Vodafone Group Public Limited (VOD) 20-F 14 Jun 24 2024 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Mar. 31, 2024 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	1438
Auditor Location	London, United Kingdom
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
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	28,818,683,808
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
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, 2024	Mar. 31, 2023	[1]	Mar. 31, 2022	[1]
Consolidated income statement
Revenue		€ 36,717	€ 37,672		€ 37,010
Cost of sales		(24,459)	(24,359)		(23,948)
Gross profit		12,258	13,313		13,062
Selling and distribution expenses		(2,674)	(2,777)		(2,754)
Administrative expenses		(5,768)	(5,351)		(4,797)
Net credit losses on financial assets		(491)	(505)		(404)
Share of results of equity accounted associates and joint ventures		(96)	433		389
Impairment reversal/(loss)		64	(64)
Other income		372	9,402		244
Operating profit		3,665	14,451		5,740
Investment income		581	232		251
Financing costs		(2,626)	(1,609)		(1,842)
Profit before taxation		1,620	13,074		4,149
Income tax expense		(50)	(492)		(1,561)
Profit for the financial year - Continuing operations		1,570	12,582		2,588
(Loss)/profit for the financial year - Discontinued operations		(65)	(247)		185
Profit for the financial year		1,505	12,335	[2]	2,773
Attributable to:
- Owners of the parent		1,140	11,838		2,237
- Non-controlling interests	[3]	365	497		536
Profit for the financial year		€ 1,505	€ 12,335	[2]	€ 2,773
Earnings per share
Earnings per share - Continuing operations, Basic		€ 0.0445	€ 0.4366		€ 0.0707
Earnings per share - Continuing operations, Diluted		0.0444	0.4351		0.0705
Earnings per share - Total Group, Basic		0.0421	0.4277		0.0771
Earnings per share - Total Group, Diluted		€ 0.0420	€ 0.4262		€ 0.0768
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million, offset by a loss on disposal of Vodafone Hungary of €69 million Profit attributable to non-controlling interests derives solely from continuing operations.

Consolidated statement of compr

Consolidated statement of comprehensive income/(expense) - EUR (€) € in Millions		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	[2]	Mar. 31, 2022	[2]
Consolidated statement of comprehensive income/(expense)
(Loss)/profit for the financial year		€ 1,505	€ 12,335	[1]	€ 2,773
Items that may be reclassified to the income statement in subsequent years:
Foreign exchange translation differences, net of tax		(440)	(1,236)		(30)
Foreign exchange translation differences transferred to the income statement		23	(334)		19
Other, net of tax	[3]	(1,748)	963		1,863
Total items that may be reclassified to the income statement in subsequent years		(2,165)	(607)		1,852
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		(58)	(160)		483
Total items that will not be reclassified to the income statement in subsequent years		(58)	(160)		483
Other comprehensive (expense)/income		(2,223)	(767)		2,335
Total comprehensive (expense)/income for the financial year		(718)	11,568		5,108
Attributable to:
- Owners of the parent		(920)	11,267		4,546
- Non-controlling interests		202	301		562
Total comprehensive (expense)/income for the financial year		€ (718)	€ 11,568		€ 5,108
[1] Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million, offset by a loss on disposal of Vodafone Hungary of €69 million T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and 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 year.

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Non-current assets
Goodwill	€ 24,956	€ 27,615
Other intangible assets	13,896	19,592
Property, plant and equipment	28,499	37,992
Investments in associates and joint ventures	10,032	11,079
Other investments	1,006	1,093
Deferred tax assets	20,177	19,316
Post employment benefits	257	329
Trade and other receivables	5,967	7,843
Total non-current assets	104,790	124,859
Current assets
Inventory	568	956
Taxation recoverable	76	279
Trade and other receivables	8,594	10,705
Other investments	5,092	7,017
Cash and cash equivalents	6,183	11,705
Total current assets	20,513	30,662
Assets held for sale	19,047
Total assets	144,350	155,521
Equity
Called up share capital	4,797	4,797
Additional paid-in capital	149,253	149,145
Treasury shares	(7,645)	(7,719)
Accumulated losses	(114,641)	(113,086)
Accumulated other comprehensive income	28,202	30,262
Total attributable to owners of the parent	59,966	63,399
Non-controlling interests	1,032	1,084
Total equity	60,998	64,483
Non-current liabilities
Borrowings	48,328	51,669
Deferred tax liabilities	699	771
Post employment benefits	181	258
Provisions	1,615	1,572
Trade and other payables	2,328	2,184
Total non-current liabilities	53,151	56,454
Current liabilities
Borrowings	8,659	14,721
Financial liabilities under put option arrangements		485
Taxation liabilities	393	457
Provisions	833	674
Trade and other payables	13,398	18,247
Total current liabilities	23,283	34,584
Liabilities held for sale	6,918
Total equity and liabilities	€ 144,350	€ 155,521

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	[1]	Share capital	[1]	Additional paid-in capital After adoption of IAS 29	[2]	Additional paid-in capital	[2]	Treasury shares After adoption of IAS 29	Treasury shares	Accumulated losses After adoption of IAS 29	Accumulated losses	Currency reserve Adoption of IAS 29	[3]	Currency reserve After adoption of IAS 29	[3]	Currency reserve	[3]	Pensions reserve After adoption of IAS 29	Pensions reserve	Revaluation surplus After adoption of IAS 29	[4]	Revaluation surplus	[4]	Other After adoption of IAS 29	[5]	Other	[5]	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, 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	[6]										(1,902)			2,000		(98)
Share-based payments				108							108																							11			119
Transactions with NCI in subsidiaries	[7]			(38)												(38)																		237			199
Dividends				(2,483)												(2,483)																		(532)			(3,015)
Comprehensive income/(expense)				4,546												2,237					(37)			483							1,863			562			5,108	[8]
Profit				2,237												2,237																		536			2,773	[8]
OCI - before tax				2,939																	(56)			627							2,368			26			2,965
OCI - taxes				(649)																				(144)							(505)						(649)
Transfer to the income statement ('IS')				19																	19																19
Purchase of treasury shares('TS')	[9]			(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	[8]
Profit	[10]			11,838												11,838																		497			12,335	[8]
OCI - before tax				(368)																	(1,469)			(213)							1,314			(230)			(598)
OCI - taxes				(301)																	(3)			53							(351)			(3)			(304)
Transfer to the income statement ('IS')				(334)																	(334)																(334)
Translation of hyperinflationary results				432																	432													37			469
Purchase of treasury shares('TS')	[9]			(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
Issue or reissue of shares				2										74		(72)																					2
Share-based payments				108							108																							7			115
Transactions with NCI in subsidiaries				(26)												(26)																		(5)			(31)
Share of equity accounted entities change in equity				(164)												(164)																					(164)
Dividends				(2,433)												(2,433)																		(256)			(2,689)
Comprehensive income/(expense)				(920)												1,140					(254)			(58)							(1,748)			202			(718)
Profit				1,140												1,140																		365			1,505
OCI - before tax				(3,234)																	(826)			(77)							(2,331)			(192)			(3,426)
OCI - taxes				602																				19							583						602
Transfer to the income statement ('IS')				23																	23																23
Translation of hyperinflationary results				549																	549													29			578
Ending balance at Mar. 31, 2024				€ 59,966			€ 4,797				€ 149,253			€ (7,645)		€ (114,641)					€ 27,330			€ (969)			€ 1,227				€ 614			€ 1,032			€ 60,998
[1] See note 17 ‘Called up share capital’. 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. The currency reserve is used to record cumulative translation differences on the assets and liabilities of foreign operations. These differences are recycled to the income statement on disposal of the foreign operation. The revaluation surplus derives from acquisitions of subsidiaries made before the Group’s adoption of IFRS 3 (Revised) on 1 April 2010 and comprises the amounts arising from recognising the Group’s pre-existing equity interest in the acquired subsidiary at fair value. Principally includes the impact of the Group’s cash flow hedges with €2,037 million net loss deferred to other comprehensive income/(expense) during the year (2023: €2,322 million net gain; 2022: €3,704 million net gain) and €254 million net gain (2023: €896 million net gain; 2022: €1,422 million net gain) recycled to the consolidated income statement. These hedges primarily relate to foreign exchange exposure on fixed borrowings, with any foreign exchange on nominal balances directly impacting income statement in each period but interest cash flows unwinding to the consolidated income statement over the life of the hedges, up to 2063. See note 22 ‘Capital and financial risk management’. Movements include the re-issue of 1,519 million shares (€ 1,903 million) in March 2022 to satisfy the second tranche of the Mandatory Convertible Bond issued in March 2019. Principally relates to transactions in relation to Vantage Towers A.G. See note 27 ‘Acquisitions and disposals’ for details. T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. R epresents the irrevocable and non-discretionary share buyback programmes which completed on 15 March 2023. Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million, offset by a loss on disposal of Vodafone Hungary of €69 million

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, 2024	Mar. 31, 2023	Mar. 31, 2022
Impact of the group's cash flow hedges, net gain (loss) deferred to other comprehensive income		€ (2,037)	€ 2,322	€ 3,704
Net gain (loss) recycled to the income statement		254	896	1,422
Equity	€ 57,073	€ 60,998	64,483	€ 57,073
Reissue of treasury shares	1,519
Reissue of treasury shares, value	€ 1,903
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)

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Consolidated statement of cash flows
Inflow from operating activities		€ 16,557	€ 18,054	[1]	€ 18,081	[1]
Cash flows from investing activities
Purchase of interests in associates and joint ventures		(75)	(78)	[1]	(445)	[1]
Purchase of intangible assets		(2,641)	(2,799)	[1]	(2,375)	[1]
Purchase of property, plant and equipment		(4,219)	(4,957)	[1]	(4,547)	[1]
Purchase of investments		(1,233)	(766)	[1]	(2,007)	[1]
Disposal of interests in subsidiaries, net of cash disposed		(67)	6,976	[1]
Disposal of interests in associates and joint ventures		500			446	[1]
Disposal of property, plant and equipment and intangible assets		15	90	[1]	15	[1]
Disposal of investments		1,931	1,647	[1]	3,280	[1]
Dividends received from associates and joint ventures		442	617	[1]	638	[1]
Interest received		542	321	[1]	246	[1]
Cash outflows from discontinued operations		(1,317)	(1,430)	[1]	(2,119)	[1]
Outflow from investing activities		(6,122)	(379)	[1]	(6,868)	[1]
Cash flows from financing activities
Proceeds from issue of long-term borrowings		1,533	4,071	[1]	2,548	[1]
Repayment of borrowings		(8,970)	(10,501)	[1]	(6,933)	[1]
Net movement in short-term borrowings		(1,636)	3,171	[1]	3,002	[1]
Net movement in derivatives		144	261	[1]	(293)	[1]
Interest paid	[2]	(2,227)	(1,815)	[1]	(1,726)	[1]
Payments for settlement of written put options		(493)	(12)	[1]
Purchase of treasury shares	[1]		(1,867)		(2,087)
Issue of ordinary share capital and reissue of treasury shares		3	10	[1]
Equity dividends paid		(2,430)	(2,484)	[1]	(2,474)	[1]
Dividends paid to non-controlling shareholders in subsidiaries		(260)	(400)	[1]	(539)	[1]
Other transactions with non-controlling shareholders in subsidiaries		(16)	(692)	[1]	189	[1]
Cash outflows from discontinued operations		(1,503)	(3,172)	[1]	(1,393)	[1]
Outflow from financing activities		(15,855)	(13,430)	[1]	(9,706)	[1]
Net cash (outflow)/inflow		(5,420)	4,245	[1]	1,507	[1]
Cash and cash equivalents at beginning of the financial year	[1]	11,628	7,371		5,790
Exchange (loss)/gain on cash and cash equivalents		(94)	12	[1]	74	[1]
Cash and cash equivalents at end of the financial year		€ 6,114	€ 11,628	[1]	€ 7,371	[1]
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. Amount for 2024 includes € nil (2023: €26 million cash outflow; 2022: €58 million cash inflow) on derivative financial instruments for the share buyback related to maturing tranches of mandatory convertible bonds .

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Consolidated statement of cash flows
Derivative financial instruments for share buyback programs	€ 0	€ 26	€ (58)

Basis of preparation

Basis of preparation	12 Months Ended
	Mar. 31, 2024
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 124). 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 2025. As at 31 March 2024, management has identified critical judgements in respect of revenue recognition, lease accounting, the recognition of deferred tax assets, the accounting for tax disputes, valuing assets and liabilities acquired in business combinations, 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 those where goods or services are 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. Where the Group contracts with tower companies to utilise space on a tower for the placement of transmission equipment for a period of time, the arrangement will generally be identified as a lease. ​ 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 non-cancellable 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; - The period to the next contractual lease break date for retail premises (excluding breaks within the next 12 months); - The lease term, or useful economic life, of the assets connected for leases that are used to provide internal connectivity; - The customer service agreement length for leases of local loop connections or other assets required to provide fixed line or other services to individual customers; and - 5 years where the Group has leases for the use of space on towers for the placement of transmission equipment. 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 1 1 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. Note: 1 Deferred tax assets in respect of losses in Vodafone Italy and Vodafone Spain are reported with Assets held for sale. See note 7 ‘Discontinued operations and assets held for sale’ for more information. ​ 1. Basis of preparation (continued) The classification can have a material impact on the consolidated financial statements. The Group’s share of assets, liabilities, revenue, expenses and cash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group’s investment and share of results of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement respectively. See note 12 ‘Investments in associates and joint arrangements’ to the consolidated financial statements. Finite lived intangible assets Other intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and the costs of purchasing and developing computer software. Where intangible assets are acquired through business combinations and no active market for the assets exists, the fair value of these assets is determined by discounting estimated future net cash flows generated by the asset. Estimates relating to the future cash flows and discount rates used may have a material effect on the reported amounts of finite lived intangible assets. Estimation of useful life The useful life over which intangible assets are amortised depends on management’s estimate of the period over which economic benefit will be derived from the asset. Useful lives are periodically reviewed to ensure that they remain appropriate. Management’s estimates of useful life have a material impact on the amount of amortisation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of intangible assets in the year to 31 March 2025 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 19.7% of the Group’s total assets (2023: 24.4)%. 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 2025 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. In addition, plan assets are recognised at fair value at the reporting date in accordance with IFRS 13 ‘Fair Value Measurement’. Where assets do not have observable prices, estimation is necessary to determine fair values. In estimating fair value, market-observable data is used to the extent it is available. 1. Basis of preparation (continued) Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see note 29 ‘Contingent liabilities and legal proceedings’ to the consolidated financial statements). Judgement is necessary to assess the likelihood that a pending claim will succeed, or a liability will arise. Impairment reviews IFRS requires management to perform impairment tests annually for indefinite lived assets, for finite lived assets and for equity accounted investments if events or changes in circumstances indicate that their carrying amounts may not be recoverable. Management is required to make significant judgements concerning the identification of impairment indicators and the determination of recoverable amounts for its assets which are based on the higher of their fair value less costs to sell and their value in use. Observable market data on fair values for equivalent assets is often limited and, 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. The Group performs an annual impairment test which focuses on determining the recoverable amounts for its assets based on value in use, being the present value of the future cash flows it expects to generate from the continuing use of its assets or cash-generating units. 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 – Discount rates that reflect the future cash flows. 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 profit or loss. 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 to sell. Where not observable in a quoted market, management has determined fair value less costs to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 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 and, where appropriate, as a discontinued operation. Judgement is applied by management in determining if assets meet the requirements to be classified as held for sale and, where appropriate, 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 Task Force on Climate-Related Financial Disclosures (‘TCFD’) on pages 64 to 69. 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 and its associate’s reporting in Ethiopian birr (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). Hyperinflationary economies The Turkish and Ethiopian economies were designated as hyperinflationary from 30 June 2022 and 31 December 2022, respectively. The Group has applied IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ to its Turkish and Ethiopian operations whose functional currencies are Turkish lira and Ethiopian birr from 1 April 2022. In applying IAS 29, the Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for relevant financial years have been revalued to their present value equivalent local currency amounts at the reporting date, based on the consumer price indexes issued by the Turkish Statistical Institute and the Central Statistics Agency of Ethiopia respectively. Comparative periods are not restated per IAS 21 ‘The Effects of Changes in Foreign Exchange rates’. The respective indices have risen by 68.5% and 26.2% (2023: 50.5% and 31.3 )% during this financial year. The revalued balances are translated to euros at the reporting date exchange rate of €1: For the Group’s operations in Turkey: – The gain or loss on the revaluation of 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 equity revaluation effects and the impact of currency movements within other comprehensive income as such amounts are judged to meet the definition of ‘exchange differences’. For Safaricom’s operations in Ethiopia, the impacts are reflected as an increase to Investments in associates and joint ventures in the Consolidated statement of financial position and an increase to Share of results of equity accounted associates and joint ventures recognised in the Consolidated income statement. ​ ​ 1. Basis of preparation (continued) The main impacts of the aforementioned adjustments for the Group’s Turkish and Ethiopian operations on the consolidated financial statements are shown below. ​ ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ Increase/(decrease) ​ ​ 2024 ​ 2023 ​ €m €m Impact on the consolidated income statement for the years ended 31 March ​ ​ ​ ​ Revenue 111 85 Operating profit 1 66 (87) Profit for the financial year 1 (169) (123) ​ ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ Increase/(decrease) ​ ​ 31 March 2024 ​ 31 March 2023 ​ €m €m Impact on the consolidated statement of financial position at 31 March ​ ​ ​ ​ Net assets 981 814 Equity attributable to owners of the parent 913 777 Non-controlling interests 68 37 ​ Note: 1 In addition, it is expected that Egypt will meet the requirements to be designated as a hyperinflationary economy under IAS 29 before 31 December 2024. If the Egyptian economy is designed as hyperinflationary, the Group’s financial reporting relating to its operations in Egypt during the year ending 31 March 2025 will be in accordance with IAS 29 applying the Group’s policy detailed above. ​ 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 and Safaricom’s Ethiopian birr 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 resp

Revenue disaggregation and segm

Revenue disaggregation and segmental analysis	12 Months Ended
	Mar. 31, 2024
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. The Group’s digital services and Internet of Things (‘IoT’) customer offers typically include separate obligations for communications services, as well as equipment and software or software as a service (‘SaaS’). 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, fixed line broadband, other communications services and SaaS, 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. 2. Revenue disaggregation and segmental analysis (continued) 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. Once the amount receivable becomes conditional only on the passage of time, the contract asset becomes a trade receivable (see note 14 ‘Trade and other receivables’). If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a contract liability is recognised. When contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other equipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is deemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk. Contract-related costs When costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised in 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 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. On 1 April 2023, the Group revised its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment, following the transfer of Vodafone Egypt to the Vodacom group in December 2022. Consequently, the Vodacom segment has been re-named to ‘Africa’ and the Other Markets segment has been re-named to ‘Turkey’ because this segment comprised only Vodafone Turkey during the year ended 31 March 2024. In October 2023 and March 2024, the Group announced the planned disposals of Vodafone Spain and Vodafone Italy, respectively. Consequently, Vodafone Spain and Vodafone Italy have been classified as discontinued operations and are therefore no longer reporting segments of the Group. On 31 May 2024, the Group announced it had completed the sale of Vodafone Spain. See note 33 ‘Subsequent events’. 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) The operating segments for Germany, UK and Africa 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 until the date of its disposal 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 Turkey 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 its disposal on 31 January 2023), Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, whilst the Turkey segment (comprising Turkey and Ghana until its disposal on 21 February 2023) sits outside the European Union and has different economic and regulatory environment characteristics. 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 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 11,019 12,424 12,693 Restructuring costs ​ (703) ​ (538) ​ (213) Interest on lease liabilities 440 355 320 Loss on disposal of property, plant and equipment and intangible assets (34) (41) (37) Depreciation and amortisation on owned assets (7,397) (7,520) (7,656) Share of results of equity accounted associates and joint ventures (96) 433 389 Impairment reversal/(loss) 2 64 (64) – Other income 372 9,402 244 Operating profit 3,665 14,451 5,740 Investment income ​ 581 ​ 232 ​ 251 Finance costs ​ (2,626) ​ (1,609) ​ (1,842) Profit before taxation ​ 1,620 ​ 13,074 ​ 4,149 ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The impairment reversal/(loss) for the years ended 31 March 2024 and 31 March 2023 relates to Indus Towers. See overleaf and note 4 ‘Impairment losses’. ​ 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. 2. Revenue disaggregation and segmental analysis (continued) The tables below present Revenue and Adjusted EBITDAaL for the year ended 31 March 2024 and for the comparative years ended 31 March 2023 and 31 March 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted 31 March 2024 ​ revenue €m ​ revenue €m ​ customers €m ​ revenue 1 €m ​ revenue €m ​ revenue €m EBITDAaL €m Germany 11,453 1,132 12,585 357 15 12,957 ​ 5,017 UK 5,631 1,111 6,742 54 41 6,837 ​ 1,408 Other Europe 4,722 665 5,387 102 15 5,504 ​ 1,516 Africa 5,951 1,030 6,981 409 30 7,420 ​ 2,539 Turkey 1,746 609 2,355 7 – 2,362 ​ 510 Common Functions 2 559 49 608 1,256 – 1,864 ​ 29 Eliminations (150) (1) (151) (76) – (227) ​ – Group 29,912 4,595 34,507 2,109 101 36,717 ​ 11,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment ​ Adjusted 31 March 2023 Re-presented 3 ​ revenue €m ​ revenue €m ​ customers €m ​ revenue 1 €m ​ revenue €m ​ revenue €m EBITDAaL €m Germany 11,433 1,313 12,746 350 17 13,113 ​ 5,323 UK 5,358 1,375 6,733 58 33 6,824 ​ 1,350 Other Europe 4 5,005 602 5,607 117 20 5,744 ​ 1,632 Africa 5 6,556 1,089 7,645 403 28 8,076 ​ 2,880 Turkey 6 1,593 475 2,068 4 – 2,072 ​ 424 Vantage Towers ​ – ​ – ​ – ​ 1,338 ​ – ​ 1,338 ​ 795 Common Functions 2 530 47 577 1,191 – 1,768 ​ 20 Eliminations (157) (1) (158) (1,105) – (1,263) ​ – Group 30,318 4,900 35,218 2,356 98 37,672 ​ 12,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted 31 March 2022 Re-presented 3 ​ revenue €m ​ revenue €m ​ customers €m ​ revenue 1 €m ​ revenue €m ​ revenue €m EBITDAaL €m Germany 11,616 1,126 12,742 365 21 13,128 ​ 5,669 UK 5,154 1,333 6,487 69 33 6,589 ​ 1,395 Other Europe 4 5,001 528 5,529 105 19 5,653 ​ 1,606 Africa 5 6,386 1,013 7,399 384 24 7,807 ​ 2,929 Turkey 6 1,669 341 2,010 6 – 2,016 ​ 531 Vantage Towers – – – 1,252 – 1,252 ​ 619 Common Functions 2 522 53 575 1,190 1 1,766 ​ (56) Eliminations (141) (1) (142) (1,059) – (1,201) ​ – Group 30,207 4,393 34,600 2,312 98 37,010 ​ 12,693 ​ Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2 Comprises central teams and business functions. 3 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations and are therefore excluded. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 4 The comparative years also include the results of Vodafone Hungary which, as previously reported, was sold in January 2023. 5 From 1 April 2023, the Group revised its segmental reporting by moving Vodafone Egypt to the Africa segment. The comparatives have been re-presented on the new basis of segmental reporting. There is no impact on previously reported Group metrics. 6 The Turkey segment comprises only Vodafone Turkey in the year ended 31 March 2024. The comparative years also include the results of Vodafone Ghana which, as previously reported, was sold in February 2023. ​ 2. Revenue disaggregation and segmental analysis (continued) 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 2024 is €16,577 million (re-presented 7 2023: €16,354 million; 2022: €17,902 million); of which €10,488 million (re-presented 7 2023: €10,324 million; 2022: €11,353 million) is expected to be recognised within the next year and the majority of the remaining amount in the following 12 months. ​ Notes: 7 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations, decreasing the previously disclosed amount of total future revenue by €2,167 million and €2,111 million respectively as well as future revenue expected to be recognised within the next year by €1,617 million and €1,560 million respectively. See note 7 ‘Discontinued operations and assets held for sale’ for more information. ​ 2. Revenue disaggregation and segmental analysis (continued) Segmental assets The tables below present the segmental assets for the year ended 31 March 2024 and for the comparative years ended 31 March 2023 and 31 March 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Depreciation ​ ​ Non-current ​ Capital ​ Right-of-use ​ additions to ​ and ​ Impairment 31 March 2024 ​ assets 1 €m ​ additions 2 €m ​ asset additions €m ​ intangible assets 3 €m ​ amortisation €m ​ reversal 6 €m Germany ​ 42,931 ​ 2,565 ​ 1,045 ​ – ​ 4,543 ​ – UK ​ 6,863 ​ 878 ​ 957 ​ – ​ 1,733 ​ – Other Europe ​ 7,564 ​ 862 ​ 442 ​ – ​ 1,447 ​ – Africa ​ 6,377 ​ 1,005 ​ 296 ​ 163 ​ 1,184 ​ – Turkey ​ 1,644 ​ 320 ​ 160 ​ 120 ​ 537 ​ (64) Common Functions ​ 1,972 ​ 782 ​ 203 ​ – ​ 970 ​ – Group ​ 67,351 ​ 6,412 ​ 3,103 ​ 283 ​ 10,414 ​ (64) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ Depreciation ​ ​ ​ Non-current Capital Right-of-use additions to and 31 March 2023 Re-presented 4 ​ assets 1 €m ​ additions 2 €m ​ asset additions €m ​ intangible assets 3 €m ​ amortisation €m ​ Impairment loss €m Germany ​ 43,878 ​ 2,701 ​ 2,145 ​ 2 ​ 4,154 ​ – Italy 10,235 833 916 5 – – UK 6,629 892 1,639 – 1,562 – Spain 6,331 565 742 8 – – Other Europe 7,815 927 1,104 151 1,363 – Africa 5 6,796 1,122 246 264 1,311 – Turkey 6 1,502 235 150 9 546 64 Vantage Towers ​ – ​ 551 ​ 318 ​ – ​ 326 ​ – Common Functions 2,013 839 127 – 993 – Group 85,199 8,665 7,387 439 10,255 64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ Non-current Capital Right-of-use Other additions to and 31 March 2022 Re-presented 4 assets 1 €m additions 2 €m asset additions €m intangible assets 3 €m amortisation €m Impairment loss €m Germany ​ 43,190 ​ 2,670 ​ 795 ​ – ​ 3,981 ​ – Italy 10,519 840 670 255 – – UK 6,226 832 580 229 1,905 – Spain 6,433 676 422 291 – – Other Europe 8,548 1,009 502 126 1,511 – Africa 5 7,991 1,136 216 – 1,219 – Turkey 6 859 247 200 – 299 – Vantage Towers ​ 8,179 ​ 366 ​ 320 ​ – ​ 523 ​ – Common Functions 2,103 844 123 – 979 – Group 94,048 8,620 3,828 901 10,417 – ​ Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to: (i) property, plant and equipment (excluding right-of-use assets) and (ii) computer software, development costs and in relation to identifiable wavelengths, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions. 4 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 5 From 1 April 2023, the Group revised its segmental reporting by moving Vodafone Egypt to the Africa segment. The comparatives have been re-presented on the new basis of segmental reporting. There is no impact on previously reported Group metrics. 6 The Turkey segment comprises only Vodafone Turkey in the year ended 31 March 2024. In the comparative years, the segment was named Other markets and also included the results of Vodafone Ghana which, as previously reported, was sold in February 2023 and an impairment charge in respect of the Group’s carrying value of Indus Towers Limited during the year ended 31 March 2023 and reversed during the year ended 31 March 2024. See note 4 ‘Impairment losses’ for more information .

Operating profit

Operating profit	12 Months Ended
	Mar. 31, 2024
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 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Amortisation of intangible assets (Note 10) 3,515 3,380 3,425 Depreciation of property, plant and equipment (Note 11): ​ ​ ​ Owned assets 3,882 4,142 4,274 Leased assets 3,017 2,733 2,718 Impairment (reversal)/loss (Note 4) (64) 64 – Staff costs (Note 24) 5,498 5,192 4,620 Amounts related to inventory included in cost of sales ​ 4,659 ​ 5,035 ​ 4,580 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (1,188) (1,099) (944) Gain on the revaluation of net monetary assets resulting from IAS 29 application 2 (Note 1) ​ (360) ​ (198) ​ – 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) ​ – ​ (8,729) ​ – Gain on disposal of Indus Towers Limited 2 ​ – ​ – ​ 81 Pledge arrangements in respect of Indus Towers Limited (Note 29) ​ – ​ – ​ (15) ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. 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 is analysed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Parent company 7 6 4 Subsidiaries 19 22 19 Audit fees 2 26 28 23 ​ ​ ​ ​ ​ ​ ​ Audit-related 3 ​ 10 ​ 3 ​ 2 Non-audit fees 10 3 2 ​ ​ ​ ​ ​ ​ ​ Total fees 36 31 25 ​ Notes: 1 Audit fees of the parent company for the year ended 31 March 2023 have increased by €1 million compared to the amount previously reported. This is to include fees agreed during the year ended 31 March 2024 relating to the year ended 31 March 2023. 2 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. 3 Fees for special purpose audits and statutory and regulatory filings during the year. Fees for the year ended 31 March 2024 are higher than fees for the comparative years, primarily due to Reporting Accountant and audit services required in connection with the proposed merger of Vodafone UK and Three UK and the disposal of Vodafone Spain.

