Vodafone Group Public Limited (VOD) 6-K 4 Dec 23 2024 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Sep. 30, 2023
Document and Entity Information
Document Type	6-K
Document Period End Date	Sep. 30, 2023
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Entity Central Index Key	0000839923
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated income statement

Consolidated income statement - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]
Consolidated income statement
Revenue	€ 21,937	€ 22,930
Cost of sales	(15,277)	(15,580)
Gross profit	6,660	7,350
Selling and distribution expenses	(1,557)	(1,711)
Administrative expenses	(3,009)	(2,819)
Net credit losses on financial assets	(295)	(332)
Share of results of equity accounted associates and joint ventures	(51)	376
Impairment reversal	64
Other (expense)/income	(157)	104
Operating profit	1,655	2,968
Investment income	368	137
Financing costs	(1,473)	(1,418)
Profit before taxation	550	1,687
Income tax expense	(705)	(485)
(Loss)/profit for the financial period	(155)	1,202
Attributable to:
- Owners of the parent	(346)	945
- Non-controlling interests	191	257
(Loss)/profit for the financial period	€ (155)	€ 1,202
(Loss)/earnings per share
Basic (loss)/earnings per share	€ (0.0128)	€ 0.0337
Diluted (loss)/earnings per share	€ (0.0128)	€ 0.0336
[1] The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information.

Consolidated statement of compr

Consolidated statement of comprehensive income/expense - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	[1]
Consolidated statement of comprehensive income/expense
(Loss)/profit for the financial period		€ (155)	€ 1,202
Items that may be reclassified to the income statement in subsequent periods:
Foreign exchange translation differences, net of tax		(95)	(421)
Foreign exchange translation differences transferred to the income statement		23
Other, net of tax	[2]	(1,150)	924
Total items that may be reclassified to the income statement in subsequent periods		(1,222)	503
Items that will not be reclassified to the income statement in subsequent periods:
Net actuarial losses on defined benefit pension schemes, net of tax		(58)	(42)
Total items that will not be reclassified to the income statement in subsequent periods		(58)	(42)
Other comprehensive (expense)/income		(1,280)	461
Total comprehensive (expense)/income for the financial period		(1,435)	1,663
Attributable to:
- Owners of the parent		(1,626)	1,377
- Non-controlling interests		191	286
Total comprehensive (expense)/income for the financial period		€ (1,435)	€ 1,663
[1] The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information. Principally includes the impact of the Group’s cash flow hedges deferred to other comprehensive income during the period.

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Sep. 30, 2023	Mar. 31, 2023
Non-current assets
Goodwill	€ 27,544	€ 27,615
Other intangible assets	18,874	19,592
Property, plant and equipment	37,363	37,992
Investments in associates and joint ventures	10,457	11,079
Other investments	1,078	1,093
Deferred tax assets	19,460	19,316
Post employment benefits	265	329
Trade and other receivables	7,226	7,843
Total non-current assets	122,267	124,859
Current assets
Inventory	1,009	956
Taxation recoverable	296	279
Trade and other receivables	11,459	10,705
Other investments	5,917	7,017
Cash and cash equivalents	7,148	11,705
Total current assets	25,829	30,662
Total assets	148,096	155,521
Equity
Called up share capital	4,797	4,797
Additional paid-in capital	149,211	149,145
Treasury shares	(7,647)	(7,719)
Accumulated losses	(114,891)	(113,086)
Accumulated other comprehensive income	28,982	30,262
Total attributable to owners of the parent	60,452	63,399
Non-controlling interests	1,110	1,084
Total equity	61,562	64,483
Non-current liabilities
Borrowings	52,717	51,669
Deferred tax liabilities	728	771
Post employment benefits	235	258
Provisions	1,481	1,572
Trade and other payables	2,375	2,184
Total non-current liabilities	57,536	56,454
Current liabilities
Borrowings	12,341	14,721
Financial liabilities under put option arrangements	493	485
Taxation liabilities	453	457
Provisions	732	674
Trade and other payables	14,979	18,247
Total current liabilities	28,998	34,584
Total equity and liabilities	€ 148,096	€ 155,521

Consolidated statement of chang

Consolidated statement of changes in equity - EUR (€) € in Millions		Equity attributable to the owners	Share capital	Additional paid-in capital.	[2]	Treasury shares.	Accumulated other comprehensive income	[3]	Non-controlling interests.	Total
Beginning balance at Mar. 31, 2022	[1]	€ 55,348	€ 4,797	€ 149,018		€ (7,278)	€ (91,189)		€ 2,290	€ 57,638
Issue or reissue of shares		9		1		108	(100)			9
Share-based payments		66		66					5	71
Transactions with non-controlling interests in subsidiaries		(24)					(24)		(12)	(36)
Dividends		(1,265)					(1,265)		(285)	(1,550)
Comprehensive income/(expense)		1,377					1,377		286	1,663	[4]
Ending balance at Sep. 30, 2022	[1]	55,511	4,797	149,085		(7,170)	(91,201)		2,284	57,795
Beginning balance at Mar. 31, 2023		63,399	4,797	149,145		(7,719)	(82,824)		1,084	64,483
Issue or reissue of shares		1		1		72	(72)			1
Share-based payments		65		65					4	69
Transactions with non-controlling interests in subsidiaries		(8)					(8)		(3)	(11)
Share of equity-accounted entities changes in equity		(164)					(164)			(164)
Dividends		(1,215)					(1,215)		(166)	(1,381)
Comprehensive income/(expense)		(1,626)					(1,626)		191	(1,435)
Ending balance at Sep. 30, 2023		€ 60,452	€ 4,797	€ 149,211		€ (7,647)	€ (85,909)		€ 1,110	€ 61,562
[1] The results for the period ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. As at 30 September 2022, accumulated comprehensive losses decreased by € 58 million, resulting in an increase of € 58 million in total equity compared to amounts previously reported. As at 1 April 2022, accumulated comprehensive losses decreased by € 96 million, resulting in an increase of € 96 million in total equity compared to amounts previously reported. See Note 4 ‘Assets held for sale’ for more information. Includes share premium, capital reserve, capital redemption reserve, merger reserve and share-based payment reserve. The merger reserve was derived from acquisitions made prior to 31 March 2004 and subsequently allocated to additional paid-in capital on adoption of IFRS. Includes accumulated losses and accumulated other comprehensive income. The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information.

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) - EUR (€) € in Millions		Sep. 30, 2022	Apr. 01, 2022
Equity	[1]	€ 57,795
Accumulated other comprehensive income [member]
Equity	[1],[2]	(91,201)
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member]
Equity		58	€ 96
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors [Member] | Accumulated other comprehensive income [member]
Equity		€ 58	€ 96
[1] The results for the period ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. As at 30 September 2022, accumulated comprehensive losses decreased by € 58 million, resulting in an increase of € 58 million in total equity compared to amounts previously reported. As at 1 April 2022, accumulated comprehensive losses decreased by € 96 million, resulting in an increase of € 96 million in total equity compared to amounts previously reported. See Note 4 ‘Assets held for sale’ for more information. Includes accumulated losses and accumulated other comprehensive income.

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Consolidated statement of cash flows
Inflow from operating activities		€ 5,544	€ 6,280
Cash flows from investing activities
Purchase of interests in associates and joint ventures		(52)	(61)
Purchase of intangible assets		(1,536)	(1,433)
Purchase of property, plant and equipment		(2,888)	(3,456)
Purchase of investments		(1,704)	(871)
Disposal of interests in subsidiaries, net of cash disposed		(67)
Disposal of interests in associates and joint ventures		500
Disposal of property, plant and equipment and intangible assets		12
Disposal of investments		1,557	1,130
Dividends received from associates and joint ventures		75	463
Interest received		295	139
Outflow from investing activities		(3,808)	(4,089)
Cash flows from financing activities
Proceeds from issue of long-term borrowings		1,430	187
Repayment of borrowings		(5,492)	(5,549)
Net movement in short-term borrowings		40	6,194
Net movement in derivatives		138	(205)
Interest paid	[1]	(1,101)	(952)
Purchase of treasury shares			(1,090)
Issue of ordinary share capital and reissue of treasury shares		1	9
Equity dividends paid		(1,210)	(1,263)
Dividends paid to non-controlling shareholders in subsidiaries		(167)	(290)
Other transactions with non-controlling shareholders in subsidiaries		(17)	(34)
Outflow from financing activities		(6,378)	(2,993)
Net cash outflow		(4,642)	(802)
Cash and cash equivalents at beginning of the financial period	[2]	11,628	7,371
Exchange gain on cash and cash equivalents		45	282
Cash and cash equivalents at end of the financial period	[2]	€ 7,031	€ 6,851
[1] Interest paid includes € nil million (Six months ended 30 September 2022: €86 million inflow) in relation to derivative financial instruments for the Share buyback related to maturing tranches of mandatory convertible bonds. Comprises cash and cash equivalents as presented in the consolidated statement of financial position of €7,148 million ( €7,072 million as at 30 September 2022), together with overdrafts of €117 million ( €226 million as at 30 September 2022) and € nil million (€ 5 million as at 30 September 2022) of cash and cash equivalents included within Assets held for sale.

