Japan ​ ​ Vodafone Automotive Japan KK 100.00 Ordinary shares Marunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome, level 15 , Chiyoda-ku, Tokyo, Japan ​ ​ Vodafone Enterprise U.K. – Japanese Branch 2 100.00 Branch Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey ​ ​ 44 Esplanade, St Helier, JE4 9WG, Jersey ​ ​ Vodafone International 2 Limited 100.00 Ordinary shares Kenya ​ ​ 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya ​ ​ M-PESA Holding Co. Limited 100.00 Equity shares Vodafone Kenya Limited 5 69.46 Ordinary voting shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya ​ ​ Vodacom Business (Kenya) Limited 5 52.08 Ordinary shares Korea, Republic of ​ ​ ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of ​ ​ Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho ​ ​ 585 Mabile Road, Vodacom Park, Maseru, Lesotho, Lesotho ​ ​ Vodacom Lesotho (Pty) Limited 5 52.08 Ordinary shares VCL Financial Services (Pty) Ltd 5 52.08 Ordinary shares Luxembourg ​ ​ 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg ​ ​ Tomorrow Street GP S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Global Businesses S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary euro shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à r.l. 100.00 Ordinary shares Malaysia ​ ​ Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia ​ ​ Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta ​ ​ Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta ​ ​ Vodafone Holdings Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Vodafone Insurance Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Mauritius ​ ​ 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius, Mauritius ​ ​ Mobile Wallet VM15 65.10 Ordinary shares Mobile Wallet VM25 65.10 Ordinary shares VBA (Mauritius) Limited 5 65.10 Ordinary shares, Redeemable preference shares Vodacom International Limited 5 65.10 Ordinary shares, Non-Cumulative preference shares Fifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity, Ebene, Mauritius ​ ​ Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Mexico ​ ​ Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San José Insurgentes, Alcaldía Benito Juárez, C.P. 03900, Ciudad de México, Mexico ​ ​ Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Mozambique ​ ​ Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique ​ ​ Vodacom Moçambique, SA 5 55.33 Ordinary shares Vodafone M-Pesa, S.A 5 55.33 Ordinary shares Netherlands ​ ​ Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands ​ ​ Vodafone Enterprise Netherlands B.V. 100.00 Ordinary shares Vodafone Europe B.V. 100.00 Ordinary shares Vodafone International Holdings B.V. 100.00 Ordinary shares Vodafone Panafon International Holdings B.V. 99.87 Ordinary shares Zuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands ​ ​ IoT.nxt USA BV 5 42.31 Ordinary shares IOT.NXT B.V. 5 42.31 Ordinary shares IoT.nxt Europe BV 5 42.31 Ordinary shares New Zealand ​ ​ 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand ​ ​ Vodafone Enterprise Hong Kong Limited - New Zealand Branch 2 100.00 Branch Norway ​ ​ c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway ​ ​ Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom ​ ​ Vodafone Limited – Norway Branch 2 100.00 Branch Oman ​ ​ Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman ​ ​ Vodafone Services LLC 100.00 Shares Poland ​ ​ ul. Towarowa 28, 00-839, Warsaw, Poland ​ ​ Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares ​ ​ 31. Related undertakings (continued) ​ ​ ​ ​ % 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 Enterprise Spain, S.L.U. – Portugal Branch 2 100.00 Branch Vodafone Portugal – Comunicacoes Pessoais, S.A. 100.00 Ordinary shares Vodafone Solutions, Unipessoal LDA 100.00 Ordinary shares Romania ​ ​ 1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest, Romania ​ ​ UPC Services S.R.L. (in liquidation) 100.00 Ordinary shares 18 Diligenței Steet, 1st floor, Building C1, Ploiesti, Prahova County, Romania ​ ​ Evotracking SRL 100.00 Ordinary shares 201 Barbu Vacarescu Street, 5th floor, 2nd District, Bucharest, Romania ​ ​ Vodafone External Services SRL 100.00 Ordinary shares Vodafone Foundation 100.00 Sole member 201 Barbu Vacarescu, 4th floor, 2nd District, Bucharest, Romania ​ ​ Vodafone Romania S.A 100.00 Ordinary shares 62 D Nordului Street, District 1, Bucharest, Romania ​ ​ UPC Foundation 100.00 Sole member Oltenitei Street no. 2, City Offices Building, 3rd Floor, Bucharest 4th District, Romania ​ ​ Vodafone România Technologies SRL 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucharest, Romania ​ ​ Vodafone România M – Payments SRL 100.00 Ordinary shares Russian Federation ​ ​ Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation ​ ​ Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Serbia ​ ​ Vladimira Popovića 38-40, New Belgrade, 11070, Serbia ​ ​ Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch 2 100.00 Branch Singapore ​ ​ Asia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore ​ ​ Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia ​ ​ Karadžičova 2, mestská časť Staré mesto, Bratislava, 811 09, Slovakia ​ ​ Vodafone Global Network Limited – Slovakia Branch 2 100.00 Branch Prievozská 6, Bratislava, 821 09, Slovakia ​ ​ Vodafone Czech Republic A.S. – Slovakia Branch 2 100.00 Branch South Africa ​ ​ 9 Kinross Street, Germiston South, 1401, South Africa ​ ​ Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary no par value shares Bylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra Road, Centurion, Highveld Ext 73, 0046, South Africa ​ ​ IoT.nxt (Pty) Limited 5 42.31 Ordinary shares IoT.nxt Development (Pty) Limited 5 42.31 Ordinary shares 10T Holdings Proprietary Limited 5 42.31 Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa ​ ​ Jupicol (Proprietary) Limited 5 45.57 Ordinary shares Storage Technology Services (Pty) Limited 5 33.20 Ordinary shares Infinity Services Partner Company 5 65.10 Ordinary shares Mezzanine Ware (RF) Proprietary Limited 5 58.59 Ordinary shares Motifprops 1 (Proprietary) Limited 5 65.10 Ordinary shares Vodacom (Pty) Limited 5 65.10 Ordinary shares, Ordinary A shares Vodacom Business Africa Group (Pty) Limited 5 65.10 Ordinary shares Vodacom Business Africa SA (Pty) Limited 5 65.10 Ordinary shares Vodacom Financial Services (Proprietary) Limited 5 65.10 Ordinary shares Vodacom Group Limited 65.10 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 5 65.10 Ordinary shares Vodacom Insurance Company (RF) Limited 5 65.10 Ordinary shares Vodacom International Holdings (Pty) Limited 5 65.10 Ordinary shares Vodacom Life Assurance Company (RF) Limited 5 65.10 Ordinary shares Vodacom Payment Services (Proprietary) Limited 5 65.10 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 5 65.10 Ordinary shares Vodacom Properties No.2 (Pty) Limited 5 65.10 Ordinary shares Vodacom Tower Company Proprietary Limited 5 65.10 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 5 65.10 Ordinary shares XLink Communications (Proprietary) Limited 5 65.10 Ordinary A shares Spain ​ ​ Antracita, 7 – 28045, Madrid, Spain ​ ​ Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain ​ ​ Vodafone Energía, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary euro shares Vodafone España, S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe, S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios, S.L.U. 100.00 Ordinary shares Torre Norte Adif, Explanada de la Estación no 7, 29002, Málaga, Spain ​ ​ Vodafone Intelligent Solutions España, S.L.U. 100.00 Ordinary shares Sweden ​ ​ c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden ​ ​ Vodafone Enterprise Sweden AB 100.00 Ordinary shares, Shareholder’s contribution shares Switzerland ​ ​ Schiffbaustrasse 2, 8005, Zurich, Switzerland ​ ​ Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Taiwan ​ ​ 22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan ​ ​ Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of ​ ​ 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of ​ ​ M-Pesa Limited 5 48.82 Ordinary A shares, Ordinary B shares Shared Networks Tanzania Limited 5 48.82 Ordinary shares Vodacom Tanzania Public Limited Company 5 48.82 Ordinary shares 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of ​ ​ Gateway Communications Tanzania Limited 5 64.45 Ordinary shares Thailand ​ ​ 725 Metropolis Building, 20th floor, Unit 100, Sukhumvit Road, Klongton Nua Sub-district, Watthana District, Bangkok, 10110, Thailand ​ ​ Vodafone Business Siam Co., Ltd. 100.00 Ordinary shares Turkey ​ ​ Büyükdere Caddesi, No:251, Maslak, Şişli / İstanbul, 34398, Turkey ​ ​ Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Dijital Yayincilik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Kule ve Altyapi Hizmetleri A.S. 100.00 Ordinary shares Vodafone Mall Ve Elektronik Hizmetler Ticaret AS 100.00 Ordinary shares Vodafone Medya Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Net İletişim Hizmetleri A.S. 100.00 Ordinary shares Vodafone Telekomunikasyon A.S 100.00 Registered shares İTÜ Ayazağa Kampüsü, Koru Yolu, Arı Teknokent Arı 3 Binası, Maslak, İstanbul, 586553, Turkey ​ ​ Vodafone Teknoloji Hizmetleri A.S. 100.00 Registered shares Maslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663, Sarıyer Istanbul, Turkey ​ ​ Vodafone Sigorta Aracilik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.S. 100.00 Registered shares Vodafone Finansman A.S. 100.00 Ordinary shares Maslak Mah. Büyükdere Cad. Büyükdere No: 251, Sarıyer, Istanbul, 34453, Turkey ​ ​ VOIS Turkey Akilli Çözümler Limited Şirket 100.00 Ordinary shares Ukraine ​ ​ Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine ​ ​ LLC Vodafone Enterprise Ukraine 100.00 Ordinary shares ​ ​ 31. Related undertakings (continued) ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class United Arab Emirates ​ ​ 16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City, United Arab Emirates ​ ​ Vodacom Fintech Services FZ-LLC 5 65.10 Ordinary shares Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates ​ ​ Vodafone Enterprise Europe (UK) Limited – Dubai Branch 2 100.00 Branch United Kingdom ​ ​ 11 Staple Inn Building, London, WC1V 7QH, United Kingdom ​ ​ Vodacom Business Africa Group Services Limited 5 65.10 Ordinary shares, Preference shares Vodacom Investments Company Proprietary Limited 5 65.10 Ordinary shares Vodacom UK Limited 5 65.10 Ordinary shares, Ordinary B shares, Non-redeemable ordinary A shares, Non-redeemable preference shares 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 3 More London, Riverside, London, SE1 2AQ, United Kingdom ​ ​ IoT Nxt UK Limited 42.31 Ordinary shares 784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom ​ ​ Vodafone (NI) Limited 100.00 Ordinary shares Edinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ, United Kingdom ​ ​ Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares One Kingdom Street, London, W2 6BY, United Kingdom ​ ​ DABCo Limited 100.00 Ordinary shares Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland ​ ​ Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares, D Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom ​ ​ Apollo Submarine Cable System 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D shares Cable & Wireless Aspac Holdings Limited 100.00 Ordinary shares Cable & Wireless CIS Services Limited 100.00 Ordinary shares Cable & Wireless Communications Data Network Services Limited 100.00 'A' Ordinary shares, 'B' Ordinary shares Cable & Wireless Europe Holdings Limited 100.00 Ordinary shares Cable & Wireless Global Telecommunication Services Limited 100.00 Ordinary shares Cable & Wireless UK Holdings 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 Central Communications Group Limited 100.00 Ordinary Shares, Ordinary A shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares London Hydraulic Power Company (The) 100.00 Ordinary shares, MetroHoldings Limited 100.00 Ordinary shares Navtrak Ltd 100.00 Ordinary shares Project Telecom Holdings Limited 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares The Eastern Leasing Company Limited 100.00 Ordinary shares Thus Limited 100.00 Ordinary shares Vizzavi Limited 100.00 Ordinary shares Voda Limited 100.00 Ordinary shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 2 100.00 Ordinary shares Vodafone 4 UK 100.00 Ordinary shares Vodafone 5 Limited 100.00 Ordinary shares Vodafone 5 UK 100.00 Ordinary shares Vodafone 6 UK 100.00 Ordinary shares Vodafone Americas 4 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Vodafone Benelux Limited 100.00 Ordinary shares Vodafone Cellular Limited 1 100.00 Ordinary shares ​ 31. Related undertakings (continued) ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 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 Limited 100.00 Ordinary shares Vodafone Europe UK 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone European Portal Limited 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Luxembourg Limited 100.00 Ordinary shares Vodafone Finance Management 100.00 Ordinary shares Vodafone Finance UK Limited 100.00 Ordinary shares Vodafone Financial Operations 100.00 Ordinary shares Vodafone Global Content Services Limited 100.00 Ordinary shares, 5% Fixed rate non-voting preference shares Vodafone Global Enterprise Limited 100.00 Ordinary shares, Deferred shares, B deferred shares Vodafone Group (Directors) Trustee Limited 1 100.00 Ordinary shares Vodafone Group Pension Trustee Limited 1 100.00 Ordinary shares Vodafone Group Services Limited 100.00 Ordinary shares, deferred shares Vodafone Group Services No.2 Limited 1 100.00 Ordinary shares Vodafone Group Share Trustee Limited 1 100.00 Ordinary shares Vodafone Holdings Luxembourg Limited 100.00 Ordinary shares Vodafone Intermediate Enterprises Limited 100.00 Ordinary shares Vodafone International 2 Limited – UK Branch 2 100.00 Branch Vodafone International Holdings Limited 100.00 Ordinary shares Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investment UK 100.00 Ordinary shares Vodafone Investments Australia Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone Limited 100.00 Ordinary shares Vodafone Marketing UK 100.00 Ordinary shares Vodafone Mobile Communications Limited 100.00 Ordinary shares Vodafone Mobile Enterprises Limited 100.00 Ordinary shares Vodafone Mobile Network Limited 100.00 Ordinary shares Vodafone Nominees Limited 1 100.00 Ordinary shares Vodafone Oceania Limited 100.00 Ordinary shares Vodafone Overseas Finance Limited 100.00 Ordinary shares Vodafone Overseas Holdings Limited 100.00 Ordinary shares Vodafone Panafon UK 99.87 Ordinary shares Vodafone Partner Services Limited 100.00 Ordinary shares, Redeemable preference shares Vodafone Retail (Holdings) Limited 100.00 Ordinary shares Vodafone Sales & Services Limited 100.00 Ordinary shares Vodafone UK Foundation 100.00 Sole member Vodafone UK Limited 1 100.00 Ordinary shares Vodafone Ventures Limited 1 100.00 Ordinary shares Vodafone Worldwide Holdings Limited 100.00 Ordinary shares, Cumulative preference shares Vodafone Yen Finance Limited 100.00 Ordinary shares Vodafone-Central Limited 100.00 Ordinary shares Vodaphone Limited 100.00 Ordinary shares Vodata Limited 100.00 Ordinary shares Your Communications Group Limited 100.00 B Ordinary shares, Redeemable preference shares United States ​ ​ 1209 Orange Street, Wilmington DE 19801, United States ​ ​ IoT nxt USA Inc 5 42.31 Common stock 1450 Broadway, Fl 11, Suite 104, New York NY 10018, United States ​ ​ Cable & Wireless Americas 100.00 Common stock shares Vodafone Americas Virginia Inc. 100.00 Common stock shares Vodafone US Inc. 100.00 Common stock shares, Ordinary shares 1615 Platte Street, Suite 02-115, Denver CO 80202, United States ​ ​ Vodafone Americas Foundation 100.00 Trustee ​ 31. Related undertakings (continued) Associated undertakings and joint arrangements ​ ​ ​ Company Name % of share Share Class Australia ​ ​ Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia ​ ​ 3.6 GHz Spectrum Pty Ltd 25.05 Ordinary shares AAPT Limited 25.05 Ordinary shares ACN 088 889 230 Pty Ltd 25.05 Ordinary shares ACN 139 798 404 Pty Ltd 25.05 Ordinary shares Adam Internet Holdings Pty Ltd 25.05 Ordinary shares Adam Internet Pty Ltd 25.05 A shares, B shares, Ordinary shares Agile Pty Ltd 25.05 Ordinary shares AlchemyIT Pty Ltd 25.05 Ordinary shares Chariot Pty Ltd 25.05 Ordinary shares Chime Communications Pty Ltd 25.05 Ordinary shares Connect West Pty Ltd 25.05 Ordinary shares Destra Communications Pty Ltd 25.05 Ordinary shares Digiplus Contracts Pty Ltd 25.05 Ordinary shares Digiplus Holdings Pty Ltd 25.05 Ordinary shares Digiplus Investments Pty Ltd 25.05 Ordinary shares Digiplus Pty Ltd 25.05 Ordinary shares H3GA Properties (No.3) Pty Limited 25.05 Ordinary shares iiNet Labs Pty Ltd 25.05 Ordinary shares iiNet Limited 25.05 Ordinary shares Internode Pty Ltd 25.05 Ordinary shares, Class B shares IntraPower Pty Limited 25.05 Ordinary shares Intrapower Terrestrial Pty Ltd 25.05 Ordinary shares IP Group Pty Ltd 25.05 Ordinary shares IP Services Xchange Pty Ltd 25.05 A shares, B shares Kooee Communications Pty Ltd 25.05 Ordinary shares Kooee Mobile Pty Ltd 25.05 Ordinary shares Mercury Connect Pty Ltd 25.05 Ordinary shares, E class shares Mobile JV Pty Limited 25.05 Ordinary shares Mobileworld Communications Pty Limited 25.05 Ordinary shares Mobileworld Operating Pty Ltd 25.05 Ordinary shares Netspace Online Systems Pty Ltd 25.05 Ordinary shares Numillar IPS Pty Ltd 25.05 Ordinary shares PIPE International (Australia) Pty Ltd 25.05 Ordinary shares PIPE Networks Pty Limited 25.05 Ordinary shares PIPE Transmission Pty Limited 25.05 Ordinary shares PowerTel Limited 25.05 Ordinary shares Request Broadband Pty Ltd 25.05 Ordinary shares Soul Communications Pty Ltd 25.05 Ordinary shares Soul Contracts Pty Ltd 25.05 Ordinary shares Soul Pattinson Telecommunications Pty Ltd 25.05 Ordinary shares SPT Telecommunications Pty Ltd 25.05 Ordinary shares SPTCom Pty Ltd 25.05 Ordinary shares Telecom Enterprises Australia Pty Limited 25.05 Ordinary shares Telecom New Zealand Australia Pty Ltd 25.05 Ordinary shares, Redeemable preference shares TPG Corporation Limited 25.05 Ordinary shares TPG Energy Pty Ltd 25.05 Ordinary shares TPG Finance Pty Limited 25.05 Ordinary shares TPG Holdings Pty Ltd 25.05 Ordinary shares TPG Internet Pty Ltd 25.05 Ordinary shares TPG JV Company Pty Ltd 25.05 Ordinary shares TPG Network Pty Ltd 25.05 Ordinary shares TPG Tel
Schedule of selected financial data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Egypt ​ ​ Vodacom Group Limited ​ Telecommunications S.A.E 1 ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m Summary comprehensive income information Revenue 6,314 5,993 1,762 1,814 Profit for the financial year 943 1,002 302 314 Other comprehensive expense 193 (2) – – Total comprehensive income 1,136 1,000 302 314 Other financial information ​ ​ ​ ​ Profit for the financial year allocated to non-controlling interests 348 353 126 141 Dividends paid to non-controlling interests 274 294 68 194 Summary financial position information ​ ​ ​ ​ Non-current assets 6,761 7,253 1,005 1,630 Current assets 3,033 3,123 396 440 Total assets 9,794 10,376 1,401 2,070 Non-current liabilities (2,830) (2,191) (50) (83) Current liabilities (3,153) (3,539) (752) (1,197) Total assets less total liabilities 3,811 4,646 599 790 Equity shareholders' funds 2,907 3,624 420 474 Non-controlling interests 904 1,022 179 316 Total equity 3,811 4,646 599 790 ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of cash flows ​ ​ ​ ​ Net cash inflow from operating activities 1,908 1,946 657 755 Net cash outflow from investing activities (840) (666) (173) (284) Net cash outflow from financing activities (1,124) (1,177) (434) (749) Net cash inflow/(outflow) (56) 103 50 (278) Cash and cash equivalents brought forward 1,025 876 72 348 Exchange gain/(loss) on cash and cash equivalents (13) 46 (3) 2 Cash and cash equivalents 956 1,025 119 72 ​ Note: 1 From 1 April 2023, the Group will revise its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment to reflect the effective date of changes made to the Group’s internal reporting structure, following the transfer of Vodafone Egypt to the Vodacom Group in December 2022.

Subsidiaries exempt from audit

Subsidiaries exempt from audit (Tables)	12 Months Ended
	Mar. 31, 2023
Subsidiaries exempt from audit
Schedule of subsidiaries exempt from audit	​ Name ​ Registration number ​ Name ​ Registration number ​ ​ ​ ​ ​ ​ ​ ​ Bluefish Communications Limited ​ 5142610 ​ Vodafone Enterprise Europe (UK) Limited ​ 3137479 ​ Cable & Wireless Aspac Holdings Limited ​ 4705342 ​ Vodafone Europe UK ​ 5798451 ​ Cable & Wireless CIS Services Limited ​ 2964774 ​ Vodafone European Investments ​ 3961908 ​ Cable & Wireless Europe Holdings Limited ​ 4659719 ​ Vodafone European Portal Limited ​ 3973442 ​ Cable & Wireless UK Holdings Limited ​ 3840888 ​ Vodafone Finance Management ​ 2139168 ​ Cable & Wireless Worldwide Limited ​ 7029206 ​ Vodafone Finance UK Limited ​ 3922620 ​ Cable & Wireless Worldwide Voice Messaging Limited ​ 1981417 ​ Vodafone Global Content Services Limited ​ 4064873 ​ Cable & Wireless Nominee Limited ​ 3249884 ​ Vodafone Holdings Luxembourg Limited ​ 4200970 ​ Energis (Ireland) Limited ​ NI035793 ​ Vodafone Intermediate Enterprises Limited ​ 3869137 ​ Energis Communications Limited ​ 2630471 ​ Vodafone International Holdings Limited ​ 2797426 ​ Energis Squared Limited ​ 3037442 ​ Vodafone International Operations Limited ​ 2797438 ​ London Hydraulic Power Company (The) ​ ZC000055 ​ Vodafone Investment UK ​ 5798385 ​ MetroHoldings Limited ​ 3511122 ​ Vodafone Investments Limited ​ 1530514 ​ The Eastern Leasing Company Limited ​ 1672832 ​ Vodafone IP Licensing Limited ​ 6846238 ​ Thus Group Holdings Limited ​ SC192666 ​ Vodafone Marketing UK ​ 6858585 ​ Thus Group Limited ​ SC226738 ​ Vodafone Mobile Communications Limited ​ 3942221 ​ Voda Limited ​ 1847509 ​ Vodafone Mobile Enterprises Limited ​ 2373469 ​ Vodafone 2. ​ 4083193 ​ Vodafone Mobile Network Limited ​ 3961482 ​ Vodafone 5 Limited ​ 6688527 ​ Vodafone Nominees Limited ​ 1172051 ​ Vodafone 5 UK ​ 2960479 ​ Vodafone Oceania Limited ​ 3973427 ​ Vodafone 6 UK ​ 8809444 ​ Vodafone Overseas Finance Limited ​ 4171115 ​ Vodafone Americas 4 ​ 6389457 ​ Vodafone Panafon UK ​ 6326918 ​ Vodafone Benelux Limited ​ 4200960 ​ Vodafone UK Limited ​ 2227940 ​ Vodafone Consolidated Holdings Limited ​ 5754561 ​ Vodafone Worldwide Holdings Limited ​ 3294074 ​ Vodafone Corporate Secretaries Limited ​ 2357692 ​ Vodafone Yen Finance Limited ​ 4373166 ​ Vodafone Enterprise Corporate Secretaries Limited ​ 2303594 ​ Vodaphone Limited ​ 3961390 ​ Vodafone Enterprise Equipment Limited ​ 1648524 ​ Your Communications Group Limited ​ 4171876 ​

Basis of preparation (Details)

Basis of preparation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
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)	24.40%	26.50%
Foreign exchange gain (loss)	€ 111	€ (309)	€ (13)
Operating profit
Basis of Preparation
Foreign exchange gain (loss)	247	(24)	3
Financing costs
Basis of Preparation
Foreign exchange gain (loss)	(135)	(284)	(23)
Income tax expense
Basis of Preparation
Foreign exchange gain (loss)	€ (1)	€ (1)	€ 7
Land | Minimum [Member]
Basis of Preparation
Maximum Lease Term For Land And Buildings	5 years
Buildings | Maximum [Member]
Basis of Preparation
Maximum Lease Term For Land And Buildings	10 years

Basis of preparation - Consolid

Basis of preparation - Consolidated financial statements (Details) - Turkey € in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€)
Disclosure of Basis Of Preparation [Line Items]
Revenue	€ 85
Operating profit	(87)
Profit for the financial year	(123)
Non-current assets	814
Equity attributable to owners of the parent	777
Non-controlling interests	€ 37