Impairment losses

Impairment losses	12 Months Ended
	Mar. 31, 2024
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 to sell 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 Consolidated 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 review Following our annual impairment review, no impairments were recognised for any cash-generating units within the Group’s continuing operations in the current year. Refer to note 7 for cash-generating units recognised as 'Discontinued operations and assets held for sale' in the current year. The Group recognised a reversal of the prior year impairment of €64 million in the consolidated income statement within operating profit relating to our investment in Indus Towers. Further detail on events that led to the recognition of this reversal is included on page 155. Goodwill The remaining carrying value of goodwill at 31 March was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Germany 20,335 20,335 Italy – 2,481 Other 4,621 4,799 ​ 24,956 27,615 ​ ​ 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 consumer and business products and services are introduced. Fixed revenue is forecast 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 of 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; and ​ ​ – 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. ​ ​ Higher 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 2024 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. Refer to note 7 for cash-generating units recognised as 'Discontinued operations and assets held for sale' in the current year. 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 Management determines the recoverable amount of the Group’s investment in Indus Towers on a fair value less costs to sell basis. 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 INR 291.15 per share implied a recoverable amount of INR 165 billion ( €1.8 billion), which exceeds the carrying value of the Group’s investment at the same date. The increase in recoverable amount supports the reversal of the prior year impairment of €64 million. Value in use assumptions The table below shows key assumptions used in the value in use calculation for Germany as its 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 ​ ​ % Pre-tax discount rate 8.3 Long-term growth rate 1.0 Projected adjusted EBITDAaL CAGR 1 2.4 Projected capital expenditure 2 17.4 - 19.9 ​ Sensitivity analysis The estimated recoverable amounts of the Group’s operations in Germany and the UK exceed their carrying values by €2.3 billion and €1.6 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 2024. ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ ​ Germany ​ UK ​ pps pps Pre-tax discount rate 0.5 2.2 Long-term growth rate (0.4) (2.1) Projected adjusted EBITDAaL CAGR 1 (1.2) (2.9) Projected capital expenditure 2 3.9 4.9 ​ 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) Year ended 31 March 2023 The disclosures below for the year ended 31 March 2023 are as previously disclosed in the 31 March 2023 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. 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 to sell 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 INR 143.00 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 .

Investment income and financing

Investment income and financing costs	12 Months Ended
	Mar. 31, 2024
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 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Investment income Financial assets measured at amortised cost 327 196 246 Financial assets measured at fair value through profit and loss 254 36 5 ​ 581 232 251 Financing costs Financial liabilities measured at amortised cost ​ ​ Bonds ​ 1,596 ​ 1,711 ​ 1,546 Lease liabilities ​ 440 ​ 355 ​ 320 Bank loans and other liabilities 2 712 392 425 Interest on derivatives (395) (561) (428) Mark-to-market on derivatives 100 (423) (341) Financial assets measured at fair value through profit and loss ​ – ​ – ​ 36 Foreign exchange 173 135 284 ​ 2,626 1,609 1,842 Net financing costs 2,045 1,377 1,591 ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Interest capitalised for the year ended 31 March 2024 was € nil (2023: €5 million, 2022: €17 million).

Taxation

Taxation	12 Months Ended
	Mar. 31, 2024
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 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 consolidated 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, if applicable, classifies tax penalties as part of the income tax expense if the penalties are based on profits. 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. 6. Taxation (continued) Such assets and liabilities are not recognised if the temporary difference, or net temporary difference in a transaction that gives rise to both taxable and deductible temporary differences, arising 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 of the recognised asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the periods when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 Income tax expense ​ 2024 €m ​ 2023 €m ​ 2022 €m United Kingdom corporation tax expense: Current year 70 4 22 Adjustments in respect of prior years 1 4 17 ​ 71 8 39 Overseas current tax expense/(credit): ​ ​ ​ Current year 670 924 975 Adjustments in respect of prior years 25 (26) 78 ​ 695 898 1,053 Total current tax expense 766 906 1,092 Deferred tax on origination and reversal of temporary differences: ​ ​ ​ United Kingdom deferred tax (36) (71) (791) Overseas deferred tax (680) (343) 1,260 Total deferred tax (credit)/expense (716) (414) 469 Total income tax expense 50 492 1,561 ​ Note: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. Tax (credited)/charged directly to other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Current tax 2 3 – Deferred tax (579) 305 638 Total tax (credited)/charged directly to other comprehensive income (577) 308 638 ​ Tax charged directly to equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Deferred tax 4 7 – Total tax charged directly to equity 4 7 – ​ ​ 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 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Continuing profit before tax as shown in the consolidated income statement 1,620 13,074 4,149 ​ ​ ​ ​ ​ ​ ​ Profit at weighted average statutory tax rate 363 2,787 1,298 Impairment loss with no tax effect – 18 – Disposal of Group investments 2 174 (1,718) (8) Effect of taxation of associates and joint ventures, reported within profit before tax 23 (125) (111) Deferred tax (credit)/charge following revaluation of investments in Luxembourg – (393) ​ 1,455 Previously unrecognised temporary differences and losses we expect to use in the future 3 (1,021) (16) (708) Previously recognised temporary differences and losses we no longer expect to use in the future – – ​ 74 Current year temporary differences (including losses) that we currently do not expect to use 84 81 28 Adjustments in respect of prior year tax liabilities 89 (29) 10 Impact of tax credits and irrecoverable taxes 147 80 73 Deferred tax on overseas earnings 1 (6) 2 Effect of current year changes in statutory tax rates on deferred tax balances 4 (19) 35 (667) Financing costs and similar not deductible/(taxable) for tax purposes ​ 214 ​ (27) ​ 46 Revaluation of assets for tax purposes in Turkey and Italy 5 ​ (65) ​ (338) ​ (84) Expenses not deductible for tax purposes 60 143 153 Income tax expense 50 492 1,561 ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The amount for 2024 includes million in relation to the Vantage Towers disposal. The amount for 2023 relates to the disposal of Vantage Towers into a joint venture and the tax exempt disposals of Vodafone Hungary and Vodafone Ghana. See note 27 ‘Acquisitions and disposals’. 3 The amount in 2024 includes €1,019 million of additional losses recognised in Luxembourg (see below). 4 The amount for 2022 includes the increase in future UK tax rate to 25% . 5 The amounts for 2024 and 2023 relate to inflation adjustments in Turkey. The amount for 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: ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ €m ​ €m 1 April 18,545 ​ 18,569 Adjustment relating to assets Held for Sale ​ (422) ​ – Foreign exchange movements (32) ​ (59) Credited to the income statement 1 716 ​ 425 Charged directly to OCI 579 ​ (304) Charged directly to equity (4) ​ (6) Indexation of the opening balance in respect of hyperinflation accounting in Turkey 96 ​ (191) Arising on acquisitions and disposals – ​ 111 31 March 19,478 ​ 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 Tangible assets (176) 2,656 (1,174) 10 1,492 Intangible assets 354 367 (1,177) 11 (799) Tax losses 455 32,830 – (14,051) 18,779 Treasury related items 19 594 (138) (569) (113) Temporary differences relating to revenue recognition ​ (61) ​ 2 ​ (677) ​ – ​ (675) Temporary differences relating to leases (16) 1,576 (1,354) – 222 Other temporary differences ​ 141 ​ 892 ​ (306) ​ (14) ​ 572 31 March 2024 2 716 38,917 (4,826) (14,613) 19,478 ​ Analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 20,177 Deferred tax liability (699) 31 March 2024 2 19,478 ​ At 31 March 2023, 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 Tangible assets 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 2 425 34,488 (5,693) (10,250) 18,545 ​ At 31 March 2023, 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 2 18,545 ​ Notes: 1 €11 million in the year ended 31 March 2023 is in relation to discontinued operations 2 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, Business in Europe: Framework for Income Taxation ‘BEFIT’ 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 2024, 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 2024 and the comparative year ended 31 March 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ 31 March 2024 ​ 5 years €m ​ 6 years €m ​ Unlimited €m ​ Total €m Losses for which a deferred tax asset is recognised 20 ​ – ​ 80,224 ​ 80,244 Losses for which no deferred tax is recognised 313 ​ 15,653 ​ 40,378 ​ 56,344 ​ 333 ​ 15,653 ​ 120,602 ​ 136,588 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ 31 March 2023 ​ 5 years €m ​ 6 years €m ​ Unlimited €m ​ Total €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 ​ Deferred tax assets on losses in Luxembourg Included in the table above are losses of €67,016 million (2023: €65,232 million) that have arisen in Luxembourg companies. A deferred tax asset of €16,714 million (2023: €16,269 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. Losses incurred after the 2017 tax reform in Luxembourg, expire after 17 years and can only be used after any pre-existing losses on a first-in-first-out basis. The Luxembourg companies have €15,933 million (2023; €15,925 million) of post-2017 losses, which will fully expire in 16 years. No deferred tax asset is recognised for these post-2017 losses on the basis that they are not forecast to be used prior to the expiry of their 17 year life. We also have €9,136 million (2023: €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. In the year ended 31 March 2024, the Luxembourg companies recognised an additional €1,019 million deferred tax asset relating to losses arising pre-2017, as a result of favourable case law during the year. The Luxembourg companies utilised €2,393 million of their pre-2017 losses in the current year, representing €598 million of the deferred tax asset and 3.6% of the recognised deferred tax asset. The recognition of the €1,019 million additional deferred tax asset has a significant impact on reducing our total tax charge and effective tax rate for the year but is a deferred tax impact and has no immediate cash-tax impact. Following restructuring in December 2022, which saw the Luxembourg companies dispose of their investments in the Group’s non-Luxembourg operating companies, the profits and losses in Luxembourg are no longer expected to be significantly impacted by changes in the value of the Luxembourg companies’ investments. The recovery of the deferred tax asset is expected to be driven by the recurring profits of the Luxembourg companies. ​ 6. Taxation (continued) 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 five-year forecasts for the Luxembourg companies, including their ability and the Group’s intention 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 future interest rates, levels of intragroup financing, as well as the future profits generated from the procurement and roaming activities. 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 reporting period date and the Group’s intentions to keep these activities in Luxembourg remains unchanged. Based on the current forecasts, €3,306 million (20%) (2023: €4,518 million) of the deferred tax asset is forecast to be used within the next 10 years, and €6,344 million (38%) (2023: €8,742 million) used within 20 years. The losses are projected to be fully utilised over the next 52 to 57 years (2023: 35 to 39 years). The increase in the recovery period over the prior year is principally a result of lower forecast interest rates, driving margins down on existing financing activities, and lower internal financing income as the Group right-sizes its portfolio which includes the Group’s announcement of agreements to sell Vodafone Spain and Vodafone Italy (see note 7 ‘Discontinued operations and assets held for sale’). 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 3 to 6 years either way. The Group uses different scenarios to 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. The Group does not currently recognise deferred tax assets which are forecast to be used 60 years beyond the reporting period date. Any future changes in tax law 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. 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. Deferred tax assets in the UK The Group has a recognised deferred tax asset in the UK totalling €2,485 million (2023: €1,809 million) which consists primarily of excess capital allowances, which can be claimed on a reducing balance basis. The net deferred tax asset has increased in 2024, primarily due to a The Group has losses amounting to €29,713 million (2023: €2,377 million) in respect of UK subsidiaries which are only available for offset against future capital gains and, due to the UK Substantial Shareholding Exemption rules, we do not believe it is probable we will utilise these losses such that no deferred tax asset has been recognised, as in the prior year. The amount of capital losses grew significantly in 2024 as a result of the strike-off of a number of entities. The entities struck-off consisted of certain holding companies involved in historical M&A activities, such as Vodafone’s acquisition of the Mannesmann Group in 2000. The remaining losses relate to a number of other jurisdictions across the Group. There are also 6. Taxation (continued) Deferred tax assets on losses in Germany The Group has a recognised deferred tax assets of €2,029 million (2023: €2,021 million) in Germany in respect of losses arising primarily on the write down of investments in Germany in 2000. The losses relate to German corporate tax and trade tax liabilities and they do not expire. The Group concluded it is probable that the German business will generate sufficient taxable profits in the future against which we can utilise these losses. The Group has reviewed the latest five -year forecasts for the German business, and the inherent risks of operating in the telecommunications business. In the period beyond the forecast, the Group has also specifically taken into consideration the implications of the Growth Opportunities Act, substantively enacted in March 2024, which introduces new interest restriction rules applying to both corporate and trade tax, but also an increase in permitted loss utilisation against corporate tax. In combination, these two changes will increase taxable profits against accounting profits and increase loss utilisation. We expect to fully utilise the trade tax losses within Deferred tax assets in Italy The Group has a deferred tax asset of €462 million (2023: €425 million), including €295 million (2023: €152 million) relating to tax losses in Italy, which is recognised as part of the held for sale assets and the value at the completion date will transfer with the business. In assessing the recognition position for Italy, the Group has reviewed the latest forecasts for the Italian business which incorporate the unsystematic risks of operating in the telecommunications business. 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 Italian business we believe it is probable the Italian losses will be fully utilised. Deferred tax assets in Spain The Group recognises deferred tax assets in Spain up to the extent of deferred tax liabilities, with gross unrecognised losses of €5,504 million (2023: €5,130 million). The net €3 million deferred tax liability is recognised as part of the held for sale assets relating to Vodafone Spain and transferred out of the Group, along with the unrecognised tax losses, on completion of the sale of Vodafone Spain on 31 May 2024. ​ 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 €38,380 million (2023: €26,371 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. 6. Taxation (continued) Pillar Two - Global Minimum Tax On 20 June 2023, the UK substantively enacted the Pillar Two global minimum tax model rules (the “Pillar Two” rules) of the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (’BEPS’). The legislation took effect for financial years commencing on or after 1 January 2024, making it effective for the Vodafone Group from 1 April 2024. Under these rules, a top-up tax will arise where the effective tax rate of the Group’s operations in any individual jurisdiction, calculated using principles set out in the Pillar Two legislation, is below 15%. Any resulting tax would be payable by Vodafone Group Plc to the UK tax authority (HMRC) being the Group’s ultimate parent. As a consequence of the Pillar Two rules, many national governments have enacted (or announced the imminent introduction of) domestic minimum tax rules that are closely aligned to the OECD’s Pillar Two model rules. Where such domestic minimum tax rules are in place, they should raise local tax obligations to the 15% minimum rate, thereby eliminating the top-up tax liability otherwise payable by Vodafone Group Plc under the UK’s Pillar Two rules. Vodafone monitors the implementation of such domestic minimum tax rules to ensure compliance with all filing obligations. We have performed an assessment of the Group’s potential exposure to Pillar Two rules based on financial information for the years ended 31 March 2023 and 31 March 2024 and simulated the transitional Safe harbour tests set out by the OECD based on our Country-by-Country reporting data and our consolidated financial statements for 2021, 2022, 2023. According to this assessment, Vodafone should meet one or more Safe harbour tests in the majority of the jurisdictions in which we operate. The Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. We estimate that the combined impact of countries implementing qualified domestic minimum top-up taxes and the income inclusion rule in the UK will result in an estimated €

Discontinued operations and ass

Discontinued operations and assets held for sale	12 Months Ended
	Mar. 31, 2024
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 Consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial statements include amounts for continuing operations, unless indicated otherwise. Transactions between the Group's continuing and discontinued operations are eliminated in full in the Consolidated income statement. To the extent that the Group considers that the commercial relationships with discontinued operations will continue post-disposal, transactions are reflected within continuing operations with an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact on the Group’s Profit for the financial year for the years presented. Discontinued operations 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’). On 15 March 2024, the Group announced that it had entered into a binding agreement with Swisscom AG (‘Swisscom’) in relation to the sale of 100% of Vodafone Italia S.p.A. (’Vodafone Italy’). The expected completion of the disposal is in the first half of 2025. Consequently, the results of Vodafone Spain and Vodafone Italy are reported as discontinued operations and the assets and liabilities of both are presented as held for sale in the consolidated statement of financial position. On 31 May 2024, the Group announced it had completed the sale of Vodafone Spain. See note 33 ‘Subsequent events’. A summary of the results of these discontinued operations is below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ (Loss)/profit for the financial year - Discontinued operations ​ ​ ​ ​ ​ ​ Vodafone Spain ​ (5) ​ (340) ​ (352) ​ Vodafone Italy (60) ​ 93 ​ 537 ​ Total (65) ​ (247) ​ 185 ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/earnings per share - Discontinued operations ​ ​ ​ ​ ​ ​ Basic (0.24) c (0.89) c 0.64 c Diluted (0.24) c (0.89) c 0.63 c ​ ​ 7. Discontinued operations and assets held for sale (continued) Segment analysis of discontinued operations Vodafone Spain The results of discontinued operations in Spain are detailed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ €m ​ €m ​ €m Revenue 3,773 ​ 3,675 ​ 3,960 Cost of sales ​ (2,593) ​ (2,959) ​ (3,105) Gross profit 1,180 ​ 716 ​ 855 Selling and distribution expenses (259) ​ (314) ​ (328) Administrative expenses (435) ​ (575) ​ (772) Net credit losses on financial assets ​ (120) ​ (35) ​ (115) Other expense ​ – ​ (122) ​ – Operating profit/(loss) ​ 366 ​ (330) ​ (360) Investment income ​ 29 ​ 16 ​ 2 Financing costs ​ (56) ​ (26) ​ (23) Profit/(loss) before taxation ​ 339 ​ (340) ​ (381) Income tax credit ​ 1 ​ – ​ 29 Profit/(loss) after tax of discontinued operations ​ 340 ​ (340) ​ (352) ​ ​ ​ ​ ​ ​ ​ After tax loss on the re-measurement of disposal group ​ (345) ​ – ​ – ​ ​ ​ ​ ​ ​ ​ Loss for the financial year from discontinued operations ​ (5) ​ (340) ​ (352) ​ ​ ​ ​ ​ ​ ​ Total comprehensive expense for the financial year from discontinued operations ​ ​ ​ ​ ​ ​ Attributable to owners of the parent (5) ​ (340) ​ (352) ​ ​ 7. Discontinued operations and assets held for sale (continued) On 31 May 2024, the Group announced it had completed the sale of Vodafone Holdings Europe, S.L.U. (‘Vodafone Spain’) to Zegona Communications plc (‘Zegona’) for €4.1 billion in cash (subject to closing accounts adjustments) and €0.9 billion in the form of Redeemable Preference Shares (‘RPS’). The RPS will be issued to Vodafone by a newly created entity, which will subscribe for new ordinary shares in Zegona for an amount, based on the issue price for Zegona's equity raise, that is equivalent to the amount of RPS being subscribed for by Vodafone. The RPS will be redeemed 6 years after completion, or earlier following a material liquidity event or exit for Zegona that releases funds to its shareholders. A proportion of the consideration is related to future services to be provided by the Group to Zegona. For the year ended 31 March 2024, the Group recorded a non-cash charge of million (pre and post-tax), included in discontinued operations, as a result of the re-measurement of Vodafone Spain to its fair value less costs to sell. The charge mostly results from the non-recognition of The fair value of the Group’s equity interest at 31 March 2024 was determined with reference to the consideration expected from the agreed sale to Zegona less adjustments for estimated completion adjustments, consideration for future services to be received by Zegona from the Group and the elimination of intercompany debt. This approach was considered to result in a level 2 valuation in accordance with IFRS 13 as certain estimated completion adjustments and the fair value of the non-cash consideration, are not observable. Vodafone Italy The results of discontinued operations in Italy are detailed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ €m ​ €m ​ €m Revenue 4,579 ​ 4,722 ​ 4,944 Cost of sales ​ (3,438) ​ (3,532) ​ (3,521) Gross profit 1,141 ​ 1,190 ​ 1,423 Selling and distribution expenses (244) ​ (238) ​ (276) Administrative expenses (760) ​ (710) ​ (671) Net credit losses on financial assets ​ (51) ​ (66) ​ (42) Other expense ​ – ​ (1) ​ (1) Operating profit ​ 86 ​ 175 ​ 433 Investment income ​ – ​ – ​ 1 Financing costs ​ (86) ​ (93) ​ (99) Profit before taxation ​ – ​ 82 ​ 335 Income tax credit ​ 23 ​ 11 ​ 202 Profit after tax of discontinued operations ​ 23 ​ 93 ​ 537 ​ ​ ​ ​ ​ ​ ​ After tax loss on the re-measurement of disposal group ​ (83) ​ – ​ – ​ ​ ​ ​ ​ ​ ​ (Loss)/profit for the financial year from discontinued operations ​ (60) ​ 93 ​ 537 ​ ​ ​ ​ ​ ​ ​ Total comprehensive (expense)/income for the financial year from discontinued operations ​ ​ ​ ​ ​ ​ Attributable to owners of the parent (71) ​ 80 ​ 537 ​ The consideration for Vodafone Italy is comprised of €8 billion cash to be paid on completion. A proportion of the consideration is related to future services to be provided by the Group to Swisscom. For the year ended 31 March 2024, the Group recorded a non-cash charge of €83 million (pre and post-tax), included in discontinued operations, as a result of the re-measurement of Vodafone Italy to its fair value less costs to sell. The charge mostly results from the non-recognition of The fair value of the Group’s equity interest at 31 March 2024 was determined with reference to the consideration expected to be received from the agreed sale to Swisscom, less adjustments for estimated completion adjustments, consideration for future services to be received by Swisscom from the Group and the elimination of intercompany debt. This approach was considered to result in a level 2 valuation in accordance with IFRS 13 as, certain completion related adjustments and estimates of the value of the future services to be provided, are not observable. ​ 7. Discontinued operations and assets held for sale (continued) Assets held for sale Assets and liabilities relating to Vodafone Spain and Vodafone Italy have been classified as held for sale in the consolidated statement of financial position at 31 March 2024. The relevant assets and liabilities are detailed in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Spain ​ Vodafone Italy ​ Total ​ €m €m €m Non-current assets Goodwill – 2,398 2,398 Other intangible assets 987 3,331 4,318 Property, plant and equipment 4,957 4,307 9,264 Other investments ​ 2 ​ – ​ 2 Deferred tax assets – 461 461 Trade and other receivables 223 167 390 ​ 6,169 10,664 16,833 Current assets ​ ​ ​ Inventory 39 134 173 Taxation recoverable – 77 77 Trade and other receivables 805 1,117 1,922 Cash and cash equivalents 13 29 42 ​ 857 1,357 2,214 Assets held for sale 7,026 12,021 19,047 ​ ​ ​ ​ ​ ​ ​ Non-current liabilities ​ ​ ​ Borrowings ​ 878 ​ 1,509 ​ 2,387 Deferred tax liabilities ​ 3 ​ – ​ 3 Post employment benefits – 45 45 Provisions 158 115 273 Trade and other payables 43 120 163 ​ 1,082 1,789 2,871 Current liabilities ​ ​ ​ Borrowings 346 673 1,019 Taxation liabilities ​ – ​ 12 ​ 12 Provisions 23 67 90 Trade and other payables 1,203 1,723 2,926 ​ ​ 1,572 ​ 2,475 ​ 4,047 Liabilities held for sale 2,654 4,264 6,918 ​

Earnings per share

Earnings per share	12 Months Ended
	Mar. 31, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ 2024 Millions 2023 Millions 2022 Millions Weighted average number of shares for basic earnings per share 27,056 27,680 29,012 Effect of dilutive potential shares: restricted shares and share options 95 ​ 95 97 Weighted average number of shares for diluted earnings per share 27,151 27,775 29,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2024 ​ ​ 2023 ​ 2022 ​ ​ ​ €m ​ ​ €m ​ €m ​ Profit for earnings per share from continuing operations attributable to owners 1,205 ​ 12,085 2,052 ​ (Loss)/profit for earnings per share from discontinued operations attributable to owners (65) ​ (247) 185 ​ Profit for basic and diluted earnings per share 1,140 ​ 11,838 2,237 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2024 ​ ​ 2023 ​ 2022 ​ ​ eurocents ​ eurocents eurocents ​ Basic earnings per share from continuing operations 4.45 c ​ 43.66 c 7.07 c Basic (loss)/earnings per share from discontinued operations (0.24) c ​ (0.89) c 0.64 c Basic earnings per share ​ 4.21 c ​ 42.77 c 7.71 c ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2024 ​ ​ 2023 ​ 2022 ​ ​ ​ eurocents ​ ​ eurocents ​ eurocents ​ Diluted earnings per share from continuing operations ​ 4.44 c ​ 43.51 c 7.05 c Diluted (loss)/earnings per share from discontinued operations ​ (0.24) c ​ (0.89) c 0.63 c Diluted earnings per share ​ 4.20 c ​ 42.62 c 7.68 c ​ Note: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Equity dividends

Equity dividends	12 Months Ended
	Mar. 31, 2024
Equity dividends.
Equity dividends	9. Equity dividends Dividends are one type of shareholder return, historically paid to our shareholders in February and August. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Declared during the financial year 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 1,254 Interim dividend for the year ended 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share, 2022: 4.50 eurocents per share) ​ 1,218 ​ 1,237 ​ 1,229 ​ ​ 2,433 ​ 2,502 ​ 2,483 Proposed after the end of the year and not recognised as a liability ​ ​ ​ ​ ​ ​ Final dividend for the year ended 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share, 2022: 4.50 eurocents per share) ​ 1,219 ​ 1,215 ​ 1,265 ​

Intangible assets

Intangible assets	12 Months Ended
	Mar. 31, 2024
Intangible assets.
Intangible assets	10. Intangible assets The consolidated 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 consolidated 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 consolidated 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 consolidated income statement on a straight-line basis over the estimated useful lives from the commencement of related network services. 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 consolidated 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 consolidated 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 Software ​ 3 – 10 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 2022 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 Exchange movements ​ (1,042) ​ (435) ​ (414) ​ (130) ​ (60) ​ (2,081) Additions ​ – ​ 283 ​ 2,615 ​ – ​ 17 ​ 2,915 Disposals ​ – ​ (986) ​ (989) ​ – ​ (2) ​ (1,977) Transfer of assets held for resale ​ (19,498) ​ (6,258) ​ (2,600) ​ (2,517) ​ (57) ​ (30,930) Hyperinflation impacts ​ 888 ​ 382 ​ 348 ​ 62 ​ 49 ​ 1,729 31 March 2024 ​ 77,252 ​ 27,292 ​ 17,434 ​ 9,320 ​ 486 ​ 131,784 Accumulated impairment losses and amortisation ​ ​ ​ 1 April 2022 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) Charge for the year 1 ​ – ​ 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 Exchange movements ​ (897) ​ (144) ​ (324) ​ (120) ​ (56) ​ (1,541) Charge for the year 1 ​ – ​ 1,031 ​ 2,484 ​ 606 ​ 1 ​ 4,122 Disposals ​ – ​ (985) ​ (951) ​ – ​ – ​ (1,936) Transfer of assets held for resale ​ (16,984) ​ (2,704) ​ (1,871) ​ (2,517) ​ (57) ​ (24,133) Hyperinflation impacts ​ 888 ​ 196 ​ 304 ​ 62 ​ 49 ​ 1,499 31 March 2024 ​ 52,296 ​ 21,731 ​ 12,104 ​ 6,338 ​ 463 ​ 92,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ 31 March 2023 27,615 9,969 6,012 ​ 3,598 13 47,207 31 March 2024 ​ 24,956 ​ 5,561 ​ 5,330 ​ 2,982 ​ 23 ​ 38,852 ​ Note: 1 Included in the charge for the year ended 31 March 2024 is €607 million (2023: €651 million) in respect of Vodafone Italy and Vodafone Spain, which are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. ​ 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 €1,200 million (2023: €1,451 million). ​ 10. Intangible assets (continued) The net book value and expiry dates of the most significant licences are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ Expiry dates ​ €m ​ €m Germany 2025-2040 2,686 2,979 UK 2033-2041 989 1,055 Vodacom 2024-2042 687 774 Italy 2029-2037 – 3,123 Spain ​ 2028-2061 ​ – ​ 758 ​ 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 260.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Mar. 31, 2024
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 consolidated 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 'Basis of preparation' 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 consolidated income statement. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, ​ ​ ​ Land and ​ fixtures ​ ​ ​ ​ buildings ​ and fittings ​ Total ​ ​ €m ​ €m ​ €m Cost 1 April 2022 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 Exchange movements ​ (31) ​ (1,878) ​ (1,909) Additions ​ 34 ​ 4,753 ​ 4,787 Disposals ​ (15) ​ (2,070) ​ (2,085) Transfer of assets held for resale ​ (439) ​ (18,530) ​ (18,969) Hyperinflation impacts ​ 9 ​ 1,376 ​ 1,385 Other ​ 2 ​ 90 ​ 92 31 March 2024 ​ 1,557 ​ 58,201 ​ 59,758 ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation and impairment ​ 1 April 2022 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 1 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 Exchange movements ​ (7) ​ (1,258) ​ (1,265) Charge for the year 1 ​ 56 ​ 4,814 ​ 4,870 Disposals ​ (15) ​ (2,039) ​ (2,054) Transfer of assets held for resale ​ (287) ​ (12,507) ​ (12,794) Hyperinflation impacts ​ 2 ​ 1,037 ​ 1,039 31 March 2024 ​ 989 ​ 39,370 ​ 40,359 ​ ​ ​ ​ ​ ​ ​ Net book value 31 March 2023 757 25,137 25,894 31 March 2024 ​ 568 ​ 18,831 ​ 19,399 ​ Note: 1 Included in the charge for the year ended 31 March 2024 was €988 million (2023: €1,485 million) in respect of Vodafone Italy and Vodafone Spain, which are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 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 €4 million (2023: €10 million) and €1,401 million (2023: €1,988 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 €1,623 million (2023: €2,170 million), accumulated depreciation of €1,040 million (2023: €1,393 million) and net book value of €583 million (2023: €777 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: ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ €m ​ €m Property, plant and equipment (owned assets) 19,399 25,894 Right-of-use assets 9,100 12,098 31 March 28,499 37,992 ​ Additions of €4,173 million (2023: €7,387 million) and a depreciation charge of €4,108 million (2023: €3,960 million) were recorded in respect of right-of-use assets during the year ended 31 March 2024. Included in the depreciation charge for the year ended 31 March 2024 was €1,091 million (2023: €1,227 million) in respect of Vodafone Italy and Vodafone Spain, which are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’.