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Consolidated statement of cash flows
Issuance	€ 1,430	€ 187
Repayment	5,492	5,549
Cash inflow (outflow) for interest on derivative financial instruments	0	86
Cash and cash equivalents	7,148	7,072
Bank overdrafts	117	226
Cash and cash equivalents presented in assets held for sale	€ 0	€ 5

Basis of preparation

Basis of preparation	6 Months Ended
	Sep. 30, 2023
Basis of preparation
Basis of preparation	1 Basis of preparation The unaudited condensed consolidated financial statements for the six months ended 30 September 2023: ● are prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’ (‘IAS 34’) as issued by the International Accounting Standards Board (‘IASB’) and as adopted by the United Kingdom; ● are presented on a condensed basis as permitted by IAS 34 and therefore do not include all disclosures that would otherwise be required in a full set of financial statements and should be read in conjunction with the Group’s Annual Report on Form 20-F for the year ended 31 March 2023; ● with the exception of IFRS 17 ‘Insurance contracts’ (see below) apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 March 2023, which were prepared in accordance with UK-adopted International Accounting Standards (‘IAS’), with International Financial Reporting Standards (‘IFRS’) as issued by the IASB and with the requirements of the UK Companies Act 2006. Income taxes are accrued using the tax rate that is expected to be applicable for the full financial year, adjusted for certain discrete items which occurred in the interim period in accordance with IAS 34; ● include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented; and ● were approved by the Board of directors on 14 November 2023. The information relating to the year ended 31 March 2023 is extracted from the Group’s published Annual Report on Form 20-F for that year. The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period, and the reported amounts of revenue and expenses during the period. Actual results could vary from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Going concern The Group has €7.1 billion of cash and cash equivalents and €4.1 billion of liquid short-term investments available at 30 September 2023, together with undrawn revolving credit facilities of €7.8 billion (of which €4.0 billion becomes due for renewal in February 2025), which cover all the Group’s reasonably expected cash requirements over the going concern period. The Directors have reviewed trading and liquidity forecasts for the Group, which were based on current trading conditions, and considered a variety of scenarios including not being able to renew the credit facility in February 2025 and not being able to access the capital markets during the assessment period. As a result of the assessment performed, the Directors have concluded that the Group is able to continue in operation for the period up to and including March 2025 and that it is appropriate to continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements. ​ 1 Basis of preparation (continued) Critical accounting judgements and estimates The Group’s critical accounting judgements and estimates are disclosed in the Group’s Annual Report on Form 20-F for the year ended 31 March 2023. Judgements relating to potential indicators of impairment The Group performs its annual impairment test for goodwill and indefinite lived intangible assets as at 31 March. At interim reporting periods, the Group performs a review to identify any indicator of impairment that may indicate that the carrying amount of any of the Group’s cash generating units (‘CGUs’) may not be recoverable. As part of this assessment as at 30 September 2023, the Group reviewed the key assumptions underlying the value in use valuations used in the annual impairment test at 31 March 2023. This included the year to-date performance of the Group’s CGUs against their budgets, as well as considering the valuation implications of changes in other factors such as risk free discount rates and the assessment of long term growth rates. The Group’s review of the potential impact of indicators of impairment and recoverable amounts did not indicate that the carrying amount of any of the Group’s CGUs was not recoverable as at 30 September 2023. Hyperinflation accounting The Group continues to apply 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. Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for the six months ended 30 September 2023 have been revalued to their present value equivalent local currency amount as at 30 September 2023, based on an inflation index, before translation to euros at the reporting date exchange rate of €1 : 29.03 TRL and €1 : 58.73 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. 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 Profit attributable to the joint ventures and associates. 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 30.08% during the six months ended 30 September 2023. The inflation index selected in Ethiopia is the CPI issued by the Central Statistics Agency of Ethiopia which rose 12.09% during the six months ended 30 September 2023. The main impacts of these adjustments on the consolidated financial statements are shown below. ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ ​ Six months ended 30 September ​ ​ 2023 2022 ​ ​ €m ​ €m Revenue 35 ​ 21 Operating profit (5) ​ (14) Profit for the financial period (140) ​ (40) ​ ​ ​ ​ ​ ​ ​ 30 September 2023 31 March 2023 Non-current assets 849 814 Equity attributable to owners of the parent 811 777 Non-controlling interests 54 37 ​ ​ 1 Basis of preparation (continued) New accounting pronouncements adopted On 1 April 2023, the Group adopted certain new accounting policies where necessary to comply with amendments to IFRS, none of which had a material impact on the consolidated results, financial position or cash flows of the Group, except as described below. Further details are provided in the Group’s Annual Report on Form 20-F for the year ended 31 March 2023. IFRS 17 ‘Insurance Contracts’ IFRS 17 ‘Insurance Contracts’ was adopted by the Group on 1 April 2023. The Standard sets out revised principles for the recognition, measurement, presentation, and disclosure of obligations relating to insurance contracts issued by preparers in order to provide a single accounting model for all types of insurance. The Group issues certain short and long-term contracts - primarily being (i) the reinsurance of handset and other device insurance issued by a fronting insurer to the Group’s customers; and (ii) the reinsurance of a third-party annuity policy issued to the Vodafone and Cable & Wireless (‘CWW’) sections of the Vodafone UK Group Pension Scheme. The adoption of IFRS 17 did not have a material impact on prior period equity. The adoption of IFRS 17 will result in separate insurance and reinsurance liability line items being presented within the Trade and other payables disclosure notes to be included within the Group’s consolidated financial statements for the year ending 31 March 2024, with corresponding reductions in the Other payables line item. The reclassification as at 31 March 2023 will be €256 million and €63 million within the long and short-term Trade and other payables notes, respectively. The long and short-term Insurance and reinsurance liability amounts included within Trade and other payables at 30 September 2023 are €236 million and €93 million, respectively.