Basis of preparation - Addition

Basis of preparation - Additional Information (Details) € in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€)	Apr. 01, 2023 EUR (€)	Mar. 31, 2023 ₺ / €	Mar. 31, 2023 Br / €	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 EUR (€)	Mar. 31, 2020 EUR (€)	Mar. 31, 2019 EUR (€)
Basis of Preparation
Cash and cash equivalents	€ 11,628				€ 7,371	€ 5,790		€ 13,288
Equity	€ 64,483				57,073	€ 57,768	€ 62,625
Exchange rate			20.85	58.59
Adoption of IAS 29
Basis of Preparation
Equity					565
Adoption of IAS 29 | Reclassification for adoption of new IFRS | Minimum | Forecast
Basis of Preparation
Insurance and reinsurance liabilities		€ 400
Adoption of IAS 29 | Reclassification for adoption of new IFRS | Maximum | Forecast
Basis of Preparation
Insurance and reinsurance liabilities		€ 650
Opening balance after adjustment, cumulative effect at date of initial application [member]
Basis of Preparation
Equity					€ 57,638
Turkey
Basis of Preparation
Price index movements	50.5
Non-controlling interests	€ 37
Ethiopia
Basis of Preparation
Price index movements	31.3

Revenue disaggregation and se_3

Revenue disaggregation and segmental analysis (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Segmental analysis
Service revenue	€ 37,969	€ 38,203	€ 37,141
Equipment revenue	5,633	5,287	4,824
Revenue from contracts with customers	43,602	43,490	41,965
Other revenue	1,970	1,958	1,694
Interest revenue	134	132	150
Total segment revenue	45,706	45,580	43,809
Adjusted EBITDAaL	14,665	15,208	14,386
Amount of total future revenue from the Group's contracts with customers with performance obligations not satisfied	18,521	20,013	21,038
Not later than one year [Member]
Segmental analysis
Amount of total future revenue from the Group's contracts with customers with performance obligations not satisfied	11,941	12,913	14,110
Common Functions
Segmental analysis
Service revenue	530	522	470
Equipment revenue	47	53	36
Revenue from contracts with customers	577	575	506
Other revenue	810	838	862
Interest revenue		1
Total segment revenue	1,387	1,414	1,368
Adjusted EBITDAaL	(139)	(197)	(117)
Eliminations.
Segmental analysis
Service revenue	(271)		(197)
Equipment revenue	(1)		(1)
Revenue from contracts with customers	(272)		(198)
Other revenue	(1,292)		(171)
Total segment revenue	(1,564)		(369)
Germany.
Segmental analysis
Service revenue	11,433	11,616	11,520
Equipment revenue	1,313	1,126	1,055
Revenue from contracts with customers	12,746	12,742	12,575
Other revenue	350	365	380
Interest revenue	17	21	29
Total segment revenue	13,113	13,128	12,984
Adjusted EBITDAaL	5,323	5,669	5,634
Italy.
Segmental analysis
Service revenue	4,251	4,379	4,458
Equipment revenue	426	525	446
Revenue from contracts with customers	4,677	4,904	4,904
Other revenue	122	108	97
Interest revenue	10	10	13
Total segment revenue	4,809	5,022	5,014
Adjusted EBITDAaL	1,453	1,699	1,597
UK.
Segmental analysis
Service revenue	5,358	5,154	4,848
Equipment revenue	1,375	1,333	1,206
Revenue from contracts with customers	6,733	6,487	6,054
Other revenue	58	69	44
Interest revenue	33	33	53
Total segment revenue	6,824	6,589	6,151
Adjusted EBITDAaL	1,350	1,395	1,367
Spain.
Segmental analysis
Service revenue	3,514	3,714	3,788
Equipment revenue	307	369	292
Revenue from contracts with customers	3,821	4,083	4,080
Other revenue	60	73	64
Interest revenue	26	24	22
Total segment revenue	3,907	4,180	4,166
Adjusted EBITDAaL	947	957	1,044
Other Europe.
Segmental analysis
Service revenue	5,005	5,001	4,859
Equipment revenue	602	528	549
Revenue from contracts with customers	5,607	5,529	5,408
Other revenue	117	105	124
Interest revenue	20	19	17
Total segment revenue	5,744	5,653	5,549
Adjusted EBITDAaL	1,632	1,606	1,760
Eliminations
Segmental analysis
Service revenue		(238)
Equipment revenue		(1)
Revenue from contracts with customers		(239)
Other revenue		(1,242)
Total segment revenue		(1,481)
Vodacom
Segmental analysis
Service revenue	4,849	4,635	4,083
Equipment revenue	1,034	950	800
Revenue from contracts with customers	5,883	5,585	4,883
Other revenue	403	384	282
Interest revenue	28	24	16
Total segment revenue	6,314	5,993	5,181
Adjusted EBITDAaL	2,159	2,125	1,873
Vantage Towers [Member]
Segmental analysis
Other revenue	1,338	1,252
Total segment revenue	1,338	1,252
Adjusted EBITDAaL	795	619
Other Markets
Segmental analysis
Service revenue	3,300	3,420	3,312
Equipment revenue	530	404	441
Revenue from contracts with customers	3,830	3,824	3,753
Other revenue	4	6	12
Total segment revenue	3,834	3,830	3,765
Adjusted EBITDAaL	€ 1,145	€ 1,335	€ 1,228

Revenue disaggregation and se_4

Revenue disaggregation and segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of adjusted EBITDA to operating profit
Adjusted EBITDAaL	€ 14,665	€ 15,208	€ 14,386
Restructuring costs	(587)	(346)	(356)
Interest on lease liabilities	436	398	374
Loss on disposal of property, plant & equipment and intangible assets	(36)	(28)	(30)
Depreciation and amortisation on owned assets	(9,649)	(9,858)	(10,187)
Share of results of equity accounted associates and joint ventures	433	389	374
Impairment losses	(64)	0
Other income	9,098	50	568
Operating profit	14,296	5,813	5,129
Investment income	248	254	245
Financing costs	(1,728)	(1,964)	(1,027)
Profit before taxation	€ 12,816	4,103	4,347
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Reconciliation of adjusted EBITDA to operating profit
Share of results of equity accounted associates and joint ventures		178	32
Other income		(29)
Operating profit		149	32
Investment income		€ 0	€ (85)

Revenue disaggregation and se_5

Revenue disaggregation and segmental analysis - Segmental assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Non-current assets
Additions to right-of-use assets	€ 7,387	€ 3,828
Depreciation and amortisation	9,649	9,858	€ 10,187
Impairment loss	(64)	0
Common Functions
Non-current assets
Non-current assets	2,013	2,103	2,145
Capital additions	839	844	829
Additions to right-of-use assets	127	123	140
Depreciation and amortisation	993	979	194
Germany.
Non-current assets
Non-current assets	43,878	43,190	47,563
Capital additions	2,701	2,670	2,772
Additions to right-of-use assets	2,145	795	1,133
Other additions to intangible assets	2		1
Depreciation and amortisation	4,154	3,981	4,836
Italy.
Non-current assets
Non-current assets	10,235	10,519	10,707
Capital additions	833	840	805
Additions to right-of-use assets	916	670	758
Other additions to intangible assets	5	255	17
Depreciation and amortisation	1,970	1,929	2,025
UK.
Non-current assets
Non-current assets	6,629	6,226	7,968
Capital additions	892	832	822
Additions to right-of-use assets	1,639	580	1,138
Other additions to intangible assets		229
Depreciation and amortisation	1,562	1,905	2,202
Spain.
Non-current assets
Non-current assets	6,331	6,433	7,213
Capital additions	565	676	772
Additions to right-of-use assets	742	422	700
Other additions to intangible assets	8	291	9
Depreciation and amortisation	1,393	1,499	1,579
Other Europe.
Non-current assets
Non-current assets	7,815	8,548	10,369
Capital additions	927	1,009	968
Additions to right-of-use assets	1,104	502	1,016
Other additions to intangible assets	151	126	431
Depreciation and amortisation	1,363	1,511	1,727
Vodacom
Non-current assets
Non-current assets	5,810	6,383	5,839
Capital additions	862	853	703
Additions to right-of-use assets	219	187	174
Other additions to intangible assets	260
Depreciation and amortisation	1,027	920	872
Other Markets
Non-current assets
Non-current assets	2,488	2,467	2,988
Capital additions	495	530	512
Additions to right-of-use assets	177	229	247
Other additions to intangible assets	13		439
Depreciation and amortisation	830	598	666
Impairment loss	64
Vantage Towers [Member]
Non-current assets
Non-current assets		8,179
Capital additions	551	366
Additions to right-of-use assets	318	320
Depreciation and amortisation	326	523
Group
Non-current assets
Non-current assets	85,199	94,048	94,792
Capital additions	8,665	8,620	8,183
Additions to right-of-use assets	7,387	3,828	5,306
Other additions to intangible assets	439	901	897
Depreciation and amortisation	13,618	€ 13,845	€ 14,101
Impairment loss	€ 64

Operating profit (Details)

Operating profit (Details) - EUR (€) € in Millions		12 Months Ended
	Mar. 22, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Depreciation of property, plant and equipment (note 11):
Leased assets		€ 3,960	€ 3,944
Impairment losses		64	0
Staff costs (note 24)		5,842	5,334	€ 5,157
Share of results of equity accounted associates and joint ventures		433	389	374
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Depreciation of property, plant and equipment (note 11):
Share of results of equity accounted associates and joint ventures			178	32
Vantage Towers A.G
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal	€ (8,607)
Indus Towers | Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Depreciation of property, plant and equipment (note 11):
Share of results of equity accounted associates and joint ventures			(29)
Operating profit
Operating profit
Amortisation of intangible assets (note 10)		4,031	4,044	4,421
Depreciation of property, plant and equipment (note 11):
Owned assets		5,627	5,857	5,766
Leased assets		3,960	3,944	3,914
Impairment losses		64
Staff costs (note 24)		5,842	5,334	5,157
Amounts related to inventory included in cost of sales		5,950	5,671	5,160
Own costs capitalised attributable to the construction or acquisition of property, plant and equipment		1,267	1,092	995
Operating profit | Vodafone Hungary
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal		69
Operating profit | Vodafone Ghana
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal		(689)
Operating profit | Vantage Towers A.G
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal		(8,607)
Operating profit | Indus Towers
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal		0	81
VodafoneZiggo Group Holding B.V. [Member] | Operating profit
Depreciation of property, plant and equipment (note 11):
Settlement of tender offer to KDG shareholders		0		204
TPG Telecom [Member] | Operating profit
Depreciation of property, plant and equipment (note 11):
Net gain on formation		0		1,043
Indus Towers Limited | Operating profit
Depreciation of property, plant and equipment (note 11):
Net gain on formation		0		292
Pledge arrangements in respect of Indus Towers Limited		€ 0	€ 15	€ 429

Operating profit - Remuneration

Operating profit - Remuneration of Group's auditor (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Remuneration of Group's auditor
Audit fees	€ 27	€ 23	€ 21
Audit-related	3	2
Vantage Towers IPO			11
Non-audit fees	3	2	11
Total fees	30	25	32
Auditors' remuneration for interim review, preliminary announcements and control audits	1
Vantage Towers [Member]
Remuneration of Group's auditor
Gains (losses) on disposals of investments	8,607
Parent company
Remuneration of Group's auditor
Audit fees	5	4	3
Subsidiaries
Remuneration of Group's auditor
Audit fees	€ 22	€ 19	€ 18

Impairment losses (Details)

Impairment losses (Details) ₨ / shares in Units, € in Millions, ₨ in Billions	12 Months Ended
	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 EUR (€) ₨ / shares	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 EUR (€)	Mar. 31, 2023 INR (₨)
Impairment losses
Impairment losses	€ 64		€ 0
Foreign exchange translation differences transferred to the income statement	111		(309)	€ (13)
Vantage Towers [Member]
Impairment losses
Net gain on transaction	€ 8,607
Goodwill.
Impairment losses
Management plans period (in years)	5 years
Indus Towers
Impairment losses
Impairment losses	€ 64
Share price | ₨ / shares		₨ 143
Recoverable amount	900	₨ 900			₨ 81
Other cash-generating units
Impairment losses
Impairment losses	€ 0		€ 0	€ 0

Impairment losses - Goodwill (D

Impairment losses - Goodwill (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Impairment losses
Goodwill	€ 27,615	€ 31,884
Germany
Impairment losses
Goodwill	20,335	20,335
Italy
Impairment losses
Goodwill	2,481	2,481
Vantage Towers Germany
Impairment losses
Goodwill		2,565
Other
Impairment losses
Goodwill	€ 4,799	€ 6,503

Impairment losses - Key assumpt

Impairment losses - Key assumptions used in value in use calculations (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Impairment losses
Key assumptions cash flow forecast period for licence and spectrum payments initial period for renewals and newly available spectrum	5 years
Key assumptions period for management plan used in long term growth rate.	5 years
Key assumption period management used forward looking equity market risk premium	10 years
EBITDaL CAGR cash flow projection period	5 years	5 years	5 years
Capital expenditure cash flow projection period	5 years	5 years	5 years
Assumptions used in value in use calculation
Impairment loss recognised in profit or loss	€ 64	€ 0
Germany
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	7.80%	7.40%	7.40%
Long-term growth rate	0.60%	0.50%	0.50%
Projected adjusted EBITDAaL (as a percent)	1.80%	(0.10%)	1.20%
Amount by which unit's recoverable amount exceeds its carrying amount	€ 3,200	€ 7,300	€ 7,400
Growth rate used to extrapolate cash flow projections	0.60%	0.50%	0.50%
Germany | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment	0.006	0.014	0.013
Germany | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment	(0.006)	(0.014)	(0.013)
Germany | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment	(0.018)	(0.041)	(0.040)
Germany | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment	0.055	0.126	0.127
Italy
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	8.90%	9.30%	10.50%
Long-term growth rate	1.50%	1.50%	0.50%
Projected adjusted EBITDAaL (as a percent)	1%	(0.20%)	2.10%
Amount by which unit's recoverable amount exceeds its carrying amount	€ 200	€ 400	€ 600
Growth rate used to extrapolate cash flow projections	1.50%	1.50%	0.50%
Italy | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment	0.002	0.003	0.007
Italy | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment	(0.002)	(0.003)	(0.008)
Italy | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment	(0.005)	(0.009)	(0.015)
Italy | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment	0.009	0.018	0.030
Vantage Towers Germany
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		6.10%	6%
Long-term growth rate		1.50%	1.50%
Projected adjusted EBITDAaL (as a percent)		11%	8.40%
Amount by which unit's recoverable amount exceeds its carrying amount			€ 3,500
Growth rate used to extrapolate cash flow projections		1.50%	1.50%
Vantage Towers Germany | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment			0.052
Vantage Towers Germany | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment			(0.049)
Vantage Towers Germany | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment			(0.193)
Vantage Towers Germany | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment			1.626
UK
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 1,300	€ 1,300
UK | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment	0.016	0.013	0.008
UK | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment	(0.019)	(0.015)	(0.008)
UK | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment	(0.041)	(0.031)	(0.017)
UK | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment	0.042	0.043	0.025
Spain
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate			9.20%
Long-term growth rate			0.50%
Projected adjusted EBITDAaL (as a percent)			4.90%
Amount by which unit's recoverable amount exceeds its carrying amount	€ 400	€ 100	€ 300
Growth rate used to extrapolate cash flow projections			0.50%
Spain | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment	0.005	0.001	0.004
Spain | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment	(0.006)	(0.001)	(0.005)
Spain | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment	(0.015)	(0.004)	(0.015)
Spain | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment	0.022	0.005	0.016
Ireland
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate			7.70%
Long-term growth rate			0.50%
Projected adjusted EBITDAaL (as a percent)			0.50%
Amount by which unit's recoverable amount exceeds its carrying amount			€ 100
Growth rate used to extrapolate cash flow projections			0.50%
Ireland | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment			0.007
Ireland | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment			(0.007)
Ireland | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment			(0.016)
Ireland | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment			0.028
Romania
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate			9.90%
Long-term growth rate			1%
Projected adjusted EBITDAaL (as a percent)			0.90%
Amount by which unit's recoverable amount exceeds its carrying amount			€ 100
Growth rate used to extrapolate cash flow projections			1%
Romania | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment			0.007
Romania | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment			(0.009)
Romania | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment			(0.019)
Romania | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment			0.019
Portugal | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment			0.009
Portugal | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment			(0.010)
Portugal | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment			(0.022)
Portugal | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment			0.037
Czech Republic | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment			0.012
Czech Republic | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment			(0.013)
Czech Republic | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment			(0.030)
Czech Republic | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment			0.075
Hungary | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment			0.003
Hungary | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment			(0.004)
Hungary | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment			(0.007)
Hungary | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment			0.015
Minimum [Member] | Germany
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	19.40%	19.60%	19.70%
Minimum [Member] | Italy
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	16.50%	15%	14.40%
Minimum [Member] | Vantage Towers Germany
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		32%	39.10%
Minimum [Member] | Other
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		6.20%
Long-term growth rate		1%
Projected adjusted EBITDAaL (as a percent)		(5.40%)
Projected capital expenditure (as a percent)		10%
Growth rate used to extrapolate cash flow projections		1%
Minimum [Member] | Spain
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			15.70%
Minimum [Member] | Ireland
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			12.60%
Minimum [Member] | Romania
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			12.30%
Maximum [Member] | Germany
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	19.80%	21.80%	21.50%
Maximum [Member] | Italy
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	17.90%	16.30%	15.90%
Maximum [Member] | Vantage Towers Germany
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		62.10%	56.20%
Maximum [Member] | Other
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		22.50%
Long-term growth rate		8.90%
Projected adjusted EBITDAaL (as a percent)		13%
Projected capital expenditure (as a percent)		51.40%
Growth rate used to extrapolate cash flow projections		8.90%
Maximum [Member] | Spain
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			17.60%
Maximum [Member] | Ireland
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			15.10%
Maximum [Member] | Romania
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			15.20%
Base Case | Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 7,300	€ 7,400
Base Case | Italy
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 200	400	600
Base Case | Vantage Towers Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			3,500
Base Case | UK
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		1,300
Base Case | Spain
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	400	100	300
Base Case | Ireland
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			100
Base Case | Romania
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			100
Decrease in discount rate by 1 pps | Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		14,900
Decrease in discount rate by 1 pps | Italy
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	1,400	1,700
Decrease in discount rate by 1 pps | UK
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		2,800
Decrease in discount rate by 1 pps | Spain
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	1,300	1,000
Increase in discount rate by 1 pps | Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		1,700
Increase in discount rate by 1 pps | Italy
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(800)	(700)
Increase in discount rate by 1 pps | UK
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		300
Increase in discount rate by 1 pps | Spain
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(300)	(600)
Decrease in EBITDA by 5 pps | Germany
Assumptions used in value in use calculation
Recoverable amount less carrying amount		(1,400)	(1,600)
Decrease in EBITDA by 5 pps | Italy
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(1,600)	(1,600)	(1,300)
Decrease in EBITDA by 5 pps | Vantage Towers Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			2,400
Decrease in EBITDA by 5 pps | UK
Assumptions used in value in use calculation
Recoverable amount less carrying amount		(700)
Decrease in EBITDA by 5 pps | Spain
Assumptions used in value in use calculation
Recoverable amount less carrying amount	(800)	(1,100)	(600)
Decrease in EBITDA by 5 pps | Ireland
Assumptions used in value in use calculation
Recoverable amount less carrying amount			(200)
Decrease in EBITDA by 5 pps | Romania
Assumptions used in value in use calculation
Recoverable amount less carrying amount			(100)
Increase in EBITDA by 5 pps | Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		17,900	18,200
Increase in EBITDA by 5 pps | Italy
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	2,300	2,800	2,900
Increase in EBITDA by 5 pps | Vantage Towers Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			5,000
Increase in EBITDA by 5 pps | UK
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		3,800
Increase in EBITDA by 5 pps | Spain
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 1,800	1,500	1,400
Increase in EBITDA by 5 pps | Ireland
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			500
Increase in EBITDA by 5 pps | Romania
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			300
Decrease in long-term growth rate by 1 pps | Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		1,600	1,500
Decrease in long-term growth rate by 1 pps | Italy
Assumptions used in value in use calculation
Recoverable amount less carrying amount		(600)	(100)
Decrease in long-term growth rate by 1 pps | Vantage Towers Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			2,200
Decrease in long-term growth rate by 1 pps | UK
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		400
Decrease in long-term growth rate by 1 pps | Spain
Assumptions used in value in use calculation
Recoverable amount less carrying amount		(500)	(300)
Increase in long-term growth rate by 1 pps | Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		15,600	16,000
Increase in long-term growth rate by 1 pps | Italy
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		1,700	1,600
Increase in long-term growth rate by 1 pps | Vantage Towers Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			6,100
Increase in long-term growth rate by 1 pps | UK
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		2,800
Increase in long-term growth rate by 1 pps | Spain
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 900	1,000
Increase in long-term growth rate by 1 pps | Ireland
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			300
Increase in long-term growth rate by 1 pps | Romania
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			€ 200

Impairment losses - Joint opera

Impairment losses - Joint operations (Details)	12 Months Ended
	Mar. 31, 2022
Cornerstone Telecommunications Infrastructure Limited [Member]
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50%

Investment income and financi_3

Investment income and financing costs (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Investment income.
Financial assets measured at amortised cost	€ 212	€ 249	€ 221
Financial assets measured at fair value through profit and loss	36	5	24
Investment income	248	254	245
Financial liabilities measured at amortised cost
Bonds	1,711	1,546	1,722
Lease liabilities	436	398	374
Bank loans and other liabilities	430	469	463
Fair value through profit and loss:
Interest on derivatives	(561)	(428)	(485)
Mark-to-market on derivatives	(423)	(341)	(1,070)
Financial assets measured at fair value through profit and loss		(36)
Foreign exchange	135	284	23
Financing costs	1,728	1,964	1,027
Net financing costs	1,480	1,710	782
Interest capitalised	€ 5	17	17
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Investment income.
Investment income		€ 0	€ (85)

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Current tax (expense)/income
Total current tax expense	€ (906)	€ (1,113)	€ (869)
Deferred tax credit/(expense)	425	(217)	(2,995)
Total income tax credit/(expense)	(481)	(1,330)	(3,864)
Tax charged/(credited) directly to other comprehensive income
Current tax	3		(17)
Deferred tax	304	648	(1,009)
Total tax charged/(credited) directly to other comprehensive income	307	648	(1,026)
Tax charged/(credited) directly to equity
Deferred tax	6		(2)
Total tax charged/(credited) directly to equity	6		(2)
United Kingdom
Current tax (expense)/income
Current period	(4)	(22)	(24)
Adjustments in respect of prior periods	(4)	(17)	(3)
Total current tax expense	(8)	(39)	(27)
Deferred tax credit/(expense)	71	791	94
Overseas
Current tax (expense)/income
Current period	(924)	(993)	(872)
Adjustments in respect of prior periods	26	(81)	30
Total current tax expense	(898)	(1,074)	(842)
Deferred tax credit/(expense)	€ 354	€ (1,008)	€ (3,089)

Taxation - Factors affecting ta

Taxation - Factors affecting tax expense (Details) - EUR (€) € in Millions		12 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of accounting profit multiplied by applicable tax rates
Continuing profit/(loss) before tax as shown in the consolidated income statement		€ 12,816	€ 4,103	€ 4,347
Aggregated expected income tax expense/(credit)		3,848	1,231	1,111
Impairment loss with no tax effect		18
Disposal of Group investments		(2,918)	(8)	(332)
Effect of taxation of associates and joint ventures, reported within profit before tax		(125)	(111)	69
Deferred tax (credit)/charge following revaluation of investments in Luxembourg		(393)	1,455	2,120
Previously unrecognised temporary differences we expect to use in the future, including in Luxembourg		(16)	(708)	(45)
Previously recognised temporary differences and losses we no longer expect to use in the future			74	699
Current year temporary differences (including losses) that we currently do not expect to use		207	116	170
Adjustments in respect of prior year tax liabilities		(35)	13	(10)
Impact of tax credits and irrecoverable taxes		80	74	90
Deferred tax on overseas earnings		(6)	2
Effect of current year changes in statutory tax rates on deferred tax balances		35	(667)	(45)
Financing costs not (taxable)/deductible for tax purposes		(27)	46	(62)
Revaluation of assets for tax purposes in Italy and Turkey		(338)	(357)
Expenses not deductible for tax purposes		151	170	99
Total income tax expense		€ 481	€ 1,330	€ 3,864
UK | Forecast
Reconciliation of accounting profit multiplied by applicable tax rates
Applicable tax rate	25%