Investments in associates and j

Investments in associates and joint arrangements	12 Months Ended
	Mar. 31, 2024
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 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 consolidated 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. 12. Investments in associates and joint arrangements (continued) Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above. Joint operations In the prior year, on 22 March 2023, the Group completed the disposal of its principal joint operation (Cornerstone Telecommunications Infrastructure Limited) as part of the transaction with Oak Holdings 1 GmbH. Joint ventures and associates ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Investments in joint ventures 8,203 9,578 Investments in associates 1,829 1,501 31 March 10,032 11,079 ​ 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 Group'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 ​ 2024 ​ 2023 Oak Holdings 1 GmbH ​ Network infrastructure ​ Germany ​ 60.3 ​ 64.2 VodafoneZiggo Group Holding B.V. Network operator Netherlands ​ 50.0 50.0 OXG Glasfaser Beteiligungs GmbH ​ Fibre infrastructure ​ Germany ​ 50.0 ​ 50.0 Vodafone Idea Limited 2 ​ Network operator ​ India ​ 31.4 ​ 32.3 TPG Telecom Limited 3 ​ Network operator ​ Australia ​ 25.1 ​ 25.1 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2024 the fair value of the Group’s interest in Vodafone Idea Limited was INR 208 billion ( €2,313 million) (2023: INR 91 billion ( €1,021 million)) based on the quoted share price on the National Stock Exchange of India. 3 At 31 March 2024 the fair value of the Group’s interest in TPG Telecom Limited was AUD 2,101 million ( €1,269 million) (2023: AUD 2,273 million ( €1,401 million)) based on the quoted share price on ASX. ​ 12. Investments in associates and joint arrangements (continued) Oak Holdings 1 GmbH In March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-controlled partnership of Vodafone, GIP and KKR. Vodafone retained an interest of 64.2% in Oak Holdings 1 GmbH. On 18 July 2023, the Group completed the sale of 3.9% of Oak Holdings 1 GmbH for cash consideration of €500 million, reducing its interest to 60.3%. OXG Glasfaser Beteiligungs GmbH In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser Beteiligungs 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. During the year ended 31 March 2024, the Group provided 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 2024 is €4,540 million (2023: €3,717 million). 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 of €1,104 million at 31 March 2024 (2023: €908 million) of the Group’s investment in Indus Towers Limited. VIL has undertaken equity fund - raisings totalling €2.2 billion since 31 March 2024, reducing the Group's shareholding to 23.2%. 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. Dividends received from joint ventures During the year ended 31 March 2024, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo Group Holding B.V. of €100 million (2023: €165 million, 2022: €350 million), TPG Telecom Limited of €23 million (2023: €24 million, 2022: €22 million) and Oak Holdings 1 GmbH of €196 million (2023: €nil, 2022: €nil). 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 consolidated income statement and consolidated statement of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in joint ventures (Loss)/profit for the financial year 1 ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ 2022 ​ €m €m €m €m €m Oak Holdings 1 GmbH 7,620 8,634 (85) – – VodafoneZiggo Group Holding B.V. ​ 516 ​ 793 ​ (177) ​ 137 ​ (19) TPG Telecom Limited ​ (2) ​ 108 ​ (74) ​ 48 ​ (5) INWIT S.p.A. – – – 30 27 Other 69 43 (43) (15) (14) Total 8,203 9,578 (379) 200 (11) ​ Note: 1 Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year. ​ 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 year to, and as at 31 December 2023 on the basis that full-year information in relation to TPG has not been released at the date of approval of these consolidated 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 and 31 March 2022 is based on the financial results and financial position as at 31 December 2022 and 31 December 2021, respectively, being the latest financial information available to the Group when completing the consolidated financial statements for each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Holdings 1 GmbH VodafoneZiggo Group Holding B.V. ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 1,166 ​ – ​ – 4,128 4,063 4,056 Operating expenses ​ (130) ​ – ​ – ​ (2,195) ​ (2,124) ​ (2,104) Depreciation and amortisation (868) ​ – ​ – (1,555) (1,527) (1,592) Other income ​ 5 ​ – ​ – ​ – ​ – ​ – Operating profit ​ 173 ​ – ​ – ​ 378 ​ 412 ​ 360 Interest income 5 ​ – ​ – – – – Interest expense (455) ​ – ​ – (809) 11 (276) Loss/(profit) before tax ​ (277) ​ – ​ – ​ (431) ​ 423 ​ 84 Income tax credit/(expense) 132 ​ – ​ – 77 (150) (121) (Loss)/profit for the financial year 1 (145) ​ – ​ – (354) 273 (37) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited ​ TPG Telecom Limited ​ 2024 ​ 2023 ​ 2022 2024 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ Revenue 4,749 ​ 5,046 ​ 4,450 3,371 3,027 3,375 Operating expenses (3,066) ​ (3,280) ​ (2,802) (2,238) (1,870) (2,292) Depreciation and amortisation (2,178) ​ (2,396) ​ (2,390) (891) (700) (914) Other expense 83 ​ – ​ (34) – – – Operating profit (412) ​ (630) ​ (776) 242 457 169 Interest income 7 ​ 9 ​ 14 – – – Interest expense (2,718) ​ (2,567) ​ (2,297) (368) (172) (122) (Loss)/profit before tax (3,123) ​ (3,188) ​ (3,059) (126) 285 47 Income tax (expense)/credit ​ (95) ​ – ​ 2 ​ (8) ​ (25) ​ (27) (Loss)/profit for the financial year 1 (3,218) ​ (3,188) ​ (3,057) (134) 260 ​ 20 ​ ​ 12. Investments in associates and joint arrangements (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ 2024 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Income statement Revenue – 853 785 Operating expenses – (73) (70) Depreciation and amortisation – (508) (513) Operating profit – 272 202 Interest expense – (81) (90) Profit before tax – 191 112 Income tax expense – (1) (30) Profit for the financial year 1 – 190 ​ 82 ​ Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Holdings 1 GmbH VodafoneZiggo Group Holding B.V. ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position ​ Non-current assets 24,015 23,878 15,753 16,570 Current assets 746 749 884 719 Total assets 24,761 24,627 16,637 17,289 Equity shareholders’ funds 12,630 13,450 1,033 1,586 Non-controlling interests ​ – ​ 1,262 ​ – ​ – Non-current liabilities 9,386 6,709 13,145 13,299 Current liabilities 2,745 3,206 2,459 2,404 Cash and cash equivalents within current assets 267 224 61 20 Non-current liabilities excluding trade and other payables and provisions 8,751 6,215 12,995 13,138 Current liabilities excluding trade and other payables and provisions 502 2,409 1,171 1,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited 1 TPG Telecom Limited ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position Non-current assets 16,251 18,162 9,663 9,823 Current assets 1,654 2,174 900 1,009 Total assets 17,905 20,336 10,563 10,832 Equity shareholders’ (deficit)/funds (13,710) (10,760) 2,606 3,019 Non-current liabilities 25,855 24,730 6,789 6,702 Current liabilities 5,760 6,366 1,168 1,111 Cash and cash equivalents within current assets 60 96 192 290 Non-current liabilities excluding trade and other payables and provisions 25,837 24,707 6,704 6,595 Current liabilities excluding trade and other payables and provisions 2,044 2,699 102 86 ​ Note: 1 Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 ‘Contingent liabilities and legal proceedings’. ​ 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. ​ 2024 2023 2024 2023 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Equity shareholders’ funds 12,630 13,450 1,033 1,586 – Interest in joint ventures 1 7,620 8,634 516 793 – Carrying value ​ 7,620 ​ 8,634 ​ 516 ​ 793 ​ – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/profit for the financial year ​ (145) ​ – ​ (354) ​ 273 ​ (37) Share of (loss)/profit 1 (85) – (177) 137 (19) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited ​ TPG Telecom Limited ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ €m €m €m €m €m €m Equity shareholders’ (deficit)/funds (13,710) (10,760) – 2,606 3,019 – Interest in joint ventures 1 (4,300) ​ (3,475) ​ – (53) ​ 56 ​ – Impairment (240) ​ (242) ​ – – ​ – ​ – Goodwill – ​ – ​ – 51 ​ 52 ​ – Investment proportion not recognised 4,540 ​ 3,717 ​ – – ​ – ​ – Carrying value – – – (2) 108 – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/profit for the financial year (3,218) ​ (3,188) ​ (3,057) (134) ​ 260 ​ 20 Share of (loss)/profit 1 ​ (1,009) ​ (1,030) ​ (1,357) ​ (74) ​ 48 ​ (5) Share of loss not recognised 1,009 ​ 1,030 ​ 1,357 – ​ – ​ – Share of (loss)/profit 1 – ​ – ​ – (74) ​ 48 ​ (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Equity shareholders’ funds — — — Interest in joint ventures — — — Carrying value — — — ​ ​ ​ ​ ​ ​ ​ Profit for the financial year — 190 82 Share of profit — 63 27 Share of profit not recognised as held for sale — (33) — Share of profit — 30 27 ​ 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 60.3% , 50.0% , 31.4% 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 Group'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 ​ 2024 2023 Safaricom PLC 2 ​ Network operator ​ Kenya ​ 39.9 ​ 39.9 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 2024, the fair value of the Group’s interest in Safaricom PLC was KES 284 billion ( €1,996 million) (2023: KES 290 billion ( €2,012 million)) based on the closing quoted share price on the Nairobi Stock Exchange. 3 At 31 March 2024, the fair value of the Group’s interest in Indus Towers Limited was INR 165 billion ( €1,833 million) (2023: INR 81 billion ( €908 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 consolidated income statement and consolidated statement of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ Profit/(loss) for the financial year ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Safaricom PLC 1 ​ 627 ​ 509 ​ 159 ​ 195 ​ 217 Indus Towers Limited ​ 1,104 ​ 908 ​ 140 ​ 50 ​ 178 Other ​ 98 ​ 84 ​ (16) ​ (12) ​ 5 Total 1,829 1,501 283 ​ 233 ​ 400 ​ Note: 1 Other comprehensive income includes profit for the financial year, together with €76 million (2023: €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 2024, the Group received dividends included in the consolidated statement of cash flows from Safaricom PLC of €122 million (2023: €250 million, 2022: €170 million) and from Indus Towers Limited of €nil (2023: €75 million, 2022: €nil). ​ 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 ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 2,210 2,468 2,318 3,185 3,343 3,122 Operating expenses (1,189) (1,353) (1,164) (1,598) (2,240) (1,480) Depreciation and amortisation (523) (432) (309) (637) (588) (598) Other income 142 68 – – – – Operating profit 640 751 845 950 515 1,044 Interest income 16 13 9 126 26 – Interest expense (121) (69) (59) (218) (200) (140) Profit before tax 535 695 795 858 341 904 Income tax expense (266) (285) (270) (192) (102) (272) Profit for the financial year and total comprehensive income ​ 269 ​ 410 ​ 525 ​ 666 ​ 239 ​ 632 Attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - Owners of the parent ​ 399 ​ 489 ​ 542 ​ 666 ​ 239 ​ 632 - Non-controlling interests (130) (79) (17) – – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of financial position Non-current assets 3,901 3,007 6,082 5,243 Current assets 578 436 1,230 1,081 Total assets 4,479 3,443 7,312 6,324 Equity shareholders' funds 1,566 1,269 4,086 3,453 Non-controlling interests ​ 767 ​ 532 ​ ​ ​ – ​ – ​ ​ Non-current liabilities 968 753 2,098 1,954 Current liabilities 1,178 889 1,128 917 Cash and cash equivalents within current assets 163 127 7 3 Non-current liabilities excluding trade and other payables and provisions 784 500 1,716 1,665 Current liabilities excluding trade and other payables and provisions 349 322 583 491 ​ 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 ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Equity shareholders' funds 1,566 1,269 4,086 3,453 Interest in associates 1 625 507 860 727 Goodwill 2 2 244 181 Carrying value 627 509 1,104 908 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit for the financial year 399 489 542 666 239 632 Share of profit 159 195 217 140 50 178 ​ Note: 1 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, 2024
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 settlement date 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. ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Included within non-current assets Equity securities 1 65 94 Debt securities 2 941 999 ​ 1,006 1,093 ​ ​ ​ ​ ​ ​ Included within current assets Short-term investments: Bonds and debt securities 3 1,201 1,338 Managed investment funds 1 2,024 2,967 ​ ​ 3,225 ​ 4,305 Collateral assets 4 ​ 741 ​ 239 Other investments 5 1,126 2,473 ​ 5,092 7,017 ​ Notes: 1 Items measured at a fair value, € 27 million (2023: € 47 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 € 810 million (2023: € 803 million) with a valuation basis of level 2 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 € 459 million (2023: €1,409 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 €830 million (2023: €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 €587 million(2023: €nil) of highly liquid French; €308 million (2023: €290 million) Dutch; €306 million (2023: €899 million) Japanese and €nil (2023: €150 million) German government securities. Managed investment funds of €2,024 million (2023: €2,967 million) are in funds with liquidity of up to 90 days. Collateral assets of €741 million (2023: €239 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, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Included within non-current assets Trade receivables 8 51 Trade receivables held at fair value through other comprehensive income 294 337 Net investment in leases ​ 211 ​ 267 Contract assets ​ 450 ​ 494 Contract-related costs ​ 676 ​ 690 Other receivables 78 66 Prepayments 239 296 Derivative financial instruments 1 4,011 5,642 ​ 5,967 7,843 Included within current assets ​ ​ Trade receivables ​ 2,841 ​ 3,277 Trade receivables held at fair value through other comprehensive income 441 566 Net investment in leases ​ 99 ​ 106 Contract assets 2,413 3,063 Contract-related costs 1,169 1,471 Amounts owed by associates and joint ventures ​ 130 ​ 175 Other receivables 686 730 Prepayments 600 835 Derivative financial instruments 1 215 482 ​ 8,594 10,705 ​ Note: 1 Includes €22 million (2023: €198 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 €1,814 million (2023: €2,078 million) relating to costs incurred to obtain customer contracts and €31 million (2023: €83 million) relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense, excluding discontinued operations in Spain and Italy, of €853 million (2023: €824 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, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Included within non-current liabilities Other payables 222 263 Insurance liabilities ​ 254 ​ 257 Accruals 41 48 Contract liabilities 343 500 Derivative financial instruments 2 1,468 1,116 ​ 2,328 2,184 Included within current liabilities ​ ​ ​ ​ Trade payables 5,613 7,599 Amounts owed to associates and joint ventures 346 329 Other taxes and social security payable 887 1,013 Other payables 846 2,080 Insurance liabilities ​ 48 ​ 63 Accruals 4,037 4,814 Contract liabilities 1,565 2,043 Derivative financial instruments 2 56 306 ​ 13,398 18,247 ​ Notes: 1. The insurance liabilities comparatives for the year-end 31 March 2023 have been re-presented for the adoption of IFRS 17 ‘Insurance Contracts’ although there is no impact on the total amounts. See note 1 ‘Basis of preparation’ for more information. 2. 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 carrying amounts of trade and other payables approximate their fair value. Materially all of the €2,043 million recorded as current contract liabilities at 1 April 2023 was recognised as revenue during the year with the exception of Vodacom Italy and Vodafone Spain whose revenue of €299 million will be reported as part of the discontinued operation. See note 7 'Discontinued operations and assets held for sale' for more information. Insurance liabilities included within non-current liabilities include €254 million (2023: €257 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, 2024
Provisions
Provisions	16. Provisions A provision is a liability recorded in the Consolidated 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 Comprises 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 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 Exchange movements ​ (7) ​ (24) ​ 3 ​ (3) ​ (31) Amounts capitalised in the year ​ 146 ​ – ​ – ​ – ​ 146 Amounts charged to the income statement – 162 774 206 1,142 Utilised in the year - payments (54) (72) (290) (116) (532) Amounts released to the income statement (5) (131) (7) (43) (186) Transfer to liabilities held for sale (177) (96) (46) (31) (350) Other – – – 13 13 31 March 2024 933 269 942 304 2,448 ​ ​ 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 59 232 361 181 833 Non-current liabilities 874 37 581 123 1,615 31 March 2024 933 269 942 304 2,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Called up share capital

Called up share capital	12 Months Ended
	Mar. 31, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ Number ​ €m ​ Number ​ €m Ordinary shares of 20 20 ⁄ 21 US cents each allotted, issued and fully paid: 1,2 1 April 28,818,256,058 4,797 28,817,627,868 4,797 Allotted during the year 427,750 – 628,190 – 31 March 28,818,683,808 4,797 28,818,256,058 4,797 ​ Notes: 1 At 31 March 2024, there were 50,000 (2023: 50,000 ) 7% cumulative fixed rate shares of £1 each in issue. 2 At 31 March 2024, the Group held 1,738,561,954 (2023: 1,825,691,429 ) treasury shares with a nominal value of €289 million (2023: €304 million). The market value of shares held was €1,434 million (2023: €1,855 million). During the year, 87,129,475 (2023: 85,844,124 ) treasury shares were reissued under Group share schemes and no (2023: 1,463,959,031 ) shares were repurchased under the 2022 scheme which completed on 15 March 2023. ​ On 14 May 2024, the Group announced that it would commence an initial €500 million share buyback programme, starting on 15 May 2024, as part of plans to return €2.0 billion over 12 months .

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	12 Months Ended
	Mar. 31, 2024
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 ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Notes ​ €m ​ €m ​ €m Profit for the financial year 1,505 12,335 2,773 Loss/(Profit) for the financial year from discontinued operations ​ 65 247 (185) Profit for the financial year from continuing operations 1,570 12,582 2,588 Investment income 5 (581) (232) (251) Financing costs 5 2,626 1,609 1,842 Income tax expense 6 50 492 1,561 Operating profit ​ 3,665 14,451 5,740 Adjustments for: ​ ​ ​ ​ Share-based payments and other non-cash charges ​ 98 58 165 Depreciation and amortisation 10, 11 10,414 10,255 10,417 Loss on disposal of property, plant and equipment and intangible assets ​ 34 33 40 Share of result of equity accounted associates and joint ventures 12 96 (433) (389) Impairment (reversal)/loss 4 (64) 64 – Other income 3 (372) (9,402) (244) Decrease / (increase) in inventory ​ 177 (168) (171) (Increase)/decrease in trade and other receivables 14 (597) (486) (629) Increase/(decrease) in trade and other payables 15 534 1,446 581 Cash generated by operations 13,985 15,818 15,510 Net tax paid (724) (1,228) (916) Cashflows from discontinued operations 3,296 3,464 3,487 Net cash flow from operating activities 16,557 18,054 18,081 ​ Note: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. 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, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash and bank deposits 1 4,168 3,924 Money market funds 2 2,015 7,781 Cash and cash equivalents as presented in the consolidated statement of financial position 6,183 11,705 Bank overdrafts (111) (77) Cash and cash equivalents of discontinued operations 42 – Cash and cash equivalents as presented in the consolidated statement of cash flows 6,114 11,628 ​ Note: 1 Includes bank deposits under repurchase agreements of €2,034 million (2023: € 1,750 million). 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. The carrying amount of balances at amortised cost approximates their fair value. Cash and cash equivalents of €1,629 million (2023: €1,572 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 €790 million (2023: €722 million) of intercompany liabilities as at 31 March 2024.

Leases

Leases	12 Months Ended
	Mar. 31, 2024
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. ​ 20. Leases (continued) 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 unless the right-of-use asset is reduced to zero in which case the remaining amount of the remeasurement is recognised in profit or loss. Lease modifications that increase the scope of a lease by adding the right to use one or more underlying assets in return for consideration commensurate with the stand-alone price for the additional lease components are treated as separate leases. If a lease modification decreases the scope of the lease, the Group remeasures both the right-of-use asset and the lease liability and recognises any gain or loss in profit or loss. Other lease modifications result in a remeasurement of the lease liability with an adjustment to the right-of-use asset. Remeasured lease liabilities are discounted at the modification date using a current discount rate. 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 sublease are accounted for separately and the lease classification of a sublease 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 any 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. ​ 20. Leases (continued) The Group’s cash outflow for leases in the year ended 31 March 2024 was €3,567 million (2023 re-presented 1 1 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 the year ended 31 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 retained 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 in the year ended 31 March 2023 as a result of the disposal of Vantage Towers; €680 million of this gain, reflecting the gain on the proportion of sold towers retained through the leaseback, was recorded in the year ended 31 March 2023 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’. 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: ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ €m ​ €m Within one year ​ 2,603 3,452 In more than one year but less than two years ​ 1,984 2,574 In more than two years but less than three years ​ 1,599 2,200 In more than three years but less than four years ​ 1,461 1,981 In more than four years but less than five years ​ 1,129 1,810 In more than five years ​ 2,366 3,240 ​ ​ 11,142 15,257 Effect of discounting ​ (1,470) (1,893) Lease liability - as disclosed in note 21 ‘Borrowings’ ​ 9,672 13,364 ​ At 31 March 2024 the Group has committed to enter into future lease contracts with future undiscounted lease payments of €1,339 million (31 March 2023 restated 2 million (31 March 2023: Notes: 1 The cash outflows for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations, decreasing the previously disclosed amounts by €1,412 million (2022: €1,320 million). See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The prior year comparative amount has been restated to reflect the commitments to Vantage Towers A.G. that were not previously reported. 20. Leases (continued) 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 'Leases'. 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 subleases certain retained mobile base station sites to telecommunication tower companies. In addition, the Group subleases 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m €m ​ €m Operating leases ​ ​ ​ ​ Lease revenue (note 2 'Revenue disaggregation and segmental analysis') ​ 463 673 ​ 673 Income from leases not recognised as revenue ​ 38 37 ​ 36 ​ 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 2024 ​ 296 ​ 121 ​ 29 ​ 16 ​ 9 ​ 20 ​ 491 31 March 2023 Re-presented 2 ​ 275 ​ 114 ​ 30 ​ 14 ​ 7 ​ 4 ​ 444 31 March 2022 Re-presented 2 ​ 487 ​ 234 ​ 153 ​ 126 ​ 113 ​ 342 ​ 1,455 ​ The Group recognises a net investment in leases (receivables) as a result of providing finance leases as a lessor, which are disclosed in note 14 ‘Trade and other receivables’. The maturity profile of the Group’s net investment in leases is as follows: ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ €m ​ €m Within one year 106 111 In more than one year but less than two years 80 88 In more than two years but less than three years 56 67 In more than three years but less than four years 49 54 In more than four years but less than five years 35 47 In more than five years 17 39 ​ 343 406 Unearned finance income (33) (33) Net investment in leases - as disclosed in note 14 ‘Trade and other receivables’ 310 373 ​ The Group has no material lease income arising from variable lease payments. ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations, decreasing the previously disclosed amounts of lease revenue and income from leases not recognised as revenue by €78 million (2022: €85 million) and €10 million (2022: €9 million), respectively. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The committed operating lease payments as of 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations, decreasing the previously disclosed total amounts by €51 million (2022: €54 million). See note 7 ‘Discontinued operations and assets held for sale’ for more information. ​

Borrowings

Borrowings	12 Months Ended
	Mar. 31, 2024
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. ​ 21. Borrowings (continued) Borrowings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Non-current borrowings ​ ​ ​ Bonds ​ 39,451 39,512 Bank loans 402 ​ 487 Lease liabilities (note 20) ​ 7,416 10,318 Other borrowings 1 ​ 1,059 ​ 1,352 ​ ​ 48,328 ​ 51,669 Current borrowings ​ ​ ​ ​ Bonds 1,292 4,604 Bank loans 365 308 Lease liabilities (note 20) 2,256 3,046 Collateral liabilities ​ 2,628 ​ 4,886 Bank borrowings secured against Indian assets ​ 1,720 1,485 Other borrowings 1 398 392 ​ 8,659 ​ 14,721 Borrowings ​ 56,987 66,390 ​ Note: 1 Includes € 862 million (2023: € 1,140 million) and € 158 million (2023: € 196 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 €39,451 million (2023: €39,512 million) which have a fair value of €35,885 million (2023: €35,044 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices. The Group’s current borrowings also include €1,720 million (2023: €1,485 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 €1,229 million higher (2023: €1,282 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 €1,559 million (2023: €1,440 million). Commercial paper programmes The Group currently have US and euro commercial paper programmes of US$15 billion (€13.9 billion) and €10 billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2024 both programmes remained undrawn. The commercial paper facilities were supported by US$4.0 billion (€3.7 billion) and €4.1 billion of syndicated committed bank facilities. No amounts had been drawn under these facilities. Bonds We have two €30 billion At 31 March 2024 the Group had bonds outstanding with a nominal value equivalent to €39.5 billion. During the year ended 31 March 2024, bonds with a nominal value of €0.8 billion and £0.5 billion (€0.6 billion) were issued utilising the euro medium-term note programme. During the year bonds with nominal value €1.6 billion and US$0.3 billion (€0.3 billion) were re-purchased and bonds with a nominal value €1.8 billion and US$ 1.3 billion (€1.2 billion) matured. Bonds mature between 2024 and 2063 (2023: 2023 and 2063) and have interest rates between 0.375% and 8% (2023: 0.375% and 7.875%). ​ 21. Borrowings (continued) Mandatory convertible bonds In March 2023 the Group concluded the last remaining share buybacks related to its mandatory convertible bonds (‘MCBs’) issuances, for which the last outstanding tranche had matured during 2022. As at 31 March 2024, no further MCBs or related instruments remain outstanding. Treasury shares The Group held a maximum of 1,825,624,610 (2023: 1,825,691,429) of its own shares during the year which represented 6.3% (2023: 6.3%) of issued share capital at that time.