Segmental analysis

Segmental analysis	6 Months Ended
	Sep. 30, 2023
Segmental analysis
Segmental analysis	2 Segmental analysis Operating segments The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Chief Executive Officer. The Group has a single group of similar services and products, being the supply of communications services and related products. From 1 April 2023, the Group revised 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. Segment information is primarily provided on the basis of geographic areas, being the basis on which the Group manages the rest of its worldwide interests. The operating segments for Germany, Italy, UK, Spain and Vodacom (which is a legal entity encompassing South Africa, Vodafone Egypt and certain other smaller African markets) 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. The aggregation of other operating segments into the Other Europe and Other Markets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe region (comprising Albania, Czech Republic, Greece, Hungary (until disposal in January 2023), Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, while the Other Markets segment (comprising Turkey and Ghana (until disposal in February 2023)) largely includes developing economies with less stable economic or regulatory environments. Common Functions is a separate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for aggregation with other reporting segments. Revenue disaggregation Revenue reported for the period includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising from transactions with a significant financing component. The tables below and overleaf disaggregate the Group’s revenue by reporting segment. The table below presents the results for the six months ended 30 September 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2023 Germany 5,722 ​ 503 ​ 6,225 ​ 173 ​ 7 ​ 6,405 2,527 Italy 2,098 ​ 180 ​ 2,278 ​ 37 ​ 5 ​ 2,320 645 UK 2,822 ​ 526 ​ 3,348 ​ 17 ​ 12 ​ 3,377 640 Spain 1,731 ​ 167 ​ 1,898 ​ 26 ​ 5 ​ 1,929 394 Other Europe 2,366 ​ 285 ​ 2,651 ​ 21 ​ 7 ​ 2,679 766 Vodacom 2,924 ​ 473 ​ 3,397 ​ 178 ​ 15 ​ 3,590 ​ 1,241 Other Markets 828 ​ 297 ​ 1,125 ​ 3 ​ — ​ 1,128 ​ 254 Vantage Towers ​ — ​ — ​ — ​ — ​ — ​ — ​ — Common Functions 2 ​ 282 ​ 24 ​ 306 ​ 416 ​ (1) ​ 721 ​ (89) Eliminations (155) ​ — ​ (155) ​ (57) ​ — ​ (212) ​ — Group ​ 18,618 ​ 2,455 ​ 21,073 ​ 814 ​ 50 ​ 21,937 ​ 6,378 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Comprises central teams and business functions. 2 Segmental analysis (continued) The table below presents the comparative information for the six months ended 30 September 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2022 Germany 5,730 675 6,405 178 9 6,592 2,677 Italy 2,125 198 2,323 49 5 2,377 759 UK 2,712 630 3,342 34 16 3,392 685 Spain 1,782 142 1,924 31 10 1,965 445 Other Europe 2,552 281 2,833 53 8 2,894 843 Vodacom 2 ​ 3,422 ​ 536 ​ 3,958 ​ 207 ​ 14 ​ 4,179 ​ 1,527 Other Markets 2 771 203 974 2 — 976 228 Vantage Towers — — — 657 — 657 330 Common Functions 3 268 23 291 405 — 696 (250) Eliminations ​ (155) ​ — ​ (155) ​ (643) ​ — ​ (798) ​ — Group ​ 19,207 ​ 2,688 ​ 21,895 ​ 973 ​ 62 ​ 22,930 ​ 7,244 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Components of revenue and Adjusted EBITDAaL metrics for the six months ended 30 September 2022 have been re-presented for the Other Markets and Vodacom segments to reflect the move of Vodafone Egypt from the Other Markets segment to the Vodacom segment. There is no impact on previously reported Group metrics. 3. Comprises central teams and business functions. A reconciliation of Adjusted EBITDAaL, the Group’s measure of segment profit, to the Group’s profit before taxation for the financial period is shown below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ €m €m Adjusted EBITDAaL 6,378 7,244 Restructuring costs (212) (142) Interest on lease liabilities 281 204 Loss on disposal of property, plant & equipment and intangible assets ​ (22) ​ (11) Depreciation and amortisation on owned assets ​ (4,626) ​ (4,807) Share of results of equity accounted associates and joint ventures ​ (51) ​ 376 Impairment reversal ​ 64 ​ — Other (expense)/income ​ (157) ​ 104 Operating profit 1,655 2,968 Investment income 368 137 Financing costs (1,473) (1,418) Profit before taxation ​ 550 ​ 1,687 Note 1. The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets for sale’ for more information. 2 Segmental analysis (continued) The Group’s non-current assets are disaggregated as follows: ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2023 ​ 2023 ​ ​ €m ​ €m Non-current assets 1 Germany 43,301 43,878 Italy 9,956 10,235 UK 6,638 6,629 Spain 5,991 6,331 Other Europe 7,586 7,815 Vodacom 2 6,789 6,796 Other Markets 2 1,534 1,502 Common Functions 3 1,986 2,013 Group 83,781 85,199 Notes: 1. Comprises goodwill, other intangible assets and property, plant & equipment . 2. Non-current assets at 31 March 2023 have been re-presented for the Other Markets and Vodacom segments to reflect the move of Vodafone Egypt from the Other Markets segment to the Vodacom segment. There is no impact on previously reported Group metrics 3. Comprises central teams and business functions.

Taxation

Taxation	6 Months Ended
	Sep. 30, 2023
Taxation
Taxation	3 Taxation ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2023 ​ 2022 ​ €m €m United Kingdom corporation tax (expense)/income ​ ​ ​ ​ Current period ​ (38) (4) Adjustments in respect of prior periods ​ (19) 9 Overseas current tax (expense)/income ​ ​ ​ ​ Current period ​ (394) ​ (446) Adjustments in respect of prior periods ​ — 12 Total current tax expense (451) (429) ​ ​ ​ ​ ​ Deferred tax on origination and reversal of temporary differences ​ ​ ​ ​ United Kingdom deferred tax (24) (10) Overseas deferred tax (230) (46) Total deferred tax expense (254) (56) Total income tax expense (705) (485) ​ Deferred tax on losses in Luxembourg The tax charge for the six months ended 30 September 2023 includes deferred tax on the use of losses in Luxembourg. The Group would not recognise losses in Luxembourg which would be forecast to be used beyond 60 years. Current volatility in interest rates means that the period over which we expect to recover the losses is in line with the 35 to 39 years disclosed as at 31 March 2023. The actual use of these losses and the period over which they may be used is dependent on many factors including the level of profitability in Luxembourg, changes in tax law and any changes to the structure of the Group. Further details about the Group’s tax losses can be found in Note 6 ‘Taxation’ to the consolidated financial statements of Vodafone Group Plc for the year ended 31 March 2023. IAS 12 amendment The Group will make additional qualitative and quantitative disclosures regarding its exposure to Pillar Two income taxes in the consolidated financial statements for year ending 31 March 2024, in accordance with amendments to IAS 12 ‘Income Taxes’ which were endorsed by the UK Endorsement Board in July 2023. The Group has applied the mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two rules set out therein. The impact of the rules is under review but is not expected to be material.

Assets held for sale

Assets held for sale	6 Months Ended
	Sep. 30, 2023
Assets held for sale
Assets held for sale	4 Assets held for sale Reclassification of Indus Towers Limited In the condensed consolidated financial statements for the six months ended 30 September 2022, the Group’s 21% interest in Indus Towers Limited was reported within Assets held for sale. Whilst the Group remains focused on achieving a sale, the investment was not assessed as meeting the requirements of held for sale at 31 March 2023 and this remained the position at 30 September 2023. Impact on the consolidated income statement Comparative amounts for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. The reclassification has no impact on revenue and gross profit reported in the consolidated income statement for the six months ended 30 September 2022, but the following line items have been impacted: – – Consequently, operating profit increased by €33 million. Profit before taxation and Profit for the financial period both decreased by €41 million and Total comprehensive income decreased by €38 million compared to the amounts previously reported.

Earnings per share

Earnings per share	6 Months Ended
	Sep. 30, 2023
Earnings per share
Earnings per share	5 Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2023 ​ 2022 ​ Millions Millions Weighted average number of shares for basic earnings per share ​ 27,033 ​ 28,037 Effect of dilutive potential shares: restricted shares and share options — 104 Weighted average number of shares for diluted earnings per share 27,033 28,141 ​ ​ ​ ​ ​ ​ Earnings per share attributable to owners of the parent during the period ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ €m €m (Loss)/profit for basic and diluted earnings per share (346) 945 ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ eurocents eurocents Basic (loss)/earnings per share (1.28) ​ 3.37 Diluted (loss)/earnings per share (1.28) ​ 3.36 Note: 1. The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Profit for basic and diluted earnings per share has decreased by € 41 million compared to the amount previously reported. Consequently, basic earnings per share decreased by 0.15 eurocents and diluted earnings per share decreased by 0.14 eurocents compared to amounts previously reported. See note 4 ‘Assets held for sale’ for more information.

Equity dividends

Equity dividends	6 Months Ended
	Sep. 30, 2023
Equity dividends.
Equity dividends	6 Equity dividends ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2023 ​ 2022 ​ €m €m Declared during the financial period: ​ ​ ​ ​ Final dividend for the year ended 31 March 2023: 4.50 eurocents per share 1,215 1,265 Proposed after the end of the reporting period and not recognised as a liability: ​ ​ ​ ​ Interim dividend for the year ending 31 March 2024: 4.50 eurocents per share 1,218 1,237 ​

Investments in associates and j

Investments in associates and joint ventures	6 Months Ended
	Sep. 30, 2023
Investments in associates and joint ventures
Investments in associates and joint ventures	7 Investments in associates and joint ventures ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2023 ​ 2023 ​ ​ €m ​ €m Oak Holdings 1 GmbH ​ 7,883 ​ 8,634 VodafoneZiggo Group Holding B.V. ​ 715 ​ 793 TPG Telecom Limited ​ 57 ​ 108 Other ​ 77 ​ 43 Investment in joint ventures ​ 8,732 ​ 9,578 Safaricom PLC ​ 554 ​ 509 Indus Towers Limited ​ 1,051 ​ 908 Other 120 84 Investment in associates 1,725 1,501 ​ 10,457 11,079 ​ On 18 July 2023, the Group completed the sale of 3.9% of Oak Holdings 1 GmbH for cash consideration of €500 million. Vodafone retains an interest of 60.3% in Oak Holdings 1 GmbH.

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	6 Months Ended
	Sep. 30, 2023
Reconciliation of net cash flow from operating activities
Reconciliation of net cash flow from operating activities	8 Reconciliation of net cash flow from operating activities ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ €m €m (Loss)/profit for the financial period ​ (155) ​ 1,202 Investment income ​ (368) (137) Financing costs ​ 1,473 1,418 Income tax expense ​ 705 485 Operating profit ​ 1,655 2,968 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 63 46 Depreciation and amortisation ​ 6,802 6,853 Loss on disposal of property, plant & equipment and intangible assets ​ 20 9 Share of results of equity accounted associates and joint ventures ​ 51 (376) Impairment reversal ​ (64) ​ – Other expense/(income) ​ 157 (104) Increase in inventory ​ (57) (175) Increase in trade and other receivables ​ (1,145) (1,381) Decrease in trade and other payables ​ (1,466) ​ (888) Cash generated by operations ​ 6,016 6,952 Taxation ​ (472) (672) Net cash flow from operating activities ​ 5,544 6,280 Note: 1. The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Profit for the financial period decreased by € 41 million and Operating profit decreased by € 33 million compared to amounts previously reported. The Share of results of equity accounted associates and joint ventures increased by € 33 million compared to the amount previously reported. Consequently, there was no impact on Cash generated by operations or Net cash flow from operating activities.