Taxation - Analysis of movement

Taxation - Analysis of movements in net deferred tax (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Analysis of movements in net deferred tax balance
Beginning balance	€ 18,569
Foreign exchange movements	(59)
Credited the income statement	425	€ (217)
Charged directly to OCI	304
Charged directly to equity	(6)		€ 2
Impact of hyperinflation accounting	191
Arising on acquisition and disposals	111
Ending balance	€ 18,545	€ 18,569

Taxation - Deferred tax assets

Taxation - Deferred tax assets and liabilities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Taxation
Amount credited/(expensed) in income statement	€ 425	€ (217)
Gross deferred tax asset	34,488	35,753
Gross deferred tax liability	(5,693)	(6,156)
Less amounts unrecognised	(10,250)	(11,028)
Net recognised deferred tax (liability)/asset	18,545	18,569
Deferred tax assets and liabilities
Deferred tax assets	19,316	19,089
Deferred tax liabilities	(771)	(520)
Net deferred tax assets	18,545	18,569
Accelerated tax depreciation
Taxation
Amount credited/(expensed) in income statement	136	672
Gross deferred tax asset	2,761	2,589
Gross deferred tax liability	(1,426)	(1,361)
Less amounts unrecognised	(47)	(58)
Net recognised deferred tax (liability)/asset	1,288	1,170
Deferred tax assets and liabilities
Net deferred tax assets	1,288	1,170
Intangible assets
Taxation
Amount credited/(expensed) in income statement	324	643
Gross deferred tax asset	630	666
Gross deferred tax liability	(1,495)	(1,801)
Less amounts unrecognised	15	11
Net recognised deferred tax (liability)/asset	(850)	(1,124)
Deferred tax assets and liabilities
Net deferred tax assets	(850)	(1,124)
Tax losses
Taxation
Amount credited/(expensed) in income statement	(78)	(1,450)
Gross deferred tax asset	28,035	28,977
Less amounts unrecognised	(9,540)	(10,341)
Net recognised deferred tax (liability)/asset	18,495	18,636
Deferred tax assets and liabilities
Net deferred tax assets	18,495	18,636
Tax losses | Luxembourg
Deferred tax assets and liabilities
Deferred tax assets	16,269	16,298
Tax losses | Germany
Deferred tax assets and liabilities
Deferred tax assets	2,021	2,170
Treasury related items
Taxation
Amount credited/(expensed) in income statement	2	(90)
Gross deferred tax asset	623	616
Gross deferred tax liability	(717)	(372)
Less amounts unrecognised	(588)	(562)
Net recognised deferred tax (liability)/asset	(682)	(318)
Deferred tax assets and liabilities
Net deferred tax assets	(682)	(318)
Temporary differences relating to revenue recognition
Taxation
Amount credited/(expensed) in income statement	(40)	(9)
Gross deferred tax asset	19	3
Gross deferred tax liability	(705)	(666)
Net recognised deferred tax (liability)/asset	(686)	(663)
Deferred tax assets and liabilities
Net deferred tax assets	(686)	(663)
Temporary differences relating to leases
Taxation
Amount credited/(expensed) in income statement	216	(3)
Gross deferred tax asset	1,482	1,754
Gross deferred tax liability	(1,054)	(1,577)
Less amounts unrecognised	(30)
Net recognised deferred tax (liability)/asset	398	177
Deferred tax assets and liabilities
Net deferred tax assets	398	177
Other temporary differences
Taxation
Amount credited/(expensed) in income statement	(135)	20
Gross deferred tax asset	938	1,148
Gross deferred tax liability	(296)	(379)
Less amounts unrecognised	(60)	(78)
Net recognised deferred tax (liability)/asset	582	691
Deferred tax assets and liabilities
Net deferred tax assets	€ 582	€ 691

Taxation - Unused tax losses an

Taxation - Unused tax losses and tax credits (Details) - EUR (€) € in Millions	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Taxation
Provision for potential tax liability		€ 412	€ 463
Losses for which a deferred tax asset is recognised		79,041	80,126
Losses for which no deferred tax is recognised		34,276	37,424
Total unused tax losses or tax credits		113,317	117,550
UK | Forecast
Taxation
Corporation tax rate	25%
Luxembourg
Taxation
Losses for which no deferred tax is recognised		9,136	9,136
Total unused tax losses or tax credits		65,232	65,348
Within 0 to 5 years
Taxation
Losses for which a deferred tax asset is recognised		15	19
Losses for which no deferred tax is recognised		306	334
Total unused tax losses or tax credits		321	353
Beyond 6 years
Taxation
Losses for which a deferred tax asset is recognised		59	259
Losses for which no deferred tax is recognised		15,649	13,162
Total unused tax losses or tax credits		15,708	13,421
Not later than 20 years | Luxembourg
Taxation
Losses for which no deferred tax is recognised			6,953
Unlimited
Taxation
Losses for which a deferred tax asset is recognised		78,967	79,848
Losses for which no deferred tax is recognised		18,321	23,928
Total unused tax losses or tax credits		€ 97,288	€ 103,776

Taxation - Additional informati

Taxation - Additional information (Details) - EUR (€) € in Millions			12 Months Ended
	Apr. 01, 2023	Nov. 10, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Taxation
Unused Tax Losses Available for Carryforward			€ 113,317	€ 117,550
Previously unrecognised deferred tax asset losses			16	708	€ 45
Unremitted earnings of subsidiaries for which no deferred tax liability has been recognised			26,371	8,599
Deferred tax liability			771	520
Losses for which no deferred tax is recognised			34,276	37,424
Deferred tax assets			19,316	19,089
Deferred tax income			€ (425)	217	€ 2,995
Vodafone Egypt [Member]
Taxation
Proportion of ownership interest in subsidiary		55%	35.82%
Tax losses on tax deductible impairments following the 2017 Luxembourg tax reform
Taxation
Additional tax losses disposal of investments			€ 2,608
Not later than sixty years
Taxation
Previously unrecognised deferred tax asset losses				699
Luxembourg
Taxation
Unused Tax Losses Available for Carryforward			65,232	65,348
Unused tax losses expired for which no deferred tax asset recognized			15,925	13,298
Losses for which no deferred tax is recognised			€ 9,136	9,136
Tax loss carryforward expiration period			17 years
Cash flow projection period to determine recoverable tax losses			5 years
Longest period of recoverability for which tax losses are recognized					60 years
Luxembourg | Tax losses
Taxation
Deferred tax assets			€ 16,269	16,298
Luxembourg | Tax losses on tax deductible impairments following the 2017 Luxembourg tax reform
Taxation
Deferred tax assets			€ 0
Extension of forecast utilisation timeframe in periods where tax losses are not utilised			1 year
Luxembourg | Not later than 10 years
Taxation
Deferred tax assets			€ 4,518	3,546
Luxembourg | Not later than 20 years
Taxation
Losses for which no deferred tax is recognised				6,953
Deferred tax assets			8,742
Germany
Taxation
Unused Tax Losses Available for Carryforward			12,932	13,955
Germany | Tax losses
Taxation
Deferred tax assets			2,021	2,170
Spain
Taxation
Losses for which no deferred tax is recognised			5,130	4,627
Spain | Tax losses
Taxation
Deferred tax assets			0
UK
Taxation
Tax losses arising from subsidiaries for offset against future capital gains			2,377	8,444
UK | Tax losses that can only be offset against future capital gains
Taxation
Deferred tax assets			0
UK | Treasury items and other items
Taxation
Deductible temporary differences for which no deferred tax asset is recognised			2,443	2,365
Italy
Taxation
Deferred tax assets			€ 425	411
Cash flow projection period to determine recoverable tax losses			5 years
Italy | Tax losses
Taxation
Deferred tax assets			€ 152	€ 71
Minimum [Member] | Luxembourg
Taxation
Utilisation period of tax losses (in years)			35 years
Percentage of change in forecast income (as a percent)			5%
Change in tax losses utilisation period (in years)			2 years
Impairment loss expiration period			11 years
Minimum [Member] | Luxembourg | Internal financing, centralised procurement, and international roaming activities
Taxation
Annual taxable profit consistently generated			€ 1,000
Minimum [Member] | Germany
Taxation
Utilisation period of tax losses (in years)			4 years
Percentage of change in forecast income (as a percent)			5%
Change in tax losses utilisation period (in years)			1 year
Maximum [Member] | Luxembourg
Taxation
Utilisation period of tax losses (in years)			39 years
Percentage of change in forecast income (as a percent)			10%
Change in tax losses utilisation period (in years)			4 years
Impairment loss expiration period			17 years
Maximum [Member] | Germany
Taxation
Utilisation period of tax losses (in years)			9 years
Percentage of change in forecast income (as a percent)			10%
Forecast | UK
Taxation
Corporate tax rate (as a percent)	25%

Discontinued operations and a_3

Discontinued operations and assets held for sale (Details) - EUR (€) € in Millions	12 Months Ended			24 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022
Relevant assets and liabilities
Gross profit	€ 14,856	€ 15,006	€ 13,723
Share of results of equity accounted associates and joint ventures	433	389	374
Profit for the financial year	12,335	2,773	483
Comprehensive income	11,568	5,108	(3,694)
Other comprehensive income	(767)	2,335	(4,177)
Profit (loss) from operating activities	14,296	5,813	5,129
Investment income	€ 248	€ 254	245
Indus Towers Limited
Relevant assets and liabilities
Joint venture ownership interest	21%	21%
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Relevant assets and liabilities
Gross profit				€ 0
Share of results of equity accounted associates and joint ventures		€ 178	32
Other income		(29)
Profit for the financial year		149	(53)
Comprehensive income		144	(48)
Other comprehensive income		(5)	5
Profit (loss) from operating activities		149	32
Operating profit, profit before taxation increased		178	32
Investment income		€ 0	(85)
Increase (decrease) due to changes in accounting policy [member]
Relevant assets and liabilities
Investment income			€ (85)

Discontinued operations and a_4

Discontinued operations and assets held for sale - Net assets and liabilities held for sale (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Non-Current Assets
Investments in associates and joint ventures	€ 11,079	€ 5,323
Total assets	155,521	154,049
Equity
Accumulated losses	(113,086)	(122,022)
Total equity and liabilities	€ 155,521	154,049
As previously presented
Non-Current Assets
Investments in associates and joint ventures		4,268
Assets held for sale		959
Total assets		153,953
Equity
Accumulated losses		(122,118)
Total equity and liabilities		153,953
Impact of reclassification
Non-Current Assets
Investments in associates and joint ventures		1,055
Assets held for sale		(959)
Total assets		96
Equity
Accumulated losses		96
Total equity and liabilities		€ 96

Earnings per shares (Details)

Earnings per shares (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share	27,680	29,012	29,592
Effect of dilutive potential shares: restricted shares and share options	95	97	91
Weighted average number of shares for diluted earnings per share	27,775	29,109	29,683
Profit earnings for basic and diluted earnings per share
Profit for earnings per share from continuing operations attributable to owners	€ 11,838	€ 2,237	€ 59
Profit for basic and diluted earnings per share	€ 11,838	€ 2,237	€ 59
Basic earnings per share
Basic earnings per share from continuing operations	€ 0.4277	€ 0.0771	€ 0.0020
Basic earnings per share	0.4277	0.0771	0.0020
Diluted earnings per share
Diluted earnings per share from continuing operations	0.4262	0.0768	0.0020
Diluted earnings per share	€ 0.4262	€ 0.0768	€ 0.0020

Earnings per shares - Additiona

Earnings per shares - Additional Information (Details) - EUR (€) € / shares in Units, € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Basic and diluted earnings per share, amount	€ 11,838	€ 2,237	€ 59
Basic earnings per share	€ 0.4277	€ 0.0771	€ 0.0020
Diluted earnings per share	€ 0.4262	€ 0.0768	€ 0.0020
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Basic and diluted earnings per share, amount		€ 149	€ (53)
Basic earnings per share		€ 0.0051	€ 0.0018
Diluted earnings per share		€ 0.0051	€ 0.0018

Equity dividends (Details)

Equity dividends (Details) - EUR (€) € / shares in Units, € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
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	€ 1,205
Interim dividend for the year ended 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share)	1,237	1,229	1,207
Total dividends declared and paid during the financial year	€ 2,502	€ 2,483	€ 2,412
Proposed after the end of the reporting period and not recognised as a liability:
Dividends per share, proposed after the end of the year and not recognised as a liability	€ 0.0450	€ 0.0450	€ 0.0450
Interim dividend for the year ending 31 March 2023: 4.50 eurocents per share (2022: 4.50 eurocents per share)	€ 1,215	€ 1,265	€ 1,260
Final dividends
Declared during the financial period:
Dividends per share, declared and paid during the financial year		€ 0.0450	€ 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	€ 0.0450

Intangible assets - Accumulated

Intangible assets - Accumulated impairment losses and amortisation (Details) - EUR (€) € in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 53,244,000
Balance at the end of the period	47,207,000	€ 53,244,000
Significant licences | Germany
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	3,270,000
Balance at the end of the period	2,979,000	3,270,000
Significant licences | Italy
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	3,415,000
Balance at the end of the period	3,123,000	3,415,000
Significant licences | UK
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	1,209,000
Balance at the end of the period	1,055,000	1,209,000
Significant licences | Spain.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	809,000
Balance at the end of the period	758,000	809,000
Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	31,884,000
Balance at the end of the period	27,615,000	31,884,000
Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	10,963,000
Balance at the end of the period	€ 9,969,000	10,963,000
Licence and spectrum fees | Minimum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Licence and spectrum fees | Maximum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	40 years
Computer software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 5,846,000
Balance at the end of the period	6,012,000	5,846,000
Net book value of assets under construction not depreciated	€ 1,451,000	1,955,000
Computer software | Minimum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Computer software | Maximum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	5 years
Brands | Minimum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	1 year
Brands | Maximum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	30 years
Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 4,539,000
Balance at the end of the period	€ 3,598,000	4,539,000
Customer bases | Minimum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	2 years
Customer bases | Maximum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	37 years
Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 12,000
Balance at the end of the period	13,000	12,000
Cost
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	163,877,000	163,499,000
Exchange movements	(2,850,000)	(148,000)
Arising on acquisition		44,000
Disposal of subsidiaries	(5,192,000)
Additions	3,250,000	3,635,000
Disposals	(1,834,000)	(3,180,000)
Hyperinflation impacts	1,609,000
Other		27,000
Balance at the end of the period	162,128,000	163,877,000
Cost | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	3,268,000
Balance at the end of the period		3,268,000
Cost | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	167,145,000
Balance at the end of the period		167,145,000
Cost | Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	99,333,000	99,364,000
Exchange movements	(783,000)	(21,000)
Arising on acquisition		10,000
Disposal of subsidiaries	(3,939,000)
Hyperinflation impacts	729,000
Balance at the end of the period	96,904,000	99,333,000
Cost | Goodwill. | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	1,564,000
Balance at the end of the period		1,564,000
Cost | Goodwill. | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	100,897,000
Balance at the end of the period		100,897,000
Cost | Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	33,926,000	33,528,000
Exchange movements	(1,270,000)	(148,000)
Disposal of subsidiaries	(443,000)
Additions	439,000	901,000
Disposals	(2,000)	(356,000)
Hyperinflation impacts	557,000
Other		1,000
Balance at the end of the period	34,306,000	33,926,000
Cost | Licence and spectrum fees | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	1,099,000
Balance at the end of the period		1,099,000
Cost | Licence and spectrum fees | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	35,025,000
Balance at the end of the period		35,025,000
Cost | Computer software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	17,713,000	17,833,000
Exchange movements	(504,000)	(60,000)
Disposal of subsidiaries	(348,000)
Additions	2,804,000	2,727,000
Disposals	(1,831,000)	(2,823,000)
Hyperinflation impacts	232,000
Other		36,000
Balance at the end of the period	18,474,000	17,713,000
Cost | Computer software | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	408,000
Balance at the end of the period		408,000
Cost | Computer software | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	18,121,000
Balance at the end of the period		18,121,000
Cost | Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	12,442,000	12,308,000
Exchange movements	(240,000)	80,000
Arising on acquisition		54,000
Disposal of subsidiaries	(458,000)
Hyperinflation impacts	51,000
Balance at the end of the period	11,905,000	12,442,000
Cost | Customer bases | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	110,000
Balance at the end of the period		110,000
Cost | Customer bases | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	12,552,000
Balance at the end of the period		12,552,000
Cost | Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	463,000	466,000
Exchange movements	(53,000)	1,000
Disposal of subsidiaries	(4,000)
Additions	7,000	7,000
Disposals	(1,000)	(1,000)
Hyperinflation impacts	40,000
Other		(10,000)
Balance at the end of the period	539,000	463,000
Cost | Others | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	87,000
Balance at the end of the period		87,000
Cost | Others | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	550,000
Balance at the end of the period		550,000
Accumulated impairment losses and amortisation
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(110,633)	(109,950,000)
Exchange movements	1,892,000	220,000
Disposal of subsidiaries	448
Amortisation charge for the year	4,031,000	4,044,000
Disposals	1,817,000	3,173,000
Hyperinflation impacts	(1,434,000)
Other		(32,000)
Balance at the end of the period	(114,921,000)	(110,633)
Accumulated impairment losses and amortisation | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(2,980)
Balance at the end of the period		(2,980)
Accumulated impairment losses and amortisation | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(113,613,000)
Balance at the end of the period		(113,613,000)
Accumulated impairment losses and amortisation | Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(67,449)	(67,633,000)
Exchange movements	414,000	184,000
Disposal of subsidiaries	39
Hyperinflation impacts	(729,000)
Balance at the end of the period	(69,289,000)	(67,449)
Accumulated impairment losses and amortisation | Goodwill. | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(1,564)
Balance at the end of the period		(1,564)
Accumulated impairment losses and amortisation | Goodwill. | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(69,013,000)
Balance at the end of the period		(69,013,000)
Accumulated impairment losses and amortisation | Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(22,963)	(22,043,000)
Exchange movements	846,000	35,000
Disposal of subsidiaries	147
Amortisation charge for the year	1,133,000	1,306,000
Disposals	2,000	351,000
Hyperinflation impacts	(407,000)
Balance at the end of the period	(24,337,000)	(22,963)
Accumulated impairment losses and amortisation | Licence and spectrum fees | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(829)
Balance at the end of the period		(829)
Accumulated impairment losses and amortisation | Licence and spectrum fees | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(23,792,000)
Balance at the end of the period		(23,792,000)
Accumulated impairment losses and amortisation | Computer software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(11,867)	(12,496,000)
Exchange movements	351,000	72,000
Disposal of subsidiaries	180
Amortisation charge for the year	2,343,000	2,225,000
Disposals	1,814,000	2,821,000
Hyperinflation impacts	(207,000)
Other		(39,000)
Balance at the end of the period	(12,462,000)	(11,867)
Accumulated impairment losses and amortisation | Computer software | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(390)
Balance at the end of the period		(390)
Accumulated impairment losses and amortisation | Computer software | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(12,257,000)
Balance at the end of the period		(12,257,000)
Accumulated impairment losses and amortisation | Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(7,903)	(7,324,000)
Exchange movements	231,000	(70,000)
Disposal of subsidiaries	80
Amortisation charge for the year	554,000	509,000
Hyperinflation impacts	(51,000)
Balance at the end of the period	(8,307,000)	(7,903)
Accumulated impairment losses and amortisation | Customer bases | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(110)
Balance at the end of the period		(110)
Accumulated impairment losses and amortisation | Customer bases | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(8,013,000)
Balance at the end of the period		(8,013,000)
Accumulated impairment losses and amortisation | Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(451)	(454,000)
Exchange movements	50,000	(1,000)
Disposal of subsidiaries	2
Amortisation charge for the year	1,000	4,000
Disposals	1,000	1,000
Hyperinflation impacts	(40,000)
Other		7,000
Balance at the end of the period	(526,000)	(451)
Accumulated impairment losses and amortisation | Others | Adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(87)
Balance at the end of the period		(87)
Accumulated impairment losses and amortisation | Others | After adoption of IAS 29
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ (538,000)
Balance at the end of the period		€ (538,000)

Property, plant and equipment -

Property, plant and equipment - Accumulated depreciation and impairment (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	€ 40,804
Property, plant and equipment at end of the period	37,992	€ 40,804
Property, plant and equipment excluding right-of-use assets
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	28,788
Property, plant and equipment at end of the period	25,894	28,788
Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	977
Property, plant and equipment at end of the period	757	977
Net book value of assets recognised in the course of construction	€ 10	12
Freehold buildings | Minimum [Member]
Property, plant and equipment
Useful lives, property, plant and equipment	25 years
Freehold buildings | Maximum [Member]
Property, plant and equipment
Useful lives, property, plant and equipment	50 years
Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	€ 27,811
Property, plant and equipment at end of the period	25,137	27,811
Net book value of assets recognised in the course of construction	1,988	2,353
Equipment, fixtures and fittings | Property, plant and equipment subject to operating leases
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	948
Property, plant and equipment at end of the period	€ 777	948
Network infrastructure and other | Minimum [Member]
Property, plant and equipment
Useful lives, property, plant and equipment	1 year
Network infrastructure and other | Maximum [Member]
Property, plant and equipment
Useful lives, property, plant and equipment	35 years
Cost | Property, plant and equipment excluding right-of-use assets
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	€ 81,666	78,289
Exchange movements	(2,729)	(264)
Arising on acquisition		30
Additions	5,854	5,886
Disposals	(3,977)	(2,480)
Disposal of subsidiaries	(7,279)
Hyperinflation impacts	1,047
Other	84	265
Property, plant and equipment at end of the period	76,457	81,666
Cost | Property, plant and equipment excluding right-of-use assets | Adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	1,791
Property, plant and equipment at end of the period		1,791
Cost | Property, plant and equipment excluding right-of-use assets | After adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	83,457
Property, plant and equipment at end of the period		83,457
Cost | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	2,346	2,315
Exchange movements	(81)	1
Arising on acquisition		74
Additions	49	41
Disposals	(253)	(200)
Disposal of subsidiaries	(69)
Hyperinflation impacts	7
Other	(17)	263
Property, plant and equipment at end of the period	1,997	2,346
Cost | Land and buildings | Adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	15
Property, plant and equipment at end of the period		15
Cost | Land and buildings | After adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	2,361
Property, plant and equipment at end of the period		2,361
Cost | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	79,320	75,974
Exchange movements	(2,648)	(265)
Arising on acquisition		44
Additions	5,805	5,845
Disposals	(3,724)	(2,280)
Disposal of subsidiaries	(7,210)
Hyperinflation impacts	1,040
Other	101	2
Property, plant and equipment at end of the period	74,460	79,320
Cost | Equipment, fixtures and fittings | Adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	1,776
Property, plant and equipment at end of the period		1,776
Cost | Equipment, fixtures and fittings | After adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	81,096
Property, plant and equipment at end of the period		81,096
Cost | Equipment, fixtures and fittings | Property, plant and equipment subject to operating leases
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	2,998
Property, plant and equipment at end of the period	2,170	2,998
Accumulated impairment losses and amortisation | Property, plant and equipment excluding right-of-use assets
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(52,878)	(49,619)
Exchange movements	1,722	168
Charge for the year	5,627	5,857
Disposals	3,842	2,431
Disposal of subsidiaries		4,561
Hyperinflation impacts	(748)
Other		(1)
Property, plant and equipment at end of the period	(50,563)	(52,878)
Accumulated impairment losses and amortisation | Property, plant and equipment excluding right-of-use assets | Adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(1,435)
Property, plant and equipment at end of the period		(1,435)
Accumulated impairment losses and amortisation | Property, plant and equipment excluding right-of-use assets | After adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(54,313)
Property, plant and equipment at end of the period		(54,313)
Accumulated impairment losses and amortisation | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(1,369)	(1,216)
Exchange movements	28	(3)
Charge for the year	83	117
Disposals	170	191
Disposal of subsidiaries		18
Hyperinflation impacts	(1)
Other		(224)
Property, plant and equipment at end of the period	(1,240)	(1,369)
Accumulated impairment losses and amortisation | Land and buildings | Adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	3
Property, plant and equipment at end of the period		3
Accumulated impairment losses and amortisation | Land and buildings | After adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(1,372)
Property, plant and equipment at end of the period		(1,372)
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(51,509)	(48,403)
Exchange movements	1,694	171
Charge for the year	5,544	5,740
Disposals	3,672	2,240
Disposal of subsidiaries		4,543
Hyperinflation impacts	(747)
Other		223
Property, plant and equipment at end of the period	(49,323)	(51,509)
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings | Adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(1,432)
Property, plant and equipment at end of the period		(1,432)
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings | After adoption of IAS 29
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(52,941)
Property, plant and equipment at end of the period		(52,941)
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings | Property, plant and equipment subject to operating leases
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(2,050)
Property, plant and equipment at end of the period	€ (1,393)	€ (2,050)