Capital and financial risk mana

Capital and financial risk management	12 Months Ended
	Mar. 31, 2024
Capital and financial risk management
Capital and financial risk management	22. Capital and financial risk management This note details the treasury management and financial risk management objectives and policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place to monitor and manage these risks. Accounting policies Financial instruments Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group’s consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. 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: ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ €m €m Borrowings (note 21) 56,987 66,390 Cash and cash equivalents (note 19) (6,183) (11,705) Derivative financial instruments included in trade and other receivables (note 14) (4,226) (6,124) Derivative financial instruments included in trade and other payables (note 15) 1,524 1,422 Short-term investments (note 13) (3,225) (4,305) Collateral assets (note 13) ​ (741) ​ (239) Financial liabilities under put option arrangements ​ – ​ 485 Equity 60,998 64,483 Capital 105,134 110,407 ​ 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. 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) 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 2024 was €1,929 million (2023: €1,927 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 2024, the financial institutions that run the SCF programmes had purchased €2.2 billion (2023: €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 2024, 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 2024. A treasury risk committee comprising of the Group’s Chief Financial Officer, Group General Counsel and Company Secretary, 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 €32 billion (2023: €35 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 €9.4 billion, providing significant headroom over short-term liquidity requirements. Additionally the Group maintains undrawn revolving credit facilities of €7.8 billion euro equivalent. As at 31 March 2024 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: ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash and bank deposits (note 19) 4,168 3,924 Money market funds (note 19) ​ 2,015 ​ 7,781 Managed investment funds (note 13) 2,024 2,967 Bonds and debt securities (note 13) 2,142 2,337 Collateral assets (note 13) ​ 741 ​ 239 Other investments (note 13) ​ 1,126 ​ 2,473 Derivative financial instruments (note 14) 4,226 6,124 Trade receivables (note 14) 1 5,513 6,158 Contract assets and other receivables (note 14) 4,067 4,353 Financial Guarantees 2 2,038 3,381 ​ 28,060 39,737 ​ Note: 1 Includes amounts guaranteed under sales of trade receivables €1,929 million (2023: €1,927 million). 2 Principally comprises Vodafone Group Plc’s guarantee of the Group’s share in a multicurrency loan facility, amounting to US $1 billion and €0.6 billion (2023: US $1.75 billion), which forms part of its 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'). Financial guarantees also includes INR 42.5 billion (2023: INR 42.5 billion) in relation to the secondary pledge over shares owned by Vodafone Group in Indus Towers (see note 29 'Contingent liabilities and legal proceedings'). 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 195. 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. ​ 22. Capital and financial risk management (continued) 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Collateral liabilities 2,628 4,886 ​ In addition, as discussed in note 29 ‘Contingent liabilities and legal proceedings’, the Group has covenanted to provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus Towers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 ‘Other investments’. Operating activities Customer credit risk is managed by the Group’s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group’s customer base is large and unrelated. The Group applies the simplified approach and records lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash collection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer type. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade receivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and enforcement activity has ceased. Movements in the allowance for expected credit losses during the year were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables held ​ ​ ​ ​ ​ ​ Trade receivables held ​ at fair value through ​ ​ Contract assets ​ at amortised cost ​ other comprehensive income ​ Re-presented 1 ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 2023 2024 2023 2024 2023 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 78 83 1,149 1,342 71 108 Exchange movements (1) (3) (41) (72) 1 1 Amounts charged to credit losses on financial assets 96 128 419 360 82 17 Transfer of assets held for sale ​ (31) ​ 6 ​ (324) ​ 256 ​ (16) ​ 2 Other 2 (122) (136) (438) (737) (60) (57) 31 March 20 78 765 1,149 78 71 ​ Notes: 1 The results for the year ended 31 March 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Primarily utilisation of the provision by way of write-off. 22. Capital and financial risk management (continued) 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 ​ ​ 31 March 2024 Due €m ​ or less €m days €m days €m days+ €m Total €m Gross carrying amount 2,199 ​ 347 122 308 638 3,614 Expected credit loss allowance (52) ​ (56) (26) (111) (520) (765) Net carrying amount 2,147 ​ 291 96 197 118 2,849 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31–60 ​ 61–180 ​ 180 ​ ​ 31 March 2023 Due €m ​ or less €m days €m days €m days+ €m Total €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 ​ 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 2024 amounted to cash €6.2 billion (2023: €11.7 billion) and undrawn committed facilities of €8.0 billion (2023: €8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0 billion (€3.7 billion) and €4.1 billion and which mature in 2028 and 2029 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 39 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 ​ ​ Maturity profile 1 ​ Bank loans €m ​ Bonds €m ​ Lease liabilities €m ​ Other2 €m ​ Total borrowings €m ​ other financial liabilities3 €m ​ Total €m Within one year 365 2,871 2,603 4,747 10,586 10,891 ​ 21,477 In one to two years 140 5,860 1,984 247 8,231 128 ​ 8,359 In two to three years 27 5,608 1,599 245 7,479 – ​ 7,479 In three to four years 91 2,310 1,461 226 4,088 – ​ 4,088 In four to five years 161 3,437 1,129 422 5,149 – ​ 5,149 In more than five years 72 40,826 2,366 277 43,541 – ​ 43,541 ​ 856 60,912 11,142 6,164 79,074 11,019 ​ 90,093 Effect of discount/financing rates (89) (20,169) (1,470) (359) (22,087) (7) ​ (22,094) 31 March 2024 767 40,743 9,672 5,805 56,987 11,012 ​ 67,999 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 ​ 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. Where there is a choice of contractual cash flow dates, principally on 'hybrid bonds', the expected settlement date is used. 2 Includes spectrum licence payables with maturity profile €153 million (2023: €196 million) within one year, €187 million (2023: €170 million) in one to two years, €187 million (2023: €199 million) in two to three years, €187 million (2023: €199 million) in three to four years, €187 million (2023: €199 million) in four to five years and €276 million (2023: €587 million) in more than five years. Also includes €2,628 million (2023: €4,886 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ Payable 1 ​ Receivable 1 ​ Total ​ Payable 1 ​ Receivable 1 ​ Total ​ €m €m €m €m €m €m Within one year ​ (7,181) ​ 7,886 ​ 705 ​ (17,845) ​ 18,527 ​ 682 In one to two years ​ (4,984) ​ 5,466 ​ 482 ​ (3,534) ​ 4,055 ​ 521 In two to three years ​ (5,496) ​ 5,910 ​ 414 ​ (4,028) ​ 4,441 ​ 413 In three to four years ​ (2,457) ​ 2,909 ​ 452 ​ (2,186) ​ 2,567 ​ 381 In four to five years ​ (3,451) ​ 4,020 ​ 569 ​ (2,265) ​ 2,681 ​ 416 In more than five years ​ (40,415) ​ 46,561 ​ 6,146 ​ (38,494) ​ 44,586 ​ 6,092 ​ ​ (63,984) ​ 72,752 ​ 8,768 ​ (68,352) ​ 76,857 ​ 8,505 Effect of discount/financing rates ​ ​ ​ (6,066) ​ ​ ​ (3,803) Financial derivative net receivable ​ ​ ​ 2,702 ​ ​ ​ 4,702 ​ Note: 1 Payables and receivables are stated separately in the table above where 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 2024 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury policy. For each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2024 there would be an increase in profit before tax by €13 million (2023: €27 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 2024, 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 2024 6% of net debt was denominated in currencies other than euro (4% South African rand and 2% other). This allows South African rand to be serviced in proportion to expected future cash flows and therefore provides a partial economic hedge against income statement translation exposure. 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 2024 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 10% (2023: 12%) would result in a decrease in equity of €154 million (2023: €267million) 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 €73 million (2023: €204 million) against a strengthening of US dollar by 3% (2023: 5%). ​ 22. Capital and financial risk management (continued) The Group income statement is exposed to foreign exchange risk from both the generation of profits and losses in currencies other than euro and from the translation of balance sheet items not held in functional currency. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ €m €m Increase/ (decrease) in Profit before taxation ​ ​ ​ ​ EGP 43% change (2023: 27%) 191 116 TRY 54% change (2023: 43%) ​ 104 ​ 33 ZAR 10% change (2023: 12%) ​ 60 ​ 87 GBP 2% change (2023: 3%) (50) (46) ​ Equity risk As noted on page 201, the Group has an embedded derivative option with valuation inputs that include the quoted share prices for Indus Towers and Vodafone Idea. The Group’s sensitivity to a 40% increase 12month There is no material equity risk relating to the Group’s equity investments which are detailed in note 13 ‘Other investments’. 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. 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 relationship as at 31 March. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ Opening ​ (Gain)/ ​ Gain/(Loss) ​ Closing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ balance ​ Loss ​ recycled to ​ balance ​ ​ ​ ​ ​ Euro ​ ​ Nominal ​ value ​ value ​ 1 April ​ deferred to ​ financing ​ 31 March ​ ​ ​ ​ ​ interest At 31 March 2024 amounts €m assets €m liabilities €m 2023 €m OCI €m costs €m 2024 1 €m Maturity year FX rate rate % Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps: - US dollar bonds 16,756 2,689 188 (2,709) 1,775 124 (810) 2039 1.18 3.29 - Australian dollar bonds 288 – 2 (21) 14 (6) (13) 2027 1.56 1.57 - Swiss franc bonds 624 80 – (3) (22) 15 (10) 2026 1.08 1.57 - Pound sterling bonds 4,771 45 362 (37) 244 126 333 2043 0.86 4.05 - Hong Kong dollar bonds 233 20 – (5) 2 3 – 2028 9.08 1.92 - Japanese yen bonds 78 – 11 (12) 15 (9) (6) 2037 128.53 2.47 - Norwegian krona bonds 241 – 47 (12) 13 (6) (5) 2026 9.15 1.12 - Foreign exchange forwards 3 ​ 287 ​ – ​ 42 ​ (34) ​ (15) ​ 7 ​ (42) ​ 2024 ​ 29.88 ​ – Cash flow hedges - foreign currency and interest rate risk 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross currency swaps - US dollar bonds – – – (11) 11 – – – – – Net investment hedge - foreign exchange risk 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross currency and foreign exchange swaps - South African rand investment 1,505 176 – 952 (54) – ​ 898 2026 17.81 2.19 ​ 24,783 3,010 652 (1,892) 1,983 254 345 ​ ​ ​ ​ ​ ​ ​ ​ 22. Capital and financial risk man

Directors and key management co

Directors and key management compensation	12 Months Ended
	Mar. 31, 2024
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Short-term remuneration 8 6 7 Long-term incentive schemes 1 1 3 2 ​ 9 9 9 ​ Note: 1 Relates to share-based payments. No Directors serving during the year exercised share options in the year ended 31 March 2024 (2023: None; 2022: None). Key management compensation Aggregate compensation for key management, being the Directors and members of the Executive Committee, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Short-term employee benefits 27 25 28 Share-based payments 7 12 8 ​ 34 37 36 ​

Employees

Employees	12 Months Ended
	Mar. 31, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 Re-presented 1 ​ ​ 2024 2023 2022 ​ ​ Employees ​ Employees ​ Employees By activity Operations 15,707 15,808 15,404 Selling and distribution 22,928 24,676 25,499 Customer care and administration 57,647 57,619 56,038 ​ 96,282 98,103 96,941 By segment ​ ​ ​ Germany 15,115 15,242 15,256 UK 9,640 9,312 9,198 Other Europe 11,441 14,189 15,106 Africa 13,578 13,633 13,556 Turkey 2 3,126 3,688 3,753 Vantage Towers – 753 502 Common Functions 34,273 31,561 29,611 ​ ​ 87,173 ​ 88,378 ​ 86,982 Discontinued operations 9,109 9,725 9,959 Total 96,282 98,103 96,941 ​ The cost incurred in respect of these employees (including Directors) was: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Wages and salaries 4,674 4,384 3,923 Social security costs 497 468 449 Other pension costs (note 25 'Post employment benefits') 217 212 138 Share-based payments (note 26 'Shared-based payments') 110 128 110 ​ 5,498 5,192 4,620 Discontinued operations 748 650 714 Total 6,246 5,842 5,334 ​ ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 This segment was previously named Other Markets and the comparative period includes the results of Vodafone Ghana which, as previously reported, was sold in February 2023. Other Markets has been re-named to Turkey because this segment comprised only Vodafone Turkey in the year ended 31 March 2024.

Post employment benefits

Post employment benefits	12 Months Ended
	Mar. 31, 2024
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 2024 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 1 1 1 Income statement expense/(income) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Defined contribution plans 183 175 167 Defined benefit plans 34 37 (29) Total amount charged to income statement (note 24) 217 212 138 ​ Note: 1 The defined contribution plan results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations, decreasing both the previously disclosed defined contribution plans’ expense and the total amount charged to the income statement by €32 million and €30 million respectively. The results of the defined benefit plans have not been re-presented as such impacts are immaterial. See note 7 ‘Discontinued operations and assets held for sale’ for more information. ​ ​ 25. Post employment benefits (continued) 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 (€290 million) on the funding basis, comprising of a £97 million (€113 million) surplus for the Vodafone Section and a £151 million (€177 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 'Employee Benefits' 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 €29 million will be paid into the Group’s defined benefit plans during the year ending 31 March 2025. 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) The key risks in relation to the Vodafone UK plan are set out below, alongside a summary of the steps taken to mitigate each risk. Risk description Mitigation Investment strategy risk Underperformance of the investment strategy relative to the changes in the Vodafone UK Plan's liabilities, which are sensitive to interest rates and inflation, potentially leading to shortfalls in meeting pension obligations. The plan adopts a liability driven investment framework, by investing in assets that aim to match the characteristics of the Vodafone UK Plan's liabilities. This can help to hedge the risk of future changes in interest rate and inflation and also reduce balance sheet volatility. Longevity risk Pensions paid by the Vodafone UK Plan are guaranteed for life, and, therefore, if members are expected to live longer, the liabilities increase. The Vodafone UK Plan's funding targets include a margin for prudence to reflect uncertainty in future life expectancy. Both sections of the Vodafone UK Plan have pensioner annuity policies which help reduce exposure to changes in longevity. Longevity risk is also monitored by the trustees on a regular basis through its risk management framework. Regulatory risk Changes in pension regulations and accounting standards can impact the Group's pension obligations and reporting requirements. There is open communication with the trustees and advisors of the Vodafone UK Plan to understand the impact of any changes in regulation and to proactively address potential resulting risks. ​ Actuarial assumptions The Group’s plan liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ % ​ % ​ % Weighted average actuarial assumptions used at 31 March 1 Rate of inflation 2 2.9 3.0 3.3 Rate of increase in salaries 3 3.0 3.0 3.1 Discount rate 4.5 4.5 2.5 ​ Notes: 1 Figures shown represent a weighted average assumption of the individual plans. The current year weighted averages do not include Vodafone Italy’s defined benefit plan assumptions. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 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. Life expectancies assumed for the UK plans are 22.6/24.3 years (2023: 22.8/24.7 years) for a male/female pensioner currently aged 65 years and 23.6/25.4 years (2023: 23.7/25.5 years) from age 65 for a male/female non-pensioner member currently aged 40. ​ 25. Post employment benefits (continued) Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the assumptions stated above are shown in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Current service cost 42 44 38 Net past service credit 1 – – (71) Net interest (income)/charge (8) (7) 4 Total net cost/(credit) included within staff costs 34 37 (29) Actuarial losses/(gains) recognised in the SOCI 77 213 (627) ​ Notes: 1 In the year ended 31 March 2022, 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 and further net past service credits were recognised 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 2024 is 15 years (2023: 16 years). Fair value of the assets and present value of the liabilities of the plans The amount included in the consolidated statement of financial position arising from the Group’s obligations in respect of its defined benefit plans is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities Net surplus ​ ​ €m ​ €m ​ €m 1 April 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 Service cost – (42) (42) Interest income/(cost) ​ 223 ​ (215) ​ 8 Return on plan assets excluding interest income (102) – (102) Actuarial gains arising from changes in demographic assumptions – 72 72 Actuarial gains arising from changes in financial assumptions ​ – ​ 30 ​ 30 Actuarial losses arising from experience adjustments – (77) (77) Employer cash contributions ​ 41 ​ – ​ 41 Member cash contributions 15 (15) – Benefits paid (173) 173 – Exchange rate movements 104 (73) 31 Liabilities held for sale – 51 51 Other movements (7) – (7) 31 March 2024 5,148 (5,072) 76 ​ 25. Post employment benefits (continued) The table below provides an analysis of the net surplus for the Group as a whole. ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Analysis of net surplus: Total fair value of plan assets 5,148 5,047 Present value of funded plan liabilities (5,017) (4,875) Net surplus for funded plans 131 172 Present value of unfunded plan liabilities (55) (101) Net surplus 76 71 Net surplus is analysed as: ​ ​ Assets 1 257 329 Liabilities (181) (258) ​ Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. An analysis of net surplus 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 ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m ​ ​ €m ​ €m Analysis of net surplus: ​ ​ Total fair value of plan assets 1,781 ​ 1,845 1,983 1,958 Present value of plan liabilities (1,676) ​ (1,657) (1,924) (1,900) Net surplus 1 105 ​ 188 59 58 ​ Note: 1 All net surpluses are reported as non-current assets in the consolidated statement of financial position. ​ F air value of plan assets ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash and cash equivalents 52 27 Equity investments: ​ ​ With quoted prices in an active market 261 140 Without quoted prices in an active market 293 322 Debt instruments: ​ ​ With quoted prices in an active market 928 588 Without quoted prices in an active market 944 288 Property: ​ ​ With quoted prices in an active market 16 17 Without quoted prices in an active market 374 438 Derivatives: 1 ​ ​ Without quoted prices in an active market 1,040 1,791 Investment fund 580 782 Annuity policies ​ ​ ​ ​ With quoted prices in an active market – 25 Without quoted prices ​ 660 ​ 629 Total 5,148 5,047 ​ 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. ​ 25. Post employment benefits (continued) 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 €580 million at 31 March 2024 (2023: €782 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 2024 was a gain of €121 million (2023: €2,290 million loss). 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 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (232) 250 (2) 3 362 (321) (122) 122 ​ 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, 2024
Share-based payments
Share-based payments	26. Share-based payments The Group has a number of share plans used to award shares to Executive Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. Accounting policies The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is a calculation of the closing price of the Company’s shares on the day prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: ​ – 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and – 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis. ​ Share options Vodafone Sharesave Plan Under the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up to £375 over a three 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 26. Share-based payments (continued) Movements in outstanding ordinary share options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary share options ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Millions ​ Millions ​ Millions 1 April ​ 62 ​ 61 ​ 62 Granted during the year ​ 63 ​ 50 ​ 20 Forfeited during the year ​ (1) ​ (2) ​ (2) Exercised during the year ​ – ​ (8) ​ (1) Expired during the year ​ (54) ​ (39) ​ (18) 31 March ​ 70 ​ 62 ​ 61 Weighted average exercise price: ​ ​ ​ ​ ​ 1 April ​ ​ £0.87 ​ ​ £1.02 ​ ​ £1.07 Granted during the year ​ ​ £0.58 ​ ​ £0.83 ​ ​ £0.95 Forfeited during the year ​ ​ £0.81 ​ ​ £1.02 ​ ​ £1.06 Exercised during the year ​ ​ £1.06 ​ ​ £1.05 ​ ​ £1.17 Expired during the year ​ ​ £0.82 ​ ​ £1.01 ​ ​ £1.10 31 March ​ ​ £0.66 ​ ​ £0.87 ​ ​ £1.02 ​ Summary of options outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2024 31 March 2023 ​ ​ ​ ​ ​ ​ ​ 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: ​ ​ £0.58 – £1.57 ​ 70 ​ ​ £0.66 31 62 £0.87 33 ​ Share awards Movements in non-vested shares are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ ​ ​ 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 261 ​ ​ £1.14 270 ​ ​ £1.07 267 ​ ​ £1.20 Granted 177 ​ ​ £0.72 120 ​ ​ £1.17 113 ​ ​ £1.17 Vested (76) ​ ​ £1.17 (70) ​ ​ £1.15 (68) ​ ​ £1.44 Forfeited (45) ​ ​ £0.99 (59) ​ ​ £0.89 (42) ​ ​ £1.52 31 March 317 ​ ​ £0.92 261 ​ ​ £1.14 270 ​ ​ £1.07 ​ Other information The total fair value of shares vested during the year ended 31 March 2024 was £89 million (2023: £81 million; 2022: £98 million). The compensation cost included in the consolidated income statement in respect of share options and share plans was €125 million (2023: €141 million; 2022: €119 million) which is comprised principally of equity-settled transactions. The average share price for the year ended 31 March 2024 was 74.7 pence (2023: 108.2 pence; 2022: 122.1 pence).

Acquisitions and disposals

Acquisitions and disposals	12 Months Ended
	Mar. 31, 2024
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 been recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal. 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: ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ €m €m Cash consideration (paid) Vantage Towers ​ – ​ (667) Other (16) (25) ​ (16) (692) ​ Vantage Towers In the comparative period on 13 November 2022, the Group completed the purchase of 4.2% of Vantage Towers A.G. for cash consideration of € 667 million which took its shareholding to 85.8% . Disposals The aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash consideration (paid)/received ​ ​ ​ ​ Vodafone Hungary ​ (4) ​ 1,606 Vantage Towers ​ – ​ 5,592 Other disposals during the period ​ – ​ 2 Net cash disposed ​ (63) ​ (224) ​ ​ (67) ​ 6,976 ​ ​ 27. Acquisitions and disposals (continued) M-Pesa Holdings 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 cash of €63 million, together with 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. ​ Vodafone Hungary In the comparative period 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) ​ Notes: 1 Included in other income in the consolidated income statement in the year ended 31 March 2023. ​ 27. Acquisitions and disposals (continued) Vantage Towers In the comparative period 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 initially retained 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 in the year ended 31 March 2023. 2 €8,729 million included in other income and €122 million included in discontinued operations in the consolidated income statement in the year ended 31 March 2023 . Vodafone Ghana In the comparative period 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 was recorded within other income and expense in the consolidated income statement. Other matters Vodafone Egypt In the comparative period on 13 December 2022, the Group announced it had completed the transfer of its 55% shareholding in Vodafone Egypt to its subsidiary, Vodacom Group Limited (‘Vodacom’). 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, 2024
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. ​ ​ ​ ​ ​ ​ ​ Group ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Contracts placed for future capital expenditure not provided in the financial statements 1,2 2,442 3,507 ​ Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. 2 Includes €423 million (2023: €469 million) in respect of Vodafone Italy and Vodafone Spain, which are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. Leases entered into by the Group but not commenced at 31 March 2024 are disclosed in note 20 ‘Leases’. Included in capital commitments is an amount of € nil (2023: € 114 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 Beteiligungs 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. During the year ended 31 March 2024, the Group provided €32 million of capital contributions to OXG. The remaining funding commitment of €918 million is expected to be contributed between 2024 and 2029. The amount and timing of the funding depends on the speed and size of the fibre deployment. 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, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ €m €m Performance and payment bonds 1 1,399 1,307 ​ 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. ​ 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 IAS 19 accounting basis or the funding basis per the triennial actuarial valuation 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. As at 31 March 2024 the Vodafone UK plan retains security over €117 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 €1.46 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 €1.46 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 €117 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 maximum potential exposure under this mechanism is capped at INR 64 billion (€713 million). The final liability calculation date under the CLAM is 30 June 2025 and no further cash payments are considered probable from the Group as at 31 March 2024. The carrying value of the Group’s investment in VIL is €nil and the Group is recording no further share of losses in respect of VIL. The Group’s potential exposure to liabilities within VIL is capped by the mechanism described above; consequently, contingent liabilities arising from litigation in India concerning the operations of Vodafone India are not reported. Indus Towers 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 remaining element of the security package is a secondary pledge over shares owned by Vodafone Group in Indus Towers, ranking behind Vodafone’s existing lenders for the outstanding bank borrowings of €1.7 billion as at 31 March 2024 secured against Indian assets (‘the bank borrowings’), with a maximum liability cap of INR 42.5 billion (€472 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. 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. ​ 29. Contingent liabilities and legal proceedings (continued) Tax cases VISPL tax claims Vodafone India Services Private Limited (‘VISPL’) is involved in a number of tax cases. The total value of the claims is approximately €468 million plus interest, and penalties of up to 300% of the principal. Of the individual tax claims, the most significant is for approximately €238 million (plus interest of €672 million), which VISPL has been assessed as owing in respect of: (i) the sale of an international call centre by VISPL to Hutchison Telecommunications International Limited group (‘HTIL’); and (ii) the acquisition of and/or the alleged transfer of options held by VISPL in Vodafone India Limited. Item (i) is subject to an indemnity by HTIL. Item (ii), which forms the largest part of the potential claim, is not subject to any indemnity. A stay of the tax demand was obtained following a deposit of INR 2,000 million (€22 million) being paid, and a corporate guarantee being provided by Vodafone International Holdings BV (‘VIHBV’) for the balance of tax assessed. 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. A claim in respect of the transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with Vodafone for HTIL assets in India has now been settled. While there is some uncertainty as to the outcome of the remaining 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’) 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 appeal hearing date is not yet known but is expected to be before the end of 2024. The Group continues to believe it has robust defences but has recorded a provision of €24 million for tax and interest, reflecting the Group’s current view of the probable financial outflow required to fully resolve the issue and has reduced the guarantee to the same value. 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 filed a further appeal before the Federal Court of Justice which was dismissed in April 2024. Germany: price increase class action In November 2023, the Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations) initiated a class action against Vodafone Germany in the Hamm Higher Regional Court. Vodafone Germany implemented price increases of €5 per month for fixed lines services in 2023 in response to higher costs. The claim alleges that terms regarding price increases in the consumer contracts entered into by Vodafone Germany’s customers up until August 2023 are invalid under German civil law and seeks reimbursement of the additional charges plus interest. Customers must enter their details onto the register of collective actions on the Federal Office of Justice website in order to participate in the claim. The register opened on 23 April 2024. Whilst the Group intends to defend the claim, it is not able to determine the likelihood or estimate the amount of any possible financial loss at this early stage of the proceedings. ​ 29. Contingent liabilities and legal proceedings (continued) Germany: claims regarding transfer of data to credit agencies Individual consumers are bringing claims against Vodafone Germany and/or the other national network operators alleging that information was passed to credit agencies up to February 2024 about contracts for mobile services without consumer consent. The claims seek damages of up to €5,000 per contract for GDPR (General Data Protection Regulation) infringement. As at 31 March 2024, Vodafone Germany had been notified of 316 claims filed in various regional courts. The other national network operators are facing similar claims. The Group’s position is that the transfer of data about the existence of a consumer contract (and not about payments in relation to the contract) to credit agencies is standard practice and justified for the purposes of fraud prevention. However, given the increasing volume of claims, Vodafone Germany has stopped this activity. Although the outcome of these claims is uncertain and consequently it is not possible to estimate a potential financial loss, if any, at this stage, the Group believes it has valid defences and that no present obligation exists based on all available evidence. Germany: investigation by federal data protection authority In 2021, the BfDI (Federal Commissioner for Data Protection and Freedom of Information) started an investigation into potential breaches of the GDPR in relation to the systems used by Vodafone Germany’s sales partners to manage customer data. Vodafone Germany is working cooperatively with the authority to discuss the circumstances giving rise to these issues and is currently conducting settlement talks with the aim of reaching a constructive resolution of the proceedings. Under the GDPR the authority has the power to impose fines of up to 2% of the Group’s annual revenue from the preceding financial year. A provision immaterial to the financial statements has been recorded. 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 customer 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. Iliad filed an appeal before the Court of Appeal of Milan in June 2023. The appeal process is ongoing. 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 Greece, including one also citing Vodafone Group Plc and certain Directors and officers of Vodafone as defendants, were either withdrawn or left dormant. 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 and the Court dismissed both of the appeals because the stamp duty payments had again not been made, except for one aspect of the proceedings which will be dealt with at a further hearing in February 2025. Whether the Papistas claimants will appeal the judgement is unknown as at the date of this report. Vodafone is 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. ​ 29. Contingent liabilities and legal proceedings (continued) UK: Phones 4U in Administration v Vodafone Limited,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 withdraw 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, consistent with Vodafone’s previously stated position that a present obligation does not exist. Phones 4U has been granted permission to appeal the judgement from the Court of Appeal. The appeal hearing will take place in May 2025. The Group intends to vigorously defend the appeal and is not able to estimate any possible loss in the event of an adverse judgement on appeal. South Africa: Kenneth Makate v Vodacom (Pty) Limited Mr Kenneth Makate, a former employee of Vodacom Pty Limited (‘Vodacom South Africa’), started legal proceedings in 2008 claiming compensation for a business idea that led to the development of a service known as ‘Please Call Me’ (‘PCM’). In July 2014, the Gauteng High Court (‘the High Court’) ruled that Mr Makate had proven the existence of a contract, but that Vodacom South Africa was not bound by that contract because the responsible director did not have authority to enter into such an agreement on Vodacom South Africa’s behalf. The High Court and Supreme Court of Appeal (‘the SCA’) turned down Mr Makate’s application for leave to appeal in December 2014 and March 2015, respectively. In April 2016, the Constitutional Court of South Africa (‘the Constitutional Court’) granted leave to appeal and upheld Mr Makate’s appeal. It found that Vodacom South Africa is bound by an agreement and ordered the parties to negotiate, in good faith, and agree a reasonable compensation amount payable to Mr Makate or, in the event of a deadlock, for the matter to be referred to Vodacom Group’s Chief Executive Officer (‘the CEO’) for determination. Mr Makate’s application for the aforementioned order to be varied from the determination of an amount to a compensation model based on a share of revenue, was dismissed by the Constitutional Court. In accordance with the Constitutional Court order, and after negotiations failed, the CEO issued his determination on 9 January 2019. However, the CEO’s award of R47 million (€2 million) was rejected by Mr Makate, who subsequently brought an application in the High Court for judicial review against the CEO’s determination and award. The High Court, in a judgement delivered on 8 February 2022, set aside the CEO’s determination and ordered him to reassess the amount employing a set of criteria which would have resulted in the payment of a higher compensation amount, for the benefit of Mr Makate, than that determined by the CEO. Vodacom South Africa appealed against the judgement and the order of the High Court to the SCA. The SCA heard the appeal on 9 May 2023 and its judgement was handed down on 6 February 2024. A majority of three judges, with a minority of two judges dissenting, dismissed the appeal and ruled that Mr Makate is entitled to be paid 5% - 7.5% of the total revenue of the PCM product from March 2001 to the date of the judgement, plus interest. On 27 February 2024, Vodacom South Africa applied for leave to appeal the judgement and order of the SCA to the Constitutional Court, resulting in the suspension of the operation of the judgement and order of the SCA. Mr Makate is opposing Vodacom South Africa’s application for leave to appeal. Vodacom South Africa is challenging the SCA’s judgement and order on various grounds including, but not limited to the SCA ignoring the evidence placed before it on the computation of the quantum of compensation payable to Mr Makate, and the SCA issuing orders that are legally unenforceable. The CEO’s determination in 2019 amounted to R47 million (€2 million). The minority judgement of the SCA raised Mr Makate’s compensation to approximately R186 million (€9 million), while the SCA majority judgement would entitle Mr Makate to a minimum compensation amount of R29 billion (€1.4 billion). Consequently, the range of the possible compensation outcomes in this matter is very wide. The amount ultimately payable to Mr Makate is uncertain and will depend on the determination of the Constitutional Court to grant Vodacom South Africa’s application for leave to appeal and, if granted, on the success of Vodacom South Africa’s appeal against the judgement and order of the SCA, on the merits of the case. The Group is continuing to challenge the level of compensation payable to Mr Makate and a provision immaterial to the financial statements has been recorded. ​ 29. Contingent liabilities and legal proceedings (continued) UK: Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc In November 2023, Mr Gutmann issued claims in the Competition Appeal Tribunal seeking permission, as a proposed class representative, to bring collective proceedings against the four UK MNOs and their respective parent companies. Vodafone Group Plc and Vodafone Limited are named defendants to one of the claims with an alleged value of £1.4 billion (approximately €1.6 billion), including interest. It is alleged that Vodafone and the other MNOs used their alleged market dominance to overcharge customers after the expiry of the minimum terms of certain mobile contracts (referred to as a ‘loyalty penalty’). Taking into account all available evidence at this stage, the Group’s assessment is that the allegations are without merit and it intends to defend the claim. The Group is currently unable to estimate any possible loss in regards to this issue but, while the outcome is uncertain, the Group believes it is probable that no present obligation exists.