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Sep. 30, 2023
Fair value of financial instruments
Fair value of financial instruments	9 Fair value of financial instruments The table below sets out the financial instruments held at fair value by the Group. ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2023 ​ 2023 ​ ​ €m ​ €m Financial assets at fair value: ​ ​ ​ ​ Money market funds (included within Cash and cash equivalents) 1 ​ 2,780 ​ 7,781 Debt and equity securities (included within Other investments) 2 ​ 4,671 ​ 5,808 Derivative financial instruments (included within Trade and other receivables) 3,4 ​ 5,273 ​ 6,124 Trade receivables at fair value through Other comprehensive income (included within Trade and other receivables) 2 ​ 1,329 ​ 903 ​ ​ 14,053 ​ 20,616 ​ ​ ​ ​ ​ Financial liabilities at fair value: ​ ​ ​ ​ Derivative financial instruments (included within Trade and other payables) 3,4 ​ 1,792 ​ 1,422 ​ ​ 1,792 ​ 1,422 Notes: 1. Items are measured at fair value and the valuation basis is Level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. 2. Quoted debt and equity securities of €2,446 million ( €2,794 million as at 31 March 2023) are Level 1 classification which comprises items where fair value is determined by unadjusted quoted prices in active markets. The remaining items are measured at fair value and the basis is Level 2 classification which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 3. Derivative financial assets include €31 million ( €198 million as at 31 March 2023) of embedded derivative option for which the valuation basis is Level 3 classification where fair value is determined from inputs that are not based on observable market data (i.e unobservable inputs). The remaining items are also measured at fair value and the basis is Level 2 classification. 4. €4,904 million ( €5,642 million as at 31 March 2023) of derivative financial assets and €1,362 million ( €1,116 million as at 31 March 2023) of derivative financial liabilities are classified as non-current. The fair value of the Group's financial assets held at amortised cost approximates to fair value with the exception of non-current debt securities with a carrying value of €1,000 million (€999 million as at 31 March 2023) and a fair value of €769 million (€803 million as at 31 March 2023). Fair value is based on Level 2 of the fair value hierarchy which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The fair value of the Group’s financial liabilities held at amortised cost approximates to fair value with the exception of non-current bonds with a carrying value of €41,128 million (€39,512 million as at 31 March 2023) and a fair value of €34,913 million (€35,044 million as at 31 March 2023). Fair value is based on Level 1 of the fair value hierarchy using quoted market prices. Level 3 financial instruments The Group’s borrowings include €1,597 million (€1,485 million as at 31 March 2023) of bank borrowings that are secured against the Group’s shareholdings in Indus Towers and Vodafone Idea 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. The 30 September 2023 valuation of the embedded derivative asset of €31 million (€198 million as at 31 March 2023) is presented within derivative assets within trade and other receivables in current assets in the consolidated statement of financial position. The loss in the period of €167 million (€6 million gain in the six months ended 30 September 2022) on the revaluation of the embedded derivative option is recognised within financing costs in the consolidated income statement. A Black Scholes model for European put options has been used as a valuation model and primarily uses market inputs (quoted share prices and volatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the amount payable under the loan. The valuation includes an unobservable adjustment to reflect the potential timeframe to settle the loan and has been modelled using a range of potential durations up to 31 March 2025. As a result of this unobservable adjustment, the option is classified as a level 3 instrument under the fair value hierarchy. An increase/(decrease) in durations of six months to settle the loan would increase/(decrease) the derivative asset by €77 million/(€22 million).

Related party transactions

Related party transactions	6 Months Ended
	Sep. 30, 2023
Related party transactions
Related party transactions	10 Related party transactions Transactions with associates and joint ventures Related party transactions with the Group’s joint ventures and associates primarily consists of fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling ventures. No related party transactions have been entered into during the period which might reasonably affect any decisions made by the users of these unaudited condensed consolidated financial statements except as disclosed below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2023 ​ 2022 ​ €m €m Sales of goods and services to associates 15 11 Purchase of goods and services from associates 3 65 Sales of goods and services to joint arrangements 133 110 Purchase of goods and services from joint arrangements 392 69 Interest expense payable to associates 1 ​ — ​ 25 Interest income receivable from joint arrangements 1 26 22 Interest expense payable to joint arrangements 2 ​ 109 ​ — ​ ​ ​ ​ ​ ​ ​ ​ 30 September ​ 31 March ​ ​ 2023 ​ 2023 ​ €m €m Trade balances owed: ​ ​ ​ by associates 8 7 to associates 1 1 by joint arrangements 143 170 to joint arrangements 287 329 Other balances owed by joint arrangements 1 1,178 980 Other balances owed to joint arrangements 2 5,323 5,628 Notes: 1. Amounts arise primarily through VodafoneZiggo Group Holding B.V.. 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. On 28 September 2023 the Group sold M-Pesa Holding Company Limited ('MPHCL'), which holds funds on trust for M-Pesa customers, to Safaricom Plc for US$1. Balances included in the Group's consolidated statement of financial position at the date of disposal included short-term investments of €1,195 million and €1,156 million due to M-Pesa customers recorded within Other investments and Trade and other payables, respectively. In the six months ended 30 September 2023, the Group made contributions to defined benefit pension schemes of €26 million (Six months ended 30 September 2022: €11 million). In the six months ended 30 September 2023, dividends of €1.0 million were paid to Board and Executive Committee members (Six months ended 30 September 2022: €1.2 million). Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.

Contingent liabilities and lega

Contingent liabilities and legal proceedings	6 Months Ended
	Sep. 30, 2023
Contingent liabilities and legal proceedings
Contingent liabilities and legal proceedings	11 Contingent liabilities and legal proceedings Note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements of Vodafone Group Plc for the year ended 31 March 2023 sets forth the Group’s contingent liabilities and legal proceedings as of 31 March 2023. There have been no material changes to the Group's contingent liabilities or legal proceedings during the period covered by this report, except as disclosed below. Legal proceedings Netherlands tax case Vodafone Europe BV (VEBV) received assessments totalling €267 million of tax and interest from the Dutch Tax Authorities, who challenged the application of the arm’s length principle in relation to various intra-group financing transactions. The Group entered into a guarantee for the full value of the assessments issued. VEBV appealed against these assessments to the District Court of the Hague where a hearing was held in March 2023. The District Court issued its judgement in July 2023, upholding VEBV’s appeal in relation to the majority of issues and requiring the Dutch Tax Authorities to significantly reduce its assessments. VEBV and the Dutch Tax Authorities have since appealed the judgement. The Group continues to believe it has robust defences but has recorded a provision of €24 million for tax and interest, reflecting its current view of the probable financial outflow required to fully resolve the issue and has reduced the guarantee to the same value. 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 each filed appeals. The appeal hearings took place on 23 February and 11 May 2023. Judgement has been received in respect of the May appeal hearing for two of the claims and the Court dismissed the appeals because the stamp duty payments had again not been made. Whether the Papistas claimants will appeal the judgement is unknown as of the date of this report. We are waiting to receive the judgement relating to the February appeal hearing for the remaining claim. 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 alleged collusion between the MNOs to pull their business from Phones 4U, thereby causing its collapse. The judge ordered that there should be a split trial between liability and damages. The first trial on liability took place from May to July 2022. On 10 November 2023, the High Court issued a judgement in Vodafone’s favour and rejected Phones 4U’s allegations that the defendants were in breach of competition law, confirming our previously stated position that a present obligation does not exist. It is not known whether Phones 4U will seek to appeal the judgement as of the date of this report. ​