Property, plant and equipment_2

Property, plant and equipment - Right-of-use assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Noncurrent Assets or Disposal Groups Classified as Held for Sale [Line Items]
Property, plant and equipment (owned assets)	€ 25,894	€ 28,788
Right-of-use assets	12,098	12,016
Total property, plant and equipment	37,992	40,804
Additions to right-of-use assets	7,387	3,828
Depreciation, right-of-use assets	€ 3,960	€ 3,944

Investments in associates and_3

Investments in associates and joint ventures - Summary of Investments (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2019
Investment in associates and joint arrangements
Investment in joint ventures	€ 9,578	€ 3,781
Investment in associates	1,501	1,542
Total investment in joint ventures and associates	11,079	5,323
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Investment in associates and joint arrangements
Investment in associates		1,055
Total investment in joint ventures and associates		1,055
Other
Investment in associates and joint arrangements
Investment in associates	84	59
Joint ventures [member]
Investment in associates and joint arrangements
Investment in joint ventures	9,578	3,781
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Investment in joint ventures	793	822
INWIT S.p.A.
Investment in associates and joint arrangements
Investment in joint ventures		2,851	€ 2,920
Indus Towers Limited
Investment in associates and joint arrangements
Investment in joint ventures	908
Vodafone Idea Limited
Investment in associates and joint arrangements
Investment in joint ventures	0			€ 0	€ 0
Other joint ventures
Investment in associates and joint arrangements
Investment in joint ventures	€ 43	€ 24

Investments in associates and_4

Investments in associates and joint ventures - Joint ventures (Details) € in Millions, $ in Millions, ₨ in Billions			1 Months Ended	12 Months Ended
	Mar. 22, 2023	Mar. 22, 2022	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 EUR (€)	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 EUR (€)	Mar. 31, 2023 INR (₨)	Mar. 31, 2023 AUD ($)	Mar. 31, 2022 INR (₨)	Mar. 31, 2022 AUD ($)	Mar. 31, 2020 EUR (€)	Sep. 30, 2019 EUR (€)
Investment in associates and joint arrangements
Investment in joint ventures			€ 9,578	€ 9,578	€ 3,781
Dividend received				617	638	€ 628
Oak Holdings 1 GmbH | Vantage Towers [Member]
Investment in associates and joint arrangements
Proportion of ownership interest in subsidiary		89.30%
Joint ventures [member]
Investment in associates and joint arrangements
Investment in joint ventures			9,578	9,578	3,781
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method				€ 200	€ (11)	(146)
TPG Telecom [Member]
Investment in associates and joint arrangements
Joint venture ownership interest				25.05%
Remaining economic interest (as a percent)				49.90%
Indus Towers Limited
Investment in associates and joint arrangements
Joint venture ownership interest				21%	21%
Investment in joint ventures			908	€ 908
Other joint ventures [Member]
Investment in associates and joint arrangements
Investment in joint ventures			€ 43	43	€ 24
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method				€ (15)	€ (14)	(15)
Oak Holdings 1 GmbH
Investment in associates and joint arrangements
Joint venture ownership interest	64.20%	64.20%	64.20%	64.20%
Investment in joint ventures			€ 8,634	€ 8,634
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Joint venture ownership interest				50%	50%
Investment in joint ventures			793	€ 793	€ 822
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method				137	(19)	(232)
Dividend received				€ 165	€ 350	209
OXG Glasfaser GmbH
Investment in associates and joint arrangements
Joint venture ownership interest				50%
Maximum fund contributed				€ 950
Vodafone Idea Limited
Investment in associates and joint arrangements
Joint venture ownership interest				32.30%	47.60%
Fair value of investments based on quoted share price			1,021	€ 1,021	€ 1,750		₨ 91		₨ 148
Investment in joint ventures			0	0							€ 0	€ 0
Group's unrecognized share of accumulated losses in joint venture			3,717	3,717	5,120
Group's unrecognized share of losses in joint venture				€ 3,717	€ 5,120
TPG Telecom Limited
Investment in associates and joint arrangements
Joint venture ownership interest				25.10%	25.10%
Fair value of investments based on quoted share price			1,401	€ 1,401	€ 1,902			$ 2,273		$ 2,818
Investment in joint ventures			€ 108	108	84
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method				48	(5)	98
Dividend received				24	€ 22	0
INWIT S.p.A. [Member]
Investment in associates and joint arrangements
Joint venture ownership interest					33.20%
Investment in joint ventures					€ 2,851	2,920
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method				30	27	3
Disposal of interest	33.20%
Dividend received				103	96	42
Indus Towers Limited
Investment in associates and joint arrangements
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method				50	178	306
Dividend received				€ 75	€ 0	€ 201
Cornerstone Telecommunications Infrastructure Limited [Member]
Investment in associates and joint arrangements
Percentage of stake owned					50%

Investments in associates and_5

Investments in associates and joint arrangements - Income statement (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income statement and statement of comprehensive income
Revenue	€ 45,706	€ 45,580	€ 43,809
Depreciation and amortisation	(9,649)	(9,858)	(10,187)
Other income	9,098	50	568
Operating profit	14,296	5,813	5,129
Profit/(loss) before tax	12,816	4,103	4,347
Profit for the financial year	12,335	2,773	483
Profit from continuing operations, Owners of the parent	11,838	2,237	59
Non-controlling interests	497	536	424
Joint ventures where entity is venturer | INWIT S.p.A. [Member]
Income statement and statement of comprehensive income
Revenue	853	785	562
Operating expenses	(73)	(70)	(46)
Depreciation and amortisation	(508)	(513)	(398)
Operating profit	272	202	118
Interest expense	(81)	(90)	(101)
Profit/(loss) before tax	191	112	17
Income tax (expense)/credit	(1)	(30)	(7)
Profit for the financial year	190	82	10
Joint ventures where entity is venturer | VodafoneZiggo Group Holding B.V. [Member]
Income statement and statement of comprehensive income
Revenue	4,063	4,056	4,010
Operating expenses	(2,124)	(2,104)	(2,058)
Depreciation and amortisation	(1,527)	(1,592)	(1,658)
Other income			25
Operating profit	412	360	319
Interest expense	11	(276)	(658)
Profit/(loss) before tax	423	84	(339)
Income tax (expense)/credit	(150)	(121)	(125)
Profit for the financial year	273	(37)	(464)
Joint ventures where entity is venturer | TPG Telecom Limited
Income statement and statement of comprehensive income
Revenue	3,027	3,375	3,010
Operating expenses	(1,870)	(2,292)	(2,096)
Depreciation and amortisation	(700)	(914)	(769)
Operating profit	457	169	145
Interest income			1
Interest expense	(172)	(122)	(201)
Profit/(loss) before tax	285	47	(55)
Income tax (expense)/credit	(25)	(27)	495
Profit for the financial year	260	20	440
Joint ventures where entity is venturer | Vodafone Idea Limited
Income statement and statement of comprehensive income
Revenue	5,046	4,450	4,847
Operating expenses	(3,280)	(2,802)	(3,133)
Depreciation and amortisation	(2,396)	(2,390)	(2,442)
Other income		(34)	(2,135)
Operating profit	(630)	(776)	(2,863)
Interest income	9	14	32
Interest expense	(2,567)	(2,297)	(2,035)
Profit/(loss) before tax	(3,188)	(3,059)	(4,866)
Income tax (expense)/credit		2
Profit for the financial year	(3,188)	(3,057)	(4,866)
Associates [member] | Safaricom Limited
Income statement and statement of comprehensive income
Revenue	2,468	2,318	2,083
Operating expenses	(1,353)	(1,164)	(1,030)
Depreciation and amortisation	(432)	(309)	(299)
Other income	(68)
Operating profit	751	845	754
Interest income	13	9	12
Interest expense	(69)	(59)	(27)
Profit/(loss) before tax	695	795	739
Income tax (expense)/credit	(285)	(270)	(197)
Profit for the financial year	410	525	542
Profit from continuing operations, Owners of the parent	489	542	542
Non-controlling interests	(79)	(17)
Associates [member] | Indus Towers Limited
Income statement and statement of comprehensive income
Revenue	3,343	3,122	2,421
Operating expenses	(2,240)	(1,480)	(1,247)
Depreciation and amortisation	(588)	(598)	(477)
Other income			(412)
Operating profit	515	1,044	1,109
Interest income	26		61
Interest expense	(200)	(140)	(194)
Profit/(loss) before tax	341	904	976
Income tax (expense)/credit	(102)	(272)	(168)
Profit for the financial year	239	632	808
Profit from continuing operations, Owners of the parent	€ 239	€ 632	€ 808

Investments in associates and_6

Investments in associates and joint arrangements - Statement of financial position (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Statement of financial position
Non-current assets	€ 124,859	€ 126,471
Current assets	30,662	27,578
Total Assets	155,521	154,049
Equity shareholders' funds	64,483	57,073	€ 57,768	€ 62,625
Non-controlling interests	1,084	2,290
Non-current liabilities	56,454	63,329
Current liabilities	34,584	33,647
Cash and cash equivalents within current assets	11,705	7,496
Dividend received	617	638	628
INWIT S.p.A. [Member] | Joint ventures where entity is venturer
Statement of financial position
Non-current assets		14,532
Current assets		270
Total Assets		14,802
Equity shareholders' funds		8,595
Non-current liabilities		5,672
Current liabilities		535
Cash and cash equivalents within current assets		96
Non-current liabilities excluding trade and other payables and provisions		5,420
Current liabilities excluding trade and other payables and provisions		319
Safaricom Limited | Associates [member]
Statement of financial position
Non-current assets	3,007	2,173
Current assets	436	510
Total Assets	3,443	2,683
Equity shareholders' funds	1,269	1,066
Non-controlling interests	532	312
Non-current liabilities	753	558
Current liabilities	889	747
Cash and cash equivalents within current assets	127	241
Non-current liabilities excluding trade and other payables and provisions	500	465
Current liabilities excluding trade and other payables and provisions	322	241
Indus Towers Limited | Associates [member]
Statement of financial position
Non-current assets	5,243	5,359
Current assets	1,081	1,685
Total Assets	6,324	7,044
Equity shareholders' funds	3,453	3,774
Non-current liabilities	1,954	2,101
Current liabilities	917	1,169
Cash and cash equivalents within current assets	3	278
Non-current liabilities excluding trade and other payables and provisions	1,665	1,795
Current liabilities excluding trade and other payables and provisions	491	638
Safaricom Limited
Statement of financial position
Dividend received	250	170	171
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	18,162	17,267
Current assets	2,174	2,693
Total Assets	20,336	19,960
Equity shareholders' funds	(10,760)	(10,214)
Non-current liabilities	24,730	23,266
Current liabilities	6,366	6,908
Cash and cash equivalents within current assets	96	365
Non-current liabilities excluding trade and other payables and provisions	24,707	23,241
Current liabilities excluding trade and other payables and provisions	2,699	3,334
Vodafone Idea Limited | Vodafone Idea Limited
Statement of financial position
Equity shareholders' funds	(10,760)	(10,214)
VodafoneZiggo Group Holding B.V. [Member]
Statement of financial position
Dividend received	165	350	209
VodafoneZiggo Group Holding B.V. [Member] | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	16,570	16,521
Current assets	719	739
Total Assets	17,289	17,260
Equity shareholders' funds	1,586	1,643
Non-current liabilities	13,299	13,187
Current liabilities	2,404	2,430
Cash and cash equivalents within current assets	20	190
Non-current liabilities excluding trade and other payables and provisions	13,138	13,007
Current liabilities excluding trade and other payables and provisions	1,247	1,282
VodafoneZiggo Group Holding B.V. [Member] | VodafoneZiggo Group Holding B.V. [Member]
Statement of financial position
Equity shareholders' funds	1,586	1,643
INWIT S.p.A. [Member]
Statement of financial position
Dividend received	103	96	42
INWIT S.p.A. [Member] | INWIT S.p.A. [Member]
Statement of financial position
Equity shareholders' funds		8,595	8,801
TPG Telecom Limited
Statement of financial position
Dividend received	24	22	€ 0
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	9,823	10,638
Current assets	1,009	898
Total Assets	10,832	11,536
Equity shareholders' funds	3,019	3,129
Non-current liabilities	6,702	7,227
Current liabilities	1,111	1,180
Cash and cash equivalents within current assets	290	435
Non-current liabilities excluding trade and other payables and provisions	6,595	7,173
Current liabilities excluding trade and other payables and provisions	86	121
TPG Telecom Limited | TPG Telecom Limited
Statement of financial position
Equity shareholders' funds	3,019	€ 3,129
Oak Holdings 1 GmbH | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	23,878
Current assets	749
Total Assets	24,627
Equity shareholders' funds	13,450
Non-controlling interests	1,262
Non-current liabilities	6,709
Current liabilities	3,206
Cash and cash equivalents within current assets	224
Non-current liabilities excluding trade and other payables and provisions	6,215
Current liabilities excluding trade and other payables and provisions	€ 2,409

Investments in associates and_7

Investments in associates and joint arrangements - Reconciliation of summarised financial information (Details) - EUR (€) € in Millions			1 Months Ended	12 Months Ended
	Mar. 22, 2023	Mar. 22, 2022	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2019
Statement of financial position
Equity shareholders' funds			€ 64,483	€ 64,483	€ 57,073	€ 57,768	€ 62,625
Goodwill			27,615	27,615	31,884
Investment in joint ventures			9,578	9,578	3,781
Investment in associates			1,501	1,501	1,542
Profit				12,335	2,773	483
Dividends received from investments accounted for using equity method, classified as investing activities				617	638	628
INWIT S.p.A. [Member] | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds					8,595
Profit				190	82	10
VodafoneZiggo Group Holding B.V. [Member] | Joint ventures where entity is venturer
Statement of financial position
Profit				273	(37)	(464)
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Profit				260	20	440
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Profit				(3,188)	(3,057)	(4,866)
Safaricom Limited | Associates [member]
Statement of financial position
Equity shareholders' funds			1,269	1,269	1,066
Profit (loss) from continuing operations				489	542	542
Profit				410	525	542
Indus Towers Limited | Associates [member]
Statement of financial position
Equity shareholders' funds			3,453	3,453	3,774
Profit (loss) from continuing operations				239	632	808
Profit				239	632	808
Safaricom Limited
Statement of financial position
Investment in associates			509	509	428
Dividends received from investments accounted for using equity method, classified as investing activities				250	170	171
(Loss)/profit from continuing operations				€ 195	€ 217	217
Percentage of shareholding in associate				39.90%	40%
Safaricom Limited | Associates [member]
Statement of financial position
Interest in associates/joint ventures			507	€ 507	€ 425
Goodwill			2	2	3
Investment in associates			509	509	428
(Loss)/profit from continuing operations				195	217	217
Indus Towers Limited
Statement of financial position
Investment in associates			908	908	1,055
Dividends received from investments accounted for using equity method, classified as investing activities				75	0	201
(Loss)/profit from continuing operations				€ 50	€ 178	306
Percentage of shareholding in associate				21%	21%
Indus Towers Limited | Associates [member]
Statement of financial position
Interest in associates/joint ventures			727	€ 727	€ 794
Goodwill			181	181	261
Investment in associates			908	908	1,055
(Loss)/profit from continuing operations				50	€ 178	306
Indus Towers Limited | Indus Towers Limited
Statement of financial position
Percentage of shareholding in associate					21%
Total for joint ventures
Statement of financial position
Investment in joint ventures			9,578	9,578	€ 3,781
(Loss)/profit from continuing operations				200	(11)	(146)
Vodafone Idea Limited
Statement of financial position
Interest in associates/joint ventures			(3,475)	(3,475)	(4,863)
Impairment			(242)	(242)	(257)
Investment proportion not recognised			3,717	3,717	5,120
Investment in joint ventures			0	0			€ 0	€ 0
Share of profit/(loss), 1			(1,030)	(1,030)	(1,357)	(2,160)
Share of loss not recognised				€ 1,030	€ 1,357	2,160
Joint venture ownership interest				32.30%	47.60%
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds			(10,760)	€ (10,760)	€ (10,214)
Vodafone Idea Limited | Vodafone Idea Limited
Statement of financial position
Equity shareholders' funds			(10,760)	(10,760)	(10,214)
Profit (loss) from continuing operations				(3,188)	(3,057)	(4,866)
VodafoneZiggo Group Holding B.V. [Member]
Statement of financial position
Interest in associates/joint ventures			793	793	822
Investment in joint ventures			793	793	822
Dividends received from investments accounted for using equity method, classified as investing activities				€ 165	€ 350	209
Joint venture ownership interest				50%	50%
(Loss)/profit from continuing operations				€ 137	€ (19)	(232)
VodafoneZiggo Group Holding B.V. [Member] | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds			1,586	1,586	1,643
VodafoneZiggo Group Holding B.V. [Member] | VodafoneZiggo Group Holding B.V. [Member]
Statement of financial position
Equity shareholders' funds			1,586	1,586	1,643
Profit (loss) from continuing operations				273	(37)	(464)
INWIT S.p.A. [Member]
Statement of financial position
Interest in associates/joint ventures					2,851	2,920
Investment in joint ventures					2,851	2,920
Share of profit/(loss), 1			63	63	27	3
Share of loss not recognised				(33)
Dividends received from investments accounted for using equity method, classified as investing activities				103	€ 96	42
Joint venture ownership interest					33.20%
(Loss)/profit from continuing operations				30	€ 27	3
INWIT S.p.A. [Member] | INWIT S.p.A. [Member]
Statement of financial position
Equity shareholders' funds					8,595	8,801
Profit (loss) from continuing operations				190	€ 82	10
Indus Towers Limited
Statement of financial position
Investment in joint ventures			908	€ 908
Joint venture ownership interest				21%	21%
TPG Telecom Limited
Statement of financial position
Interest in associates/joint ventures			56	€ 56	€ 27
Goodwill			52	52	57
Investment in joint ventures			108	108	84
Share of profit/(loss), 1			48	48	(5)	98
Dividends received from investments accounted for using equity method, classified as investing activities				€ 24	€ 22	0
Joint venture ownership interest				25.10%	25.10%
(Loss)/profit from continuing operations				€ 48	€ (5)	98
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds			3,019	3,019	3,129
TPG Telecom Limited | TPG Telecom Limited
Statement of financial position
Equity shareholders' funds			3,019	3,019	3,129
Profit (loss) from continuing operations				260	20	440
Other joint ventures [Member]
Statement of financial position
Investment in joint ventures			43	43	24
(Loss)/profit from continuing operations				(15)	€ (14)	€ (15)
Oak Holdings 1 GmbH
Statement of financial position
Interest in associates/joint ventures			8,634	8,634
Investment in joint ventures			€ 8,634	€ 8,634
Joint venture ownership interest	64.20%	64.20%	64.20%	64.20%
Oak Holdings 1 GmbH | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds			€ 13,450	€ 13,450
Oak Holdings 1 GmbH | Oak Holdings 1 GmbH
Statement of financial position
Equity shareholders' funds			€ 13,450	€ 13,450
OXG Glasfaser GmbH
Statement of financial position
Joint venture ownership interest				50%

Investments in associates and_8

Investments in associates and joint arrangements - Associates (Details) € in Millions, ₨ in Billions, Ksh in Billions	12 Months Ended
	Mar. 31, 2023 EUR (€) shares	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 EUR (€)	Mar. 31, 2023 KES (Ksh)	Mar. 31, 2023 INR (₨)	Mar. 31, 2022 KES (Ksh)	Mar. 31, 2022 INR (₨)	Mar. 31, 2020 EUR (€)
Investments in associates and joint arrangements
Investment in associates	€ 1,501	€ 1,542
Equity	64,483	57,073	€ 57,768					€ 62,625
Dividends received from associates and joint ventures	€ 617	638	628
Adoption of IAS 29
Investments in associates and joint arrangements
Equity		565
After adoption of IAS 29
Investments in associates and joint arrangements
Equity		57,638
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Investments in associates and joint arrangements
Investment in associates		1,055
Operating profit, profit before taxation increased		178	32
Equity		€ 96	(48)
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member] | Accumulated other comprehensive income
Investments in associates and joint arrangements
Equity			5
TPG Telecom [Member]
Investments in associates and joint arrangements
Joint venture ownership interest	25.05%
Indus Towers Limited
Investments in associates and joint arrangements
Joint venture ownership interest	21%	21%
All associates
Investments in associates and joint arrangements
Investment in associates	€ 1,501	€ 1,542
Operating profit, profit before taxation increased	€ 233	€ 400	520
Safaricom Limited
Investments in associates and joint arrangements
Percentage of shareholding in associate	39.90%	40%
Number of non-voting shares held | shares	2
Fair value of investment in associate	€ 2,012	€ 4,270		Ksh 290		Ksh 546
Investment in associates	509	428
Operating profit, profit before taxation increased	195	217	217
Dividends received from associates and joint ventures	€ 250	170	171
Safaricom Limited | Adoption of IAS 29
Investments in associates and joint arrangements
Equity		€ 127
Indus Towers Limited
Investments in associates and joint arrangements
Percentage of shareholding in associate	21%	21%
Fair value of investment in associate	€ 908	€ 1,494			₨ 81		₨ 126
Investment in associates	908	1,055
Operating profit, profit before taxation increased	50	178	306
Dividends received from associates and joint ventures	75	0	201
Other Associates [Member]
Investments in associates and joint arrangements
Investment in associates	84	59
Operating profit, profit before taxation increased	€ (12)	€ 5	€ (3)

Other investments (Details)

Other investments (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other investments
Non-current other investments	€ 1,093	€ 1,073
Current other investments	7,017	7,931
Equity securities
Other investments
Non-current other investments	94	143
Non-current debt securities
Other investments
Non-current other investments	999	930
Non-current debt securities | Level 1 | Financial assets at amortised cost | Not measured at fair value in statement of financial position but for which fair value is disclosed
Other investments
Financial assets at fair value	803	830
Non-current debt securities | VodafoneZiggo Group Holding B.V.
Other investments
Non-current other investments	885	885
Short-term investments
Other investments
Current other investments	4,305	4,795
Bonds and debt securities
Other investments
Current other investments	1,338	1,446
Bonds and debt securities | Japanese
Other investments
Current other investments	899	681
Bonds and debt securities | Dutch
Other investments
Current other investments	290	0
Bonds and debt securities | Germany
Other investments
Current other investments	150	0
Bonds and debt securities | BELGIUM
Other investments
Current other investments	0	501
Bonds and debt securities | FRANCE
Other investments
Current other investments	0	200
Bonds and debt securities | UK
Other investments
Current other investments	0	64
Managed investment funds
Other investments
Current other investments	€ 2,967	3,349
Liquid days	90 days
Collateral assets
Other investments
Current other investments	€ 239	698
Other investments
Other investments
Current other investments	2,473	2,438
Other investments | Level 1 | Financial assets at fair value
Other investments
Current other investments	1,409	1,460
Equity securities and managed investment funds | Level 1 | Financial assets at fair value
Other investments
Other investments	€ 47	€ 91

Trade and other receivables (De

Trade and other receivables (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Included within non-current assets
Trade receivables	€ 51	€ 34
Trade receivables held at fair value through other comprehensive income	337	606
Net investment in leases	267	134
Contract assets	494	495
Contract-related costs	690	630
Other receivables	66	37
Prepayments	296	231
Derivative financial instruments	5,642	4,216
Total trade and other non-current receivables	7,843	6,383
Included within current assets
Trade receivables	3,277	3,300
Trade receivables held at fair value through other comprehensive income	566	802
Net investment in leases	106	66
Contract assets	3,063	3,056
Contract-related costs	1,471	1,403
Amounts owed by associates and joint ventures	175	241
Other receivables	730	869
Prepayments	835	872
Derivative financial instruments	482	410
Total trade and other current receivables	10,705	11,019
Costs incurred to obtain customer contracts	2,078	1,967
Costs incurred to fulfil customer contracts	83	66
Amortisation and impairment expense	1,541	1,517
Level 3
Included within current assets
Embedded derivative asset	€ 198	€ 3

Trade and other payables (Detai

Trade and other payables (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Included within non-current liabilities
Other payables	€ 520	€ 452
Accruals	48	28
Contract liabilities	500	530
Derivative financial instruments	1,116	1,506
Total trade and other non-current payables	2,184	2,516
Included within current liabilities:
Trade payables	7,662	7,327
Amounts owed to associates and joint ventures	329	40
Other taxes and social security payable	1,013	1,114
Other payables	2,080	2,032
Accruals	4,814	6,991
Contract liabilities	2,043	1,991
Derivative financial instruments	306	166
Total trade and other current payables	18,247	19,661
Payable in relation to the irrevocable and non-discretionary share buyback programme	0	1,434
Revenue recognised during the year	1,991
Vodafone UK plan
Included within non-current liabilities
Other payables	€ 257	€ 351