Related undertakings

Related undertakings	12 Months Ended
	Mar. 31, 2024
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 2024 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 100.00 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/vo EvVodaersheds Sutherland Rechtsanwälte GmbH, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria ​ ​ Vodafone Enterprise Austria GmbH 100.00 Quotas 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. 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 ​ ​ ​ 31. Related undertakings (continued) ​ ​ ​ ​ Company name % of share class held Share Class 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 ​ ​ Závišova Real Estate, s.r.o. 100.00 Ordinary shares Denmark ​ ​ c/o Lundgrens Advokatpartnerselskab, 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 35.81 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 Le Belvédère, 1 - 7 cours Valmy, 92800, Puteaux, 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 3 100.00 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany ​ ​ Vodafone Customer Care GmbH 3 99.99 Ordinary shares Vodafone Deutschland GmbH 99.99 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 A, shares, Ordinary B shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone IoT Germany 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 West GmbH 100.00 Ordinary shares Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany ​ ​ KABELCOM Braunschweig Gesellschaft Für Breitbandkabel-Kommunikation Mit Beschränkter Haftung 3 99.99 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 69.99 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany ​ ​ KABELCOM Wolfsburg Gesellschaft für Breitbandkabel-Kommunikation mit beschränkter Haftung 3 99.99 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 ​ ​ Fiber2All S.A. 99.87 Ordinary shares 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 ​ ​ ​ 31. Related undertakings (continued) ​ ​ ​ ​ Company name % of share class held Share Class 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 IoT Italy, S.R.L. 100.00 Quotas 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 The Executive Centre, Level 20, Shin Marunouchi Center Building, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo, 100-0005, 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 ​ ​ 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 ​ ​ 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 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 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 ​ ​ ​ 31. Related undertakings (continued) ​ ​ ​ ​ Company name % of share class held Share Class Mauritius ​ ​ 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius, Mauritius ​ ​ Mobile Wallet VM1 5 65.10 Ordinary shares Mobile Wallet VM2 5 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 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 EMENA B.V 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 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 ​ ​ DABCO Portugal, Lda 80.20 Ordinary shares 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 Quotas shares Vodafone IoT Portugal, 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, Slovakia850 New Burton Rd., Suite 201, Dover, County of Kent, Delaware, 19904, United States ​ ​ 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 Irene Link Building C, Third Floor, 5 Impala Avenue, Doringkloof, Centurion, Gauteng, 0046, South Africa ​ ​ 10T Holdings Proprietary Limited 5 42.31 Ordinary shares IoT.nxt (Pty) Limited 5 42.31 Ordinary shares IoT.nxt Development (Pty) Limited 5 42.31 Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa ​ ​ Infinity Services Partner Company 5 65.10 Ordinary shares Jupicol (Proprietary) Limited 5 45.57 Ordinary shares MAST Services Proprietary Limited 5 65.10 Ordinary shares Mezzanine Ware (RF) Proprietary Limited 5 58.59 Ordinary shares Motifprops 1 (Proprietary) Limited 5 65.10 Ordinary shares Storage Technology Services (Pty) Limited 5 33.20 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 Wheatfields Investments 276 (Proprietary) Limited 5 65.10 Ordinary shares XLink Communications (Proprietary) Limited 5 65.10 Ordinary A shares ​ ​ 31. Related undertakings (continued) ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class 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.U. 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 Paseo de la Alameda de Osuna, 14, Hortaleza, 28042, Madrid, Spain ​ ​ Vodafone IoT Spain, S.L. 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 ​ ​ c/o BDO AG, 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 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 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 Ownership percentage 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 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, United Kingdom ​ ​ Thus Group Holdings Limited 100.00 Ordinary shares Thus Group Limited 100.00 Ordinary shares Thus Profit Sharing Trustees Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Pinnacle Cellular Group Limited 100.00 Ordinary shares 3 More London, Riverside, London, SE1 2AQ, United Kingdom ​ ​ IoT Nxt UK Limited 42.31 Ordinary shares One Kingdom Street, London, W2 6BY, United Kingdom ​ ​ DABCo Limited 80.00 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 (in liquidation) 25.00 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 (in process of dissolution) 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 (in process of dissolution) 100.00 Ordinary shares Navtrak Ltd 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 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 Vodafone 2. 100.00 Ordinary shares Vodafone Automotive UK Limited 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 1 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 1 100.00 Ordinary shares Vodafone Distribution Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Corporate Secretaries Limited 100.00 Ordinary shares Vodafone Enterprise Equipment Limited 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited 100.00 Ordinary shares Vodafone Enterprise U.K. 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Management 100.00 Ordinary 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 International 2 Limited – UK Branch 2 100.00 Branch Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone IoT UK Limited 100.00 Ordinary shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone 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 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 Shared Operations Limited 100.00 Ordinary shares Vodafone Shared Services UK Limited 100.00 Ordinary shares Vodafone UK Foundation 100.00 Sole member Vodafone UK Limited 1 100.00 Ordinary shares Vodafone UK Trading Holdings Limited 100.00 Ordinary shares Vodafone Ventures Limited 1 100.00 Ordinary shares Vodaphone 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 Systems, Inc. 100.00 Common stock shares Vodafone Americas Virginia Inc. 100.00 Common stock shares Vodafone US Inc. 100.00 Common stock shares, Preferred stock shares 1615 Platte Street, Suite 02-115, Denver CO 80202, United States ​ ​ Vodafone Americas Foundation 100.00 Trustee 850 New Burton Rd., Suite 201, Dover, County of Kent, Delaware, 19904, United States ​ ​ Vodafone IoT Incorporated 100.00 Common stock shares ​ ​ ​ 31. Related undertakings (continued) ​ Associated undertakings and joint arrangements ​ ​ ​ ​ Company Name % of share Share Class Australia ​ ​ Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue , Barangaroo NSW 2000, 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

Subsidiaries exempt from audit

Subsidiaries exempt from audit	12 Months Ended
	Mar. 31, 2024
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 2024. ​ Name ​ Registration ​ Name ​ Registration Bluefish Communications Limited ​ 5142610 ​ Vodafone Consolidated Holdings Limited ​ 5754561 ​ Cable & Wireless Aspac Holdings Limited ​ 4705342 ​ Vodafone Corporate Secretaries Limited ​ 2357692 ​ Cable & Wireless CIS Services Limited ​ 2964774 ​ Vodafone Enterprise Corporate Secretaries Limited ​ 2303594 ​ Cable & Wireless Europe Holdings Limited ​ 4659719 ​ Vodafone Enterprise Equipment Limited ​ 1648524 ​ Cable & Wireless UK Holdings Limited ​ 3840888 ​ Vodafone Enterprise Europe (UK) Limited ​ 3137479 ​ Cable & Wireless Worldwide Limited ​ 7029206 ​ Vodafone European Investments ​ 3961908 ​ Cable & Wireless Worldwide Voice Messaging Limited ​ 1981417 ​ Vodafone Finance Management ​ 2139168 ​ Cable & Wireless Nominee Limited ​ 3249884 ​ Vodafone International Operations Limited ​ 2797438 ​ Central Communications Group Limited ​ 4625248 ​ Vodafone Investments Limited ​ 1530514 ​ Energis (Ireland) Limited ​ NI035793 ​ Vodafone IP Licensing Limited ​ 6846238 ​ Energis Communications Limited ​ 2630471 ​ Vodafone Mobile Enterprises Limited ​ 2373469 ​ Energis Squared Limited ​ 3037442 ​ Vodafone Mobile Network Limited ​ 3961482 ​ London Hydraulic Power Company (The) ​ ZC000055 ​ Vodafone Nominees Limited ​ 1172051 ​ MetroHoldings Limited ​ 3511122 ​ Vodafone Oceania Limited ​ 3973427 ​ The Eastern Leasing Company Limited ​ 1672832 ​ Vodafone Overseas Finance Limited ​ 4171115 ​ Thus Group Holdings Limited ​ SC192666 ​ Vodafone Retail (Holdings) Limited ​ 3381659 ​ Thus Group Limited ​ SC226738 ​ Vodafone UK Limited ​ 2227940 ​ Vodafone 2. ​ 4083193 ​ Vodaphone Limited ​ 3961390 ​ ​ ​ ​ ​ Your Communications Group Limited ​ 4171876 ​ ​

Subsequent events

Subsequent events	12 Months Ended
	Mar. 31, 2024
Subsequent events
Subsequent events	33. Subsequent events Disposal of Vodafone Spain On 31 May 2024, the Group announced it had completed the sale of Vodafone Holdings Europe, S.L.U. (‘Vodafone Spain’) to Zegona Communications plc (‘Zegona’) for €4.1 billion in cash (subject to closing accounts adjustments) and €0.9 billion in the form of Redeemable Preference Shares. The gain / loss on disposal is yet to be determined, being dependent on the finalisation of the completion date balance sheet of Vodafone Spain and on resulting working capital adjustments to the consideration receivable by the Group. Share buybacks On 14 May 2024, the Group announced that it would commence an initial €500 million share buyback programme, starting on 15 May 2024, as part of plans to return €2.0 billion over 12 months.

Basis of preparation (Policies)

Basis of preparation (Policies)	12 Months Ended
	Mar. 31, 2024
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 and its associate’s reporting in Ethiopian birr (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).
Hyperinflationary economies	Hyperinflationary economies The Turkish and Ethiopian economies were designated as hyperinflationary from 30 June 2022 and 31 December 2022, respectively. The Group has applied IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ to its Turkish and Ethiopian operations whose functional currencies are Turkish lira and Ethiopian birr from 1 April 2022. In applying IAS 29, the Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for relevant financial years have been revalued to their present value equivalent local currency amounts at the reporting date, based on the consumer price indexes issued by the Turkish Statistical Institute and the Central Statistics Agency of Ethiopia respectively. Comparative periods are not restated per IAS 21 ‘The Effects of Changes in Foreign Exchange rates’. The respective indices have risen by 68.5% and 26.2% (2023: 50.5% and 31.3 )% during this financial year. The revalued balances are translated to euros at the reporting date exchange rate of €1: For the Group’s operations in Turkey: – The gain or loss on the revaluation of 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 equity revaluation effects and the impact of currency movements within other comprehensive income as such amounts are judged to meet the definition of ‘exchange differences’. For Safaricom’s operations in Ethiopia, the impacts are reflected as an increase to Investments in associates and joint ventures in the Consolidated statement of financial position and an increase to Share of results of equity accounted associates and joint ventures recognised in the Consolidated income statement. The main impacts of the aforementioned adjustments for the Group’s Turkish and Ethiopian operations on the consolidated financial statements are shown below. ​ ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ Increase/(decrease) ​ ​ 2024 ​ 2023 ​ €m €m Impact on the consolidated income statement for the years ended 31 March ​ ​ ​ ​ Revenue 111 85 Operating profit 1 66 (87) Profit for the financial year 1 (169) (123) ​ ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ Increase/(decrease) ​ ​ 31 March 2024 ​ 31 March 2023 ​ €m €m Impact on the consolidated statement of financial position at 31 March ​ ​ ​ ​ Net assets 981 814 Equity attributable to owners of the parent 913 777 Non-controlling interests 68 37 ​ Note: 1 In addition, it is expected that Egypt will meet the requirements to be designated as a hyperinflationary economy under IAS 29 before 31 December 2024. If the Egyptian economy is designed as hyperinflationary, the Group’s financial reporting relating to its operations in Egypt during the year ending 31 March 2025 will be in accordance with IAS 29 applying the Group’s policy detailed above.
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 and Safaricom’s Ethiopian birr 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 loss recognised in the consolidated income statement for the year ended 31 March 2024 is €272 million (31 March 2023: €111 million gain; 2022: €309 million loss). The net gains and net losses are recorded within operating profit (2024: €110 million charge; 2023: €247 million credit; 2022: €24 million charge), financing costs (2024: €173 million charge; 2023: €135 million charge; 2022: €284 million charge) and income tax expense (2024: €11 million credit; 2023: €1 million charge; 2022: €1 million charge). 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 1 April 2023 The Group adopted the following new accounting policies on 1 April 2023 to comply with new standards issued and amendments to IFRS: – IFRS 17 ‘Insurance Contracts’; – Amendments to IAS 1 ‘Disclosure of Accounting Policies’; – Amendment to IAS 8 ‘Definition of Accounting Estimates’; – Amendment to IAS 12 ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’; and – Amendment to IAS 12 ‘International Tax Reform - Pillar Two Model Rules’. The amendments to IAS 1, IAS 8 and IAS 12 do not have a material impact on the Group’s financial reporting on adoption. The impact of the adoption of IFRS 17 and of the IAS 12 Pillar Two Model Rules is addressed below. 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 (refer to note 25 ‘Post employment benefits’). The adoption of IFRS 17 did not have a material impact on prior period equity. The adoption of IFRS 17 results in separate insurance and reinsurance liability line items being presented within the Trade and other payables disclosure note to the consolidated financial statements, with corresponding reductions in the Trade payables and Other payables line items (see note 15 ‘Trade and other payables’). The reclassification as at 31 March 2023 amounts to €257 million and €63 million within the Non-current and Current Trade and other payables notes, respectively. The Non-current and Current Insurance and reinsurance liability amounts included within Trade and other payables at 31 March 2024 are €254 million and €48 million, respectively. The adoption has not resulted in any material adjustments to any other balances or primary statements including equity or to the consolidated income statement. Amendments to IAS 12 ‘International Tax Reform - Pillar Two Model Rules’ On 23 May 2023, the IASB issued amendments to IAS 12 ‘Income Taxes’ to provide a mandatory temporary exception to the accounting for deferred taxes arising in relation to International Tax Reform (the ‘Pillar Two’ rules) and to require additional disclosures regarding the impact of the Pillar Two regulations. The amendments to IAS 12 have been adopted by the Group for the purposes of reporting at 31 March 2024, with additional disclosure also required in the year commencing 1 April 2024. The Group has applied the mandatory temporary exception and therefore has not recognised or disclosed deferred tax assets or liabilities relating to Pillar Two regulations within the consolidated financial statements for the year ended 31 March 2024. The introduction of Pillar Two regulations is not expected to result in any material future impact on the Group’s current tax expense. See note 6 ‘Taxation’ for further details. 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. These amendments have been endorsed by the UK Endorsement Board. – Amendments to IAS 1 ‘Classification of Liabilities as Current or Non-current’ and ‘Non-current Liabilities with Covenants’; – Amendments to IFRS 16 ‘Lease Liability in a Sale and Leaseback’; and – Amendments to IAS 7 and IFRS 7 ‘Supplier Finance Arrangements’. The impact of adopting the above two amendments to IAS 1 ‘Presentation of Financial Statements’ is discussed below. No impact is expected from the adoption of the amendments to IFRS 16. The Group will provide additional disclosures in future Annual Reports in respect of supplier arrangements as a result of the option of the amendments to IAS 7 and IFRS 7. Amendments to IAS 1 ‘Presentation of Financial Statements’ The Group classifies balances relating to certain bonds as current liabilities if it is the Group’s intention to exercise options to redeem them within 12 months of the reporting date. Following the adoption of the IAS 1 amendments on 1 April 2024, bonds that are repayable in more than 12 months will be classified as Non-current liabilities regardless of any intention to redeem the bonds early. The impact of adopting the amendments on the consolidated statement of financial position at 31 March 2024 is a €931 million (31 March 2023: €2,013 million ; 1 April 2022 : € nil ) reduction to the value of bonds presented within Current borrowings which will be re-presented as bonds within Non-current borrowings. The Group’s financial reporting will be presented in accordance with these standards from 1 April 2024 as applicable. New accounting pronouncements to be adopted on or after 1 April 2025 The following new standards and amendments have been issued by the IASB but have not yet been endorsed by the UK Endorsement Board. – IFRS 18 ‘Presentation and Disclosure in Financial Statements’; and – Amendments to IAS 21‘Lack of Exchangeability’. IFRS 18 is effective for annual periods beginning on or after 1 January 2027 whilst the amendments to IAS 21 is effective for annual periods beginning on or after 1 January 2025. ​ The Group is assessing the impact of these new standards and amendments and the Group’s financial reporting will be presented in accordance with these standards from 1 April 2025 or subsequently 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. The Group’s digital services and Internet of Things (‘IoT’) customer offers typically include separate obligations for communications services, as well as equipment and software or software as a service (‘SaaS’). 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, fixed line broadband, other communications services and SaaS, 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. 2. Revenue disaggregation and segmental analysis (continued) 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. Once the amount receivable becomes conditional only on the passage of time, the contract asset becomes a trade receivable (see note 14 ‘Trade and other receivables’). If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a contract liability is recognised. When contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other equipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is deemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk.
Contract-related costs	Contract-related costs When costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised in 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. On 1 April 2023, the Group revised its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment, following the transfer of Vodafone Egypt to the Vodacom group in December 2022. Consequently, the Vodacom segment has been re-named to ‘Africa’ and the Other Markets segment has been re-named to ‘Turkey’ because this segment comprised only Vodafone Turkey during the year ended 31 March 2024. In October 2023 and March 2024, the Group announced the planned disposals of Vodafone Spain and Vodafone Italy, respectively. Consequently, Vodafone Spain and Vodafone Italy have been classified as discontinued operations and are therefore no longer reporting segments of the Group. On 31 May 2024, the Group announced it had completed the sale of Vodafone Spain. See note 33 ‘Subsequent events’. 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) The operating segments for Germany, UK and Africa 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 until the date of its disposal 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 Turkey 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 its disposal on 31 January 2023), Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, whilst the Turkey segment (comprising Turkey and Ghana until its disposal on 21 February 2023) sits outside the European Union and has different economic and regulatory environment characteristics. 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 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 11,019 12,424 12,693 Restructuring costs ​ (703) ​ (538) ​ (213) Interest on lease liabilities 440 355 320 Loss on disposal of property, plant and equipment and intangible assets (34) (41) (37) Depreciation and amortisation on owned assets (7,397) (7,520) (7,656) Share of results of equity accounted associates and joint ventures (96) 433 389 Impairment reversal/(loss) 2 64 (64) – Other income 372 9,402 244 Operating profit 3,665 14,451 5,740 Investment income ​ 581 ​ 232 ​ 251 Finance costs ​ (2,626) ​ (1,609) ​ (1,842) Profit before taxation ​ 1,620 ​ 13,074 ​ 4,149 ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The impairment reversal/(loss) for the years ended 31 March 2024 and 31 March 2023 relates to Indus Towers. See overleaf and note 4 ‘Impairment losses’.
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 to sell 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 Consolidated 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 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 consolidated 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, if applicable, classifies tax penalties as part of the income tax expense if the penalties are based on profits. 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. 6. Taxation (continued) Such assets and liabilities are not recognised if the temporary difference, or net temporary difference in a transaction that gives rise to both taxable and deductible temporary differences, arising 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 of the recognised asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the periods when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity.
Discontinued operations and assets held for sale	The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (‘assets’) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. 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 Consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the Consolidated financial statements include amounts for continuing operations, unless indicated otherwise. Transactions between the Group's continuing and discontinued operations are eliminated in full in the Consolidated income statement. To the extent that the Group considers that the commercial relationships with discontinued operations will continue post-disposal, transactions are reflected within continuing operations with an opposite charge or credit reflected within the results of discontinued operations resulting in a net nil impact on the Group’s Profit for the financial year for the years presented.
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 consolidated 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 consolidated 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 consolidated income statement on a straight-line basis over the estimated useful lives from the commencement of related network services. 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 consolidated 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 consolidated 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 consolidated 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 'Basis of preparation' for details). The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the consolidated 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 consolidated 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. 12. Investments in associates and joint arrangements (continued) Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above.
Other investments	Other investments comprising debt and equity instruments are recognised and derecognised on settlement date 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 Comprises 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. ​ 20. Leases (continued) 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 unless the right-of-use asset is reduced to zero in which case the remaining amount of the remeasurement is recognised in profit or loss. Lease modifications that increase the scope of a lease by adding the right to use one or more underlying assets in return for consideration commensurate with the stand-alone price for the additional lease components are treated as separate leases. If a lease modification decreases the scope of the lease, the Group remeasures both the right-of-use asset and the lease liability and recognises any gain or loss in profit or loss. Other lease modifications result in a remeasurement of the lease liability with an adjustment to the right-of-use asset. Remeasured lease liabilities are discounted at the modification date using a current discount rate. 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 sublease are accounted for separately and the lease classification of a sublease 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 any 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. ​ 20. Leases (continued) The Group’s cash outflow for leases in the year ended 31 March 2024 was €3,567 million (2023 re-presented 1 1 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 the year ended 31 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 retained 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 in the year ended 31 March 2023 as a result of the disposal of Vantage Towers; €680 million of this gain, reflecting the gain on the proportion of sold towers retained through the leaseback, was recorded in the year ended 31 March 2023 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. ​
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. 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 been 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.

Basis of preparation (Tables)

Basis of preparation (Tables)	12 Months Ended
	Mar. 31, 2024
Basis of preparation
Schedule of impact on consolidated financial statements due to hyperinflation	​ ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ Increase/(decrease) ​ ​ 2024 ​ 2023 ​ €m €m Impact on the consolidated income statement for the years ended 31 March ​ ​ ​ ​ Revenue 111 85 Operating profit 1 66 (87) Profit for the financial year 1 (169) (123) ​ ​ ​ ​ ​ ​ ​ ​ Increase/(decrease) ​ Increase/(decrease) ​ ​ 31 March 2024 ​ 31 March 2023 ​ €m €m Impact on the consolidated statement of financial position at 31 March ​ ​ ​ ​ Net assets 981 814 Equity attributable to owners of the parent 913 777 Non-controlling interests 68 37 ​ Note: 1

Revenue disaggregation and se_2

Revenue disaggregation and segmental analysis (Tables)	12 Months Ended
	Mar. 31, 2024
Revenue disaggregation and segmental analysis
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted 31 March 2024 ​ revenue €m ​ revenue €m ​ customers €m ​ revenue 1 €m ​ revenue €m ​ revenue €m EBITDAaL €m Germany 11,453 1,132 12,585 357 15 12,957 ​ 5,017 UK 5,631 1,111 6,742 54 41 6,837 ​ 1,408 Other Europe 4,722 665 5,387 102 15 5,504 ​ 1,516 Africa 5,951 1,030 6,981 409 30 7,420 ​ 2,539 Turkey 1,746 609 2,355 7 – 2,362 ​ 510 Common Functions 2 559 49 608 1,256 – 1,864 ​ 29 Eliminations (150) (1) (151) (76) – (227) ​ – Group 29,912 4,595 34,507 2,109 101 36,717 ​ 11,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment ​ Adjusted 31 March 2023 Re-presented 3 ​ revenue €m ​ revenue €m ​ customers €m ​ revenue 1 €m ​ revenue €m ​ revenue €m EBITDAaL €m Germany 11,433 1,313 12,746 350 17 13,113 ​ 5,323 UK 5,358 1,375 6,733 58 33 6,824 ​ 1,350 Other Europe 4 5,005 602 5,607 117 20 5,744 ​ 1,632 Africa 5 6,556 1,089 7,645 403 28 8,076 ​ 2,880 Turkey 6 1,593 475 2,068 4 – 2,072 ​ 424 Vantage Towers ​ – ​ – ​ – ​ 1,338 ​ – ​ 1,338 ​ 795 Common Functions 2 530 47 577 1,191 – 1,768 ​ 20 Eliminations (157) (1) (158) (1,105) – (1,263) ​ – Group 30,318 4,900 35,218 2,356 98 37,672 ​ 12,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from ​ ​ Total ​ ​ ​ Service ​ Equipment ​ contracts with ​ Other ​ Interest ​ segment Adjusted 31 March 2022 Re-presented 3 ​ revenue €m ​ revenue €m ​ customers €m ​ revenue 1 €m ​ revenue €m ​ revenue €m EBITDAaL €m Germany 11,616 1,126 12,742 365 21 13,128 ​ 5,669 UK 5,154 1,333 6,487 69 33 6,589 ​ 1,395 Other Europe 4 5,001 528 5,529 105 19 5,653 ​ 1,606 Africa 5 6,386 1,013 7,399 384 24 7,807 ​ 2,929 Turkey 6 1,669 341 2,010 6 – 2,016 ​ 531 Vantage Towers – – – 1,252 – 1,252 ​ 619 Common Functions 2 522 53 575 1,190 1 1,766 ​ (56) Eliminations (141) (1) (142) (1,059) – (1,201) ​ – Group 30,207 4,393 34,600 2,312 98 37,010 ​ 12,693 ​ Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 ‘Leases’ (see note 20 ‘Leases’). 2 Comprises central teams and business functions. 3 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations and are therefore excluded. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 4 The comparative years also include the results of Vodafone Hungary which, as previously reported, was sold in January 2023. 5 From 1 April 2023, the Group revised its segmental reporting by moving Vodafone Egypt to the Africa segment. The comparatives have been re-presented on the new basis of segmental reporting. There is no impact on previously reported Group metrics. 6 The Turkey segment comprises only Vodafone Turkey in the year ended 31 March 2024. The comparative years also include the results of Vodafone Ghana which, as previously reported, was sold in February 2023. ​
Schedule of reconciliation of adjusted EBITDA to operating profit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Adjusted EBITDAaL 11,019 12,424 12,693 Restructuring costs ​ (703) ​ (538) ​ (213) Interest on lease liabilities 440 355 320 Loss on disposal of property, plant and equipment and intangible assets (34) (41) (37) Depreciation and amortisation on owned assets (7,397) (7,520) (7,656) Share of results of equity accounted associates and joint ventures (96) 433 389 Impairment reversal/(loss) 2 64 (64) – Other income 372 9,402 244 Operating profit 3,665 14,451 5,740 Investment income ​ 581 ​ 232 ​ 251 Finance costs ​ (2,626) ​ (1,609) ​ (1,842) Profit before taxation ​ 1,620 ​ 13,074 ​ 4,149 ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The impairment reversal/(loss) for the years ended 31 March 2024 and 31 March 2023 relates to Indus Towers. See overleaf and note 4 ‘Impairment losses’.
Schedule of segmental assets and cash flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Depreciation ​ ​ Non-current ​ Capital ​ Right-of-use ​ additions to ​ and ​ Impairment 31 March 2024 ​ assets 1 €m ​ additions 2 €m ​ asset additions €m ​ intangible assets 3 €m ​ amortisation €m ​ reversal 6 €m Germany ​ 42,931 ​ 2,565 ​ 1,045 ​ – ​ 4,543 ​ – UK ​ 6,863 ​ 878 ​ 957 ​ – ​ 1,733 ​ – Other Europe ​ 7,564 ​ 862 ​ 442 ​ – ​ 1,447 ​ – Africa ​ 6,377 ​ 1,005 ​ 296 ​ 163 ​ 1,184 ​ – Turkey ​ 1,644 ​ 320 ​ 160 ​ 120 ​ 537 ​ (64) Common Functions ​ 1,972 ​ 782 ​ 203 ​ – ​ 970 ​ – Group ​ 67,351 ​ 6,412 ​ 3,103 ​ 283 ​ 10,414 ​ (64) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ Depreciation ​ ​ ​ Non-current Capital Right-of-use additions to and 31 March 2023 Re-presented 4 ​ assets 1 €m ​ additions 2 €m ​ asset additions €m ​ intangible assets 3 €m ​ amortisation €m ​ Impairment loss €m Germany ​ 43,878 ​ 2,701 ​ 2,145 ​ 2 ​ 4,154 ​ – Italy 10,235 833 916 5 – – UK 6,629 892 1,639 – 1,562 – Spain 6,331 565 742 8 – – Other Europe 7,815 927 1,104 151 1,363 – Africa 5 6,796 1,122 246 264 1,311 – Turkey 6 1,502 235 150 9 546 64 Vantage Towers ​ – ​ 551 ​ 318 ​ – ​ 326 ​ – Common Functions 2,013 839 127 – 993 – Group 85,199 8,665 7,387 439 10,255 64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ Non-current Capital Right-of-use Other additions to and 31 March 2022 Re-presented 4 assets 1 €m additions 2 €m asset additions €m intangible assets 3 €m amortisation €m Impairment loss €m Germany ​ 43,190 ​ 2,670 ​ 795 ​ – ​ 3,981 ​ – Italy 10,519 840 670 255 – – UK 6,226 832 580 229 1,905 – Spain 6,433 676 422 291 – – Other Europe 8,548 1,009 502 126 1,511 – Africa 5 7,991 1,136 216 – 1,219 – Turkey 6 859 247 200 – 299 – Vantage Towers ​ 8,179 ​ 366 ​ 320 ​ – ​ 523 ​ – Common Functions 2,103 844 123 – 979 – Group 94,048 8,620 3,828 901 10,417 – ​ Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to: (i) property, plant and equipment (excluding right-of-use assets) and (ii) computer software, development costs and in relation to identifiable wavelengths, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions. 4 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 5 From 1 April 2023, the Group revised its segmental reporting by moving Vodafone Egypt to the Africa segment. The comparatives have been re-presented on the new basis of segmental reporting. There is no impact on previously reported Group metrics. 6 The Turkey segment comprises only Vodafone Turkey in the year ended 31 March 2024. In the comparative years, the segment was named Other markets and also included the results of Vodafone Ghana which, as previously reported, was sold in February 2023 and an impairment charge in respect of the Group’s carrying value of Indus Towers Limited during the year ended 31 March 2023 and reversed during the year ended 31 March 2024. See note 4 ‘Impairment losses’ for more information .