Subsequent events

Subsequent events	6 Months Ended
	Sep. 30, 2023
Subsequent events
Subsequent events	12 Subsequent events Disposal of Vodafone Spain On 31 October 2023, the Group announced that it had entered into binding agreements with Zegona Communications plc (‘Zegona’) in relation to the sale of 100 % of Vodafone Holdings Europe, S.L.U. (‘Vodafone Spain’) (the ‘Transaction’). On completion, Vodafone’s consideration will comprise at least € 4.1 billion in cash (subject to customary completion adjustments) and up to € 0.9 billion in the form of Redeemable Preference Shares (‘RPS’) which redeem, for an amount comprising the subscription price and accrued preferential dividend, no later than 6 years after closing. Completion of the Transaction is conditional on certain approvals being obtained from current Zegona shareholders as well as regulatory clearances and is expected to take place in the first half of 2024. Minority shareholders in Kabel Deutschland Holding A.G. The Group’s obligations to the minority shareholders in Kabel Deutschland Holding A.G., reflected as a financial liability under put option arrangements in the Group’s consolidated statement of financial position, were settled by a final payment of € 494 million on 20 October 2023. Hybrid bonds On 7 November 2023, the Group announced that on 3 January 2024 it will exercise its call option to repurchase and cancel outstanding capital securities of € 438 million due on 3 January 2079. This follows a previous bond buyback exercise completed in June 2023 for € 1,562 million of the original € 2,000 million securities issued.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Sep. 30, 2023
Basis of preparation
Going concern	Going concern The Group has €7.1 billion of cash and cash equivalents and €4.1 billion of liquid short-term investments available at 30 September 2023, together with undrawn revolving credit facilities of €7.8 billion (of which €4.0 billion becomes due for renewal in February 2025), which cover all the Group’s reasonably expected cash requirements over the going concern period. The Directors have reviewed trading and liquidity forecasts for the Group, which were based on current trading conditions, and considered a variety of scenarios including not being able to renew the credit facility in February 2025 and not being able to access the capital markets during the assessment period. As a result of the assessment performed, the Directors have concluded that the Group is able to continue in operation for the period up to and including March 2025 and that it is appropriate to continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements.
Critical accounting judgements and estimates	​ 1 Basis of preparation (continued) Critical accounting judgements and estimates The Group’s critical accounting judgements and estimates are disclosed in the Group’s Annual Report on Form 20-F for the year ended 31 March 2023. Judgements relating to potential indicators of impairment The Group performs its annual impairment test for goodwill and indefinite lived intangible assets as at 31 March. At interim reporting periods, the Group performs a review to identify any indicator of impairment that may indicate that the carrying amount of any of the Group’s cash generating units (‘CGUs’) may not be recoverable. As part of this assessment as at 30 September 2023, the Group reviewed the key assumptions underlying the value in use valuations used in the annual impairment test at 31 March 2023. This included the year to-date performance of the Group’s CGUs against their budgets, as well as considering the valuation implications of changes in other factors such as risk free discount rates and the assessment of long term growth rates. The Group’s review of the potential impact of indicators of impairment and recoverable amounts did not indicate that the carrying amount of any of the Group’s CGUs was not recoverable as at 30 September 2023. Hyperinflation accounting The Group continues to apply 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. Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for the six months ended 30 September 2023 have been revalued to their present value equivalent local currency amount as at 30 September 2023, based on an inflation index, before translation to euros at the reporting date exchange rate of €1 : 29.03 TRL and €1 : 58.73 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. 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 Profit attributable to the joint ventures and associates. 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 30.08% during the six months ended 30 September 2023. The inflation index selected in Ethiopia is the CPI issued by the Central Statistics Agency of Ethiopia which rose 12.09% during the six months ended 30 September 2023. The main impacts of these adjustments on the consolidated financial statements are shown below. ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ ​ Six months ended 30 September ​ ​ 2023 2022 ​ ​ €m ​ €m Revenue 35 ​ 21 Operating profit (5) ​ (14) Profit for the financial period (140) ​ (40) ​ ​ ​ ​ ​ ​ ​ 30 September 2023 31 March 2023 Non-current assets 849 814 Equity attributable to owners of the parent 811 777 Non-controlling interests 54 37
New accounting pronouncements adopted	New accounting pronouncements adopted On 1 April 2023, the Group adopted certain new accounting policies where necessary to comply with amendments to IFRS, none of which had a material impact on the consolidated results, financial position or cash flows of the Group, except as described below. Further details are provided in the Group’s Annual Report on Form 20-F for the year ended 31 March 2023. IFRS 17 ‘Insurance Contracts’ IFRS 17 ‘Insurance Contracts’ was adopted by the Group on 1 April 2023. The Standard sets out revised principles for the recognition, measurement, presentation, and disclosure of obligations relating to insurance contracts issued by preparers in order to provide a single accounting model for all types of insurance. The Group issues certain short and long-term contracts - primarily being (i) the reinsurance of handset and other device insurance issued by a fronting insurer to the Group’s customers; and (ii) the reinsurance of a third-party annuity policy issued to the Vodafone and Cable & Wireless (‘CWW’) sections of the Vodafone UK Group Pension Scheme. The adoption of IFRS 17 did not have a material impact on prior period equity. The adoption of IFRS 17 will result in separate insurance and reinsurance liability line items being presented within the Trade and other payables disclosure notes to be included within the Group’s consolidated financial statements for the year ending 31 March 2024, with corresponding reductions in the Other payables line item. The reclassification as at 31 March 2023 will be €256 million and €63 million within the long and short-term Trade and other payables notes, respectively. The long and short-term Insurance and reinsurance liability amounts included within Trade and other payables at 30 September 2023 are €236 million and €93 million, respectively.

Basis of preparation (Tables)

Basis of preparation (Tables)	6 Months Ended
	Sep. 30, 2023
Basis of preparation
Schedule of impact on consolidated financial statements due to hyperinflation	​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ ​ Six months ended 30 September ​ ​ 2023 2022 ​ ​ €m ​ €m Revenue 35 ​ 21 Operating profit (5) ​ (14) Profit for the financial period (140) ​ (40) ​ ​ ​ ​ ​ ​ ​ 30 September 2023 31 March 2023 Non-current assets 849 814 Equity attributable to owners of the parent 811 777 Non-controlling interests 54 37

Segmental analysis (Tables)

Segmental analysis (Tables)	6 Months Ended
	Sep. 30, 2023
Segmental analysis
Schedule of reconciliation of adjusted EBITDA to operating profit	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ €m €m Adjusted EBITDAaL 6,378 7,244 Restructuring costs (212) (142) Interest on lease liabilities 281 204 Loss on disposal of property, plant & equipment and intangible assets ​ (22) ​ (11) Depreciation and amortisation on owned assets ​ (4,626) ​ (4,807) Share of results of equity accounted associates and joint ventures ​ (51) ​ 376 Impairment reversal ​ 64 ​ — Other (expense)/income ​ (157) ​ 104 Operating profit 1,655 2,968 Investment income 368 137 Financing costs (1,473) (1,418) Profit before taxation ​ 550 ​ 1,687
Schedule of group's revenue and profit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2023 Germany 5,722 ​ 503 ​ 6,225 ​ 173 ​ 7 ​ 6,405 2,527 Italy 2,098 ​ 180 ​ 2,278 ​ 37 ​ 5 ​ 2,320 645 UK 2,822 ​ 526 ​ 3,348 ​ 17 ​ 12 ​ 3,377 640 Spain 1,731 ​ 167 ​ 1,898 ​ 26 ​ 5 ​ 1,929 394 Other Europe 2,366 ​ 285 ​ 2,651 ​ 21 ​ 7 ​ 2,679 766 Vodacom 2,924 ​ 473 ​ 3,397 ​ 178 ​ 15 ​ 3,590 ​ 1,241 Other Markets 828 ​ 297 ​ 1,125 ​ 3 ​ — ​ 1,128 ​ 254 Vantage Towers ​ — ​ — ​ — ​ — ​ — ​ — ​ — Common Functions 2 ​ 282 ​ 24 ​ 306 ​ 416 ​ (1) ​ 721 ​ (89) Eliminations (155) ​ — ​ (155) ​ (57) ​ — ​ (212) ​ — Group ​ 18,618 ​ 2,455 ​ 21,073 ​ 814 ​ 50 ​ 21,937 ​ 6,378 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Comprises central teams and business functions. 2 Segmental analysis (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2022 Germany 5,730 675 6,405 178 9 6,592 2,677 Italy 2,125 198 2,323 49 5 2,377 759 UK 2,712 630 3,342 34 16 3,392 685 Spain 1,782 142 1,924 31 10 1,965 445 Other Europe 2,552 281 2,833 53 8 2,894 843 Vodacom 2 ​ 3,422 ​ 536 ​ 3,958 ​ 207 ​ 14 ​ 4,179 ​ 1,527 Other Markets 2 771 203 974 2 — 976 228 Vantage Towers — — — 657 — 657 330 Common Functions 3 268 23 291 405 — 696 (250) Eliminations ​ (155) ​ — ​ (155) ​ (643) ​ — ​ (798) ​ — Group ​ 19,207 ​ 2,688 ​ 21,895 ​ 973 ​ 62 ​ 22,930 ​ 7,244 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’. 2. Components of revenue and Adjusted EBITDAaL metrics for the six months ended 30 September 2022 have been re-presented for the Other Markets and Vodacom segments to reflect the move of Vodafone Egypt from the Other Markets segment to the Vodacom segment. There is no impact on previously reported Group metrics. 3. Comprises central teams and business functions.
Schedule of groups non-current assets	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2023 ​ 2023 ​ ​ €m ​ €m Non-current assets 1 Germany 43,301 43,878 Italy 9,956 10,235 UK 6,638 6,629 Spain 5,991 6,331 Other Europe 7,586 7,815 Vodacom 2 6,789 6,796 Other Markets 2 1,534 1,502 Common Functions 3 1,986 2,013 Group 83,781 85,199 Notes: 1. Comprises goodwill, other intangible assets and property, plant & equipment . 2. Non-current assets at 31 March 2023 have been re-presented for the Other Markets and Vodacom segments to reflect the move of Vodafone Egypt from the Other Markets segment to the Vodacom segment. There is no impact on previously reported Group metrics 3. Comprises central teams and business functions.