Provisions (Details)

Provisions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of changes in other provisions
Beginning balance	€ 2,548	€ 2,639
Exchange movements	(52)	(21)
Disposal of subsidiaries	(590)
Amounts capitalised in the year	185	297
Amounts charged to the income statement	689	571
Utilised in the year - payments	(407)	(671)
Amounts released to the income statement	(162)	(267)
Other	35
Ending balance	2,246	2,548
Asset retirement obligations
Reconciliation of changes in other provisions
Beginning balance	1,470	1,222
Exchange movements	(22)	3
Disposal of subsidiaries	(578)
Amounts capitalised in the year	185	297
Utilised in the year - payments	(59)	(51)
Amounts released to the income statement	(1)	(1)
Other	35
Ending balance	1,030	1,470
Legal and regulatory
Reconciliation of changes in other provisions
Beginning balance	449	528
Exchange movements	(28)	(25)
Disposal of subsidiaries	(8)
Amounts charged to the income statement	138	216
Utilised in the year - payments	(44)	(128)
Amounts released to the income statement	(77)	(142)
Ending balance	430	449
Restructuring provision
Reconciliation of changes in other provisions
Beginning balance	302	426
Exchange movements		(4)
Disposal of subsidiaries	(2)
Amounts charged to the income statement	425	216
Utilised in the year - payments	(181)	(295)
Amounts released to the income statement	(36)	(41)
Ending balance	508	302
Other
Reconciliation of changes in other provisions
Beginning balance	327	463
Exchange movements	(2)	5
Disposal of subsidiaries	(2)
Amounts charged to the income statement	126	139
Utilised in the year - payments	(123)	(197)
Amounts released to the income statement	(48)	(83)
Ending balance	€ 278	€ 327

Provisions - Current and non-cu

Provisions - Current and non-current (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Provisions
Current provisions	€ 674	€ 667
Non-current provisions	1,572	1,881
Total Provisions	2,246	2,548	€ 2,639
Asset retirement obligations
Provisions
Current provisions	61	43
Non-current provisions	969	1,427
Total Provisions	1,030	1,470	1,222
Legal and regulatory
Provisions
Current provisions	193	235
Non-current provisions	237	214
Total Provisions	430	449	528
Restructuring provision
Provisions
Current provisions	298	241
Non-current provisions	210	61
Total Provisions	508	302	426
Other
Provisions
Current provisions	122	148
Non-current provisions	156	179
Total Provisions	€ 278	€ 327	€ 463

Called up share capital (Detail

Called up share capital (Details) € in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2022 EUR (€) shares	Mar. 31, 2021 EUR (€) shares	Mar. 31, 2023 EUR (€) shares	Mar. 31, 2022 EUR (€) shares	Mar. 31, 2023 $ / shares	Mar. 31, 2023 EUR (€) shares	Mar. 31, 2023 £ / shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance | €			€ 4,797
Ending balance | €	€ 4,797		€ 4,797	€ 4,797
Reissue of treasury shares	1,519,000,000	1,427,000,000
Ordinary shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance (in shares)			28,817,627,868	28,816,835,778
Allotted during the year (in shares)			628,190	792,090
Ending balance (in shares)	28,817,627,868	28,816,835,778	28,818,256,058	28,817,627,868
Beginning balance | €			€ 4,797	€ 4,797
Ending balance | €	€ 4,797	€ 4,797	€ 4,797	€ 4,797
Par value per share | $ / shares					$ 0.2095
Number of treasury shares held	447,576,522			447,576,522		1,825,691,429
Nominal value of treasury shares | €	€ 75			€ 75		€ 304
Market value of treasury shares | €	€ 661			€ 661		€ 1,855
Reissue of treasury shares			85,844,124	68,306,442
Repurchase of treasury shares			1,463,959,031	1,441,870,348
Issue of treasury shares				1,518,629,693
Subordinated mandatory convertible bonds | €				€ 1,720
7% cumulative fixed rate shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance (in shares)			50,000
Ending balance (in shares)	50,000		50,000	50,000
Par value per share | £ / shares							£ 1
Awards allotted during the year
Cumulative rate of fixed rate shares						7%

Reconciliation of net cash fl_3

Reconciliation of net cash flow from operating activities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Profit for the financial year	€ 12,335	€ 2,773	€ 483
Investment income	(248)	(254)	(245)
Financing costs	1,728	1,964	1,027
Income tax expense	481	1,330	3,864
Operating profit	14,296	5,813	5,129
Adjustments for:
Share-based payments and other non-cash charges	73	173	146
Depreciation and amortisation	13,618	13,845	14,101
Loss on disposal of property, plant and equipment and intangible assets	27	30	17
Share of result of equity accounted associates and joint ventures	(433)	(389)	(374)
Impairment loss	64
Other income	(9,098)	(50)	(568)
Increase in inventory	(180)	(162)	(68)
(Increase)/decrease in trade and other receivables	(458)	(638)	582
Increase/(decrease) in trade and other payables	1,379	384	(730)
Cash generated by operations	19,288	19,006	18,235
Net tax paid	(1,234)	(925)	(1,020)
Net cash flow from operating activities	18,054	18,081	17,215
Share of profit (loss) of associates and joint ventures accounted for using equity method	€ 433	389	374
Changes due to revision
Profit for the financial year		149	(53)
Investment income		0	85
Operating profit		149	32
Adjustments for:
Net cash flow from operating activities		0
Other income		(29)
Share of profit (loss) of associates and joint ventures accounted for using equity method		€ 178	€ 32

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2019
Cash and cash equivalents
Cash and bank deposits	€ 3,924	€ 2,220
Money market funds	7,781	5,276
Cash and cash equivalents as presented in the consolidated statement of financial position	11,705	7,496
Bank overdrafts	(77)	(125)
Cash and cash equivalents as presented in the consolidated statement of cash flows	11,628	7,371	€ 5,790	€ 13,288
Repurchase agreements and bank deposits	1,750	0
Restricted cash and cash equivalents	1,572	1,554
Cash balance that can be used to repay intercompany liabilities	€ 722	€ 932

Leases - Sale and Leaseback (De

Leases - Sale and Leaseback (Details) - EUR (€) € in Millions				1 Months Ended	12 Months Ended
	Mar. 22, 2023	Nov. 13, 2022	Mar. 22, 2022	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Leases
Cash outflow for leases						€ 4,479	€ 4,338
Vantage Towers A.G
Leases
Ownership interest in subsidiary		85.80%
Forecast
Leases
Increase in cash outflow for leases					€ 300
Oak Holdings 1 GmbH | Vantage Towers A.G
Leases
Ownership interest in subsidiary	89.30%			89.30%
Vantage Towers
Leases
Gains on disposals of investments				€ 9,287
Gain on proportion of sold asset that has been retained through the leaseback				€ 680
Oak Holdings 1 GmbH
Leases
Ownership interest of joint venture	64.20%		64.20%	64.20%		64.20%
Mobile Base Station
Leases
Net book value				€ 4,793

Leases - Maturity profile of le

Leases - Maturity profile of lease liabilities (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Leases
Undiscounted lease liability	€ 15,257	€ 14,286
Effect of discounting	(1,893)	(1,747)
Lease liability	13,364	12,539
Within one year
Leases
Undiscounted lease liability	3,452	3,130
In more than one year but less than two years
Leases
Undiscounted lease liability	2,574	2,189
In more than two years but less than three years
Leases
Undiscounted lease liability	2,200	1,759
In more than three years but less than four years
Leases
Undiscounted lease liability	1,981	1,579
In more than four years but less than five years
Leases
Undiscounted lease liability	1,810	1,387
In more than five years
Leases
Undiscounted lease liability	€ 3,240	€ 4,242

Leases - As a Lessor (Details)

Leases - As a Lessor (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating leases
Lease contracts not yet commenced, undiscounted value	€ 320	€ 51
Lease revenue	751	758
Income from leases not recognised as revenue	47	45
Committed operating lease payments due to the Group as a lessor	495	1,509
Within one year
Operating leases
Committed operating lease payments due to the Group as a lessor	304	513
In one to two years
Operating leases
Committed operating lease payments due to the Group as a lessor	128	250
In two to three years
Operating leases
Committed operating lease payments due to the Group as a lessor	36	161
In three to four years
Operating leases
Committed operating lease payments due to the Group as a lessor	16	128
In four to five years
Operating leases
Committed operating lease payments due to the Group as a lessor	7	114
In more than five years
Operating leases
Committed operating lease payments due to the Group as a lessor	€ 4	€ 343

Leases - Maturity profile of th

Leases - Maturity profile of the Group's net investment in leases (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Leases
Gross investment in leases	€ 406	€ 208
Unearned finance income	(33)	(8)
Net investment in leases	373	200
Within one year
Leases
Gross investment in leases	111	72
In more than one year but less than two years
Leases
Gross investment in leases	88	55
In more than two years but less than three years
Leases
Gross investment in leases	67	36
In more than three years but less than four years
Leases
Gross investment in leases	54	25
In more than four years but less than five years
Leases
Gross investment in leases	47	11
In more than five years
Leases
Gross investment in leases	€ 39	€ 9

Borrowings - Total Borrowings (

Borrowings - Total Borrowings (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Borrowings
Non-current borrowings	€ 51,669	€ 58,131
Current borrowings	14,721	11,961
Borrowings	66,390	70,092
Bonds
Borrowings
Non-current borrowings	39,512	46,156
Current borrowings	4,604	1,875
Accumulated fair value hedge adjustment on hedged item included in carrying amount, liabilities	1,282	1,316
Bonds | Currency swap contract
Borrowings
Impact of hedging instrument not reflected in carrying value of borrowings	1,440	1,456
Bonds | Not measured at fair value in statement of financial position but for which fair value is disclosed
Borrowings
Non-current borrowings	39,512	46,156
Financial liabilities at fair value	35,044	46,348
Bank loans
Borrowings
Non-current borrowings	487	629
Current borrowings	308	688
Bank loans | Associates [member]
Borrowings
Current borrowings	1,485	1,382
Collateral liabilities
Borrowings
Current borrowings	4,886	2,914
Lease liabilities
Borrowings
Non-current borrowings	10,318	9,810
Current borrowings	3,046	2,729
Bank borrowings secured against Indian assets
Borrowings
Current borrowings	1,485	1,382
Secured bank borrowings	1,485	1,382
Other short-term borrowings
Borrowings
Current borrowings	392	2,373
Licence and Spectrum Fees Payable in current borrowings	196	2,165
Other long-term borrowings
Borrowings
Non-current borrowings	1,352	1,536
Licence and Spectrum Fees Payable in non current borrowings	€ 1,140	€ 1,273

Borrowings - Commercial paper p

Borrowings - Commercial paper programmes (Details) € in Millions, $ in Billions	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 EUR (€)
Liquidity and capital resources
Borrowings drawn	€ 66,390		€ 70,092
US commercial paper programme
Liquidity and capital resources
Undrawn borrowing facilities	13,800	$ 15
Euro commercial paper programme
Liquidity and capital resources
Undrawn borrowing facilities	10,000
Syndicated bank facilities
Liquidity and capital resources
Borrowings drawn	0
Syndicated bank facilities, USD
Liquidity and capital resources
Undrawn borrowing facilities	3,700	$ 4
Syndicated bank facilities, Euro
Liquidity and capital resources
Undrawn borrowing facilities	€ 4,000

Borrowings - Bonds and Own shar

Borrowings - Bonds and Own shares (Details) £ / shares in Units, € in Millions, ¥ in Billions, £ in Billions, kr in Billions, SFr in Billions, $ in Billions, $ in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2023 EUR (€) shares	Mar. 31, 2023 GBP (£) shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 EUR (€) shares	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 AUD ($)	Mar. 31, 2023 HKD ($)	Mar. 31, 2023 NOK (kr)	Mar. 31, 2023 CHF (SFr)	Mar. 31, 2023 JPY (¥)	Mar. 12, 2019 EUR (€)	Mar. 12, 2019 GBP (£) £ / shares
Liquidity and capital resources
Borrowings	€ (66,390)			€ (70,092)
Maximum [Member]
Liquidity and capital resources
Treasury shares | shares	1,825,691,429	1,825,691,429	1,825,691,429	1,911,661,729
Percentage of issued share capital held as treasury shares	6.30%	6.30%	6.30%	6.60%
Bonds [Member]
Liquidity and capital resources
Notional amount	€ 42,800
Nominal values of bonds matured	1,900
Notional amount	42,800
Nominal values of bonds re-purchased	3,800
Bonds [Member] | US Dollar
Liquidity and capital resources
Bonds issued | $						$ 21.3
Bonds [Member] | Euro
Liquidity and capital resources
Bonds issued	€ 17,600
Bonds [Member] | Sterling
Liquidity and capital resources
Bonds issued | £					£ 3.6
Bonds [Member] | Australia, Dollars
Liquidity and capital resources
Bonds issued | $							$ 0.5
Bonds [Member] | Hong Kong, Dollars
Liquidity and capital resources
Bonds issued | $								$ 2.1
Bonds [Member] | Norway, Krone
Liquidity and capital resources
Bonds issued | kr									kr 2.2
Bonds [Member] | Switzerland, Francs
Liquidity and capital resources
Bonds issued | SFr										SFr 0.7
Bonds [Member] | Japanese government securities
Liquidity and capital resources
Bonds issued | ¥											¥ 10
Bonds [Member] | Minimum.
Liquidity and capital resources
Borrowing interest rate	0.375%			0%	0.375%	0.375%	0.375%	0.375%	0.375%	0.375%	0.375%
Bonds [Member] | Maximum [Member]
Liquidity and capital resources
Borrowing interest rate	7.875%			7.875%	7.875%	7.875%	7.875%	7.875%	7.875%	7.875%	7.875%
Euro medium-term note programme
Liquidity and capital resources
Number of note programmes	2	2	2
US shelf programme
Liquidity and capital resources
Cash raised from bonds issued | $			$ 1.2
Convertible bonds
Liquidity and capital resources
Bonds issued | £													£ 3.4
Notional amount												€ 3,800	3.4
Financial liabilities at fair value												100	0.1
Notional amount												€ 3,800	3.4
Convertible bonds maturing on 12 March 2021
Liquidity and capital resources
Bonds issued | £													£ 1.7
Borrowing interest rate												1.20%	1.20%
Conversion price | £ / shares													£ 1.2055
Convertible bonds maturing on 12 March 2022
Liquidity and capital resources
Bonds issued | £													£ 1.7
Borrowing interest rate												1.50%	1.50%
Conversion price | £ / shares													£ 1.1326
Euro medium-term note programme, one
Liquidity and capital resources
Notional amount	€ 30,000
Cash raised from bonds issued	1,800
Notional amount	30,000
Euro medium-term note programme, two
Liquidity and capital resources
Notional amount	30,000
Cash raised from bonds issued | £		£ 0.6
Notional amount	€ 30,000

Capital and financial risk ma_3

Capital and financial risk management - Capital management (Details) € in Millions, Option in Millions	Mar. 31, 2023 EUR (€) Option	Mar. 31, 2022 EUR (€) Option	Mar. 31, 2021 EUR (€) Option	Mar. 31, 2020 EUR (€) Option
Fair value of financial instruments
Borrowings	€ 66,390	€ 70,092
Cash and cash equivalents	(11,705)	(7,496)
Derivative financial instruments included in trade and other receivables	(6,124)	(4,626)
Derivative financial instruments included in trade and other payables	1,422	1,672
Short-term investments	(4,305)	(4,795)
Collateral assets	(239)	(698)
Financial liabilities under put option arrangements	485	494
Equity	64,483	57,073	€ 57,768	€ 62,625
Capital	€ 110,407	€ 111,716
Number of share options outstanding in share-based payment arrangement | Option	62	61	62	53
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Fair value of financial instruments
Equity		€ 96	€ (48)
Capital		€ 96
Mandatory convertible bonds
Fair value of financial instruments
Number of share options outstanding in share-based payment arrangement | Option		1,452

Capital and financial risk ma_4

Capital and financial risk management - Financial risk management (Details) € in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€) item	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 EUR (€)
Disclosure of detailed information about financial instruments [line items]
Number of times per year the treasury risk committee meets | item	3
Bonds subject to financial covenant ratios	€ 0
Bonds having change of control clause	35,000	€ 38,000
Provisions	2,246	2,548	€ 2,639
Financial guarantee contracts
Disclosure of detailed information about financial instruments [line items]
Exposure from guarantee contracts	1,927	€ 1,341
Provisions	€ 0

Capital and financial risk ma_5

Capital and financial risk management - Financial risk management - Combined cash and cash equivalent and short term investments and Undrawn revolving credit facilities (Details) € in Billions	Mar. 31, 2023 EUR (€)
Capital and financial risk management
Combined cash and cash equivalent and short term investments	€ 16
Revolving credit facility
Capital and financial risk management
Undrawn revolving credit facilities	€ 7.7

Capital and financial risk ma_6

Capital and financial risk management - Credit risk - Maximum exposure to credit risk (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Financial guarantee contracts
Capital and financial risk management
Exposure from guarantee contracts	€ 1,927	€ 1,341
Credit risk
Capital and financial risk management
Maximum exposure to credit risk	39,737	34,389
Credit risk | Cash and bank deposits
Capital and financial risk management
Maximum exposure to credit risk	3,924	2,220
Credit risk | Money market funds
Capital and financial risk management
Maximum exposure to credit risk	7,781	5,276
Credit risk | Managed investment funds.
Capital and financial risk management
Maximum exposure to credit risk	2,967	3,349
Credit risk | Bonds and debt securities
Capital and financial risk management
Maximum exposure to credit risk	2,337	2,376
Credit risk | Collateral assets
Capital and financial risk management
Maximum exposure to credit risk	239	698
Credit risk | Other investments
Capital and financial risk management
Maximum exposure to credit risk	2,473	2,438
Credit risk | Derivative Financial Instruments
Capital and financial risk management
Maximum exposure to credit risk	6,124	4,626
Credit risk | Trade receivables
Capital and financial risk management
Maximum exposure to credit risk	6,158	6,083
Credit risk | Contract assets and other receivables
Capital and financial risk management
Maximum exposure to credit risk	4,353	4,457
Credit risk | Performance bonds and other guarantees
Capital and financial risk management
Maximum exposure to credit risk	€ 3,381	€ 2,866

Capital and financial risk ma_7

Capital and financial risk management - Credit risk - Financing activities - General information (Details) - Credit risk	Mar. 31, 2023 item
Capital and financial risk management
Maximum investment in AAA unsecured money market mutual funds (as a percent)	10%
Number of managed investment funds	2

Capital and financial risk ma_8

Capital and financial risk management - Credit risk - Financing activities - Cash collateral (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Credit risk
Capital and financial risk management
Collateral liabilities	€ 4,886	€ 2,914

Capital and financial risk ma_9

Capital and financial risk management - Credit risk - Operating activities - General information (Details)	12 Months Ended
	Mar. 31, 2023
Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Measurement period of expected credit losses	24 months

Capital and financial risk m_10

Capital and financial risk management - Credit risk - Operating activities - Movements in allowance for expected credit losses (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract assets and other receivables
Capital and financial risk management
Allowance for expected credit losses at beginning of period	€ 83	€ 101
Exchange movements	(3)	1
Amounts charged to credit losses on financial assets	138	114
Other	(140)	(133)
Allowance for expected credit losses at end of period	78	83
Trade receivables | Amortised cost [Member]
Capital and financial risk management
Allowance for expected credit losses at beginning of period	1,342	1,480
Exchange movements	(72)	(70)
Amounts charged to credit losses on financial assets	449	394
Other	(570)	(462)
Allowance for expected credit losses at end of period	1,149	1,342
Trade receivables | FVOCI
Capital and financial risk management
Allowance for expected credit losses at beginning of period	108	57
Exchange movements	1
Amounts charged to credit losses on financial assets	19	53
Other	(57)	(2)
Allowance for expected credit losses at end of period	€ 71	€ 108

Capital and financial risk m_11

Capital and financial risk management - Credit risk - Operating activities - Trade receivables past due (Details) - Trade receivables - Amortised cost [Member] - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Credit risk for trade receivables
Financial assets	€ 3,328	€ 3,334
Gross carrying amount
Credit risk for trade receivables
Financial assets	4,513	4,676
Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(1,185)	(1,342)
Current
Credit risk for trade receivables
Financial assets	2,398	2,288
Current | Gross carrying amount
Credit risk for trade receivables
Financial assets	2,465	2,411
Current | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(67)	(123)
30 days or less
Credit risk for trade receivables
Financial assets	535	567
30 days or less | Gross carrying amount
Credit risk for trade receivables
Financial assets	599	650
30 days or less | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(64)	(83)
Between 31 and 60 days
Credit risk for trade receivables
Financial assets	113	129
Between 31 and 60 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	163	182
Between 31 and 60 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(50)	(53)
Between 61 and 180 days
Credit risk for trade receivables
Financial assets	156	200
Between 61 and 180 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	329	390
Between 61 and 180 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(173)	(190)
Greater than 180 days
Credit risk for trade receivables
Financial assets	126	150
Greater than 180 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	957	1,043
Greater than 180 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	€ (831)	€ (893)

Capital and financial risk m_12

Capital and financial risk management - Liquidity risk - Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Fair value of financial instruments
Cash and cash equivalents	€ 11,705	€ 7,496

Capital and financial risk m_13

Capital and financial risk management - Liquidity risk - Borrowings (Details) € in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 EUR (€)
Minimum [Member]
Borrowings
Long-term borrowings maturity (in years)	1 year
Maximum [Member]
Borrowings
Long-term borrowings maturity (in years)	40 years
Revolving credit facility
Borrowings
Undrawn revolving credit facilities	€ 7.7
Revolving credit facility | Maximum [Member] | US Dollar
Borrowings
Principal amount		$ 4	€ 3.7
Revolving credit facility | Maximum [Member] | Euro
Borrowings
Principal amount	4
Committed bank facilities
Borrowings
Undrawn revolving credit facilities	€ 8		€ 8.2

Capital and financial risk m_14

Capital and financial risk management - Liquidity risk - Maturity profile for non-derivative financial liabilities - Tabular disclosure (Details) - Liquidity risk - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 105,149	€ 110,089
Effect of discount/financing rates	(23,341)	(23,085)
Anticipated future cash flows, net	81,808	87,004
Not later than one year [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	32,128	31,106
Later than one year and not later than two years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,353	8,858
Later than two years and not later than three years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,294	6,163
Later than three years and not later than four years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	7,757	7,526
Later than four years and not later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,325	8,523
Later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	46,292	47,913
Trade payables and other financial liabilities
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	15,421	16,913
Effect of discount/financing rates	(3)	(1)
Anticipated future cash flows, net	15,418	16,912
Trade payables and other financial liabilities | Not later than one year [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	15,370	16,884
Trade payables and other financial liabilities | Later than one year and not later than two years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	51	29
Bank loans and Commercial paper
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	869	1,372
Effect of discount/financing rates	(74)	(55)
Anticipated future cash flows, net	795	1,317
Bank loans and Commercial paper | Not later than one year [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	308	700
Bank loans and Commercial paper | Later than one year and not later than two years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	235	33
Bank loans and Commercial paper | Later than two years and not later than three years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	110	411
Bank loans and Commercial paper | Later than three years and not later than four years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	18	2
Bank loans and Commercial paper | Later than four years and not later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	70	205
Bank loans and Commercial paper | Later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	128	21
Bonds [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	65,066	69,058
Effect of discount/financing rates	(20,950)	(21,027)
Anticipated future cash flows, net	44,116	48,031
Bonds [Member] | Not later than one year [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,234	3,569
Bonds [Member] | Later than one year and not later than two years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,070	6,190
Bonds [Member] | Later than two years and not later than three years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,725	3,786
Bonds [Member] | Later than three years and not later than four years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,500	5,746
Bonds [Member] | Later than four years and not later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,212	6,253
Bonds [Member] | Later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	42,325	43,514
Lease liabilities [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	15,257	14,286
Effect of discount/financing rates	(1,893)	(1,747)
Anticipated future cash flows, net	13,364	12,539
Lease liabilities [Member] | Not later than one year [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,452	3,130
Lease liabilities [Member] | Later than one year and not later than two years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,574	2,189
Lease liabilities [Member] | Later than two years and not later than three years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,200	1,759
Lease liabilities [Member] | Later than three years and not later than four years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,981	1,579
Lease liabilities [Member] | Later than four years and not later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,810	1,387
Lease liabilities [Member] | Later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,240	4,242
Other borrowings
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,536	8,460
Effect of discount/financing rates	(421)	(255)
Anticipated future cash flows, net	8,115	8,205
Other borrowings | Not later than one year [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,764	6,823
Other borrowings | Later than one year and not later than two years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	423	417
Other borrowings | Later than two years and not later than three years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	259	207
Other borrowings | Later than three years and not later than four years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	258	199
Other borrowings | Later than four years and not later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	233	678
Other borrowings | Later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	599	136
Total borrowings
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	89,728	93,176
Effect of discount/financing rates	(23,338)	(23,084)
Anticipated future cash flows, net	66,390	70,092
Total borrowings | Not later than one year [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	16,758	14,222
Total borrowings | Later than one year and not later than two years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,302	8,829
Total borrowings | Later than two years and not later than three years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,294	6,163
Total borrowings | Later than three years and not later than four years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	7,757	7,526
Total borrowings | Later than four years and not later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,325	8,523
Total borrowings | Later than five years [Member]
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 46,292	€ 47,913