Operating profit (Tables)

Operating profit (Tables)	12 Months Ended
	Mar. 31, 2024
Operating profit.
Schedule of operating profit	​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Amortisation of intangible assets (Note 10) 3,515 3,380 3,425 Depreciation of property, plant and equipment (Note 11): ​ ​ ​ Owned assets 3,882 4,142 4,274 Leased assets 3,017 2,733 2,718 Impairment (reversal)/loss (Note 4) (64) 64 – Staff costs (Note 24) 5,498 5,192 4,620 Amounts related to inventory included in cost of sales ​ 4,659 ​ 5,035 ​ 4,580 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (1,188) (1,099) (944) Gain on the revaluation of net monetary assets resulting from IAS 29 application 2 (Note 1) ​ (360) ​ (198) ​ – 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) ​ – ​ (8,729) ​ – Gain on disposal of Indus Towers Limited 2 ​ – ​ – ​ 81 Pledge arrangements in respect of Indus Towers Limited (Note 29) ​ – ​ – ​ (15) ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Parent company 7 6 4 Subsidiaries 19 22 19 Audit fees 2 26 28 23 ​ ​ ​ ​ ​ ​ ​ Audit-related 3 ​ 10 ​ 3 ​ 2 Non-audit fees 10 3 2 ​ ​ ​ ​ ​ ​ ​ Total fees 36 31 25 ​ Notes: 1 Audit fees of the parent company for the year ended 31 March 2023 have increased by €1 million compared to the amount previously reported. This is to include fees agreed during the year ended 31 March 2024 relating to the year ended 31 March 2023. 2 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. 3 Fees for special purpose audits and statutory and regulatory filings during the year. Fees for the year ended 31 March 2024 are higher than fees for the comparative years, primarily due to Reporting Accountant and audit services required in connection with the proposed merger of Vodafone UK and Three UK and the disposal of Vodafone Spain.

Impairment losses (Tables)

Impairment losses (Tables)	12 Months Ended
	Mar. 31, 2024
Impairment losses
Schedule of carrying value of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Germany 20,335 20,335 Italy – 2,481 Other 4,621 4,799 ​ 24,956 27,615 ​
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 consumer and business products and services are introduced. Fixed revenue is forecast 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 of 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; and ​ ​ – 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. ​ ​ Higher 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 ​ ​ % Pre-tax discount rate 8.3 Long-term growth rate 1.0 Projected adjusted EBITDAaL CAGR 1 2.4 Projected capital expenditure 2 17.4 - 19.9 ​ ​ ​ ​ ​ ​ ​ Change required for carrying value to equal recoverable amount ​ ​ Germany ​ UK ​ pps pps Pre-tax discount rate 0.5 2.2 Long-term growth rate (0.4) (2.1) Projected adjusted EBITDAaL CAGR 1 (1.2) (2.9) Projected capital expenditure 2 3.9 4.9 ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ 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:

Investment income and financi_2

Investment income and financing costs (Tables)	12 Months Ended
	Mar. 31, 2024
Investment income and financing costs
Schedule of investment income and financing costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Investment income Financial assets measured at amortised cost 327 196 246 Financial assets measured at fair value through profit and loss 254 36 5 ​ 581 232 251 Financing costs Financial liabilities measured at amortised cost ​ ​ Bonds ​ 1,596 ​ 1,711 ​ 1,546 Lease liabilities ​ 440 ​ 355 ​ 320 Bank loans and other liabilities 2 712 392 425 Interest on derivatives (395) (561) (428) Mark-to-market on derivatives 100 (423) (341) Financial assets measured at fair value through profit and loss ​ – ​ – ​ 36 Foreign exchange 173 135 284 ​ 2,626 1,609 1,842 Net financing costs 2,045 1,377 1,591 ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Interest capitalised for the year ended 31 March 2024 was € nil (2023: €5 million, 2022: €17 million).

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Mar. 31, 2024
Taxation
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 Income tax expense ​ 2024 €m ​ 2023 €m ​ 2022 €m United Kingdom corporation tax expense: Current year 70 4 22 Adjustments in respect of prior years 1 4 17 ​ 71 8 39 Overseas current tax expense/(credit): ​ ​ ​ Current year 670 924 975 Adjustments in respect of prior years 25 (26) 78 ​ 695 898 1,053 Total current tax expense 766 906 1,092 Deferred tax on origination and reversal of temporary differences: ​ ​ ​ United Kingdom deferred tax (36) (71) (791) Overseas deferred tax (680) (343) 1,260 Total deferred tax (credit)/expense (716) (414) 469 Total income tax expense 50 492 1,561 ​ Note: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.
Schedule of tax (credited)/charged directly to other comprehensive income	Tax (credited)/charged directly to other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Current tax 2 3 – Deferred tax (579) 305 638 Total tax (credited)/charged directly to other comprehensive income (577) 308 638 ​
Schedule of tax charged directly to equity	Tax charged directly to equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Deferred tax 4 7 – Total tax charged directly to equity 4 7 – ​ ​
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 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Continuing profit before tax as shown in the consolidated income statement 1,620 13,074 4,149 ​ ​ ​ ​ ​ ​ ​ Profit at weighted average statutory tax rate 363 2,787 1,298 Impairment loss with no tax effect – 18 – Disposal of Group investments 2 174 (1,718) (8) Effect of taxation of associates and joint ventures, reported within profit before tax 23 (125) (111) Deferred tax (credit)/charge following revaluation of investments in Luxembourg – (393) ​ 1,455 Previously unrecognised temporary differences and losses we expect to use in the future 3 (1,021) (16) (708) Previously recognised temporary differences and losses we no longer expect to use in the future – – ​ 74 Current year temporary differences (including losses) that we currently do not expect to use 84 81 28 Adjustments in respect of prior year tax liabilities 89 (29) 10 Impact of tax credits and irrecoverable taxes 147 80 73 Deferred tax on overseas earnings 1 (6) 2 Effect of current year changes in statutory tax rates on deferred tax balances 4 (19) 35 (667) Financing costs and similar not deductible/(taxable) for tax purposes ​ 214 ​ (27) ​ 46 Revaluation of assets for tax purposes in Turkey and Italy 5 ​ (65) ​ (338) ​ (84) Expenses not deductible for tax purposes 60 143 153 Income tax expense 50 492 1,561 ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 The amount for 2024 includes million in relation to the Vantage Towers disposal. The amount for 2023 relates to the disposal of Vantage Towers into a joint venture and the tax exempt disposals of Vodafone Hungary and Vodafone Ghana. See note 27 ‘Acquisitions and disposals’. 3 The amount in 2024 includes €1,019 million of additional losses recognised in Luxembourg (see below). 4 The amount for 2022 includes the increase in future UK tax rate to 25% . 5 The amounts for 2024 and 2023 relate to inflation adjustments in Turkey. The amount for 2022 relates to step up of assets for tax purposes in Italy and Turkey. ​
Schedule of analysis of movements in net deferred tax	Analysis of movements in the net deferred tax asset balance during the year: ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ €m ​ €m 1 April 18,545 ​ 18,569 Adjustment relating to assets Held for Sale ​ (422) ​ – Foreign exchange movements (32) ​ (59) Credited to the income statement 1 716 ​ 425 Charged directly to OCI 579 ​ (304) Charged directly to equity (4) ​ (6) Indexation of the opening balance in respect of hyperinflation accounting in Turkey 96 ​ (191) Arising on acquisitions and disposals – ​ 111 31 March 19,478 ​ 18,545 ​ ​
Schedule of other information related to deferred taxes	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 Tangible assets (176) 2,656 (1,174) 10 1,492 Intangible assets 354 367 (1,177) 11 (799) Tax losses 455 32,830 – (14,051) 18,779 Treasury related items 19 594 (138) (569) (113) Temporary differences relating to revenue recognition ​ (61) ​ 2 ​ (677) ​ – ​ (675) Temporary differences relating to leases (16) 1,576 (1,354) – 222 Other temporary differences ​ 141 ​ 892 ​ (306) ​ (14) ​ 572 31 March 2024 2 716 38,917 (4,826) (14,613) 19,478 ​ Analysed in the balance sheet, after offset of balances within countries, as: ​ ​ ​ ​ €m Deferred tax asset 20,177 Deferred tax liability (699) 31 March 2024 2 19,478 ​ At 31 March 2023, 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 Tangible assets 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 2 425 34,488 (5,693) (10,250) 18,545 ​ At 31 March 2023, 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 2 18,545 ​ Notes: 1 €11 million in the year ended 31 March 2023 is in relation to discontinued operations 2 The Group does not discount deferred tax assets. This is in accordance with IAS 12.
Schedule of carry forward of losses and expiration period	The tables below present the gross amount and expiry dates of losses available for carry forward for the year ended 31 March 2024 and the comparative year ended 31 March 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ 31 March 2024 ​ 5 years €m ​ 6 years €m ​ Unlimited €m ​ Total €m Losses for which a deferred tax asset is recognised 20 ​ – ​ 80,224 ​ 80,244 Losses for which no deferred tax is recognised 313 ​ 15,653 ​ 40,378 ​ 56,344 ​ 333 ​ 15,653 ​ 120,602 ​ 136,588 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring Expiring ​ ​ within ​ beyond ​ ​ ​ ​ 31 March 2023 ​ 5 years €m ​ 6 years €m ​ Unlimited €m ​ Total €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

Discontinued operations and a_2

Discontinued operations and assets held for sale (Tables)	12 Months Ended
	Mar. 31, 2024
Discontinued operations and assets held for sale
Schedule of income statement of discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ (Loss)/profit for the financial year - Discontinued operations ​ ​ ​ ​ ​ ​ Vodafone Spain ​ (5) ​ (340) ​ (352) ​ Vodafone Italy (60) ​ 93 ​ 537 ​ Total (65) ​ (247) ​ 185 ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/earnings per share - Discontinued operations ​ ​ ​ ​ ​ ​ Basic (0.24) c (0.89) c 0.64 c Diluted (0.24) c (0.89) c 0.63 c
Summary of segment analysis of discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ €m ​ €m ​ €m Revenue 3,773 ​ 3,675 ​ 3,960 Cost of sales ​ (2,593) ​ (2,959) ​ (3,105) Gross profit 1,180 ​ 716 ​ 855 Selling and distribution expenses (259) ​ (314) ​ (328) Administrative expenses (435) ​ (575) ​ (772) Net credit losses on financial assets ​ (120) ​ (35) ​ (115) Other expense ​ – ​ (122) ​ – Operating profit/(loss) ​ 366 ​ (330) ​ (360) Investment income ​ 29 ​ 16 ​ 2 Financing costs ​ (56) ​ (26) ​ (23) Profit/(loss) before taxation ​ 339 ​ (340) ​ (381) Income tax credit ​ 1 ​ – ​ 29 Profit/(loss) after tax of discontinued operations ​ 340 ​ (340) ​ (352) ​ ​ ​ ​ ​ ​ ​ After tax loss on the re-measurement of disposal group ​ (345) ​ – ​ – ​ ​ ​ ​ ​ ​ ​ Loss for the financial year from discontinued operations ​ (5) ​ (340) ​ (352) ​ ​ ​ ​ ​ ​ ​ Total comprehensive expense for the financial year from discontinued operations ​ ​ ​ ​ ​ ​ Attributable to owners of the parent (5) ​ (340) ​ (352) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ €m ​ €m ​ €m Revenue 4,579 ​ 4,722 ​ 4,944 Cost of sales ​ (3,438) ​ (3,532) ​ (3,521) Gross profit 1,141 ​ 1,190 ​ 1,423 Selling and distribution expenses (244) ​ (238) ​ (276) Administrative expenses (760) ​ (710) ​ (671) Net credit losses on financial assets ​ (51) ​ (66) ​ (42) Other expense ​ – ​ (1) ​ (1) Operating profit ​ 86 ​ 175 ​ 433 Investment income ​ – ​ – ​ 1 Financing costs ​ (86) ​ (93) ​ (99) Profit before taxation ​ – ​ 82 ​ 335 Income tax credit ​ 23 ​ 11 ​ 202 Profit after tax of discontinued operations ​ 23 ​ 93 ​ 537 ​ ​ ​ ​ ​ ​ ​ After tax loss on the re-measurement of disposal group ​ (83) ​ – ​ – ​ ​ ​ ​ ​ ​ ​ (Loss)/profit for the financial year from discontinued operations ​ (60) ​ 93 ​ 537 ​ ​ ​ ​ ​ ​ ​ Total comprehensive (expense)/income for the financial year from discontinued operations ​ ​ ​ ​ ​ ​ Attributable to owners of the parent (71) ​ 80 ​ 537
Schedule of net assets and liabilities held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Spain ​ Vodafone Italy ​ Total ​ €m €m €m Non-current assets Goodwill – 2,398 2,398 Other intangible assets 987 3,331 4,318 Property, plant and equipment 4,957 4,307 9,264 Other investments ​ 2 ​ – ​ 2 Deferred tax assets – 461 461 Trade and other receivables 223 167 390 ​ 6,169 10,664 16,833 Current assets ​ ​ ​ Inventory 39 134 173 Taxation recoverable – 77 77 Trade and other receivables 805 1,117 1,922 Cash and cash equivalents 13 29 42 ​ 857 1,357 2,214 Assets held for sale 7,026 12,021 19,047 ​ ​ ​ ​ ​ ​ ​ Non-current liabilities ​ ​ ​ Borrowings ​ 878 ​ 1,509 ​ 2,387 Deferred tax liabilities ​ 3 ​ – ​ 3 Post employment benefits – 45 45 Provisions 158 115 273 Trade and other payables 43 120 163 ​ 1,082 1,789 2,871 Current liabilities ​ ​ ​ Borrowings 346 673 1,019 Taxation liabilities ​ – ​ 12 ​ 12 Provisions 23 67 90 Trade and other payables 1,203 1,723 2,926 ​ ​ 1,572 ​ 2,475 ​ 4,047 Liabilities held for sale 2,654 4,264 6,918 ​

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Mar. 31, 2024
Earnings per share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ 2024 Millions 2023 Millions 2022 Millions Weighted average number of shares for basic earnings per share 27,056 27,680 29,012 Effect of dilutive potential shares: restricted shares and share options 95 ​ 95 97 Weighted average number of shares for diluted earnings per share 27,151 27,775 29,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2024 ​ ​ 2023 ​ 2022 ​ ​ ​ €m ​ ​ €m ​ €m ​ Profit for earnings per share from continuing operations attributable to owners 1,205 ​ 12,085 2,052 ​ (Loss)/profit for earnings per share from discontinued operations attributable to owners (65) ​ (247) 185 ​ Profit for basic and diluted earnings per share 1,140 ​ 11,838 2,237 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2024 ​ ​ 2023 ​ 2022 ​ ​ eurocents ​ eurocents eurocents ​ Basic earnings per share from continuing operations 4.45 c ​ 43.66 c 7.07 c Basic (loss)/earnings per share from discontinued operations (0.24) c ​ (0.89) c 0.64 c Basic earnings per share ​ 4.21 c ​ 42.77 c 7.71 c ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ 2024 ​ ​ 2023 ​ 2022 ​ ​ ​ eurocents ​ ​ eurocents ​ eurocents ​ Diluted earnings per share from continuing operations ​ 4.44 c ​ 43.51 c 7.05 c Diluted (loss)/earnings per share from discontinued operations ​ (0.24) c ​ (0.89) c 0.63 c Diluted earnings per share ​ 4.20 c ​ 42.62 c 7.68 c ​ Note: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Equity dividends (Tables)

Equity dividends (Tables)	12 Months Ended
	Mar. 31, 2024
Equity dividends.
Schedule of dividends declared and proposed	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Declared during the financial year 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 1,254 Interim dividend for the year ended 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share, 2022: 4.50 eurocents per share) ​ 1,218 ​ 1,237 ​ 1,229 ​ ​ 2,433 ​ 2,502 ​ 2,483 Proposed after the end of the year and not recognised as a liability ​ ​ ​ ​ ​ ​ Final dividend for the year ended 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share, 2022: 4.50 eurocents per share) ​ 1,219 ​ 1,215 ​ 1,265 ​

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Mar. 31, 2024
Intangible assets.
Schedule of estimated useful lives of finite lived intangible assets	​ ​ ​ ​ Licence and spectrum fees 3 – 40 years Software ​ 3 – 10 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 2022 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 Exchange movements ​ (1,042) ​ (435) ​ (414) ​ (130) ​ (60) ​ (2,081) Additions ​ – ​ 283 ​ 2,615 ​ – ​ 17 ​ 2,915 Disposals ​ – ​ (986) ​ (989) ​ – ​ (2) ​ (1,977) Transfer of assets held for resale ​ (19,498) ​ (6,258) ​ (2,600) ​ (2,517) ​ (57) ​ (30,930) Hyperinflation impacts ​ 888 ​ 382 ​ 348 ​ 62 ​ 49 ​ 1,729 31 March 2024 ​ 77,252 ​ 27,292 ​ 17,434 ​ 9,320 ​ 486 ​ 131,784 Accumulated impairment losses and amortisation ​ ​ ​ 1 April 2022 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) Charge for the year 1 ​ – ​ 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 Exchange movements ​ (897) ​ (144) ​ (324) ​ (120) ​ (56) ​ (1,541) Charge for the year 1 ​ – ​ 1,031 ​ 2,484 ​ 606 ​ 1 ​ 4,122 Disposals ​ – ​ (985) ​ (951) ​ – ​ – ​ (1,936) Transfer of assets held for resale ​ (16,984) ​ (2,704) ​ (1,871) ​ (2,517) ​ (57) ​ (24,133) Hyperinflation impacts ​ 888 ​ 196 ​ 304 ​ 62 ​ 49 ​ 1,499 31 March 2024 ​ 52,296 ​ 21,731 ​ 12,104 ​ 6,338 ​ 463 ​ 92,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ 31 March 2023 27,615 9,969 6,012 ​ 3,598 13 47,207 31 March 2024 ​ 24,956 ​ 5,561 ​ 5,330 ​ 2,982 ​ 23 ​ 38,852 ​ Note: 1 Included in the charge for the year ended 31 March 2024 is €607 million (2023: €651 million) in respect of Vodafone Italy and Vodafone Spain, which are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.
Schedule of net book value of significant licenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ Expiry dates ​ €m ​ €m Germany 2025-2040 2,686 2,979 UK 2033-2041 989 1,055 Vodacom 2024-2042 687 774 Italy 2029-2037 – 3,123 Spain ​ 2028-2061 ​ – ​ 758 ​

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Mar. 31, 2024
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	​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ €m ​ €m Property, plant and equipment (owned assets) 19,399 25,894 Right-of-use assets 9,100 12,098 31 March 28,499 37,992

Investments in associates and_2

Investments in associates and joint arrangements (Tables)	12 Months Ended
	Mar. 31, 2024
Investments in associates and joint arrangements
Schedule of joint ventures and associates	​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Investments in joint ventures 8,203 9,578 Investments in associates 1,829 1,501 31 March 10,032 11,079
Schedule of joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of Percentage Percentage ​ ​ ​ ​ incorporation or ​ shareholdings 1 ​ shareholdings 1 Name of joint venture ​ Principal activity ​ registration ​ 2024 ​ 2023 Oak Holdings 1 GmbH ​ Network infrastructure ​ Germany ​ 60.3 ​ 64.2 VodafoneZiggo Group Holding B.V. Network operator Netherlands ​ 50.0 50.0 OXG Glasfaser Beteiligungs GmbH ​ Fibre infrastructure ​ Germany ​ 50.0 ​ 50.0 Vodafone Idea Limited 2 ​ Network operator ​ India ​ 31.4 ​ 32.3 TPG Telecom Limited 3 ​ Network operator ​ Australia ​ 25.1 ​ 25.1 ​ Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2024 the fair value of the Group’s interest in Vodafone Idea Limited was INR 208 billion ( €2,313 million) (2023: INR 91 billion ( €1,021 million)) based on the quoted share price on the National Stock Exchange of India. 3 At 31 March 2024 the fair value of the Group’s interest in TPG Telecom Limited was AUD 2,101 million ( €1,269 million) (2023: AUD 2,273 million ( €1,401 million)) based on the quoted share price on ASX.
Schedule of aggregated financial information for group's joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in joint ventures (Loss)/profit for the financial year 1 ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ 2022 ​ €m €m €m €m €m Oak Holdings 1 GmbH 7,620 8,634 (85) – – VodafoneZiggo Group Holding B.V. ​ 516 ​ 793 ​ (177) ​ 137 ​ (19) TPG Telecom Limited ​ (2) ​ 108 ​ (74) ​ 48 ​ (5) INWIT S.p.A. – – – 30 27 Other 69 43 (43) (15) (14) Total 8,203 9,578 (379) 200 (11) ​ Note: 1 Total Other comprehensive (expense)/income is not materially different to (loss)/profit for the financial year. ​
Schedule of financial information of each of Group's material equity accounted joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Holdings 1 GmbH VodafoneZiggo Group Holding B.V. ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 1,166 ​ – ​ – 4,128 4,063 4,056 Operating expenses ​ (130) ​ – ​ – ​ (2,195) ​ (2,124) ​ (2,104) Depreciation and amortisation (868) ​ – ​ – (1,555) (1,527) (1,592) Other income ​ 5 ​ – ​ – ​ – ​ – ​ – Operating profit ​ 173 ​ – ​ – ​ 378 ​ 412 ​ 360 Interest income 5 ​ – ​ – – – – Interest expense (455) ​ – ​ – (809) 11 (276) Loss/(profit) before tax ​ (277) ​ – ​ – ​ (431) ​ 423 ​ 84 Income tax credit/(expense) 132 ​ – ​ – 77 (150) (121) (Loss)/profit for the financial year 1 (145) ​ – ​ – (354) 273 (37) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited ​ TPG Telecom Limited ​ 2024 ​ 2023 ​ 2022 2024 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ Revenue 4,749 ​ 5,046 ​ 4,450 3,371 3,027 3,375 Operating expenses (3,066) ​ (3,280) ​ (2,802) (2,238) (1,870) (2,292) Depreciation and amortisation (2,178) ​ (2,396) ​ (2,390) (891) (700) (914) Other expense 83 ​ – ​ (34) – – – Operating profit (412) ​ (630) ​ (776) 242 457 169 Interest income 7 ​ 9 ​ 14 – – – Interest expense (2,718) ​ (2,567) ​ (2,297) (368) (172) (122) (Loss)/profit before tax (3,123) ​ (3,188) ​ (3,059) (126) 285 47 Income tax (expense)/credit ​ (95) ​ – ​ 2 ​ (8) ​ (25) ​ (27) (Loss)/profit for the financial year 1 (3,218) ​ (3,188) ​ (3,057) (134) 260 ​ 20 ​ ​ 12. Investments in associates and joint arrangements (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ 2024 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Income statement Revenue – 853 785 Operating expenses – (73) (70) Depreciation and amortisation – (508) (513) Operating profit – 272 202 Interest expense – (81) (90) Profit before tax – 191 112 Income tax expense – (1) (30) Profit for the financial year 1 – 190 ​ 82 ​ Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) for the financial year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Holdings 1 GmbH VodafoneZiggo Group Holding B.V. ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position ​ Non-current assets 24,015 23,878 15,753 16,570 Current assets 746 749 884 719 Total assets 24,761 24,627 16,637 17,289 Equity shareholders’ funds 12,630 13,450 1,033 1,586 Non-controlling interests ​ – ​ 1,262 ​ – ​ – Non-current liabilities 9,386 6,709 13,145 13,299 Current liabilities 2,745 3,206 2,459 2,404 Cash and cash equivalents within current assets 267 224 61 20 Non-current liabilities excluding trade and other payables and provisions 8,751 6,215 12,995 13,138 Current liabilities excluding trade and other payables and provisions 502 2,409 1,171 1,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited 1 TPG Telecom Limited ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ €m ​ €m ​ €m ​ €m Statement of financial position Non-current assets 16,251 18,162 9,663 9,823 Current assets 1,654 2,174 900 1,009 Total assets 17,905 20,336 10,563 10,832 Equity shareholders’ (deficit)/funds (13,710) (10,760) 2,606 3,019 Non-current liabilities 25,855 24,730 6,789 6,702 Current liabilities 5,760 6,366 1,168 1,111 Cash and cash equivalents within current assets 60 96 192 290 Non-current liabilities excluding trade and other payables and provisions 25,837 24,707 6,704 6,595 Current liabilities excluding trade and other payables and provisions 2,044 2,699 102 86 ​ Note: 1 Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 ‘Contingent liabilities and legal proceedings’.
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. ​ 2024 2023 2024 2023 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Equity shareholders’ funds 12,630 13,450 1,033 1,586 – Interest in joint ventures 1 7,620 8,634 516 793 – Carrying value ​ 7,620 ​ 8,634 ​ 516 ​ 793 ​ – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/profit for the financial year ​ (145) ​ – ​ (354) ​ 273 ​ (37) Share of (loss)/profit 1 (85) – (177) 137 (19) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vodafone Idea Limited ​ TPG Telecom Limited ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ €m €m €m €m €m €m Equity shareholders’ (deficit)/funds (13,710) (10,760) – 2,606 3,019 – Interest in joint ventures 1 (4,300) ​ (3,475) ​ – (53) ​ 56 ​ – Impairment (240) ​ (242) ​ – – ​ – ​ – Goodwill – ​ – ​ – 51 ​ 52 ​ – Investment proportion not recognised 4,540 ​ 3,717 ​ – – ​ – ​ – Carrying value – – – (2) 108 – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/profit for the financial year (3,218) ​ (3,188) ​ (3,057) (134) ​ 260 ​ 20 Share of (loss)/profit 1 ​ (1,009) ​ (1,030) ​ (1,357) ​ (74) ​ 48 ​ (5) Share of loss not recognised 1,009 ​ 1,030 ​ 1,357 – ​ – ​ – Share of (loss)/profit 1 – ​ – ​ – (74) ​ 48 ​ (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INWIT S.p.A. ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Equity shareholders’ funds — — — Interest in joint ventures — — — Carrying value — — — ​ ​ ​ ​ ​ ​ ​ Profit for the financial year — 190 82 Share of profit — 63 27 Share of profit not recognised as held for sale — (33) — Share of profit — 30 27 ​ 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 60.3% , 50.0% , 31.4% and 25.1% , respectively, rounded to the nearest tenth of one percent. ​
Schedule of associates	Unless otherwise stated, the Group'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 ​ 2024 2023 Safaricom PLC 2 ​ Network operator ​ Kenya ​ 39.9 ​ 39.9 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 2024, the fair value of the Group’s interest in Safaricom PLC was KES 284 billion ( €1,996 million) (2023: KES 290 billion ( €2,012 million)) based on the closing quoted share price on the Nairobi Stock Exchange. 3 At 31 March 2024, the fair value of the Group’s interest in Indus Towers Limited was INR 165 billion ( €1,833 million) (2023: INR 81 billion ( €908 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 consolidated income statement and consolidated statement of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ Profit/(loss) for the financial year ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m Safaricom PLC 1 ​ 627 ​ 509 ​ 159 ​ 195 ​ 217 Indus Towers Limited ​ 1,104 ​ 908 ​ 140 ​ 50 ​ 178 Other ​ 98 ​ 84 ​ (16) ​ (12) ​ 5 Total 1,829 1,501 283 ​ 233 ​ 400 ​ Note: 1 Other comprehensive income includes profit for the financial year, together with €76 million (2023: €127 million) in respect of the application of IAS 29 to Safaricom’s operations in Ethiopia. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Safaricom PLC ​ Indus Towers Limited ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue 2,210 2,468 2,318 3,185 3,343 3,122 Operating expenses (1,189) (1,353) (1,164) (1,598) (2,240) (1,480) Depreciation and amortisation (523) (432) (309) (637) (588) (598) Other income 142 68 – – – – Operating profit 640 751 845 950 515 1,044 Interest income 16 13 9 126 26 – Interest expense (121) (69) (59) (218) (200) (140) Profit before tax 535 695 795 858 341 904 Income tax expense (266) (285) (270) (192) (102) (272) Profit for the financial year and total comprehensive income ​ 269 ​ 410 ​ 525 ​ 666 ​ 239 ​ 632 Attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - Owners of the parent ​ 399 ​ 489 ​ 542 ​ 666 ​ 239 ​ 632 - Non-controlling interests (130) (79) (17) – – – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of financial position Non-current assets 3,901 3,007 6,082 5,243 Current assets 578 436 1,230 1,081 Total assets 4,479 3,443 7,312 6,324 Equity shareholders' funds 1,566 1,269 4,086 3,453 Non-controlling interests ​ 767 ​ 532 ​ ​ ​ – ​ – ​ ​ Non-current liabilities 968 753 2,098 1,954 Current liabilities 1,178 889 1,128 917 Cash and cash equivalents within current assets 163 127 7 3 Non-current liabilities excluding trade and other payables and provisions 784 500 1,716 1,665 Current liabilities excluding trade and other payables and provisions 349 322 583 491 ​ 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 ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Equity shareholders' funds 1,566 1,269 4,086 3,453 Interest in associates 1 625 507 860 727 Goodwill 2 2 244 181 Carrying value 627 509 1,104 908 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit for the financial year 399 489 542 666 239 632 Share of profit 159 195 217 140 50 178 ​ Note: 1 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, 2024
Other investments.
Schedule of other investments Included within non-current assets	​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Included within non-current assets Equity securities 1 65 94 Debt securities 2 941 999 ​ 1,006 1,093
Schedule of current other investments Included within current assets	​ ​ ​ ​ ​ ​ Included within current assets Short-term investments: Bonds and debt securities 3 1,201 1,338 Managed investment funds 1 2,024 2,967 ​ ​ 3,225 ​ 4,305 Collateral assets 4 ​ 741 ​ 239 Other investments 5 1,126 2,473 ​ 5,092 7,017 ​ Notes: 1 Items measured at a fair value, € 27 million (2023: € 47 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 € 810 million (2023: € 803 million) with a valuation basis of level 2 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 € 459 million (2023: €1,409 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, 2024
Trade and other receivables
Schedule of trade and other receivables	​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Included within non-current assets Trade receivables 8 51 Trade receivables held at fair value through other comprehensive income 294 337 Net investment in leases ​ 211 ​ 267 Contract assets ​ 450 ​ 494 Contract-related costs ​ 676 ​ 690 Other receivables 78 66 Prepayments 239 296 Derivative financial instruments 1 4,011 5,642 ​ 5,967 7,843 Included within current assets ​ ​ Trade receivables ​ 2,841 ​ 3,277 Trade receivables held at fair value through other comprehensive income 441 566 Net investment in leases ​ 99 ​ 106 Contract assets 2,413 3,063 Contract-related costs 1,169 1,471 Amounts owed by associates and joint ventures ​ 130 ​ 175 Other receivables 686 730 Prepayments 600 835 Derivative financial instruments 1 215 482 ​ 8,594 10,705 ​ Note: 1 Includes €22 million (2023: €198 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, 2024
Trade and other payables
Schedule of trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Included within non-current liabilities Other payables 222 263 Insurance liabilities ​ 254 ​ 257 Accruals 41 48 Contract liabilities 343 500 Derivative financial instruments 2 1,468 1,116 ​ 2,328 2,184 Included within current liabilities ​ ​ ​ ​ Trade payables 5,613 7,599 Amounts owed to associates and joint ventures 346 329 Other taxes and social security payable 887 1,013 Other payables 846 2,080 Insurance liabilities ​ 48 ​ 63 Accruals 4,037 4,814 Contract liabilities 1,565 2,043 Derivative financial instruments 2 56 306 ​ 13,398 18,247 ​ Notes: 1. The insurance liabilities comparatives for the year-end 31 March 2023 have been re-presented for the adoption of IFRS 17 ‘Insurance Contracts’ although there is no impact on the total amounts. See note 1 ‘Basis of preparation’ for more information. 2. 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.