Taxation (Tables)

Taxation (Tables)	6 Months Ended
	Sep. 30, 2023
Taxation
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2023 ​ 2022 ​ €m €m United Kingdom corporation tax (expense)/income ​ ​ ​ ​ Current period ​ (38) (4) Adjustments in respect of prior periods ​ (19) 9 Overseas current tax (expense)/income ​ ​ ​ ​ Current period ​ (394) ​ (446) Adjustments in respect of prior periods ​ — 12 Total current tax expense (451) (429) ​ ​ ​ ​ ​ Deferred tax on origination and reversal of temporary differences ​ ​ ​ ​ United Kingdom deferred tax (24) (10) Overseas deferred tax (230) (46) Total deferred tax expense (254) (56) Total income tax expense (705) (485)

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 30, 2023
Earnings per share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2023 ​ 2022 ​ Millions Millions Weighted average number of shares for basic earnings per share ​ 27,033 ​ 28,037 Effect of dilutive potential shares: restricted shares and share options — 104 Weighted average number of shares for diluted earnings per share 27,033 28,141 ​ ​ ​ ​ ​ ​ Earnings per share attributable to owners of the parent during the period ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ €m €m (Loss)/profit for basic and diluted earnings per share (346) 945 ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ eurocents eurocents Basic (loss)/earnings per share (1.28) ​ 3.37 Diluted (loss)/earnings per share (1.28) ​ 3.36 Note: 1. The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Profit for basic and diluted earnings per share has decreased by € 41 million compared to the amount previously reported. Consequently, basic earnings per share decreased by 0.15 eurocents and diluted earnings per share decreased by 0.14 eurocents compared to amounts previously reported. See note 4 ‘Assets held for sale’ for more information.

Equity dividends (Tables)

Equity dividends (Tables)	6 Months Ended
	Sep. 30, 2023
Equity dividends.
Schedule of dividends declared and proposed	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2023 ​ 2022 ​ €m €m Declared during the financial period: ​ ​ ​ ​ Final dividend for the year ended 31 March 2023: 4.50 eurocents per share 1,215 1,265 Proposed after the end of the reporting period and not recognised as a liability: ​ ​ ​ ​ Interim dividend for the year ending 31 March 2024: 4.50 eurocents per share 1,218 1,237 ​

Investments in associates and_2

Investments in associates and joint ventures (Tables)	6 Months Ended
	Sep. 30, 2023
Investments in associates and joint ventures
Schedule of joint ventures and associates	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2023 ​ 2023 ​ ​ €m ​ €m Oak Holdings 1 GmbH ​ 7,883 ​ 8,634 VodafoneZiggo Group Holding B.V. ​ 715 ​ 793 TPG Telecom Limited ​ 57 ​ 108 Other ​ 77 ​ 43 Investment in joint ventures ​ 8,732 ​ 9,578 Safaricom PLC ​ 554 ​ 509 Indus Towers Limited ​ 1,051 ​ 908 Other 120 84 Investment in associates 1,725 1,501 ​ 10,457 11,079

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	6 Months Ended
	Sep. 30, 2023
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ ​ ​ Re-presented 1 ​ ​ 2023 ​ 2022 ​ €m €m (Loss)/profit for the financial period ​ (155) ​ 1,202 Investment income ​ (368) (137) Financing costs ​ 1,473 1,418 Income tax expense ​ 705 485 Operating profit ​ 1,655 2,968 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 63 46 Depreciation and amortisation ​ 6,802 6,853 Loss on disposal of property, plant & equipment and intangible assets ​ 20 9 Share of results of equity accounted associates and joint ventures ​ 51 (376) Impairment reversal ​ (64) ​ – Other expense/(income) ​ 157 (104) Increase in inventory ​ (57) (175) Increase in trade and other receivables ​ (1,145) (1,381) Decrease in trade and other payables ​ (1,466) ​ (888) Cash generated by operations ​ 6,016 6,952 Taxation ​ (472) (672) Net cash flow from operating activities ​ 5,544 6,280 Note: 1. The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Profit for the financial period decreased by € 41 million and Operating profit decreased by € 33 million compared to amounts previously reported. The Share of results of equity accounted associates and joint ventures increased by € 33 million compared to the amount previously reported. Consequently, there was no impact on Cash generated by operations or Net cash flow from operating activities.

Fair value of financial instr_2

Fair value of financial instruments (Tables)	6 Months Ended
	Sep. 30, 2023
Fair value of financial instruments
Schedule of financial instruments held at fair value	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2023 ​ 2023 ​ ​ €m ​ €m Financial assets at fair value: ​ ​ ​ ​ Money market funds (included within Cash and cash equivalents) 1 ​ 2,780 ​ 7,781 Debt and equity securities (included within Other investments) 2 ​ 4,671 ​ 5,808 Derivative financial instruments (included within Trade and other receivables) 3,4 ​ 5,273 ​ 6,124 Trade receivables at fair value through Other comprehensive income (included within Trade and other receivables) 2 ​ 1,329 ​ 903 ​ ​ 14,053 ​ 20,616 ​ ​ ​ ​ ​ Financial liabilities at fair value: ​ ​ ​ ​ Derivative financial instruments (included within Trade and other payables) 3,4 ​ 1,792 ​ 1,422 ​ ​ 1,792 ​ 1,422 Notes: 1. Items are measured at fair value and the valuation basis is Level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. 2. Quoted debt and equity securities of €2,446 million ( €2,794 million as at 31 March 2023) are Level 1 classification which comprises items where fair value is determined by unadjusted quoted prices in active markets. The remaining items are measured at fair value and the basis is Level 2 classification which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 3. Derivative financial assets include €31 million ( €198 million as at 31 March 2023) of embedded derivative option for which the valuation basis is Level 3 classification where fair value is determined from inputs that are not based on observable market data (i.e unobservable inputs). The remaining items are also measured at fair value and the basis is Level 2 classification. 4. €4,904 million ( €5,642 million as at 31 March 2023) of derivative financial assets and €1,362 million ( €1,116 million as at 31 March 2023) of derivative financial liabilities are classified as non-current.

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Sep. 30, 2023
Related party transactions
Schedule of transactions with joint arrangements and associates	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2023 ​ 2022 ​ €m €m Sales of goods and services to associates 15 11 Purchase of goods and services from associates 3 65 Sales of goods and services to joint arrangements 133 110 Purchase of goods and services from joint arrangements 392 69 Interest expense payable to associates 1 ​ — ​ 25 Interest income receivable from joint arrangements 1 26 22 Interest expense payable to joint arrangements 2 ​ 109 ​ — ​ ​ ​ ​ ​ ​ ​ ​ 30 September ​ 31 March ​ ​ 2023 ​ 2023 ​ €m €m Trade balances owed: ​ ​ ​ by associates 8 7 to associates 1 1 by joint arrangements 143 170 to joint arrangements 287 329 Other balances owed by joint arrangements 1 1,178 980 Other balances owed to joint arrangements 2 5,323 5,628 Notes: 1. Amounts arise primarily through VodafoneZiggo Group Holding B.V.. 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.