Capital and financial risk m_15

Capital and financial risk management - Liquidity risk - Maturity profile for non-derivative financial liabilities - Additional information (Details) - Liquidity risk - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Non-derivative financial liabilities
Bonds subject to material adverse change clause	€ 0
Not later than one year [Member]
Non-derivative financial liabilities
Spectrum licence payables	196	€ 2,319
Collateral liabilities	4,886	2,914
Later than one year and not later than two years [Member]
Non-derivative financial liabilities
Spectrum licence payables	170	165
Later than two years and not later than three years [Member]
Non-derivative financial liabilities
Spectrum licence payables	199	199
Later than three years and not later than four years [Member]
Non-derivative financial liabilities
Spectrum licence payables	199	199
Later than four years and not later than five years [Member]
Non-derivative financial liabilities
Spectrum licence payables	199	662
Later than five years [Member]
Non-derivative financial liabilities
Spectrum licence payables	€ 587	€ 136

Capital and financial risk m_16

Capital and financial risk management - Liquidity risk - Maturity profile for derivative financial liabilities (Details) - Liquidity risk - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Financial derivatives
Financial derivatives, payable	€ (68,352)	€ (60,321)
Financial derivatives, receivable	76,857	69,159
Financial derivatives	8,505	8,838
Effect of discount/financing rates	(3,803)	(5,884)
Financial derivative net receivable/(payable)	4,702	2,954
Not later than one year [Member]
Financial derivatives
Financial derivatives, payable	(17,845)	(12,671)
Financial derivatives, receivable	18,527	13,470
Financial derivatives	682	799
Later than one year and not later than two years [Member]
Financial derivatives
Financial derivatives, payable	(3,534)	(5,897)
Financial derivatives, receivable	4,055	6,399
Financial derivatives	521	502
Later than two years and not later than three years [Member]
Financial derivatives
Financial derivatives, payable	(4,028)	(2,584)
Financial derivatives, receivable	4,441	3,158
Financial derivatives	413	574
Later than three years and not later than four years [Member]
Financial derivatives
Financial derivatives, payable	(2,186)	(3,373)
Financial derivatives, receivable	2,567	3,864
Financial derivatives	381	491
Later than four years and not later than five years [Member]
Financial derivatives
Financial derivatives, payable	(2,265)	(1,699)
Financial derivatives, receivable	2,681	2,139
Financial derivatives	416	440
Later than five years [Member]
Financial derivatives
Financial derivatives, payable	(38,494)	(34,097)
Financial derivatives, receivable	44,586	40,129
Financial derivatives	€ 6,092	€ 6,032

Capital and financial risk m_17

Capital and financial risk management - Market risk - Interest rate management (Details) - Interest rate risk - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
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	€ 27	€ 420

Capital and financial risk m_18

Capital and financial risk management - Market risk - Foreign exchange risk management - General information (Details) - Foreign exchange risk - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	11%
Minimum foreign exchange transaction exposure per currency per month period	€ 5
Minimum foreign exchange transaction exposure per currency over six month period	€ 15
Sterling
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	3%
US Dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase in equity due to sensitivity to foreign exchange movements	€ 204	€ 371
Percentage of reasonably possible increase in risk assumption	5%	5%
South African rand
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	6%
Percentage of sensitivity to foreign exchange movements on hedging liabilities strengthening	12%	13%
Decrease in equity due to sensitivity to foreign exchange movements	€ 267	€ 221
Other currency
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	2%

Capital and financial risk m_19

Capital and financial risk management - Market risk - Foreign exchange risk management - Tabular disclosure (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Egypt, Pounds
Capital and financial risk management
Percentage of reasonably possible change in exchange rate against reporting currency	27%	9%
Currency appreciation risk | South African rand
Capital and financial risk management
Percentage of reasonably possible change in exchange rate against reporting currency	12%	13%
Increase/ (decrease) in Profit before taxation	€ 87	€ 134
Currency appreciation risk | Turkey & Romania
Capital and financial risk management
Percentage of reasonably possible change in exchange rate against reporting currency	43%	39%
Increase/ (decrease) in Profit before taxation	€ 33	€ 83
Currency appreciation risk | Sterling
Capital and financial risk management
Percentage of reasonably possible change in exchange rate against reporting currency	3%	2%
Increase/ (decrease) in Profit before taxation	€ (46)	€ (67)
Currency appreciation risk | Egypt, Pounds
Capital and financial risk management
Increase/ (decrease) in Profit before taxation	€ 116	€ 41

Capital and financial risk m_20

Capital and financial risk management - Equity risk (Details) - Equity risk € in Millions	Mar. 31, 2022 EUR (€)
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	7%
Increase Decrease in profit before tax due to reasonably possible increase in designated risk component	€ 36

Capital and financial risk m_21

Capital and financial risk management - Risk management strategy of hedge relationships - Tabular disclosure (Details) $ in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€) USD ($)	Mar. 31, 2023 EUR (€) $ / € USD ($)	Mar. 31, 2023 EUR (€) USD ($) $ / €	Mar. 31, 2023 EUR (€) SFr / € USD ($)	Mar. 31, 2023 EUR (€) USD ($) £ / €	Mar. 31, 2023 EUR (€) $ / € USD ($)	Mar. 31, 2023 EUR (€) ¥ / € USD ($)	Mar. 31, 2023 EUR (€) USD ($) kr / €	Mar. 31, 2023 EUR (€) USD ($) R / €	Mar. 31, 2023 EUR (€) ₺ / € USD ($)	Mar. 31, 2023 EUR (€) ₺ / $ USD ($)	Mar. 31, 2022 EUR (€) USD ($)	Mar. 31, 2022 EUR (€) $ / € USD ($)	Mar. 31, 2022 EUR (€) $ / € USD ($)	Mar. 31, 2022 EUR (€) SFr / € USD ($)	Mar. 31, 2022 EUR (€) £ / € USD ($)	Mar. 31, 2022 EUR (€) $ / € USD ($)	Mar. 31, 2022 EUR (€) ¥ / € USD ($)	Mar. 31, 2022 EUR (€) kr / € USD ($)	Mar. 31, 2022 EUR (€) R / € USD ($)	Mar. 31, 2022 EUR (€) ₺ / € USD ($)	Mar. 31, 2022 EUR (€) ₺ / $ USD ($)
Risk management strategy of hedge relationships
Notional amount	26,153,000,000	26,153,000,000	26,153,000,000	26,153,000,000	26,153,000,000	26,153,000,000	26,153,000,000	26,153,000,000	26,153,000,000	26,153,000,000	26,153,000,000	28,621,000,000	28,621,000,000	28,621,000,000	28,621,000,000	28,621,000,000	28,621,000,000	28,621,000,000	28,621,000,000	28,621,000,000	28,621,000,000	28,621,000,000
Carrying value assets	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 4,758,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000	€ 2,904,000,000
Carrying value liabilities	220,000,000	€ 220,000,000	€ 220,000,000	€ 220,000,000	€ 220,000,000	€ 220,000,000	€ 220,000,000	€ 220,000,000	€ 220,000,000	€ 220,000,000	€ 220,000,000	363,000,000	€ 363,000,000	€ 363,000,000	€ 363,000,000	€ 363,000,000	€ 363,000,000	€ 363,000,000	€ 363,000,000	€ 363,000,000	€ 363,000,000	€ 363,000,000
Other comprehensive income
Opening balance	285,000,000											(1,823,000,000)
(Gain)/Loss deferred to OCI	2,503,000,000											3,530,000,000
Gain/(Loss) recycled to financing costs	(896,000,000)											(1,422,000,000)
Closing balance	1,892,000,000											285,000,000
Loss in relation to fair value of bonds previously designated in fair value hedge relationships	€ 776,000,000											€ 760,000,000
Foreign exchange risk
Other comprehensive income
Average FX rate										18.36	20.07										12.45	10.95
Foreign exchange risk | Euro to Turkish Lira forward exchange contracts
Risk management strategy of hedge relationships
Notional amount	259,000,000	259,000,000	259,000,000	259,000,000	259,000,000	259,000,000	259,000,000	259,000,000	259,000,000	259,000,000	259,000,000	146,000,000	146,000,000	146,000,000	146,000,000	146,000,000	146,000,000	146,000,000	146,000,000	146,000,000	146,000,000	146,000,000
Foreign exchange risk | USD to Turkish Lira forward exchange contracts
Risk management strategy of hedge relationships
Notional amount	134	134	134	134	134	134	134	134	134	134	134	109	109	109	109	109	109	109	109	109	109	109
Cash flow hedges
Other comprehensive income
Loss from foreign currency basis outside the cash flow and net investment hedge relationships	€ 383,000,000											€ 1,318,000,000
Hedge ineffectiveness	€ 0											€ 0
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | US dollar bonds
Risk management strategy of hedge relationships
Notional amount	17,690,000,000	17,690,000,000	17,690,000,000	17,690,000,000	17,690,000,000	17,690,000,000	17,690,000,000	17,690,000,000	17,690,000,000	17,690,000,000	17,690,000,000	20,995,000,000	20,995,000,000	20,995,000,000	20,995,000,000	20,995,000,000	20,995,000,000	20,995,000,000	20,995,000,000	20,995,000,000	20,995,000,000	20,995,000,000
Carrying value assets	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 4,456,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000	€ 2,745,000,000
Carrying value liabilities												10,000,000	€ 10,000,000	€ 10,000,000	€ 10,000,000	€ 10,000,000	€ 10,000,000	€ 10,000,000	€ 10,000,000	€ 10,000,000	€ 10,000,000	€ 10,000,000
Other comprehensive income
Opening balance	1,484,000,000											(501,000,000)
(Gain)/Loss deferred to OCI	2,321,000,000											3,257,000,000
Gain/(Loss) recycled to financing costs	(1,096,000,000)											(1,272,000,000)
Closing balance	€ 2,709,000,000											€ 1,484,000,000
Average FX rate | $ / €		1.18											1.18
Average euro interest rate	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	2.76%	2.76%	2.76%	2.76%	2.76%	2.76%	2.76%	2.76%	2.76%	2.76%	2.76%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Australian dollar bonds
Risk management strategy of hedge relationships
Notional amount	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	288,000,000	736,000,000	736,000,000	736,000,000	736,000,000	736,000,000	736,000,000	736,000,000	736,000,000	736,000,000	736,000,000	736,000,000
Carrying value assets	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 13,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000	€ 50,000,000
Other comprehensive income
Opening balance	5,000,000											24,000,000
(Gain)/Loss deferred to OCI	(31,000,000)											12,000,000
Gain/(Loss) recycled to financing costs	47,000,000											(31,000,000)
Closing balance	€ 21,000,000											€ 5,000,000
Average FX rate | $ / €			1.56											1.56
Average euro interest rate	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	0.92%	0.92%	0.92%	0.92%	0.92%	0.92%	0.92%	0.92%	0.92%	0.92%	0.92%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Swiss franc bonds
Risk management strategy of hedge relationships
Notional amount	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000	624,000,000
Carrying value assets	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 58,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000
Carrying value liabilities												1,000,000	€ 1,000,000	€ 1,000,000	€ 1,000,000	€ 1,000,000	€ 1,000,000	€ 1,000,000	€ 1,000,000	€ 1,000,000	€ 1,000,000	€ 1,000,000
Other comprehensive income
Opening balance	(20,000,000)											(30,000,000)
(Gain)/Loss deferred to OCI	43,000,000											59,000,000
Gain/(Loss) recycled to financing costs	(20,000,000)											(49,000,000)
Closing balance	€ 3,000,000											€ (20,000,000)
Average FX rate | SFr / €				1.08											1.08
Average euro interest rate	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Pound sterling bonds
Risk management strategy of hedge relationships
Notional amount	4,195,000,000	4,195,000,000	4,195,000,000	4,195,000,000	4,195,000,000	4,195,000,000	4,195,000,000	4,195,000,000	4,195,000,000	4,195,000,000	4,195,000,000	3,498,000,000	3,498,000,000	3,498,000,000	3,498,000,000	3,498,000,000	3,498,000,000	3,498,000,000	3,498,000,000	3,498,000,000	3,498,000,000	3,498,000,000
Carrying value assets	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000	€ 61,000,000
Carrying value liabilities	152,000,000	€ 152,000,000	€ 152,000,000	€ 152,000,000	€ 152,000,000	€ 152,000,000	€ 152,000,000	€ 152,000,000	€ 152,000,000	€ 152,000,000	€ 152,000,000	145,000,000	€ 145,000,000	€ 145,000,000	€ 145,000,000	€ 145,000,000	€ 145,000,000	€ 145,000,000	€ 145,000,000	€ 145,000,000	€ 145,000,000	€ 145,000,000
Other comprehensive income
Opening balance	(109,000,000)											(323,000,000)
(Gain)/Loss deferred to OCI	(6,000,000)											239,000,000
Gain/(Loss) recycled to financing costs	152,000,000											(25,000,000)
Closing balance	€ 37,000,000											€ (109,000,000)
Average FX rate | £ / €					0.86											0.86
Average euro interest rate	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	2.97%	2.97%	2.97%	2.97%	2.97%	2.97%	2.97%	2.97%	2.97%	2.97%	2.97%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Hong Kong dollar bonds
Risk management strategy of hedge relationships
Notional amount	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000	233,000,000
Carrying value assets	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 22,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000	€ 8,000,000
Carrying value liabilities												3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000
Other comprehensive income
Opening balance	(7,000,000)											(13,000,000)
(Gain)/Loss deferred to OCI	17,000,000											18,000,000
Gain/(Loss) recycled to financing costs	(5,000,000)											(12,000,000)
Closing balance	€ 5,000,000											€ (7,000,000)
Average FX rate | $ / €						9.08											9.08
Average euro interest rate	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Japanese yen bonds
Risk management strategy of hedge relationships
Notional amount	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000	78,000,000
Carrying value assets	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000	€ 3,000,000
Carrying value liabilities												€ 6,000,000	€ 6,000,000	€ 6,000,000	€ 6,000,000	€ 6,000,000	€ 6,000,000	€ 6,000,000	€ 6,000,000	€ 6,000,000	€ 6,000,000	€ 6,000,000
Other comprehensive income
Opening balance	(2,000,000)											(11,000,000)
(Gain)/Loss deferred to OCI	9,000,000											7,000,000
Gain/(Loss) recycled to financing costs	5,000,000											2,000,000
Closing balance	€ 12,000,000											€ (2,000,000)
Average FX rate | ¥ / €							128.53											128.53
Average euro interest rate	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%	2.47%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Norwegian krona bonds
Risk management strategy of hedge relationships
Notional amount	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000	241,000,000
Carrying value liabilities	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000	€ 16,000,000
Other comprehensive income
Opening balance	(3,000,000)											(3,000,000)
(Gain)/Loss deferred to OCI	(17,000,000)											7,000,000
Gain/(Loss) recycled to financing costs	32,000,000											(7,000,000)
Closing balance	€ 12,000,000											€ (3,000,000)
Average FX rate | kr / €								9.15											9.15
Average euro interest rate	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%	1.12%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Foreign exchange forwards
Risk management strategy of hedge relationships
Notional amount	383,000,000	383,000,000	383,000,000	383,000,000	383,000,000	383,000,000	383,000,000	383,000,000	383,000,000	383,000,000	383,000,000	244,000,000	244,000,000	244,000,000	244,000,000	244,000,000	244,000,000	244,000,000	244,000,000	244,000,000	244,000,000	244,000,000
Carrying value liabilities	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 34,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000	€ 69,000,000
Other comprehensive income
Opening balance	69,000,000
(Gain)/Loss deferred to OCI	(34,000,000)											72,000,000
Gain/(Loss) recycled to financing costs	(1,000,000)											(3,000,000)
Closing balance	€ 34,000,000											€ 69,000,000
Average FX rate	18.92											12.34
Cash flow hedges | Foreign currency and interest rate risk | Currency swap contract | US dollar bonds
Risk management strategy of hedge relationships
Notional amount	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000	417,000,000
Carrying value assets	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 49,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000	€ 24,000,000
Other comprehensive income
Opening balance	1,000,000											(8,000,000)
(Gain)/Loss deferred to OCI	20,000,000											33,000,000
Gain/(Loss) recycled to financing costs	(10,000,000)											(24,000,000)
Closing balance	€ 11,000,000											€ 1,000,000
Average FX rate | $ / €		1.17											1.17
Average euro interest rate	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%	1.07%
Cash flow hedges | Interest rate risk | Interest rate swaps | Euro loans
Other comprehensive income
Opening balance												€ 1,000,000
Gain/(Loss) recycled to financing costs												(1,000,000)
Net investment hedge
Other comprehensive income
Gain from foreign currency basis outside the cash flow and net investment hedge relationships	€ 17,000,000											1,000,000
Hedge ineffectiveness	€ 0											€ 0
Net investment hedge | Foreign exchange risk | Cross currency and foreign exchange swaps | South African rand investment
Risk management strategy of hedge relationships
Notional amount	2,004,000,000	2,004,000,000	2,004,000,000	2,004,000,000	2,004,000,000	2,004,000,000	2,004,000,000	2,004,000,000	2,004,000,000	2,004,000,000	2,004,000,000	1,555,000,000	1,555,000,000	1,555,000,000	1,555,000,000	1,555,000,000	1,555,000,000	1,555,000,000	1,555,000,000	1,555,000,000	1,555,000,000	1,555,000,000
Carrying value assets	€ 96,000,000	€ 96,000,000	€ 96,000,000	€ 96,000,000	€ 96,000,000	€ 96,000,000	€ 96,000,000	€ 96,000,000	€ 96,000,000	€ 96,000,000	€ 96,000,000
Carrying value liabilities												€ 113,000,000	€ 113,000,000	€ 113,000,000	€ 113,000,000	€ 113,000,000	€ 113,000,000	€ 113,000,000	€ 113,000,000	€ 113,000,000	€ 113,000,000	€ 113,000,000
Other comprehensive income
Opening balance	(1,133,000,000)											(959,000,000)
(Gain)/Loss deferred to OCI	181,000,000											(174,000,000)
Closing balance	€ (952,000,000)											€ (1,133,000,000)
Average FX rate | R / €									18.23											17.29
Average euro interest rate	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%	0.31%

Capital and financial risk m_22

Capital and financial risk management - Changes in assets and liabilities arising from financing activities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	€ 69,130	€ 69,602
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	4,071	2,548
Repayment of borrowings	(13,538)	(8,248)
Net movement in short-term borrowings	3,172	3,002
Net movement in derivatives	261	(293)
Interest paid	(1,951)	(1,804)
Purchase of treasury shares		(2,087)
Other	(12)
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	(1,867)
Non-cash movements
Fair value movements	(1,688)	(2,631)
Foreign exchange	(414)	441
Interest costs	2,004	1,960
Lease additions	7,652	3,410
Acquisition and disposal of subsidiaries	(5,243)
Other	699	3,230
Balance at the end	62,276	69,130
Total borrowings
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	70,092	67,760
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	4,071	2,548
Repayment of borrowings	(13,538)	(8,248)
Net movement in short-term borrowings	3,172	3,002
Interest paid	(2,444)	(2,246)
Other	0
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0
Non-cash movements
Fair value movements	0
Foreign exchange	(44)	1,386
Interest costs	2,657	2,356
Lease additions	7,652	3,410
Acquisition and disposal of subsidiaries	(5,243)
Other	15	124
Balance at the end	66,390	70,092
Derivative assets and liabilities
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	(2,954)	859
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Net movement in derivatives	261	(293)
Interest paid	590	469
Other	0
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0
Non-cash movements
Fair value movements	(1,688)	(2,631)
Foreign exchange	(350)	(930)
Interest costs	(561)	(428)
Lease additions	0	0
Other		0
Balance at the end	(4,702)	(2,954)
Financial liabilities under put options
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	494	492
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Interest paid	(18)	(17)
Other	(12)
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0
Non-cash movements
Fair value movements	0
Interest costs	21	19
Lease additions	0	0
Other		0
Balance at the end	485	494
Other liabilities
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	1,498	491
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Interest paid	(79)	(10)
Purchase of treasury shares		(2,087)
Other	0
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	(1,867)
Non-cash movements
Fair value movements	0
Foreign exchange	(20)	(15)
Interest costs	(113)	13
Lease additions	0	0
Other	684	3,106
Balance at the end	€ 103	€ 1,498

Capital and financial risk m_23

Capital and financial risk management - Level 3 financial instruments (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Capital and financial risk management
Purchased Supplier Invoices	€ 2,400	€ 2,400
Embedded derivative asset
Capital and financial risk management
Period of reasonably possible increase (decrease) in durations	6 months
Increase (decrease) in fair value measurement due to reasonably possible increase in durations	€ 141
Increase (decrease) in fair value measurement due to reasonably possible decrease in durations	115
Level 3
Capital and financial risk management
Embedded derivative asset	198	3
Bank Borrowings Secured Against Indian Assets [Member]
Capital and financial risk management
Secured bank borrowings	1,485	1,382
Bank Borrowings Secured Against Indian Assets [Member] | Level 3
Capital and financial risk management
Embedded derivative asset	€ 198	€ 3

Capital and financial risk m_24

Capital and financial risk management - Net financial instruments - Derivative financial assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Gross amount	€ 4,702	€ 2,954
Amounts presented in balance sheet	4,702	2,954
Cash collateral	(4,647)	(2,546)
Net amount	55	408
Collateral pledged as initial margin that does not offset against existing mark to market balances	0	330
Derivative financial liabilities
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Derivative financial liabilities, Gross amount	(1,422)	(1,672)
Derivative financial liabilities, Amounts presented in balance sheet	(1,422)	(1,672)
Derivative financial liabilities, Right of set off with derivative counterparties	910	1,365
Derivative financial liabilities, Cash collateral	239	368
Derivative financial liabilities, Net amount	(273)	61
Derivative financial assets
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Derivative financial assets, Gross amount	6,124	4,626
Derivative financial assets, Amounts presented in balance sheet	6,124	4,626
Derivative financial assets, Right of set off with derivative counterparties	(910)	(1,365)
Derivative financial assets, Cash collateral	(4,886)	(2,914)
Derivative financial assets, Net amount	€ 328	€ 347

Directors and key management _3

Directors and key management compensation - Directors (Details) € in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€) director	Mar. 31, 2022 EUR (€) director	Mar. 31, 2021 EUR (€) director
Directors and key management compensation
Short-term remuneration	€ 6	€ 7	€ 7
Long-term incentive schemes	3	2	1
Total	€ 9	€ 9	€ 8
Number of directors that exercised share options during the period | director	0	0	0
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Directors and key management compensation
Total		€ 2	€ 1

Directors and key management _4

Directors and key management compensation - Key management compensation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Directors and key management compensation
Short-term employee benefits	€ 25	€ 28	€ 28
Share-based payments	12	8	11
Total	€ 37	€ 36	€ 39

Employees (Details)

Employees (Details) € in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€) employee	Mar. 31, 2022 EUR (€) employee	Mar. 31, 2021 EUR (€) employee
Employees
Operations	15,808	15,404	14,893
Selling and distribution	24,676	25,499	26,874
Customer care and administration	57,619	56,038	54,739
Total number of employees	98,103	96,941	96,506
Costs incurred in respect of employees
Wages and salaries | €	€ 4,853	€ 4,469	€ 4,238
Social security costs | €	604	578	549
Other pension costs | €	244	168	235
Share-based payments | €	141	119	135
Total | €	€ 5,842	€ 5,334	€ 5,157
Germany segment
Employees
Total number of employees	15,242	15,256	15,798
Italy
Employees
Total number of employees	5,733	5,765	5,818
Spain, segment [Member]
Employees
Total number of employees	3,992	4,194	4,257
UK
Employees
Total number of employees	9,312	9,198	9,584
Other Europe
Employees
Total number of employees	14,189	15,106	15,460
Vodacom.
Employees
Total number of employees	7,990	7,973	7,810
Other Markets.
Employees
Total number of employees	9,331	9,336	9,498
Vantage Towers [Member]
Employees
Total number of employees	753	502
Common Functions
Employees
Total number of employees	31,561	29,611	28,281