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Mar. 31, 2024
Provisions
Schedule of Provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ retirement ​ Legal and ​ ​ ​ ​ ​ ​ ​ ​ obligations ​ regulatory ​ Restructuring ​ Other ​ Total ​ ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 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 Exchange movements ​ (7) ​ (24) ​ 3 ​ (3) ​ (31) Amounts capitalised in the year ​ 146 ​ – ​ – ​ – ​ 146 Amounts charged to the income statement – 162 774 206 1,142 Utilised in the year - payments (54) (72) (290) (116) (532) Amounts released to the income statement (5) (131) (7) (43) (186) Transfer to liabilities held for sale (177) (96) (46) (31) (350) Other – – – 13 13 31 March 2024 933 269 942 304 2,448 ​ ​
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 59 232 361 181 833 Non-current liabilities 874 37 581 123 1,615 31 March 2024 933 269 942 304 2,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Called up share capital (Tables

Called up share capital (Tables)	12 Months Ended
	Mar. 31, 2024
Called up share capital
Schedule of called up share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ Number ​ €m ​ Number ​ €m Ordinary shares of 20 20 ⁄ 21 US cents each allotted, issued and fully paid: 1,2 1 April 28,818,256,058 4,797 28,817,627,868 4,797 Allotted during the year 427,750 – 628,190 – 31 March 28,818,683,808 4,797 28,818,256,058 4,797 ​ Notes: 1 At 31 March 2024, there were 50,000 (2023: 50,000 ) 7% cumulative fixed rate shares of £1 each in issue. 2 At 31 March 2024, the Group held 1,738,561,954 (2023: 1,825,691,429 ) treasury shares with a nominal value of €289 million (2023: €304 million). The market value of shares held was €1,434 million (2023: €1,855 million). During the year, 87,129,475 (2023: 85,844,124 ) treasury shares were reissued under Group share schemes and no (2023: 1,463,959,031 ) shares were repurchased under the 2022 scheme which completed on 15 March 2023. ​

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	12 Months Ended
	Mar. 31, 2024
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Notes ​ €m ​ €m ​ €m Profit for the financial year 1,505 12,335 2,773 Loss/(Profit) for the financial year from discontinued operations ​ 65 247 (185) Profit for the financial year from continuing operations 1,570 12,582 2,588 Investment income 5 (581) (232) (251) Financing costs 5 2,626 1,609 1,842 Income tax expense 6 50 492 1,561 Operating profit ​ 3,665 14,451 5,740 Adjustments for: ​ ​ ​ ​ Share-based payments and other non-cash charges ​ 98 58 165 Depreciation and amortisation 10, 11 10,414 10,255 10,417 Loss on disposal of property, plant and equipment and intangible assets ​ 34 33 40 Share of result of equity accounted associates and joint ventures 12 96 (433) (389) Impairment (reversal)/loss 4 (64) 64 – Other income 3 (372) (9,402) (244) Decrease / (increase) in inventory ​ 177 (168) (171) (Increase)/decrease in trade and other receivables 14 (597) (486) (629) Increase/(decrease) in trade and other payables 15 534 1,446 581 Cash generated by operations 13,985 15,818 15,510 Net tax paid (724) (1,228) (916) Cashflows from discontinued operations 3,296 3,464 3,487 Net cash flow from operating activities 16,557 18,054 18,081 ​ Note: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. 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, 2024
Cash and cash equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash and bank deposits 1 4,168 3,924 Money market funds 2 2,015 7,781 Cash and cash equivalents as presented in the consolidated statement of financial position 6,183 11,705 Bank overdrafts (111) (77) Cash and cash equivalents of discontinued operations 42 – Cash and cash equivalents as presented in the consolidated statement of cash flows 6,114 11,628 ​ Note: 1 Includes bank deposits under repurchase agreements of €2,034 million (2023: € 1,750 million). 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, 2024
Leases
Schedule of maturity profile of the Group's lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ €m ​ €m Within one year ​ 2,603 3,452 In more than one year but less than two years ​ 1,984 2,574 In more than two years but less than three years ​ 1,599 2,200 In more than three years but less than four years ​ 1,461 1,981 In more than four years but less than five years ​ 1,129 1,810 In more than five years ​ 2,366 3,240 ​ ​ 11,142 15,257 Effect of discounting ​ (1,470) (1,893) Lease liability - as disclosed in note 21 ‘Borrowings’ ​ 9,672 13,364
Schedule of the Group's income as a lessor	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m €m ​ €m Operating leases ​ ​ ​ ​ Lease revenue (note 2 'Revenue disaggregation and segmental analysis') ​ 463 673 ​ 673 Income from leases not recognised as revenue ​ 38 37 ​ 36 ​ Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations, decreasing the previously disclosed amounts of lease revenue and income from leases not recognised as revenue by €78 million (2022: €85 million) and €10 million (2022: €9 million), respectively. See note 7 ‘Discontinued operations and assets held for sale’ for more information.
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 2024 ​ 296 ​ 121 ​ 29 ​ 16 ​ 9 ​ 20 ​ 491 31 March 2023 Re-presented 2 ​ 275 ​ 114 ​ 30 ​ 14 ​ 7 ​ 4 ​ 444 31 March 2022 Re-presented 2 ​ 487 ​ 234 ​ 153 ​ 126 ​ 113 ​ 342 ​ 1,455 2 The committed operating lease payments as of 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations, decreasing the previously disclosed total amounts by €51 million (2022: €54 million). See note 7 ‘Discontinued operations and assets held for sale’ for more information. ​
Schedule of maturity profile of Group's net investment in leases	​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ ​ €m ​ €m Within one year 106 111 In more than one year but less than two years 80 88 In more than two years but less than three years 56 67 In more than three years but less than four years 49 54 In more than four years but less than five years 35 47 In more than five years 17 39 ​ 343 406 Unearned finance income (33) (33) Net investment in leases - as disclosed in note 14 ‘Trade and other receivables’ 310 373

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Mar. 31, 2024
Borrowings.
Schedule of Total borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Non-current borrowings ​ ​ ​ Bonds ​ 39,451 39,512 Bank loans 402 ​ 487 Lease liabilities (note 20) ​ 7,416 10,318 Other borrowings 1 ​ 1,059 ​ 1,352 ​ ​ 48,328 ​ 51,669 Current borrowings ​ ​ ​ ​ Bonds 1,292 4,604 Bank loans 365 308 Lease liabilities (note 20) 2,256 3,046 Collateral liabilities ​ 2,628 ​ 4,886 Bank borrowings secured against Indian assets ​ 1,720 1,485 Other borrowings 1 398 392 ​ 8,659 ​ 14,721 Borrowings ​ 56,987 66,390 ​ Note: 1 Includes € 862 million (2023: € 1,140 million) and € 158 million (2023: € 196 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, 2024
Capital and financial risk management
Schedule of capital management	​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ €m €m Borrowings (note 21) 56,987 66,390 Cash and cash equivalents (note 19) (6,183) (11,705) Derivative financial instruments included in trade and other receivables (note 14) (4,226) (6,124) Derivative financial instruments included in trade and other payables (note 15) 1,524 1,422 Short-term investments (note 13) (3,225) (4,305) Collateral assets (note 13) ​ (741) ​ (239) Financial liabilities under put option arrangements ​ – ​ 485 Equity 60,998 64,483 Capital 105,134 110,407 ​
Schedule of financial instruments exposure to credit risk	​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash and bank deposits (note 19) 4,168 3,924 Money market funds (note 19) ​ 2,015 ​ 7,781 Managed investment funds (note 13) 2,024 2,967 Bonds and debt securities (note 13) 2,142 2,337 Collateral assets (note 13) ​ 741 ​ 239 Other investments (note 13) ​ 1,126 ​ 2,473 Derivative financial instruments (note 14) 4,226 6,124 Trade receivables (note 14) 1 5,513 6,158 Contract assets and other receivables (note 14) 4,067 4,353 Financial Guarantees 2 2,038 3,381 ​ 28,060 39,737 ​ Note: 1 Includes amounts guaranteed under sales of trade receivables €1,929 million (2023: €1,927 million). 2 Principally comprises Vodafone Group Plc’s guarantee of the Group’s share in a multicurrency loan facility, amounting to US $1 billion and €0.6 billion (2023: US $1.75 billion), which forms part of its 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'). Financial guarantees also includes INR 42.5 billion (2023: INR 42.5 billion) in relation to the secondary pledge over shares owned by Vodafone Group in Indus Towers (see note 29 'Contingent liabilities and legal proceedings').
Schedule of cash collateral, which is reported within short-term borrowings, held by Group	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Collateral liabilities 2,628 4,886
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 ​ Re-presented 1 ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 2023 2024 2023 2024 2023 ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m 1 April 78 83 1,149 1,342 71 108 Exchange movements (1) (3) (41) (72) 1 1 Amounts charged to credit losses on financial assets 96 128 419 360 82 17 Transfer of assets held for sale ​ (31) ​ 6 ​ (324) ​ 256 ​ (16) ​ 2 Other 2 (122) (136) (438) (737) (60) (57) 31 March 20 78 765 1,149 78 71 ​ Notes: 1 The results for the year ended 31 March 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 Primarily utilisation of the provision by way of write-off. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31-60 ​ 61-180 ​ 180 ​ ​ 31 March 2024 Due €m ​ or less €m days €m days €m days+ €m Total €m Gross carrying amount 2,199 ​ 347 122 308 638 3,614 Expected credit loss allowance (52) ​ (56) (26) (111) (520) (765) Net carrying amount 2,147 ​ 291 96 197 118 2,849 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables at amortised cost past due ​ ​ ​ ​ 30 days ​ 31–60 ​ 61–180 ​ 180 ​ ​ 31 March 2023 Due €m ​ or less €m days €m days €m days+ €m Total €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 ​ 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 ​ ​ Maturity profile 1 ​ Bank loans €m ​ Bonds €m ​ Lease liabilities €m ​ Other2 €m ​ Total borrowings €m ​ other financial liabilities3 €m ​ Total €m Within one year 365 2,871 2,603 4,747 10,586 10,891 ​ 21,477 In one to two years 140 5,860 1,984 247 8,231 128 ​ 8,359 In two to three years 27 5,608 1,599 245 7,479 – ​ 7,479 In three to four years 91 2,310 1,461 226 4,088 – ​ 4,088 In four to five years 161 3,437 1,129 422 5,149 – ​ 5,149 In more than five years 72 40,826 2,366 277 43,541 – ​ 43,541 ​ 856 60,912 11,142 6,164 79,074 11,019 ​ 90,093 Effect of discount/financing rates (89) (20,169) (1,470) (359) (22,087) (7) ​ (22,094) 31 March 2024 767 40,743 9,672 5,805 56,987 11,012 ​ 67,999 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 ​ 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. Where there is a choice of contractual cash flow dates, principally on 'hybrid bonds', the expected settlement date is used. 2 Includes spectrum licence payables with maturity profile €153 million (2023: €196 million) within one year, €187 million (2023: €170 million) in one to two years, €187 million (2023: €199 million) in two to three years, €187 million (2023: €199 million) in three to four years, €187 million (2023: €199 million) in four to five years and €276 million (2023: €587 million) in more than five years. Also includes €2,628 million (2023: €4,886 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ Payable 1 ​ Receivable 1 ​ Total ​ Payable 1 ​ Receivable 1 ​ Total ​ €m €m €m €m €m €m Within one year ​ (7,181) ​ 7,886 ​ 705 ​ (17,845) ​ 18,527 ​ 682 In one to two years ​ (4,984) ​ 5,466 ​ 482 ​ (3,534) ​ 4,055 ​ 521 In two to three years ​ (5,496) ​ 5,910 ​ 414 ​ (4,028) ​ 4,441 ​ 413 In three to four years ​ (2,457) ​ 2,909 ​ 452 ​ (2,186) ​ 2,567 ​ 381 In four to five years ​ (3,451) ​ 4,020 ​ 569 ​ (2,265) ​ 2,681 ​ 416 In more than five years ​ (40,415) ​ 46,561 ​ 6,146 ​ (38,494) ​ 44,586 ​ 6,092 ​ ​ (63,984) ​ 72,752 ​ 8,768 ​ (68,352) ​ 76,857 ​ 8,505 Effect of discount/financing rates ​ ​ ​ (6,066) ​ ​ ​ (3,803) Financial derivative net receivable ​ ​ ​ 2,702 ​ ​ ​ 4,702 ​ Note: 1 Payables and receivables are stated separately in the table above where cash settlement is on a gross basis.
Schedule of sensitivity of Group's adjusted operating profit to strengthening major currency	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ €m €m Increase/ (decrease) in Profit before taxation ​ ​ ​ ​ EGP 43% change (2023: 27%) 191 116 TRY 54% change (2023: 43%) ​ 104 ​ 33 ZAR 10% change (2023: 12%) ​ 60 ​ 87 GBP 2% change (2023: 3%) (50) (46) ​
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 ​ ​ ​ ​ ​ interest At 31 March 2024 amounts €m assets €m liabilities €m 2023 €m OCI €m costs €m 2024 1 €m Maturity year FX rate rate % Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps: - US dollar bonds 16,756 2,689 188 (2,709) 1,775 124 (810) 2039 1.18 3.29 - Australian dollar bonds 288 – 2 (21) 14 (6) (13) 2027 1.56 1.57 - Swiss franc bonds 624 80 – (3) (22) 15 (10) 2026 1.08 1.57 - Pound sterling bonds 4,771 45 362 (37) 244 126 333 2043 0.86 4.05 - Hong Kong dollar bonds 233 20 – (5) 2 3 – 2028 9.08 1.92 - Japanese yen bonds 78 – 11 (12) 15 (9) (6) 2037 128.53 2.47 - Norwegian krona bonds 241 – 47 (12) 13 (6) (5) 2026 9.15 1.12 - Foreign exchange forwards 3 ​ 287 ​ – ​ 42 ​ (34) ​ (15) ​ 7 ​ (42) ​ 2024 ​ 29.88 ​ – Cash flow hedges - foreign currency and interest rate risk 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross currency swaps - US dollar bonds – – – (11) 11 – – – – – Net investment hedge - foreign exchange risk 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross currency and foreign exchange swaps - South African rand investment 1,505 176 – 952 (54) – ​ 898 2026 17.81 2.19 ​ 24,783 3,010 652 (1,892) 1,983 254 345 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ interest At 31 March 2023 amounts €m assets €m liabilities €m 2022 €m OCI €m costs €m 2023 1 €m Maturity year FX rate rate % Cash flow hedges – foreign currency risk 2 Cross-currency and foreign exchange swaps hedging: - 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 3 ​ 383 ​ – ​ 34 ​ (69) ​ 34 ​ 1 ​ (34) ​ 2023 ​ 18.92 ​ – Cash flow hedges – foreign currency and interest rate risk 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross currency swaps - US dollar bonds 417 49 – (1) (20) 10 (11) 2023 1.17 1.07 Net investment hedge - foreign exchange risk 4 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) ​ ​ ​ ​ ​ ​ ​ Notes: 1 Fair value movement deferred into other comprehensive income includes €251 million loss (2023: €383 million loss) and €10 million gain (2023: €17 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively. 2 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 € 67 million (2023: € nil ). 3 Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of €166 million (2023: €259 million) and $130 million or €121 million equivalent (2023: $134 million or €124 million equivalent) with weighted average exchange rates of 29.68 (2023: 18.36 ) and 30.15 (2023: 20.07 ) respectively to Turkish lira. 4 Hedge ineffectiveness of swaps designated in a net investment hedge during the period was € nil (2023: € 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 31 March 2023 ​ 66,390 ​ (4,702) ​ 485 ​ 103 ​ 62,276 Cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from issuance of long-term borrowings ​ 1,533 ​ – ​ – ​ – ​ 1,533 Repayment of borrowings 1 ​ (10,106) ​ – ​ – ​ – ​ (10,106) Net movement in short-term borrowings ​ (1,636) ​ – ​ – ​ – ​ (1,636) Net movement in derivatives ​ – ​ 144 ​ – ​ – ​ 144 Interest paid 1 ​ (2,531) ​ 272 ​ (17) ​ (54) ​ (2,330) Purchase of treasury shares ​ – ​ – ​ – ​ – ​ – Other ​ – ​ – ​ (493) ​ – ​ (493) Non-cash movements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value movements ​ – ​ 2,233 ​ – ​ – ​ 2,233 Foreign exchange ​ 61 ​ (231) ​ – ​ 1 ​ (169) Interest costs 2 ​ 2,766 ​ (395) ​ 13 ​ 56 ​ 2,440 Lease additions ​ 3,915 ​ – ​ – ​ – ​ 3,915 Transfer of assets and liabilities held for sale ​ (3,455) ​ (23) ​ – ​ (1) ​ (3,479) Other ​ 50 ​ – ​ 12 ​ – ​ 62 31 March 2024 ​ 56,987 ​ (2,702) ​ – ​ 105 ​ 54,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 1 ​ (13,538) ​ – ​ – ​ – ​ (13,538) Net movement in short-term borrowings ​ 3,172 ​ – ​ – ​ – ​ 3,172 Net movement in derivatives ​ – ​ 261 ​ – ​ – ​ 261 Interest paid 1 ​ (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 ​ 2,657 ​ (561) ​ 21 ​ (113) ​ 2,004 Lease additions ​ 7,652 ​ – ​ – ​ – ​ 7,652 Acquisition and disposal of subsidiaries ​ (5,243) ​ – ​ – ​ – ​ (5,243) Other 3 ​ 15 ​ – ​ – ​ 684 ​ 699 31 March 2023 ​ 66,390 ​ (4,702) ​ 485 ​ 103 ​ 62,276 ​ Note: 1 Includes €1,136 million (2023: €3,037 million) in Repayment of borrowings and €103 million (2023: €136 million) in Interest paid that are presented within Cash outflows from discontinued operations in the Consolidated statement of cash flows. 2 Includes €111 million (2023: €103 million) of Interest costs presented within Discontinued operations in the Consolidated income statement. 3 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 ​ ​ At 31 March 2024 Gross amount €m Amount set off €m balance sheet €m counterparties €m (liabilities)/assets 1 €m Net amount €m Derivative financial assets 4,226 – 4,226 (899) (2,628) 699 Derivative financial liabilities (1,524) – (1,524) 899 741 116 Total 2,702 – 2,702 – (1,887) 815 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related amounts not set off in the balance sheet ​ ​ ​ ​ ​ ​ Amounts ​ Right of set off ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ presented in ​ with derivative ​ Collateral ​ ​ At 31 March 2023 Gross amount €m Amount set off €m balance sheet €m counterparties €m (liabilities)/assets 1 €m Net amount €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 ​ Note: 1 Excludes non-cash collateral of € 370 million (2023: € nil ) which is not recognised on balance sheet but which would become payable to the Group in the event of a counterparty default on the related derivative financial assets.

Directors and key management _2

Directors and key management compensation (Tables)	12 Months Ended
	Mar. 31, 2024
Directors and key management compensation
Schedule of aggregate emoluments of directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Short-term remuneration 8 6 7 Long-term incentive schemes 1 1 3 2 ​ 9 9 9 ​ Note: 1 Relates to share-based payments.
Schedule of aggregate compensation for key management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Short-term employee benefits 27 25 28 Share-based payments 7 12 8 ​ 34 37 36 ​

Employees (Tables)

Employees (Tables)	12 Months Ended
	Mar. 31, 2024
Employees
Schedule of number of employees by activity and segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 Re-presented 1 ​ ​ 2024 2023 2022 ​ ​ Employees ​ Employees ​ Employees By activity Operations 15,707 15,808 15,404 Selling and distribution 22,928 24,676 25,499 Customer care and administration 57,647 57,619 56,038 ​ 96,282 98,103 96,941 By segment ​ ​ ​ Germany 15,115 15,242 15,256 UK 9,640 9,312 9,198 Other Europe 11,441 14,189 15,106 Africa 13,578 13,633 13,556 Turkey 2 3,126 3,688 3,753 Vantage Towers – 753 502 Common Functions 34,273 31,561 29,611 ​ ​ 87,173 ​ 88,378 ​ 86,982 Discontinued operations 9,109 9,725 9,959 Total 96,282 98,103 96,941 Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 2 This segment was previously named Other Markets and the comparative period includes the results of Vodafone Ghana which, as previously reported, was sold in February 2023. Other Markets has been re-named to Turkey because this segment comprised only Vodafone Turkey in the year ended 31 March 2024.
Schedule of cost incurred in respect of employees (including Directors)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Wages and salaries 4,674 4,384 3,923 Social security costs 497 468 449 Other pension costs (note 25 'Post employment benefits') 217 212 138 Share-based payments (note 26 'Shared-based payments') 110 128 110 ​ 5,498 5,192 4,620 Discontinued operations 748 650 714 Total 6,246 5,842 5,334 Notes: 1 The results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Post employment benefits (Table

Post employment benefits (Tables)	12 Months Ended
	Mar. 31, 2024
Post employment benefits
Schedule of income statement effect of defined contribution and defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Re-presented 1 ​ Re-presented 1 ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Defined contribution plans 183 175 167 Defined benefit plans 34 37 (29) Total amount charged to income statement (note 24) 217 212 138 ​ Note: 1 The defined contribution plan results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations, decreasing both the previously disclosed defined contribution plans’ expense and the total amount charged to the income statement by €32 million and €30 million respectively. The results of the defined benefit plans have not been re-presented as such impacts are immaterial. See note 7 ‘Discontinued operations and assets held for sale’ for more information.
Schedule of actuarial assumptions for defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ % ​ % ​ % Weighted average actuarial assumptions used at 31 March 1 Rate of inflation 2 2.9 3.0 3.3 Rate of increase in salaries 3 3.0 3.0 3.1 Discount rate 4.5 4.5 2.5 ​ Notes: 1 Figures shown represent a weighted average assumption of the individual plans. The current year weighted averages do not include Vodafone Italy’s defined benefit plan assumptions. See note 7 ‘Discontinued operations and assets held for sale’ for more information. 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Current service cost 42 44 38 Net past service credit 1 – – (71) Net interest (income)/charge (8) (7) 4 Total net cost/(credit) included within staff costs 34 37 (29) Actuarial losses/(gains) recognised in the SOCI 77 213 (627) ​ Notes: 1 In the year ended 31 March 2022, 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 and further net past service credits were recognised 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	​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities Net surplus ​ ​ €m ​ €m ​ €m 1 April 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 Service cost – (42) (42) Interest income/(cost) ​ 223 ​ (215) ​ 8 Return on plan assets excluding interest income (102) – (102) Actuarial gains arising from changes in demographic assumptions – 72 72 Actuarial gains arising from changes in financial assumptions ​ – ​ 30 ​ 30 Actuarial losses arising from experience adjustments – (77) (77) Employer cash contributions ​ 41 ​ – ​ 41 Member cash contributions 15 (15) – Benefits paid (173) 173 – Exchange rate movements 104 (73) 31 Liabilities held for sale – 51 51 Other movements (7) – (7) 31 March 2024 5,148 (5,072) 76 ​ 25. Post employment benefits (continued) The table below provides an analysis of the net surplus for the Group as a whole. ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Analysis of net surplus: Total fair value of plan assets 5,148 5,047 Present value of funded plan liabilities (5,017) (4,875) Net surplus for funded plans 131 172 Present value of unfunded plan liabilities (55) (101) Net surplus 76 71 Net surplus is analysed as: ​ ​ Assets 1 257 329 Liabilities (181) (258) ​ Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. An analysis of net surplus 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 ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m ​ ​ €m ​ €m Analysis of net surplus: ​ ​ Total fair value of plan assets 1,781 ​ 1,845 1,983 1,958 Present value of plan liabilities (1,676) ​ (1,657) (1,924) (1,900) Net surplus 1 105 ​ 188 59 58
Schedule of fair value of pension assets	​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash and cash equivalents 52 27 Equity investments: ​ ​ With quoted prices in an active market 261 140 Without quoted prices in an active market 293 322 Debt instruments: ​ ​ With quoted prices in an active market 928 588 Without quoted prices in an active market 944 288 Property: ​ ​ With quoted prices in an active market 16 17 Without quoted prices in an active market 374 438 Derivatives: 1 ​ ​ Without quoted prices in an active market 1,040 1,791 Investment fund 580 782 Annuity policies ​ ​ ​ ​ With quoted prices in an active market – 25 Without quoted prices ​ 660 ​ 629 Total 5,148 5,047 ​ 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 (232) 250 (2) 3 362 (321) (122) 122 ​ 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, 2024
Share-based payments
Schedule of movements in outstanding ordinary share options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary share options ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Millions ​ Millions ​ Millions 1 April ​ 62 ​ 61 ​ 62 Granted during the year ​ 63 ​ 50 ​ 20 Forfeited during the year ​ (1) ​ (2) ​ (2) Exercised during the year ​ – ​ (8) ​ (1) Expired during the year ​ (54) ​ (39) ​ (18) 31 March ​ 70 ​ 62 ​ 61 Weighted average exercise price: ​ ​ ​ ​ ​ 1 April ​ ​ £0.87 ​ ​ £1.02 ​ ​ £1.07 Granted during the year ​ ​ £0.58 ​ ​ £0.83 ​ ​ £0.95 Forfeited during the year ​ ​ £0.81 ​ ​ £1.02 ​ ​ £1.06 Exercised during the year ​ ​ £1.06 ​ ​ £1.05 ​ ​ £1.17 Expired during the year ​ ​ £0.82 ​ ​ £1.01 ​ ​ £1.10 31 March ​ ​ £0.66 ​ ​ £0.87 ​ ​ £1.02 ​
Summary of options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 March 2024 31 March 2023 ​ ​ ​ ​ ​ ​ ​ 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: ​ ​ £0.58 – £1.57 ​ 70 ​ ​ £0.66 31 62 £0.87 33 ​
Schedule of movements in non-vested shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ ​ ​ 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 261 ​ ​ £1.14 270 ​ ​ £1.07 267 ​ ​ £1.20 Granted 177 ​ ​ £0.72 120 ​ ​ £1.17 113 ​ ​ £1.17 Vested (76) ​ ​ £1.17 (70) ​ ​ £1.15 (68) ​ ​ £1.44 Forfeited (45) ​ ​ £0.99 (59) ​ ​ £0.89 (42) ​ ​ £1.52 31 March 317 ​ ​ £0.92 261 ​ ​ £1.14 270 ​ ​ £1.07 ​

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	12 Months Ended
	Mar. 31, 2024
Disclosure of detailed information about business combination [line items]
Schedule of other transactions with non-controlling shareholders in subsidiaries	​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ €m €m Cash consideration (paid) Vantage Towers ​ – ​ (667) Other (16) (25) ​ (16) (692)
Schedule of net assets disposed and the resulting net gain (loss) on disposal	​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Cash consideration (paid)/received ​ ​ ​ ​ Vodafone Hungary ​ (4) ​ 1,606 Vantage Towers ​ – ​ 5,592 Other disposals during the period ​ – ​ 2 Net cash disposed ​ (63) ​ (224) ​ ​ (67) ​ 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) ​ Notes: 1 Included in other income in the consolidated income statement in the year ended 31 March 2023.
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 in the year ended 31 March 2023. 2 €8,729 million included in other income and €122 million included in discontinued operations in the consolidated income statement in the year ended 31 March 2023 .