Basis of preparation - Consolid

Basis of preparation - Consolidated financial statements (Details) - Turkey - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Disclosure of Basis Of Preparation [Line Items]
Revenue	€ 35	€ 21
Operating profit	(5)	(14)
Profit for the financial period	(140)	€ (40)
Non-current assets	849		€ 814
Equity attributable to owners of the parent	811		777
Non-controlling interests	€ 54		€ 37

Basis of preparation - Addition

Basis of preparation - Additional Information (Details) € in Millions		6 Months Ended	12 Months Ended
		Sep. 30, 2023 EUR (€)	Mar. 31, 2023 EUR (€)	Sep. 30, 2023 ₺ / €	Sep. 30, 2023 Br / €	Sep. 30, 2022 EUR (€)		Mar. 31, 2022 EUR (€)	[1]
Basis of Preparation
Cash and cash equivalents.		€ 7,148	€ 11,705			€ 7,072
Liquid short-term investments		4,100
Equity		61,562	64,483			57,795	[1]	€ 57,638
Exchange rate				29.03	58.73
Long-term insurance and reinsurance liabilities		236
Short-term insurance and reinsurance liabilities		93
Increase (decrease) due to changes in accounting policy required by IFRSs
Basis of Preparation
Long-term insurance and reinsurance liabilities			256
Short-term insurance and reinsurance liabilities			63
Revolving credit facilities
Basis of Preparation
Undrawn borrowing facilities		7,800
Revolving credit facilities | February 2025
Basis of Preparation
Undrawn borrowing facilities		€ 4,000
Turkey
Basis of Preparation
Percentage of price index increase		30.08%
Non-controlling interests		€ 54	37
Ethiopia
Basis of Preparation
Percentage of price index increase		12.09%
Accumulated comprehensive losses
Basis of Preparation
Equity	[2]	€ (85,909)	€ (82,824)			€ (91,201)	[1]	€ (91,189)
[1] The results for the period ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. As at 30 September 2022, accumulated comprehensive losses decreased by € 58 million, resulting in an increase of € 58 million in total equity compared to amounts previously reported. As at 1 April 2022, accumulated comprehensive losses decreased by € 96 million, resulting in an increase of € 96 million in total equity compared to amounts previously reported. See Note 4 ‘Assets held for sale’ for more information. Includes accumulated losses and accumulated other comprehensive income.

Segmental analysis (Details)

Segmental analysis (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Segmental analysis
Service revenue	€ 18,618	€ 19,207
Equipment revenue	2,455	2,688
Revenue from contracts with customers	21,073	21,895
Other revenue	814	973
Interest revenue	50	62
Total segment revenue	21,937	22,930	[1]
Adjusted EBITDAaL	6,378	7,244
Common Functions
Segmental analysis
Service revenue	282	268
Equipment revenue	24	23
Revenue from contracts with customers	306	291
Other revenue	416	405
Interest revenue	(1)
Total segment revenue	721	696
Adjusted EBITDAaL	(89)	(250)
Eliminations
Segmental analysis
Service revenue	(155)	(155)
Revenue from contracts with customers	(155)	(155)
Other revenue	(57)	(643)
Total segment revenue	(212)	(798)
Germany
Segmental analysis
Service revenue	5,722	5,730
Equipment revenue	503	675
Revenue from contracts with customers	6,225	6,405
Other revenue	173	178
Interest revenue	7	9
Total segment revenue	6,405	6,592
Adjusted EBITDAaL	2,527	2,677
Italy
Segmental analysis
Service revenue	2,098	2,125
Equipment revenue	180	198
Revenue from contracts with customers	2,278	2,323
Other revenue	37	49
Interest revenue	5	5
Total segment revenue	2,320	2,377
Adjusted EBITDAaL	645	759
UK
Segmental analysis
Service revenue	2,822	2,712
Equipment revenue	526	630
Revenue from contracts with customers	3,348	3,342
Other revenue	17	34
Interest revenue	12	16
Total segment revenue	3,377	3,392
Adjusted EBITDAaL	640	685
Spain
Segmental analysis
Service revenue	1,731	1,782
Equipment revenue	167	142
Revenue from contracts with customers	1,898	1,924
Other revenue	26	31
Interest revenue	5	10
Total segment revenue	1,929	1,965
Adjusted EBITDAaL	394	445
Other Europe
Segmental analysis
Service revenue	2,366	2,552
Equipment revenue	285	281
Revenue from contracts with customers	2,651	2,833
Other revenue	21	53
Interest revenue	7	8
Total segment revenue	2,679	2,894
Adjusted EBITDAaL	766	843
Vodacom
Segmental analysis
Service revenue	2,924	3,422
Equipment revenue	473	536
Revenue from contracts with customers	3,397	3,958
Other revenue	178	207
Interest revenue	15	14
Total segment revenue	3,590	4,179
Adjusted EBITDAaL	1,241	1,527
Other Markets
Segmental analysis
Service revenue	828	771
Equipment revenue	297	203
Revenue from contracts with customers	1,125	974
Other revenue	3	2
Total segment revenue	1,128	976
Adjusted EBITDAaL	€ 254	228
Vantage Towers
Segmental analysis
Other revenue		657
Total segment revenue		657
Adjusted EBITDAaL		€ 330
[1] The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information.

Segmental analysis - Reconcilia

Segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of adjusted EBITDA to operating profit
Adjusted EBITDAaL	€ 6,378	€ 7,244
Restructuring costs	(212)	(142)
Interest on lease liabilities	281	204
Loss on disposal of property, plant & equipment and intangible assets	(22)	(11)
Depreciation and amortisation on owned assets	(4,626)	(4,807)
Share of results of equity accounted associates and joint ventures	(51)	376	[1]
Impairment reversal	64
Other (expense)/income	(157)	104	[1]
Operating profit	1,655	2,968	[1]
Investment income	368	137	[1]
Financing costs	(1,473)	(1,418)	[1]
Profit before taxation	€ 550	1,687	[1]
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		33
Operating profit		€ 33
[1] The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information.

Segmental analysis - Segmental

Segmental analysis - Segmental assets (Details) - EUR (€) € in Millions	Sep. 30, 2023	Mar. 31, 2023
Non-current assets
Non-current assets	€ 83,781	€ 85,199
Common Functions
Non-current assets
Non-current assets	1,986	2,013
Germany
Non-current assets
Non-current assets	43,301	43,878
Italy
Non-current assets
Non-current assets	9,956	10,235
UK
Non-current assets
Non-current assets	6,638	6,629
Spain
Non-current assets
Non-current assets	5,991	6,331
Other Europe
Non-current assets
Non-current assets	7,586	7,815
Vodacom
Non-current assets
Non-current assets	6,789	6,796
Other Markets
Non-current assets
Non-current assets	€ 1,534	€ 1,502

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Taxation
Total current tax expense	€ (451)	€ (429)
Deferred tax expense	(254)	(56)
Total income tax expense	(705)	(485)	[1]
United Kingdom
Taxation
Current period	(38)	(4)
Adjustments in respect of prior periods	(19)	9
Deferred tax expense	(24)	(10)
Overseas
Taxation
Current period	(394)	(446)
Adjustments in respect of prior periods		12
Deferred tax expense	€ (230)	€ (46)
[1] The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information.

Taxation - Additional informati

Taxation - Additional information (Details) - Luxembourg	6 Months Ended	12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Taxation
Utilization period beyond which tax losses are not recognised	60 years
Minimum
Taxation
Utilisation period of tax losses (in years)		35 years
Maximum
Taxation
Utilisation period of tax losses (in years)		39 years

Assets held for sale (Details)

Assets held for sale (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Assets held for sale
Share of results of equity accounted associates and joint ventures	€ (51)	€ 376	[1]
Investment income	368	137	[1]
(Loss)/profit for the financial period	(155)	1,202	[1]
Operating profit	1,655	2,968	[1]
Total comprehensive expense	€ (1,435)	€ 1,663	[1]
Indus Towers Limited
Assets held for sale
Joint venture ownership interest		21%
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors
Assets held for sale
Share of results of equity accounted associates and joint ventures		€ 33
(Loss)/profit for the financial period		(41)
Operating profit		33
Total comprehensive expense		(38)
Increase (decrease) due to changes in accounting policy
Assets held for sale
Investment income		€ (74)
[1] The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information.

Earnings per share (Details)

Earnings per share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share	27,033	28,037
Effect of dilutive potential shares: restricted shares and share options		104
Weighted average number of shares for diluted earnings per share	27,033	28,141
Earnings per share attributable to owners of the parent during the period
(Loss)/profit for basic earnings per share	€ (346)	€ 945
(Loss)/profit for diluted earnings per share	€ (346)	€ 945
Basic (loss)/earnings per share	€ (0.0128)	€ 0.0337	[1]
Diluted (loss)/earnings per share	€ (0.0128)	€ 0.0336	[1]
Increase Decrease Due to Changes In Accounting Policy and Corrections of Prior Period Errors
Profit earnings for basic and diluted earnings per share
Profit for earnings per share from continuing operations attributable to owners		€ (41)
Earnings per share attributable to owners of the parent during the period
Basic (loss)/earnings per share		€ (0.0015)
Diluted (loss)/earnings per share		€ (0.0014)
[1] The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information.