Post employment benefits - Inco

Post employment benefits - Income statement expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Post employment benefits
Defined contribution plans	€ 207	€ 197	€ 204
Defined benefit plans	37	(29)	31
Total amount charged to income statement	€ 244	€ 168	€ 235

Post employment benefits - Defi

Post employment benefits - Defined benefit plans (Details) € in Millions, £ in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€)	Mar. 31, 2022 GBP (£)	Mar. 31, 2022 EUR (€)
Defined Benefit Pension Plan
Post employment benefits
Plan (deficit) or surplus	€ 172		€ 378
Contributions to be paid in next fiscal year	71
Vodafone UK plan | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus		£ 248	282
Vodafone section
Post employment benefits
Plan (deficit) or surplus	58		233
Vodafone section | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus		97	110
CWW section
Post employment benefits
Plan (deficit) or surplus	€ 188		285
CWW section | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus		£ 151	€ 172

Post employment benefits - Actu

Post employment benefits - Actuarial assumptions (Details) € in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€) age	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 EUR (€)
Post employment benefits
Total net cost/(credit) included within staff costs	€ 37	€ (29)	€ 31
Defined Benefit Pension Plan
Post employment benefits
Rate of inflation (as a percent)	3%	3.30%	2.90%
Rate of increase in salaries (as a percent)	3%	3.10%	2.70%
Discount rate (as a percent)	4.50%	2.50%	1.80%
Number of years pension will be available for male pensioner	22 years 9 months 18 days	23 years 4 months 24 days
Number of years pension will be available for female pensioner	24 years 8 months 12 days	25 years 4 months 24 days
Current retirement age for pensioner	65 years
Number of years pension will be available for male non-pensioner	23 years 8 months 12 days	25 years 4 months 24 days
Number of years pension will be available for female non-pensioner	25 years 6 months	27 years 6 months
Retirement age for availing pension by non-pensioner | age	65
Current eligible age for availing pension by non-pensioner | age	40
Current service cost	€ 44	€ 38	€ 37
Net past service (credit)/costs		(71)	2
Net interest charge/(income)	(7)	4	(8)
Total net cost/(credit) included within staff costs	37	(29)	31
Actuarial (losses)/gains recognised in the SOCI	€ 213	(627)	€ 686
German plan
Post employment benefits
Net past service (credit)/costs		€ (49)

Post employment benefits - Dura

Post employment benefits - Duration of benefit obligations (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Post employment benefits
Weighted average duration of defined benefit obligation	16 years	21 years

Post employment benefits - Fair

Post employment benefits - Fair value of assets and present value of liabilities of schemes (Details) - Pension Plans - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Post employment benefits
Balance at beginning of the period	€ (274)	€ 453
Service cost	(44)	(38)
Past service credit		71
Interest income/(cost)	(7)	4
Return on plan assets excluding interest income	(2,475)	58
Actuarial gains/(losses) arising from changes in demographic assumptions	186	7
Actuarial gains (losses) arising from changes in financial assumptions	2,293	483
Actuarial gain (losses) arising from experience adjustments	(217)	79
Employer cash contributions	42	60
Exchange rate movements	(13)	(7)
Other movements	8	(4)
Balance at end of the period	(71)	(274)
Assets.
Post employment benefits
Balance at beginning of the period	(7,715)	(7,632)
Interest income/(cost)	(185)	(140)
Return on plan assets excluding interest income	(2,475)	58
Employer cash contributions	42	60
Member cash contributions	15	17
Benefits paid	(216)	(241)
Exchange rate movements	211	(52)
Other movements	8	3
Balance at end of the period	(5,047)	(7,715)
Liabilities.
Post employment benefits
Balance at beginning of the period	7,441	8,085
Service cost	(44)	(38)
Past service credit		71
Interest income/(cost)	178	144
Actuarial gains/(losses) arising from changes in demographic assumptions	186	7
Actuarial gains (losses) arising from changes in financial assumptions	2,293	483
Actuarial gain (losses) arising from experience adjustments	(217)	79
Member cash contributions	(15)	(17)
Benefits paid	216	241
Exchange rate movements	(224)	45
Other movements		(7)
Balance at end of the period	€ 4,976	€ 7,441

Post employment benefits - Anal

Post employment benefits - Analysis of net assets/(deficit) (Details) - EUR (€) € in Millions	Mar. 31, 2023	Mar. 31, 2022
Net surplus/(deficit) is analysed as:
Assets	€ 329	€ 555
Liabilities	(258)	(281)
Defined Benefit Pension Plan
Analysis of net surplus/(deficit):
Assets	5,047	7,715
Present value of plan liabilities	(4,875)	(7,337)
Net surplus	172	378
Present value of unfunded scheme liabilities	(101)	(104)
Net surplus/(deficit)	71	274
Net surplus/(deficit) is analysed as:
Assets	329	555
Liabilities	(258)	(281)
CWW section
Analysis of net surplus/(deficit):
Assets	1,845	2,850
Present value of plan liabilities	(1,657)	(2,565)
Net surplus	188	285
Net surplus/(deficit) is analysed as:
Assets	188	285
Vodafone section
Analysis of net surplus/(deficit):
Assets	1,958	3,399
Present value of plan liabilities	(1,900)	(3,166)
Net surplus	58	233
Net surplus/(deficit) is analysed as:
Assets	€ 58	€ 233

Post employment benefits - Fa_2

Post employment benefits - Fair value of pension assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Post employment benefits
Investment fund	€ 782	€ 1,161
Defined Benefit Pension Plan
Post employment benefits
Cash and cash equivalents	27	55
Investment fund	782	1,161
Assets	5,047	7,715
Actual return on plan assets	(2,290)	198
Defined Benefit Pension Plan | Level1 of Fair Value Hierarchy [Member]
Post employment benefits
Equity investments	140	849
Debt instruments	588	1,334
Property	17	29
Annuity policies	25	34
Defined Benefit Pension Plan | Level 2
Post employment benefits
Equity investments	322	359
Debt instruments	288	317
Property	438	460
Derivatives	1,791	2,195
Annuity policies	€ 629	€ 922

Post employment benefits - Sens

Post employment benefits - Sensitivity analysis (Details) € in Millions	12 Months Ended
	Mar. 31, 2023 EUR (€)
Life expectancy
Sensitivity analysis
Increase in actuarial assumption life expectancy (in Years)	1 year
Decrease in actuarial assumption life expectancy (in Years)	1 year
Defined Benefit Pension Plan | Rate of inflation
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ (222)
Increase in actuarial assumption	€ 260
Defined Benefit Pension Plan | Rate of increase in salaries
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ (1)
Increase in actuarial assumption	€ 1
Defined Benefit Pension Plan | Discount rate
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ 385
Increase in actuarial assumption	(341)
Defined Benefit Pension Plan | Life expectancy
Sensitivity analysis
Decrease in actuarial assumption	(129)
Increase in actuarial assumption	€ 128

Post employments benefits - Ana

Post employments benefits - Analysis of net surplus (Details) € in Millions, £ in Millions	Mar. 31, 2023 EUR (€)	Oct. 18, 2022 EUR (€)	Oct. 18, 2022 GBP (£)	Mar. 31, 2022 EUR (€)
Analysis of net surplus:
Borrowings drawn | €	€ 66,390			€ 70,092
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		€ 512	£ 450

Share-based payments - Accounti

Share-based payments - Accounting policies (Details)	12 Months Ended
	Mar. 31, 2023
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) £ / shares in Units, £ in Millions, Option in Millions	12 Months Ended
	Mar. 31, 2023 GBP (£) Option £ / shares	Mar. 31, 2022 Option £ / shares	Mar. 31, 2021 Option £ / shares
Movements in outstanding ordinary share options
Balance at the beginning of the period (in shares) | Option	61	62	53
Granted (in shares) | Option	50	20	35
Forfeited (in shares) | Option	(2)	(2)	(1)
Exercised (in shares) | Option	(8)	(1)
Expired (in shares) | Option	(39)	(18)	(25)
Balance at the end of the period (in shares) | Option	62	61	62
Weighted average exercise price:
Weighted average exercise price at the beginning of the period	£ 1.02	£ 1.07	£ 1.19
Granted (per share)	0.83	0.95	1.03
Forfeited (per share)	1.02	1.06	1.16
Exercised (per share)	1.05	1.17	1.23
Expired (per share)	1.01	1.10	1.27
Weighted average exercise price at the end of the period	0.87	£ 1.02	£ 1.07
Maximum
Weighted average exercise price:
Weighted average exercise price at the end of the period	1.78
Minimum
Weighted average exercise price:
Weighted average exercise price at the end of the period	£ 0.78
Vodafone Group executive plans
Share options and Share plans
Performance targets measurement period for share awards	3 years
Vodafone Sharesave Plan
Share options and Share plans
Monthly savings, amount | £	£ 375
Discount rate for share options	20
Vodafone Sharesave Plan | Maximum
Share options and Share plans
Share option vesting period	5 years
Vodafone Sharesave Plan | Minimum
Share options and Share plans
Share option vesting period	3 years

Share-based payments - Summary

Share-based payments - Summary of options outstanding (Details) Option in Millions	12 Months Ended
	Mar. 31, 2023 Option £ / shares	Mar. 31, 2022 Option £ / shares	Mar. 31, 2021 Option £ / shares	Mar. 31, 2020 Option £ / shares
Summary of options outstanding and exercisable
Outstanding shares | Option	62	61	62	53
Weighted average exercise price	£ 0.87	£ 1.02	£ 1.07	£ 1.19
Weighted average remaining contractual life	33 months	24 months
Minimum
Summary of options outstanding and exercisable
Weighted average exercise price	£ 0.78
Maximum
Summary of options outstanding and exercisable
Weighted average exercise price	£ 1.78

Share-based payments - Share aw

Share-based payments - Share awards and Other information (Details) £ / shares in Units, € in Millions, EquityInstruments in Millions	12 Months Ended
	Mar. 31, 2023 GBP (£) EquityInstruments £ / shares	Mar. 31, 2023 EUR (€) EquityInstruments	Mar. 31, 2022 GBP (£) EquityInstruments £ / shares	Mar. 31, 2022 EUR (€) EquityInstruments	Mar. 31, 2021 GBP (£) EquityInstruments £ / shares	Mar. 31, 2021 EUR (€) EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement
Compensation cost | €		€ 141		€ 119		€ 135
Average share price | £ / shares	£ 1.082		£ 1.221		£ 1.208
Share awards plan
Disclosure of terms and conditions of share-based payment arrangement
Balance at the beginning of the period (in shares) | EquityInstruments	270	270	267	267	245	245
Granted (in shares) | EquityInstruments	120	120	113	113	108	108
Vested (in shares) | EquityInstruments	(70)	(70)	(68)	(68)	(56)	(56)
Forfeited (in shares) | EquityInstruments	(59)	(59)	(42)	(42)	(30)	(30)
Balance at the end of the period (in shares) | EquityInstruments	261	261	270	270	267	267
Weighted average fair value at the beginning of the period	£ 1.07		£ 1.20		£ 1.41
Granted (per share)	1.17		1.17		0.99
Vested (per share)	1.15		1.44		1.56
Forfeited (per share)	0.89		1.52		1.10
Weighted average fair value at the end of the period	1.14		1.07		1.20
Total fair value of shares vested during period	£ 81,000,000		£ 98,000,000		£ 108,000,000

Acquisitions and disposals - Ot

Acquisitions and disposals - Other transactions with non-controlling shareholders in subsidiaries (Details) - EUR (€) € in Millions		12 Months Ended
	Nov. 13, 2022	Mar. 31, 2023	Mar. 31, 2022
Acquisitions and disposals
Cash consideration received/(paid)	€ (667)	€ (692)	€ 189
Vantage Towers A.G
Acquisitions and disposals
Cash consideration received/(paid)	€ 667	(667)	217
Percentage of non-controlling interests acquired	4.20%
Other
Acquisitions and disposals
Cash consideration received/(paid)		€ (25)	€ (28)

Acquisitions and disposals - Ag

Acquisitions and disposals - Aggregate cash consideration of disposal of subsidiaries (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2021
Acquisitions and disposals
Cash consideration received	€ 6,976	€ 157
Net cash disposed	224
Vodafone Hungary
Acquisitions and disposals
Cash consideration received	1,606
Vantage Towers A.G
Acquisitions and disposals
Cash consideration received	5,592
Other disposals
Acquisitions and disposals
Cash consideration received	€ 2

Acquisitions and disposals - Vo

Acquisitions and disposals - Vodafone Hungary and Vantage Towers (Details) - EUR (€) € in Millions			12 Months Ended
	Mar. 22, 2023	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Acquisitions and disposals
Goodwill			€ (27,615)	€ (31,884)
Other intangible assets			(19,592)	(21,360)
Property, plant and equipment			(37,992)	(40,804)
Investments in associates and joint ventures			(11,079)	(5,323)
Inventory			(956)	(836)
Trade and other receivables			(10,705)	(11,019)
Cash and cash equivalents			(11,705)	(7,496)
Borrowings			51,669	58,131
Trade and other payables			2,184	2,516
Provisions			1,572	1,881
Cash consideration received			6,976		€ 157
Foreign exchange recycled from Currency reserve on disposal			€ (334)	€ 19	€ (17)
Vantage Towers A.G
Acquisitions and disposals
Gains (losses) on disposals of investments	€ 8,607
Discontinued Operations | Vodafone Hungary
Acquisitions and disposals
Goodwill		€ (441)
Other intangible assets		(521)
Property, plant and equipment		(516)
Inventory		(17)
Trade and other receivables		(206)
Cash and cash equivalents		(3)
Current and deferred taxation		13
Borrowings		106
Trade and other payables		163
Provisions		31
Net assets disposed		(1,391)
Cash consideration received		1,606
Foreign exchange recycled from Currency reserve on disposal		(284)
Gains (losses) on disposals of investments		€ (69)
Discontinued Operations | Vantage Towers A.G
Acquisitions and disposals
Goodwill	(3,448)
Other intangible assets	(294)
Property, plant and equipment	(4,882)
Investments in associates and joint ventures	(2,778)
Non-controlling interests derecognised	807
Trade and other receivables	(292)
Cash and cash equivalents	(207)
Current and deferred taxation	61
Borrowings	4,916
Trade and other payables	658
Provisions	556
Net assets disposed	(5,710)
Cash consideration received	5,592
Fair value of Investment in Oak Holdings 1 GmbH	8,634
Restriction of gain	(680)
Foreign exchange recycled from Currency reserve on disposal	(36)
Gains (losses) on disposals of investments	8,607
Income tax benefit on restriction of gains	154
Vantage Towers A.G
Acquisitions and disposals
Gains (losses) on disposals of investments	€ 8,607

Acquisitions and disposals - _2

Acquisitions and disposals - Vodafone Ghana and Vodafone Egypt (Details) - EUR (€) € in Millions, shares in Millions				12 Months Ended
	Feb. 21, 2023	Dec. 13, 2022	Nov. 10, 2021	Mar. 31, 2023	Mar. 31, 2021
Disclosure of analysis of single amount of discontinued operations [line items]
Cash consideration received				€ 6,976	€ 157
Vodafone Ghana
Disclosure of analysis of single amount of discontinued operations [line items]
Percentage of Ownership Interest Transferred	70%
Cash consideration received	€ 0
Gains (losses) on disposals of investments	€ 689
Vodafone Egypt
Disclosure of analysis of single amount of discontinued operations [line items]
Ownership interest in subsidiary			55%	35.82%
Vodafone Egypt | Vodacom
Disclosure of analysis of single amount of discontinued operations [line items]
Percentage of Ownership Interest Transferred		55%
Cash consideration received		€ 577
Shares received on disposal of subsidiary		242
Vodacom
Disclosure of analysis of single amount of discontinued operations [line items]
Ownership interest in subsidiary		65.10%	60.50%

Commitments (Details)

Commitments (Details) - EUR (€) € in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Commitments
Capital commitments from company and subsidiaries	€ 3,507	€ 3,507	€ 4,388
Capital commitments from share of joint operations			140
Contracts placed for future capital expenditure not provided in the financial statements	€ 3,507	€ 3,507	4,527
OXG Glasfaser GmbH
Commitments
Ownership interest of joint venture		50%
OXG Glasfaser GmbH | Altice Luxembourg S.A
Commitments
Ownership interest of joint venture	50%
Capital commitments from share of joint operations	€ 950	€ 950
Spectrum Acquisition
Commitments
Contracts placed for future capital expenditure not provided in the financial statements	€ 114	€ 114	€ 331

Contingent liabilities and le_3

Contingent liabilities and legal proceedings - Contingent liabilities and UK pension schemes (Details) € in Millions, ₨ in Billions, $ in Billions	1 Months Ended	12 Months Ended
	Mar. 31, 2023 EUR (€) item	Mar. 31, 2023 EUR (€) item	Mar. 31, 2023 USD ($) item	Mar. 31, 2023 INR (₨) item	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 INR (₨)
Contingent liabilities and legal proceedings - Conti
Amount committed to contribute					€ 140
OXG Glasfaser GmbH
Contingent liabilities and legal proceedings - Conti
Joint venture ownership interest		50%
OXG Glasfaser GmbH | Altice Luxembourg S.A
Contingent liabilities and legal proceedings - Conti
Joint venture ownership interest	50%
Amount committed to contribute	€ 950	€ 950
Performance bonds
Contingent liabilities and legal proceedings - Conti
The group's potential exposure	504	€ 504			430
Other contingent liabilities | Vodafone Hutchison Australia Pty Limited
Contingent liabilities and legal proceedings - Conti
Joint venture ownership interest		50%
Loan facility covered under guarantee by group company | $			$ 3.5			$ 3.5
Other contingent liabilities | Indus Towers Limited [Member]
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts | ₨							₨ 42.5
Other guarantees
Contingent liabilities and legal proceedings - Conti
The group's potential exposure	2,877	€ 2,877			2,436
Probable cash outflow under the payment mechanism		267
Other guarantees | Indus Towers Limited [Member]
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts	476	476		₨ 42.5	€ 504
UK pension schemes
Contingent liabilities and legal proceedings - Conti
Notional value of security	114	114
UK pension schemes, Vodafone Section
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts	€ 1,420	€ 1,420
Number of guarantees under pension scheme | item	2	2	2	2
UK pension schemes, CWW Section
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts	€ 1,420	€ 1,420
THUS Plc Group Scheme
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts	€ 114	€ 114

Contingent liabilities and le_4

Contingent liabilities and legal proceedings - Vodafone Idea (Details) € in Millions, ₨ in Billions			12 Months Ended
	Feb. 07, 2023 EUR (€)	Feb. 07, 2023 INR (₨)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 INR (₨)	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 EUR (€)	Mar. 31, 2021 INR (₨)	Mar. 31, 2020 EUR (€)	Sep. 30, 2019 EUR (€)
Disclosure of contingent liabilities [line items]
Investment in joint ventures			€ 9,578		€ 3,781
Vodafone Idea Limited | Government of India
Disclosure of contingent liabilities [line items]
Issue of equity	€ 1,800	₨ 161
Vodafone Idea Limited
Disclosure of contingent liabilities [line items]
Moratorium on spectrum and AGR payments			4 years
Investment in joint ventures			€ 0					€ 0	€ 0
Share of losses in respect to joint venture			0
Vodafone Idea and Idea Cellular legal case [Member] | Vodafone Idea Limited
Disclosure of contingent liabilities [line items]
Payments made under mechanism						€ 235	₨ 19
Maximum [Member] | Vodafone Idea and Idea Cellular legal case [Member]
Disclosure of contingent liabilities [line items]
The group's potential exposure			€ 719	₨ 64

Contingent liabilities and le_5

Contingent liabilities and legal proceedings - Indus Tower merger (Details) € in Millions, shares in Millions, ₨ in Billions			1 Months Ended		12 Months Ended
	Feb. 14, 2023 EUR (€)	Feb. 14, 2023 INR (₨)	Nov. 30, 2020 EUR (€)	Nov. 30, 2020 INR (₨)	Mar. 31, 2023 EUR (€)	Mar. 31, 2022 EUR (€) shares	Mar. 31, 2022 INR (₨)	Mar. 31, 2021 EUR (€)	Mar. 31, 2023 INR (₨)	Mar. 31, 2022 INR (₨) shares
Disclosure of contingent liabilities [line items]
Investment in newly issued VIL Equity					€ 78	€ 445		€ 13
Financial assets pledged as collateral for liabilities or contingent liabilities					239	698
Bank Borrowings Secured Against Indian Assets [Member]
Disclosure of contingent liabilities [line items]
Secured bank loans received					1,485	€ 1,382
Indus Towers and Bharti Infratel merger
Disclosure of contingent liabilities [line items]
Prepayments made			€ 279	₨ 24
Indus Towers and Bharti Infratel merger, primary pledge
Disclosure of contingent liabilities [line items]
Primary pledge shares owned | shares						190.7				190.7
Remaining proceeds from disposal of shares subject to primary pledge	€ 49	₨ 4.4
Financial assets pledged as collateral for liabilities or contingent liabilities						€ 544				₨ 47
Indus Towers. | Indus Towers and Bharti Infratel merger, primary pledge
Disclosure of contingent liabilities [line items]
Investment in newly issued VIL Equity						€ 393	₨ 33.7
Maximum [Member] | Indus Towers. | Indus Towers and Bharti Infratel merger, secondary pledge
Disclosure of contingent liabilities [line items]
Financial assets pledged as collateral for liabilities or contingent liabilities					€ 476				₨ 42.5

Contingent liabilities and le_6

Contingent liabilities and legal proceedings - Other cases in the Group (Details) € in Millions, £ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 31, 2019 EUR (€)	Jul. 31, 2019 EUR (€)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 GBP (£)	Jul. 13, 2015 GBP (£)
Indian tax cases | Vodafone India Services Private Limited
Contingent liabilities and legal proceedings - Conti
Amount of compensation sought by petitioner				€ 471,000
Percentage of penalty			300%	300%	300%
Tax liability			€ 239	€ 239
Interest payable			628	€ 628
Deposit amount with tax authorities | £						£ 20
Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others
Contingent liabilities and legal proceedings - Conti
Approximate of disputed amount | £					£ 1,000
Iliad v Vodafone Italy
Contingent liabilities and legal proceedings - Conti
Value of claim		€ 500
Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece
Contingent liabilities and legal proceedings - Conti
Value of claim	€ 330
Netherlands tax case | Vodafone Europe BV
Contingent liabilities and legal proceedings - Conti
Amount of compensation sought by petitioner			€ 267

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions				1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 22, 2023	Nov. 13, 2022	Mar. 22, 2022	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Related party transactions
Interest income						€ 134	€ 132	€ 150
Dividends						€ 2,900	3,015	2,796
Oak Holdings 1 GmbH
Related party transactions
Joint venture ownership interest	64.20%		64.20%	64.20%		64.20%
Proportion of ownership interest in joint venture	64.20%		64.20%	64.20%		64.20%
Vantage Towers A.G
Related party transactions
Ownership interest in subsidiary		85.80%
Vantage Towers A.G | Oak Holdings 1 GmbH
Related party transactions
Ownership interest in subsidiary	89.30%			89.30%
Associates
Related party transactions
Sales of goods and services					€ 20		20	14
Purchase of goods and services					8		10	5
Trade balances owed (by )				€ 7	7	€ 7	8
Trade balances owed (to)				1	1	1	6
Other balances owed by							80
Joint arrangements
Related party transactions
Sales of goods and services					220		221	203
Purchase of goods and services					263		298	109
Interest income					52		48	65
Interest expense					33		52	€ 56
Trade balances owed (by )				170	170	170	139
Trade balances owed (to)				329	329	329	34
Other balances owed by				980	980	980	1,080
Other balances owed to				€ 5,628	€ 5,628	€ 5,628	€ 1,561