Equity dividends (Details)

Equity dividends (Details) - EUR (€) € / shares in Units, € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Declared during the financial period:
Final dividend for the year ended 31 March 2023: 4.50 eurocents per share (2022: 4.50 eurocents per share)	€ 1,215	€ 1,265
Proposed after the end of the reporting period and not recognised as a liability:
Interim dividend for the year ending 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share)	€ 1,218	€ 1,237
Final dividends
Declared during the financial period:
Dividends per share, declared and paid during the financial year	€ 0.0450	€ 0.0450
Interim dividends
Declared during the financial period:
Dividends per share, declared and paid during the financial year	€ 0.0450	€ 0.0450

Investments in associates and_3

Investments in associates and joint ventures - Summary of Investments (Details) - EUR (€) € in Millions		6 Months Ended
	Jul. 18, 2023	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Investment in associates and joint arrangements
Investment in joint ventures		€ 8,732		€ 9,578
Investment in associates		1,725		1,501
Total investment in joint ventures and associates		10,457		11,079
Cash consideration for sale of interests in joint ventures and associates		500
Safaricom PLC
Investment in associates and joint arrangements
Investment in associates		554		509
Indus Towers Limited
Investment in associates and joint arrangements
Investment in associates		1,051		908
Other
Investment in associates and joint arrangements
Investment in associates		120		84
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Investment in joint ventures		715		793
Oak Holdings 1 GmbH
Investment in associates and joint arrangements
Investment in joint ventures		7,883		8,634
Joint venture ownership interest	60.30%
Proportion of Ownership Interest Sold	3.90%
Cash consideration for sale of interests in joint ventures and associates	€ 500
Indus Towers Limited
Investment in associates and joint arrangements
Joint venture ownership interest			21%
TPG Telecom Limited
Investment in associates and joint arrangements
Investment in joint ventures		57		108
Other joint ventures
Investment in associates and joint arrangements
Investment in joint ventures		€ 77		€ 43

Reconciliation of net cash fl_3

Reconciliation of net cash flow from operating activities (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
(Loss)/profit for the financial period	€ (155)	€ 1,202	[1]
Investment income	(368)	(137)	[1]
Financing costs	1,473	1,418	[1]
Income tax expense	705	485	[1]
Operating profit	1,655	2,968	[1]
Adjustments for:
Share-based payments and other non-cash charges	63	46
Depreciation and amortisation	6,802	6,853
Loss on disposal of property, plant and equipment and intangible assets	20	9
Share of result of equity accounted associates and joint ventures	51	(376)
Impairment reversal	(64)
Other expense/(income)	157	(104)
Increase in inventory	(57)	(175)
(Increase)/decrease in trade and other receivables	(1,145)	(1,381)
Increase/(decrease) in trade and other payables	(1,466)	(888)
Cash generated by operations	6,016	6,952
Taxation	(472)	(672)
Net cash flow from operating activities	5,544	6,280
Share of profit (loss) of associates and joint ventures accounted for using equity method	€ (51)	376	[1]
Changes due to revision
(Loss)/profit for the financial period		(41)
Operating profit		33
Adjustments for:
Share of profit (loss) of associates and joint ventures accounted for using equity method		€ 33
[1] The results for the six months ended 30 September 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 4 ‘Assets held for sale’ for more information.

Fair value of financial instr_3

Fair value of financial instruments - Financial assets & liabilities at fair value (Details) - EUR (€) € in Millions	Sep. 30, 2023	Mar. 31, 2023
Financial liabilities at fair value
Fair value of financial instruments
Financial liabilities	€ 1,792	€ 1,422
Financial assets at fair value
Fair value of financial instruments
Financial assets	14,053	20,616
Embedded Derivative Option | Level 3 | Financial assets at fair value
Fair value of financial instruments
Derivative financial assets	31	198
Derivatives financial instruments | Financial liabilities at fair value
Fair value of financial instruments
Financial liabilities	1,792	1,422
Money Market funds | Financial assets at fair value
Fair value of financial instruments
Financial assets	2,780	7,781
Debt and equity securities | Financial assets at fair value
Fair value of financial instruments
Financial assets	4,671	5,808
Debt and equity securities | Level 1 | Financial assets at fair value
Fair value of financial instruments
Financial assets	2,446	2,794
Derivative financial instruments | Financial liabilities at fair value
Fair value of financial instruments
Non-current financial liabilities	1,362	1,116
Derivative financial instruments | Financial assets at fair value
Fair value of financial instruments
Financial assets	5,273	6,124
Non-current financial assets	4,904	5,642
Trade receivables at fair value through Other comprehensive income | Financial assets at fair value
Fair value of financial instruments
Financial assets	1,329	903
Not measured at fair value in statement of financial position but for which fair value is disclosed | Non-current bonds | Financial liabilities at amortised cost
Fair value of financial instruments
Financial liabilities	41,128	39,512
Not measured at fair value in statement of financial position but for which fair value is disclosed | Non-current bonds | Level 1 | Financial liabilities at amortised cost
Fair value of financial instruments
Financial liabilities at fair value	34,913	35,044
Not measured at fair value in statement of financial position but for which fair value is disclosed | Non-current debt securities | Financial assets at amortised cost
Fair value of financial instruments
Financial assets	1,000	999
Not measured at fair value in statement of financial position but for which fair value is disclosed | Non-current debt securities | Level 2 | Financial assets at amortised cost
Fair value of financial instruments
Financial assets at fair value	€ 769	€ 803

Fair value of financial instr_4

Fair value of financial instruments - Level 3 financial instruments (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Embedded Derivative Option
Fair value of financial instruments
Period of reasonably possible increase (decrease) in durations	6 months
Increase (decrease) in fair value measurement due to reasonably possible increase in durations	€ 77
Increase (decrease) in fair value measurement due to reasonably possible decrease in durations	(22)
Bank borrowings secured against Indian assets
Fair value of financial instruments
Secured bank borrowings	1,597		€ 1,485
Level 3 | Bank borrowings secured against Indian assets
Fair value of financial instruments
Gains (losses) on change in fair value of derivatives	(167)	€ (6)
Level 3 | Bank borrowings secured against Indian assets | Embedded Derivative Option
Fair value of financial instruments
Derivative financial assets	€ 31		€ 198

Related party transactions (Det

Related party transactions (Details) € in Millions	6 Months Ended
	Sep. 30, 2023 EUR (€)	Sep. 30, 2022 EUR (€)	Sep. 28, 2023 EUR (€)	Sep. 28, 2023 USD ($)	Mar. 31, 2023 EUR (€)
Related party transactions
Interest income	€ 50	€ 62
Contributions to defined benefit pension	26	11
Dividends	1,381	1,550
Short term investments	5,917				€ 7,017
M-PESA Holding Co. Limited
Related party transactions
Amount of consideration received on sale of a Subsidiary | $				$ 1
Short term investments			€ 1,195
Amounts due to customers			€ 1,156
Associates
Related party transactions
Sales of goods and services	15	11
Purchase of goods and services	3	65
Interest expense		25
Trade balances owed (by )	8				7
Trade balances owed (to)	1				1
Joint arrangements
Related party transactions
Sales of goods and services	133	110
Purchase of goods and services	392	69
Interest income	26	22
Interest expense	109
Trade balances owed (by )	143				170
Trade balances owed (to)	287				329
Other balances owed by	1,178				980
Other balances owed to	5,323				€ 5,628
Board members and executive committee members
Related party transactions
Dividends	€ 1	€ 1.2

Contingent liabilities and le_2

Contingent liabilities and legal proceedings (Details) - EUR (€) € in Millions	Sep. 30, 2023	Oct. 31, 2019
Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece
Contingent liabilities and legal proceedings - Conti
Contested amount that counterparty claims that entity owes		€ 330
Vodafone Europe BV | Netherlands tax case
Contingent liabilities and legal proceedings - Conti
Contested amount that counterparty claims that entity owes	€ 267
Other provisions	€ 24

Subsequent events (Details)

Subsequent events (Details) - EUR (€) € in Millions				1 Months Ended
	Nov. 07, 2023	Oct. 31, 2023	Oct. 20, 2023	Jun. 30, 2023
Hybrid bonds
Statements
Repayments of bonds, notes and debentures				€ 1,562
Notional amount of bonds repurchased				€ 2,000
Disposal of Vodafone Spain | Zegona | Vodafone Holdings Europe S.L.U. (Vodafone Spain) [Member]
Statements
Percentage of ownership interests agreed to sell		100%
Disposal of Vodafone Spain | Zegona | Vodafone Holdings Europe S.L.U. (Vodafone Spain) [Member] | If transaction goes through
Statements
Minimum cash consideration on disposal of subsidiary		€ 4,100
Maximum stock consideration on disposal of subsidiary		€ 900
Period for redemption of redeemable preferred shares after closing of disposal of subsidiary		6 years
Settlement of financial liability | Minority shareholders in Kabel Deutschland Holding A.G
Statements
Payments for settlement of financial liability under put option arrangements			€ 494
Repurchase and cancellation of bonds | Hybrid bonds
Statements
Amount of capital securities agreed to repurchase and cancel	€ 438