Related undertakings - Subsidia

Related undertakings - Subsidiaries (Details)			12 Months Ended
	Nov. 13, 2022	Nov. 10, 2021	Mar. 31, 2023
Vodafone Albania Sh.A
Subsidiaries
Ownership interest in subsidiary			99.94%
VOIS Albania ShpK
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Australia Pty Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Austria GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Bahrain W.L.L.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Belgium SA/NV
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Servicos Empresariais Brasil Ltda
Subsidiaries
Ownership interest in subsidiary			100%
Cobra do Brasil Servicos de Telematica ltda.
Subsidiaries
Ownership interest in subsidiary			70%
Vodafone Empress Brasil Telecomunicacoes Ltda
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Bulgaria EOOD
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Canada Inc.
Subsidiaries
Ownership interest in subsidiary			100%
CGP Investments (Holdings) Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive Technologies (Beijing) Co, Ltd
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Communications Technical Services (Shanghai) Co. Ltd
Subsidiaries
Ownership interest in subsidiary			100%
Vodacom Congo (RDC) SA
Subsidiaries
Ownership interest in subsidiary			33.20%
Vodacash S.A
Subsidiaries
Ownership interest in subsidiary			33.20%
Vodafone Evde Operations Ltd
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Mobile Operations Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Communications Technical Service (Shanghai) Co, Ltd. Beijing Branch
Subsidiaries
Ownership interest in subsidiary			100%
Oskar Mobil S.R.O.
Subsidiaries
Ownership interest in subsidiary			100%
Nadace Vodafone esk Republika
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone West GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Grandcentrix GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Hong Kong Limited - New Zealand Branch
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Services LLC
Subsidiaries
Ownership interest in subsidiary			100%
UPC External Services S.R.L.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Dijital Yayincilik Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Navtrak Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone UK Foundation
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Czech Republic A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Europe (UK) Limited - Czech Branch
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Czech Republic A.S. - Slovakia Branch
Subsidiaries
Ownership interest in subsidiary			100%
Vantage Towers 2 s.r.o.
Subsidiaries
Ownership interest in subsidiary			100%
Zavisova Real Estate, s.r.o.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Denmark A/S
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone For Trading
Subsidiaries
Ownership interest in subsidiary			35.78%
Starnet
Subsidiaries
Ownership interest in subsidiary			35.81%
Sarmady Communications
Subsidiaries
Ownership interest in subsidiary			35.82%
Vodafone International Services LLC
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Egypt [Member]
Subsidiaries
Ownership interest in subsidiary		55%	35.82%
Vodafone Data
Subsidiaries
Ownership interest in subsidiary			35.81%
Vodafone Enterprise Finland OY
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive Telematics Development S.A.S
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive France S.A.S
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise France SAS
Subsidiaries
Ownership interest in subsidiary			100%
Apollo Submarine Cable System Ltd French Branch 2
Subsidiaries
Ownership interest in subsidiary			100%
TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH
Subsidiaries
Ownership interest in subsidiary			94.01%
Kabel Deutschland Holding AG
Subsidiaries
Ownership interest in subsidiary			94.01%
Vodafone Customer Care GmbH3
Subsidiaries
Ownership interest in subsidiary			94.01%
Vodafone Deutschland GmbH
Subsidiaries
Ownership interest in subsidiary			94.01%
Vodafone Automotive Deutschland GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Germany GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Group Services GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Institut fr Gesellschaft und Kommunikation GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Stiftung Deutschland Gemeinnutzige GmbH
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Vierte Verwaltungs AG
Subsidiaries
Ownership interest in subsidiary			100%
KABELCOM Braunschweig Gesellschaft Fr Breitbandkabel-Kommunikation Mit Beschrnkter Haftung
Subsidiaries
Ownership interest in subsidiary			94.01%
Urbana Teleunion Rostock GmbH & Co.KG
Subsidiaries
Ownership interest in subsidiary			65.80%
Vantage Towers AG
Subsidiaries
Ownership interest in subsidiary	85.80%
KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung
Subsidiaries
Ownership interest in subsidiary			94.01%
12,5 km National Road Athens - Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A
Subsidiaries
Ownership interest in subsidiary			99.87%
Vodafone-Panafon Hellenic Telecommunications Company S.A.
Subsidiaries
Ownership interest in subsidiary			99.87%
360 Connect S.A.
Subsidiaries
Ownership interest in subsidiary			99.87%
FB Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Le Bunt Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Silver Stream Investments Limited
Subsidiaries
Ownership interest in subsidiary			100%
VBA Holdings Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
VBA International Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodafone Enterprise Hong Kong Ltd
Subsidiaries
Ownership interest in subsidiary			100%
VSSB Vodafone Shared Services Budapest Private Limited Company
Subsidiaries
Ownership interest in subsidiary			100%
Cable and Wireless Global (India) Private Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless Networks India Private Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable and Wireless (India) Limited (India branch)
Subsidiaries
Ownership interest in subsidiary			100%
Omega Telecom Holdings Private Limited
Subsidiaries
Ownership interest in subsidiary			100%
Usha Martin Telematics Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Services Private Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone India Services Private Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone International Financing Designated Activity Company
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Foundation
Subsidiaries
Ownership interest in subsidiary			100%
VF Ireland Property Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Global Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Network Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Group Services Ireland Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Ireland Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Ireland Marketing Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Ireland Retail Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Enterprise (Italy) S.R.L.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive Italia S.p.A
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive Electronic Systems S.r.L
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive SpA
Subsidiaries
Ownership interest in subsidiary			100%
VEI S.r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Italia S.p.A.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Italy S.r.L
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Gestioni S.p.A.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Servizi E Tecnologie S.R.L.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise U.K. (Japanese Branch)
Subsidiaries
Ownership interest in subsidiary			100%
VND S.p.A
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive Japan K.K
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Enterprise (Japan) K.K.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone International 2 Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Kenya Limited
Subsidiaries
Ownership interest in subsidiary			69.46%
M-PESA Holding Co. Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodacom Business (Kenya) Limited
Subsidiaries
Ownership interest in subsidiary			52.08%
Vodafone Enterprise Korea Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodacom Lesotho (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			52.08%
VCL Financial Services (Pty) Ltd
Subsidiaries
Ownership interest in subsidiary			52.08%
Tomorrow Street GP S.a r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Global Businesses S.a r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Luxembourg S.A.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone International 1 S.a r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone International M S.a r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Investments Luxembourg S.a r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Luxembourg S.a r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Procurement Company S.a r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Roaming Services S.a r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Services Company S.a.r.l.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Enterprise (Malaysia) Sdn Bhd
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Insurance Limited
Subsidiaries
Ownership interest in subsidiary			100%
Mobile Wallet VM1
Subsidiaries
Ownership interest in subsidiary			65.10%
Mobile Wallet VM2
Subsidiaries
Ownership interest in subsidiary			65.10%
Al-Amin Investments Limited
Subsidiaries
Ownership interest in subsidiary			100%
Array Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Asian Telecommunication Investments (Mauritius) Limited
Subsidiaries
Ownership interest in subsidiary			100%
CCII (Mauritius), Inc.
Subsidiaries
Ownership interest in subsidiary			100%
CGP India Investments Ltd.
Subsidiaries
Ownership interest in subsidiary			100%
Euro Pacific Securities Ltd.
Subsidiaries
Ownership interest in subsidiary			100%
Mobilvest
Subsidiaries
Ownership interest in subsidiary			100%
Prime Metals Ltd.
Subsidiaries
Ownership interest in subsidiary			100%
Trans Crystal Ltd.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Mauritius Ltd.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Telecommunications (India) Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Tele-Services (India) Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
VBA (Mauritius) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom International Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodafone Empresa Mexico S.de R.L. de C.V.
Subsidiaries
Ownership interest in subsidiary			100%
Vodacom Mocambique, SA
Subsidiaries
Ownership interest in subsidiary			55.33%
Vodafone M-Pesa, S.A
Subsidiaries
Ownership interest in subsidiary			55.33%
Vodafone Enterprise Netherlands BV
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Europe B.V.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone International Holdings B.V.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Panafon International Holdings B.V.
Subsidiaries
Ownership interest in subsidiary			99.87%
Vodafone Enterprise Norway AS
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Limited (Norway Branch)
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Business Poland sp. z o.o
Subsidiaries
Ownership interest in subsidiary			100%
Oni Way - Infocomunicacoes, S.A.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Portugal - Comunicacoes Pessoais, S.A.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Solutions, Unipessoal LDA
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Spain, S.L.U. - Portugal Branch
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Romania S.A
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Romania M-Payments SRL
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Romania Technologies SRL
Subsidiaries
Ownership interest in subsidiary			100%
Evotracking SRL
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone External Services S.R.L
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless CIS Svyaz LLC
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Equipment Limited Ogranak u Beogradu2
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Singapore Pte.Ltd
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Network Limited - Slovakia Branch
Subsidiaries
Ownership interest in subsidiary			100%
XLink Communications (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodafone Holdings (SA) Proprietary Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Investments (SA) Proprietary Limited
Subsidiaries
Ownership interest in subsidiary			100%
IoT.nxt (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			42.31%
IOT.nxt Development (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			42.31%
10T Holdings Proprietary Limited
Subsidiaries
Ownership interest in subsidiary			42.31%
Jupicol (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			45.57%
Mezzanine Ware Proprietary Limited (RF)
Subsidiaries
Ownership interest in subsidiary			58.59%
Motifpros 1 (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Storage Technology Services (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			33.20%
Vodacom (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Business Africa Group (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Business Africa SA (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Financial Services (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Group Limited [Member]
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Insurance Administration Company (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Insurance Company (RF) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom International Holdings (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Life Assurance Company (RF) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Payment Services (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Properties No 1 (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Properties No.2 (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Tower Company Proprietary Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Wheatfields Investments 276 (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodafone Automotive Iberia S.L
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Spain SLU
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Espana S.A.U.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Holdings Europe S.L.U.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone ONO, S.A.U.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Servicios SL.U
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Sweden AB
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Switzerland AG
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Enterprise Taiwan Limited
Subsidiaries
Ownership interest in subsidiary			100%
Gateway Communications Tanzania Limited
Subsidiaries
Ownership interest in subsidiary			64.45%
Vodafone Business Siam Co., Ltd.
Subsidiaries
Ownership interest in subsidiary			100%
M-Pesa Limited
Subsidiaries
Ownership interest in subsidiary			48.82%
Shared Networks Tanzania Limited
Subsidiaries
Ownership interest in subsidiary			48.82%
Vodacom Tanzania Public Limited Company
Subsidiaries
Ownership interest in subsidiary			48.82%
Vodafone Bilgi Ve Iletisim Hizmetleri AS
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Kule ve Altyapi Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Medya Icerik Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Elektronik Para Ve Odeme Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
VOIS Turkey Akilli zmler Limited irket
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Holding A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Net Iletisim Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Telekomunikasyon A.S
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Teknoloji Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
LLC Vodafone Enterprise Ukraine
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Europe (UK) Limited - DUBAI BRANCH
Subsidiaries
Ownership interest in subsidiary			100%
Thus Group Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Thus Group Limited
Subsidiaries
Ownership interest in subsidiary			100%
Thus Profit Sharing Trustees Limited
Subsidiaries
Ownership interest in subsidiary			100%
IoT Nxt UK Limited
Subsidiaries
Ownership interest in subsidiary			42.31%
Vodafone (NI) Limited
Subsidiaries
Ownership interest in subsidiary			100%
Pinnacle Cellular Group Limited
Subsidiaries
Ownership interest in subsidiary			100%
Pinnacle Cellular Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone (Scotland) Limited
Subsidiaries
Ownership interest in subsidiary			100%
DABCo Limited
Subsidiaries
Ownership interest in subsidiary			100%
Energis (Ireland) Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive UK Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodacom Business Africa Group Services Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom UK Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Apollo Submarine Cable System Limited
Subsidiaries
Ownership interest in subsidiary			100%
Bluefish Communications Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless Aspac Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless CIS Services Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless Communications Data Network Services Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless Europe Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless Global Telecommunication Services Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless UK Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless Worldwide Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless Worldwide Voice Messaging Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable and Wireless (India) Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable and Wireless Nominee Limited
Subsidiaries
Ownership interest in subsidiary			100%
Central Communications Group Limited
Subsidiaries
Ownership interest in subsidiary			100%
Energis Communications Limited
Subsidiaries
Ownership interest in subsidiary			100%
Energis Squared Limited
Subsidiaries
Ownership interest in subsidiary			100%
London Hydraulic Power Company
Subsidiaries
Ownership interest in subsidiary			100%
Metro Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Project Telecom Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Rian Mobile Limited
Subsidiaries
Ownership interest in subsidiary			100%
Talkmobile Limited
Subsidiaries
Ownership interest in subsidiary			100%
The Eastern Leasing Company Limited
Subsidiaries
Ownership interest in subsidiary			100%
Thus Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vizzavi Limited
Subsidiaries
Ownership interest in subsidiary			100%
Voda Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone (New Zealand) Hedging Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone 2.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone 4 UK
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone 5 Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone 5 UK
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone 6 UK
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Americas
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Benelux Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Cellular Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Consolidated Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Corporate Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Corporate Secretaries Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone DC Pension Trustee Company Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Distribution Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Corporate Secretaries Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Equipment Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise Europe (UK) Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Enterprise U.K.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Euro Hedging Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Euro Hedging Two
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Europe UK
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone European Investments
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone European Portal Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Finance Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Finance Luxembourg Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Finance Management
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Finance UK Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Financial Operations
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Content Services Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Global Enterprise Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Group (Directors) Trustee Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Group Pension Trustee Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Group Services Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Group Services No.2 Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Group Share Trustee Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Holdings Luxembourg Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Intermediate Enterprises Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone International Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone International Operations Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Investment UK
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Investments Australia Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Investments Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone IP Licensing Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Marketing UK
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Mobile Communications Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Mobile Enterprises Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Mobile Network Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Nominees Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Oceania Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Overseas Finance Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Overseas Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Panafon UK
Subsidiaries
Ownership interest in subsidiary			99.87%
Vodafone Partner Services Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Retail (Holdings) Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Sales & Services Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone UK Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Ventures Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Worldwide Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Yen Finance Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone-Central Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodaphone Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodata Limited
Subsidiaries
Ownership interest in subsidiary			100%
Your Communications Group Limited
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless AmericasSystems, Inc.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Americas Virginia Inc.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone US Inc.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Americas Foundation
Subsidiaries
Ownership interest in subsidiary			100%
IoT.nxt USA BV
Subsidiaries
Ownership interest in subsidiary			42.31%
IoT nxt USA Inc
Subsidiaries
Ownership interest in subsidiary			42.31%
IOT.NXT BV
Subsidiaries
Ownership interest in subsidiary			42.31%
IoT.nxt Europe BV
Subsidiaries
Ownership interest in subsidiary			42.31%
UPC Foundation
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Sigorta Aracilik Hismetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Automotive Telematics Srl
Subsidiaries
Ownership interest in subsidiary			100%
Infinity Services Partner Company
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodafone Energia, S.L.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Intelligent Solutions Espana, S.L.U.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Mall Ve Electronik Hizmetler Ticaret AS
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Finansman A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodacom Fintech Services FZ-LLC5
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodacom Investments Company Proprietary Limited
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodafone International 2 Limited - UK Branch
Subsidiaries
Ownership interest in subsidiary			100%

Related undertakings - Associat

Related undertakings - Associated undertakings and joint arrangements (Details)	12 Months Ended
	Mar. 31, 2023
Utiq S.A
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25%
AAPT Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
ACN 088 889 230 Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
ACN 139 798 404 Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Adam Internet Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Adam Internet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Agile Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Alchemyit Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Chariot Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Chime Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Connect West Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Destra Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Contracts Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Investments Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
H3GA Properties (No.3) Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iiNet Labs Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iiNet Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Internode Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IntraPower Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Intrapower Terrestrial Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IP Group Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IPN Services Xchange Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Kooee Comms Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Kooee Mobile Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mercury Connect Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobile JV Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobileworld Communications Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobileworld Operating Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Netspace Online Systems Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Numillar IPS Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE International (Australia) Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE Networks Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE Transmission Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PowerTel Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Request Broadband Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Contracts Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Pattinson Telecommunications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
SPT Telecommunications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
SPTCom Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Telecom Enterprises Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Telecom New Zealand Australia Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Corporation Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Energy Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Finance Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Internet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG JV Company Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Network Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Telecom Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Capital Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Victoria Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Victoria Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Trusted Cloud Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Trusted Cloud Solutions Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Value Added Network Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Virtual Desktop Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Foundation Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Hutchison Receivables Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Hutchison Spectrum Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Network Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
VtalkVoip Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Westnet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PPC 1 Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vantage Towers s.r.o.4
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
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%
Safaricom Telecommunications Ethiopia Private Limited Company 5
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	19.48%
MNP Deutschland Gesellschaft Burgerlichen Rechts
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.33%
Oak Holdings 1 GmbH
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	64.20%
Oak Holdings 2 GmbH
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	64.20%
Oak Holdings GmbH
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	64.20%
OXG Glasfaser Beteiligungs-GmbH
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
OXG Glasfaser GmbH
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
Verwaltung "Urbana Teleunion" Rostock GmbH
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	47%
Vantage Towers AG
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
Vantage Towers Erste Verwaltungsgesellschaft mbH4
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
Vantage Towers Zweite Verwaltungsgesellschaft mbH4
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
Vantage Towers Single Member Societe Anonyme4
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
Safenet N.P,A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	24.97%
Tilegnous IKE
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.29%
Victus Networks S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	49.94%
Vantage Towers Zrtkren Mkd Rszvnytrsasg4
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
Vodafone Foundation
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	31.81%
Vodafone Idea Technology Solutions Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.29%
Vodafone Idea Communications Systems Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.29%
Vodafone Idea Shared Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.29%
Vodafone m-pesa Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.29%
You Broadband India Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.29%
Indus Towers Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	21.05%
FireFly Networks Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	24.16%
Vodafone Idea Manpower Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	31.91%
Vodafone Idea Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.29%
Vodafone Idea Business Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.29%
Vodafone Idea Telecom Infrastructure Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.29%
Vantage Towers Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
Siro DAC
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
Siro JV Holdco Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
Infrastrutture Wireless Italiane S.p.A
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	19.01%
Safaricom PLC [Member]
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	27.74%
M-PESA Africa Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	46.42%
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
Tomorrow Street SCA
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%
Vodafone Libertel 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%
Esprit Telecom B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
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%
Vodafone Financial Services 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%
VodafoneZiggo Employment 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%
VodafoneZiggo Group Holding B.V. [Member]
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%
VZ FinCo B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
VZ PropCo B V
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
VZ Secured Financing 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%
Ziggo 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 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 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%
Liberty Global Content Netherlands B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
Central Tower Holding Company B.V.4
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
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%
iiNet (New Zealand) AKL Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Orchid Cybertech Services Inc
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vantage Towers, S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
Dualgrid Gesto de Redes Partilhadas, S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
Sport TV Portugal, S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25%
Vantage Towers S.R.L.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
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%
Waterberg Lodge (Proprietary) Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	32.55%
Number Portability Company (Pty) Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	12.10%
Canard Spatial Technologies(Pty) Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	21.16%
AfriGis(Pty) Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	21.16%
Vodacom Trust Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	48.82%
Digital Mobile Spectrum Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25%
VodaFamily Ethiopia Holding Company Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	31.47%
Cable and Wireless Trade Mark Management Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
Cornerstone Telecommunications Infrastructure Limited [Member]
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	28.65%
Vodafone Hutchison Australia Pty 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%
PPC 1 (US) Inc.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Ziggo Financing Partnership
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50%
M-Pesa Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	46.42%
Vantage Towers, S.L.U.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	57.30%
Vodacom Group Limited [Member]
Associated undertakings and joint arrangements
Proportion of ownership interest in subsidiary	65.10%
3.6 GHz Spectrum Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%

Related undertakings - Subsid_2

Related undertakings - Subsidiaries that have non-controlling interests (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Summary comprehensive income information
Revenue	€ 45,706	€ 45,580	€ 43,809
Profit for the financial year	12,335	2,773	483
Other comprehensive expense	(767)	2,335	(4,177)
Total comprehensive income/(expense) for the financial year	11,568	5,108	(3,694)
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	497	536	424
Summary financial position information
Non-current assets	124,859	126,471
Current assets	30,662	27,578
Total assets	155,521	154,049
Non-current liabilities	(56,454)	(63,329)
Current liabilities	(34,584)	(33,647)
Equity shareholders' funds	63,399	54,783
Non-controlling interests	1,084	2,290
Total equity	64,483	57,073	57,768	€ 62,625
Statement of cash flows
Net cash flow from operating activities	18,054	18,081	17,215
Net cash flow from investing activities	(379)	(6,868)	(9,262)
Net cashflow from financing activities	(13,430)	(9,706)	(15,196)
Net cash inflow/(outflow)	4,245	1,507	(7,243)
Cash and cash equivalents at beginning of period	7,496
Exchange gain on cash and cash equivalents	12	74	(255)
Cash and cash equivalents at end of period	11,705	7,496
Vodacom Group Limited [Member]
Summary comprehensive income information
Revenue	6,314	5,993
Profit for the financial year	943	1,002
Other comprehensive expense	193	(2)
Total comprehensive income/(expense) for the financial year	1,136	1,000
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	348	353
Dividends paid to non-controlling interests	274	294
Summary financial position information
Non-current assets	6,761	7,253
Current assets	3,033	3,123
Total assets	9,794	10,376
Non-current liabilities	(2,830)	(2,191)
Current liabilities	(3,153)	(3,539)
Net assets and liabilities	3,811	4,646
Equity shareholders' funds	2,907	3,624
Non-controlling interests	904	1,022
Total equity	3,811	4,646
Statement of cash flows
Net cash flow from operating activities	1,908	1,946
Net cash flow from investing activities	(840)	(666)
Net cashflow from financing activities	(1,124)	(1,177)
Net cash inflow/(outflow)	(56)	103
Cash and cash equivalents at beginning of period	1,025	876
Exchange gain on cash and cash equivalents	(13)	46
Cash and cash equivalents at end of period	956	1,025	876
Vodafone Egypt [Member]
Summary comprehensive income information
Revenue	1,762	1,814
Profit for the financial year	302	314
Total comprehensive income/(expense) for the financial year	302	314
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	126	141
Dividends paid to non-controlling interests	68	194
Summary financial position information
Non-current assets	1,005	1,630
Current assets	396	440
Total assets	1,401	2,070
Non-current liabilities	(50)	(83)
Current liabilities	(752)	(1,197)
Net assets and liabilities	599	790
Equity shareholders' funds	420	474
Non-controlling interests	179	316
Total equity	599	790
Statement of cash flows
Net cash flow from operating activities	657	755
Net cash flow from investing activities	(173)	(284)
Net cashflow from financing activities	(434)	(749)
Net cash inflow/(outflow)	50	(278)
Cash and cash equivalents at beginning of period	72	348
Exchange gain on cash and cash equivalents	(3)	2
Cash and cash equivalents at end of period	€ 119	€ 72	€ 348

Subsequent events (Details)

Subsequent events (Details) € in Millions, £ in Millions					12 Months Ended
	Jun. 13, 2023 GBP (£)	May 25, 2023 EUR (€)	May 25, 2023 GBP (£)	May 25, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Apr. 17, 2023 USD ($)	Mar. 31, 2022 EUR (€)
Subsequent events
Current investments | €					€ 7,017		€ 7,931
M-PESA Holding Co. Limited
Subsequent events
Current investments | €					1,247
Amounts due to customers | €					€ 1,226
Proportion of ownership interest in subsidiary					100%
Disposal of major subsidiary [member] | M-PESA Holding Co. Limited
Subsequent events
Consideration for sale | $						$ 1
Binding agreement for Vodafone UK and Three UK merger | Vodafone UK and Three UK MergeCo after merger transaction | If merger is executed
Subsequent events
Proportion of ownership interest in subsidiary	51%
Proportion of ownership interests held by non-controlling interests	49%
Debt contributed to entity in merger transaction | £	£ 4,300
Cash consideration paid to entity in merger transaction | £	£ 0
Proportion of ownership interest in subsidiary if call or put options are exercised	100%
Period after completion of transactions that call and put options become exercisable	3 years
Percentage of additional ownership interest in entity that can be acquired through call option	49%
Percentage of non-cash consideration for exercise of put or call option that should be settled by issuance of shares	33.33%
Binding agreement for Vodafone UK and Three UK merger | Vodafone UK and Three UK MergeCo after merger transaction | If merger is executed | Second anniversary of option exercise date
Subsequent events
Percentage of loan notes issued on exercise of call or put option	50%
Binding agreement for Vodafone UK and Three UK merger | Vodafone UK and Three UK MergeCo after merger transaction | If merger is executed | Fourth anniversary of option exercise date
Subsequent events
Percentage of loan notes issued on exercise of call or put option	50%
Binding agreement for Vodafone UK and Three UK merger | Vodafone UK and Three UK MergeCo after merger transaction | If merger is executed | Minimum
Subsequent events
Fair market value of enterprise for call and put options to become exercisable | £	£ 16,500
Binding agreement for Vodafone UK and Three UK merger | Vodafone UK and Three UK MergeCo after merger transaction | If merger is executed | Maximum
Subsequent events
Issuance of shares for settlement of call option as a percentage of entity's issued share capital	5%
Binding agreement for Vodafone UK and Three UK merger | Vodafone UK and Three UK MergeCo after merger transaction | Three UK | If merger is executed
Subsequent events
Debt contributed to entity in merger transaction | £	£ 1,700
Percentage of ownership interest in entity that can be sold through put option	49%
Bond issuances and repurchases | Euro medium-term note, euro 750 million maturing 30 August 2084 [Member]
Subsequent events
Cash raised from bonds issued | €		€ 750
Bond issuances and repurchases | Euro medium-term note, GBP 500 million maturing 30 August 2084 [Member]
Subsequent events
Cash raised from bonds issued | £			£ 500
Bond issuances and repurchases | Subordinated debt security maturing 3 January 2079
Subsequent events
Repurchase of notes | €		€ 1,561
Bond issuances and repurchases | Subordinated debt security maturing 3 October 2078
Subsequent events
Repurchase of notes | $				$ 324,000,000