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Mar. 31, 2024
Commitments
Schedule of capital commitments	​ ​ ​ ​ ​ ​ ​ Group ​ ​ 2024 ​ 2023 ​ ​ €m ​ €m Contracts placed for future capital expenditure not provided in the financial statements 1,2 2,442 3,507 ​ Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. 2 Includes €423 million (2023: €469 million) in respect of Vodafone Italy and Vodafone Spain, which are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Contingent liabilities and le_2

Contingent liabilities and legal proceedings (Tables)	12 Months Ended
	Mar. 31, 2024
Contingent liabilities and legal proceedings
Schedule of contingent liabilities	​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ €m €m Performance and payment bonds 1 1,399 1,307 ​ 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. ​

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Mar. 31, 2024
Related party transactions
Schedule of transactions with joint arrangements and associates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ €m ​ €m ​ €m Sales of goods and services to associates 25 20 20 Purchase of goods and services from associates 6 8 10 Sales of goods and services to joint arrangements 267 220 221 Purchase of goods and services from joint arrangements 932 263 298 Interest income receivable from joint arrangements 1 ​ 52 ​ 52 ​ 48 Interest expense payable to joint arrangements 1 239 33 52 Trade balances owed: ​ ​ ​ by associates 19 7 – to associates 1 1 – by joint arrangements 190 170 – to joint arrangements 379 329 – Other balances owed by joint arrangements 1 1,105 980 – Other balances owed to joint arrangements 2 4,940 5,628 – ​ 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.

Related undertakings (Tables)

Related undertakings (Tables)	12 Months Ended
	Mar. 31, 2024
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 100.00 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/vo EvVodaersheds Sutherland Rechtsanwälte GmbH, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria ​ ​ Vodafone Enterprise Austria GmbH 100.00 Quotas 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. 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 ​ ​ ​ ​ ​ ​ Company name % of share class held Share Class 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 ​ ​ Závišova Real Estate, s.r.o. 100.00 Ordinary shares Denmark ​ ​ c/o Lundgrens Advokatpartnerselskab, 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 35.81 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 Le Belvédère, 1 - 7 cours Valmy, 92800, Puteaux, 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 3 100.00 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany ​ ​ Vodafone Customer Care GmbH 3 99.99 Ordinary shares Vodafone Deutschland GmbH 99.99 Ordinary shares ​ ​ ​ ​ ​ ​ Company name % of share class held Share Class Buschurweg 4, 76870 Kandel, Germany ​ ​ Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand-Braun-Platz 1, 40549, Düsseldorf, Germany ​ ​ Vodafone Enterprise Germany GmbH 100.00 Ordinary A, shares, Ordinary B shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone IoT Germany 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 West GmbH 100.00 Ordinary shares Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany ​ ​ KABELCOM Braunschweig Gesellschaft Für Breitbandkabel-Kommunikation Mit Beschränkter Haftung 3 99.99 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 69.99 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany ​ ​ KABELCOM Wolfsburg Gesellschaft für Breitbandkabel-Kommunikation mit beschränkter Haftung 3 99.99 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 ​ ​ Fiber2All S.A. 99.87 Ordinary shares 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 ​ ​ ​ ​ ​ Company name % of share class held Share Class 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 IoT Italy, S.R.L. 100.00 Quotas shares Vodafone Servizi E Tecnologie S.R.L. 100.00 Equity shares ​ ​ ​ ​ ​ ​ 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 The Executive Centre, Level 20, Shin Marunouchi Center Building, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo, 100-0005, 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 ​ ​ 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 ​ ​ 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 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 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 ​ ​ ​ ​ ​ ​ Company name % of share class held Share Class Mauritius ​ ​ 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius, Mauritius ​ ​ Mobile Wallet VM1 5 65.10 Ordinary shares Mobile Wallet VM2 5 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 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 EMENA B.V 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 Oman ​ ​ Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman ​ ​ Vodafone Services LLC 100.00 Shares Poland ​ ​ ul. Towarowa 28, 00-839, Warsaw, Poland ​ ​ Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares ​ ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class Portugal ​ ​ Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal ​ ​ DABCO Portugal, Lda 80.20 Ordinary shares 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 Quotas shares Vodafone IoT Portugal, 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, Slovakia850 New Burton Rd., Suite 201, Dover, County of Kent, Delaware, 19904, United States ​ ​ 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 Irene Link Building C, Third Floor, 5 Impala Avenue, Doringkloof, Centurion, Gauteng, 0046, South Africa ​ ​ 10T Holdings Proprietary Limited 5 42.31 Ordinary shares IoT.nxt (Pty) Limited 5 42.31 Ordinary shares IoT.nxt Development (Pty) Limited 5 42.31 Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa ​ ​ Infinity Services Partner Company 5 65.10 Ordinary shares Jupicol (Proprietary) Limited 5 45.57 Ordinary shares MAST Services Proprietary Limited 5 65.10 Ordinary shares Mezzanine Ware (RF) Proprietary Limited 5 58.59 Ordinary shares Motifprops 1 (Proprietary) Limited 5 65.10 Ordinary shares Storage Technology Services (Pty) Limited 5 33.20 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 Wheatfields Investments 276 (Proprietary) Limited 5 65.10 Ordinary shares XLink Communications (Proprietary) Limited 5 65.10 Ordinary A shares ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class 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.U. 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 Paseo de la Alameda de Osuna, 14, Hortaleza, 28042, Madrid, Spain ​ ​ Vodafone IoT Spain, S.L. 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 ​ ​ c/o BDO AG, 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 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 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 Ownership percentage shares ​ ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class United Arab Emirates ​ ​ 16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City, United Arab Emirates ​ ​ Vodacom Fintech Services FZ-LLC 5 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 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, United Kingdom ​ ​ Thus Group Holdings Limited 100.00 Ordinary shares Thus Group Limited 100.00 Ordinary shares Thus Profit Sharing Trustees Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Pinnacle Cellular Group Limited 100.00 Ordinary shares 3 More London, Riverside, London, SE1 2AQ, United Kingdom ​ ​ IoT Nxt UK Limited 42.31 Ordinary shares One Kingdom Street, London, W2 6BY, United Kingdom ​ ​ DABCo Limited 80.00 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 (in liquidation) 25.00 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 (in process of dissolution) 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 (in process of dissolution) 100.00 Ordinary shares Navtrak Ltd 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 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 Vodafone 2. 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares ​ ​ ​ ​ ​ ​ ​ % of share class ​ ​ held by Group ​ Company name Companies Share Class Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 1 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 1 100.00 Ordinary shares Vodafone Distribution Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Corporate Secretaries Limited 100.00 Ordinary shares Vodafone Enterprise Equipment Limited 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited 100.00 Ordinary shares Vodafone Enterprise U.K. 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Management 100.00 Ordinary 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 International 2 Limited – UK Branch 2 100.00 Branch Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone IoT UK Limited 100.00 Ordinary shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone 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 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 Shared Operations Limited 100.00 Ordinary shares Vodafone Shared Services UK Limited 100.00 Ordinary shares Vodafone UK Foundation 100.00 Sole member Vodafone UK Limited 1 100.00 Ordinary shares Vodafone UK Trading Holdings Limited 100.00 Ordinary shares Vodafone Ventures Limited 1 100.00 Ordinary shares Vodaphone 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 Systems, Inc. 100.00 Common stock shares Vodafone Americas Virginia Inc. 100.00 Common stock shares Vodafone US Inc. 100.00 Common stock shares, Preferred stock shares 1615 Platte Street, Suite 02-115, Denver CO 80202, United States ​ ​ Vodafone Americas Foundation 100.00 Trustee 850 New Burton Rd., Suite 201, Dover, County of Kent, Delaware, 19904, United States ​ ​ Vodafone IoT Incorporated 100.00 Common stock shares ​ ​ ​ ​ ​ ​ Company Name % of share Share Class Australia ​ ​ Level 27, Tower Two, International Towers Sydney, 200 Barangaroo Avenue , Barangaroo NSW 2000, 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 Telecom Limited 25.05 Ordinary shares TransACT Capital Communications Pty Ltd 25.05 Ordinary shares TransACT Communications Pty Ltd 25.05 Ordinary shares TransACT Victoria Communications Pty Ltd 25.05 Ordinary shares TransACT Victoria Holdings Pty Ltd 25.05 Ordinary shares Trusted Cloud Pty Ltd 25.05 Ordinary shares Trusted Cloud Solutions Pty Ltd 25.05 Ordinary shares Value Added Network Pty Ltd 25.05 Ordinary shares Vision Network Pty Limited 25.05 Ordinary shares Vodafone Australia Pty Limited 25.05 Ordinary shares, Class B shares, Redeemable preference shares Vodafone Foundation Australia Pty Limited 25.05 Ordinary shares Vodafone Hutchison Receivables Pty Limited 25.05 Ordinary shares Vodafone Hutchison Spectrum Pty Limited 25.05 Ordinary shares Vodafone Network Pty Limited 25.05 Ordinary shares Vodafone Pty Limited 25.05 Ordinary shares VtalkVoip Pty Ltd 25.05 Ordinary shares Westnet Pty Ltd 25.05 Ordinary shares ​ ​ ​ ​ ​ Company Name % of share Share Class Belgium ​ ​ Space Court of Justice, Rue aux Laines 70, 1000 Brussels, Belgium ​ ​ Utiq S.A 25.00 Ordinary shares Bermuda ​ ​ Clarendon House, 2 Church St, Hamilton, HM11, Bermuda ​ ​ PPC 1 Limited 25.05 Ordinary shares Czech Republic ​ ​ Praha 4, Závišova 502/5, 14000, Nusle, Czech Republic ​ ​ Vantage Towers s.r.o. 4 53.88 Ordinary shares U Rajské zahrady 1912/3, Praha 3, 130 00, Czech Republic ​ ​ COOP Mobil s.r.o. 33.33 Ordinary shares Egypt ​ ​ 23 Kasr El Nil St, Cairo, 11211, Egypt ​ ​ Wataneya Telecommunications S.A.E 50.00 Ordinary shares Germany ​ ​ 38 Berliner Allee, 40212, Düsseldorf, Germany ​ ​ MNP Deutschland Gesellschaft 33.33 Partnership share Ferdinand-Braun-Platz 1, 40549, Düsseldorf, Germany ​ ​ OXG Glasfaser Beteiligungs-GmbH 50.00 Ordinary
Schedule of selected financial data	​ ​ ​ ​ ​ ​ ​ ​ Vodacom Group Limited ​ ​ 2024 ​ 2023 ​ ​ ​ ​ Re-presented 1 ​ ​ €m ​ €m Summary comprehensive income information Revenue 7,420 8,076 Profit for the financial year 920 1,245 Other comprehensive expense 217 193 Total comprehensive income 1,137 1,438 Other financial information ​ ​ Profit for the financial year allocated to non-controlling interests 368 474 Dividends paid to non-controlling interests 260 342 Summary financial position information ​ ​ Non-current assets 7,517 7,766 Current assets 3,437 3,429 Total assets 10,954 11,195 Non-current liabilities (3,198) (2,880) Current liabilities (3,446) (3,905) Total assets less total liabilities 4,310 4,410 Equity shareholders' funds 3,275 3,327 Non-controlling interests 1,035 1,083 Total equity 4,310 4,410 ​ ​ ​ ​ ​ Statement of cash flows ​ ​ Net cash inflow from operating activities 2,285 2,565 Net cash outflow from investing activities (943) (1,013) Net cash outflow from financing activities (1,276) (1,558) Net cash inflow/(outflow) 66 (6) Cash and cash equivalents brought forward 1,075 1,097 Exchange loss on cash and cash equivalents (89) (16) Cash and cash equivalents 1,052 1,075 ​ Note: 1. From 1 April 2023, the Group revised its segmental reporting by moving Vodafone Egypt to the Africa segment. All comparatives for these segments have been re-presented on the new basis of segmental reporting.

Subsidiaries exempt from audit

Subsidiaries exempt from audit (Tables)	12 Months Ended
	Mar. 31, 2024
Subsidiaries exempt from audit
Schedule of subsidiaries exempt from audit	​ Name ​ Registration ​ Name ​ Registration Bluefish Communications Limited ​ 5142610 ​ Vodafone Consolidated Holdings Limited ​ 5754561 ​ Cable & Wireless Aspac Holdings Limited ​ 4705342 ​ Vodafone Corporate Secretaries Limited ​ 2357692 ​ Cable & Wireless CIS Services Limited ​ 2964774 ​ Vodafone Enterprise Corporate Secretaries Limited ​ 2303594 ​ Cable & Wireless Europe Holdings Limited ​ 4659719 ​ Vodafone Enterprise Equipment Limited ​ 1648524 ​ Cable & Wireless UK Holdings Limited ​ 3840888 ​ Vodafone Enterprise Europe (UK) Limited ​ 3137479 ​ Cable & Wireless Worldwide Limited ​ 7029206 ​ Vodafone European Investments ​ 3961908 ​ Cable & Wireless Worldwide Voice Messaging Limited ​ 1981417 ​ Vodafone Finance Management ​ 2139168 ​ Cable & Wireless Nominee Limited ​ 3249884 ​ Vodafone International Operations Limited ​ 2797438 ​ Central Communications Group Limited ​ 4625248 ​ Vodafone Investments Limited ​ 1530514 ​ Energis (Ireland) Limited ​ NI035793 ​ Vodafone IP Licensing Limited ​ 6846238 ​ Energis Communications Limited ​ 2630471 ​ Vodafone Mobile Enterprises Limited ​ 2373469 ​ Energis Squared Limited ​ 3037442 ​ Vodafone Mobile Network Limited ​ 3961482 ​ London Hydraulic Power Company (The) ​ ZC000055 ​ Vodafone Nominees Limited ​ 1172051 ​ MetroHoldings Limited ​ 3511122 ​ Vodafone Oceania Limited ​ 3973427 ​ The Eastern Leasing Company Limited ​ 1672832 ​ Vodafone Overseas Finance Limited ​ 4171115 ​ Thus Group Holdings Limited ​ SC192666 ​ Vodafone Retail (Holdings) Limited ​ 3381659 ​ Thus Group Limited ​ SC226738 ​ Vodafone UK Limited ​ 2227940 ​ Vodafone 2. ​ 4083193 ​ Vodaphone Limited ​ 3961390 ​ ​ ​ ​ ​ Your Communications Group Limited ​ 4171876 ​ ​

Basis of preparation - Consolid

Basis of preparation - Consolidated financial statements (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basis of preparation
Revenue	€ 111	€ 85
Operating profit	66	(87)
Profit for the financial period	(169)	(123)
Net assets	981	814
Equity attributable to owners of the parent	913	777
Non-controlling interests	68	37
Gains (losses) on net monetary position	€ 360	€ 198

Basis of preparation (Details)

Basis of preparation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Basis of Preparation
Minimum undiscounted forecast period for assessing future taxable profits	5 years
Threshold forecast period of recovery of tax losses	5 years
Portion of property, plant and equipment in total assets (as a percent)	19.70%	24.40%
Foreign exchange gain (loss)	€ (272)	€ 111	€ (309)
Operating profit
Basis of Preparation
Foreign exchange gain (loss)	(110)	247	(24)
Financing costs
Basis of Preparation
Foreign exchange gain (loss)	(173)	(135)	(284)
Income tax expense
Basis of Preparation
Foreign exchange gain (loss)	€ 11	€ (1)	€ (1)
Land and buildings | Minimum [Member]
Basis of Preparation
Lease term	5 years
Land and buildings | Maximum [Member]
Basis of Preparation
Lease term	10 years

Basis of preparation - Addition

Basis of preparation - Additional Information (Details) € in Millions	12 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2023 EUR (€)	Mar. 31, 2024 ₺ / €	Mar. 31, 2024 Br / €	Mar. 31, 2023 ₺ / €	Mar. 31, 2023 Br / €	Apr. 01, 2022 EUR (€)	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 EUR (€)
Basis of Preparation
Cash and cash equivalents.	€ 6,183	€ 11,705
Equity	60,998	64,483						€ 57,073	€ 57,768
Exchange rate			34.94	61.43	20.85	58.59
Non-controlling interests	68	37
Current borrowings	8,659	14,721
Non-current borrowings	€ 48,328	€ 51,669
Turkey, New Lira
Basis of Preparation
Price index movements	68.5	50.5
Ethiopia, Birr
Basis of Preparation
Price index movements	26.2	31.3
IFRS 17
Basis of Preparation
Reclassification other payable notes Non-current		€ 257
Reclassification other payable notes Current		63
Non-current reinsurance liability	€ 254
Current reinsurance liability	48
Bonds
Basis of Preparation
Current borrowings	1,292	4,604
Non-current borrowings	39,451	39,512
Future effect of adoption of amendments to IAS 1 on April first 2024 | Forecast | Bonds | Increase (decrease) due to changes in accounting policy required by IFRSs
Basis of Preparation
Current borrowings	(931)	(2,013)					€ 0
Non-current borrowings	€ 931	€ 2,013						0
Adoption of IAS 29
Basis of Preparation
Equity								565
Opening balance after adjustment, cumulative effect at date of initial application [member]
Basis of Preparation
Equity								€ 57,638

Revenue disaggregation and se_3

Revenue disaggregation and segmental analysis (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Revenue disaggregation and segmental analysis
Service revenue	€ 29,912	€ 30,318		€ 30,207
Equipment revenue	4,595	4,900		4,393
Revenue from contracts with customers	34,507	35,218		34,600
Other revenue	2,109	2,356		2,312
Interest revenue	101	98		98
Total segment revenue	36,717	37,672	[1]	37,010	[1]
Adjusted EBITDAaL	11,019	12,424		12,693
Amount of total future revenue from the Group's contracts with customers with performance obligations not satisfied	16,577	16,354		17,902
Not later than one year [Member]
Revenue disaggregation and segmental analysis
Amount of total future revenue from the Group's contracts with customers with performance obligations not satisfied	10,488	10,324		11,353
Vodafone Spain
Revenue disaggregation and segmental analysis
Transaction price allocated to remaining performance obligations, amount of adjustment due to reclassification to discontinued operations		2,167
Vodafone Spain | Not later than one year [Member]
Revenue disaggregation and segmental analysis
Transaction price allocated to remaining performance obligations, amount of adjustment due to reclassification to discontinued operations		1,617
Vodafone Italy
Revenue disaggregation and segmental analysis
Transaction price allocated to remaining performance obligations, amount of adjustment due to reclassification to discontinued operations		2,111
Vodafone Italy | Not later than one year [Member]
Revenue disaggregation and segmental analysis
Transaction price allocated to remaining performance obligations, amount of adjustment due to reclassification to discontinued operations		1,560
Common Functions
Revenue disaggregation and segmental analysis
Service revenue	559	530		522
Equipment revenue	49	47		53
Revenue from contracts with customers	608	577		575
Other revenue	1,256	1,191		1,190
Interest revenue				1
Total segment revenue	1,864	1,768		1,766
Adjusted EBITDAaL	29	20		(56)
Eliminations
Revenue disaggregation and segmental analysis
Service revenue	(150)	(157)		(141)
Equipment revenue	(1)	(1)		(1)
Revenue from contracts with customers	(151)	(158)		(142)
Other revenue	(76)	(1,105)		(1,059)
Total segment revenue	(227)	(1,263)		(1,201)
Germany
Revenue disaggregation and segmental analysis
Service revenue	11,453	11,433		11,616
Equipment revenue	1,132	1,313		1,126
Revenue from contracts with customers	12,585	12,746		12,742
Other revenue	357	350		365
Interest revenue	15	17		21
Total segment revenue	12,957	13,113		13,128
Adjusted EBITDAaL	5,017	5,323		5,669
UK
Revenue disaggregation and segmental analysis
Service revenue	5,631	5,358		5,154
Equipment revenue	1,111	1,375		1,333
Revenue from contracts with customers	6,742	6,733		6,487
Other revenue	54	58		69
Interest revenue	41	33		33
Total segment revenue	6,837	6,824		6,589
Adjusted EBITDAaL	1,408	1,350		1,395
Other Europe
Revenue disaggregation and segmental analysis
Service revenue	4,722	5,005		5,001
Equipment revenue	665	602		528
Revenue from contracts with customers	5,387	5,607		5,529
Other revenue	102	117		105
Interest revenue	15	20		19
Total segment revenue	5,504	5,744		5,653
Adjusted EBITDAaL	1,516	1,632		1,606
Africa
Revenue disaggregation and segmental analysis
Service revenue	5,951	6,556		6,386
Equipment revenue	1,030	1,089		1,013
Revenue from contracts with customers	6,981	7,645		7,399
Other revenue	409	403		384
Interest revenue	30	28		24
Total segment revenue	7,420	8,076		7,807
Adjusted EBITDAaL	2,539	2,880		2,929
Turkey
Revenue disaggregation and segmental analysis
Service revenue	1,746	1,593		1,669
Equipment revenue	609	475		341
Revenue from contracts with customers	2,355	2,068		2,010
Other revenue	7	4		6
Total segment revenue	2,362	2,072		2,016
Adjusted EBITDAaL	€ 510	424		531
Vantage Towers
Revenue disaggregation and segmental analysis
Other revenue		1,338		1,252
Total segment revenue		1,338		1,252
Adjusted EBITDAaL		€ 795		€ 619
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

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, 2024	Mar. 31, 2023		Mar. 31, 2022
Revenue disaggregation and segmental analysis
Adjusted EBITDAaL	€ 11,019	€ 12,424		€ 12,693
Restructuring costs	(703)	(538)		(213)
Interest on lease liabilities	440	355		320
Loss on disposal of property, plant & equipment and intangible assets	(34)	(41)		(37)
Depreciation and amortisation on owned assets	(7,397)	(7,520)		(7,656)
Share of results of equity accounted associates and joint ventures	(96)	433	[1]	389	[1]
Impairment losses				0
Impairment reversal/(loss)	64	(64)	[1]
Other income	372	9,402	[1]	244	[1]
Operating profit	3,665	14,451	[1]	5,740	[1]
Investment income	581	232	[1]	251	[1]
Financing costs	(2,626)	(1,609)	[1]	(1,842)	[1]
Profit before taxation	€ 1,620	€ 13,074	[1]	€ 4,149	[1]
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Revenue disaggregation and se_5

Revenue disaggregation and segmental analysis - Segmental assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Non-current assets
Non-current assets	€ 67,351	€ 85,199		€ 94,048
Capital additions	6,412	8,665		8,620
Right-of-use asset additions	3,103	7,387		3,828
Other additions to intangible assets	283	439		901
Depreciation and amortisation on owned assets	10,414	10,255		10,417
Impairment reversal/(loss)	(64)	64	[1]
Impairment loss				0
Common Functions
Non-current assets
Non-current assets	1,972	2,013		2,103
Capital additions	782	839		844
Right-of-use asset additions	203	127		123
Depreciation and amortisation on owned assets	970	993		979
Germany
Non-current assets
Non-current assets	42,931	43,878		43,190
Capital additions	2,565	2,701		2,670
Right-of-use asset additions	1,045	2,145		795
Other additions to intangible assets		2
Depreciation and amortisation on owned assets	4,543	4,154		3,981
Italy
Non-current assets
Non-current assets		10,235		10,519
Capital additions		833		840
Right-of-use asset additions		916		670
Other additions to intangible assets		5		255
UK
Non-current assets
Non-current assets	6,863	6,629		6,226
Capital additions	878	892		832
Right-of-use asset additions	957	1,639		580
Other additions to intangible assets				229
Depreciation and amortisation on owned assets	1,733	1,562		1,905
Spain
Non-current assets
Non-current assets		6,331		6,433
Capital additions		565		676
Right-of-use asset additions		742		422
Other additions to intangible assets		8		291
Other Europe
Non-current assets
Non-current assets	7,564	7,815		8,548
Capital additions	862	927		1,009
Right-of-use asset additions	442	1,104		502
Other additions to intangible assets		151		126
Depreciation and amortisation on owned assets	1,447	1,363		1,511
Africa
Non-current assets
Non-current assets	6,377	6,796		7,991
Capital additions	1,005	1,122		1,136
Right-of-use asset additions	296	246		216
Other additions to intangible assets	163	264
Depreciation and amortisation on owned assets	1,184	1,311		1,219
Turkey
Non-current assets
Non-current assets	1,644	1,502		859
Capital additions	320	235		247
Right-of-use asset additions	160	150		200
Other additions to intangible assets	120	9
Depreciation and amortisation on owned assets	537	546		299
Impairment reversal/(loss)	€ (64)	64
Vantage Towers
Non-current assets
Non-current assets				8,179
Capital additions		551		366
Right-of-use asset additions		318		320
Depreciation and amortisation on owned assets		€ 326		€ 523
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Operating profit (Details)

Operating profit (Details) - EUR (€) € in Millions		12 Months Ended
	Mar. 22, 2023	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Depreciation of property, plant and equipment (note 11):
Leased assets		€ 4,108	€ 3,960
Impairment (reversal)/loss		(64)	64	[1]
Staff costs (note 24)		5,498	5,192		€ 4,620
Gain on the revaluation of net monetary assets resulting from IAS 29 application		(360)	(198)
Share of results of equity accounted associates and joint ventures		(96)	433	[1]	389	[1]
Discontinued Operations
Depreciation of property, plant and equipment (note 11):
Leased assets		1,091	1,227
Staff costs (note 24)		748	650		714
Vantage Towers A.G
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal	€ (8,607)
Operating profit
Operating profit
Amortisation of intangible assets (note 10)		3,515	3,380		3,425
Depreciation of property, plant and equipment (note 11):
Owned assets		3,882	4,142		4,274
Leased assets		3,017	2,733		2,718
Impairment (reversal)/loss		(64)	64
Staff costs (note 24)		5,498	5,192		4,620
Amounts related to inventory included in cost of sales		4,659	5,035		4,580
Own costs capitalised attributable to the construction or acquisition of property, plant and equipment		1,188	1,099		944
Gain on the revaluation of net monetary assets resulting from IAS 29 application		(360)	(198)
Operating profit | Vodafone Hungary
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal		0	69
Operating profit | Vodafone Ghana
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal		0	(689)
Operating profit | Vantage Towers A.G
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal		0	€ (8,729)
Operating profit | Indus Towers
Depreciation of property, plant and equipment (note 11):
Net (gain) loss on disposal		0			81
Indus Towers Limited | Operating profit
Depreciation of property, plant and equipment (note 11):
Pledge arrangements in respect of Indus Towers Limited		€ 0			€ (15)
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Operating profit - Remuneration

Operating profit - Remuneration of Group's auditor (Details) - EUR (€) € in Millions	12 Months Ended			36 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2024
Remuneration of Group's auditor
Audit fees	€ 26	€ 28	€ 23
Audit-related	10	3	2
Non-audit fees	10	3	2
Total fees	36	31	25
Auditors' remuneration for interim review, preliminary announcements and control audits				€ 1
Parent company
Remuneration of Group's auditor
Audit fees	7	6	4
Increase to previously reported audit fees		1
Subsidiaries
Remuneration of Group's auditor
Audit fees	€ 19	22	€ 19
Vantage Towers [Member]
Remuneration of Group's auditor
Gains (losses) on disposals of investments		€ 8,607

Impairment losses (Details)

Impairment losses (Details) ₨ / shares in Units, € in Millions, ₨ in Billions	12 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 EUR (€) ₨ / shares	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 EUR (€) ₨ / shares	Mar. 31, 2022 EUR (€)	Mar. 31, 2024 INR (₨)	Mar. 31, 2023 INR (₨)
Impairment losses
Impairment losses					€ 0
Foreign exchange translation differences transferred to the income statement	€ (272)		€ 111		€ (309)
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
Impairment reversal	€ 64
Share price | ₨ / shares		₨ 291.15		₨ 143
Recoverable amount	1,800	₨ 1,800	€ 900	₨ 900		₨ 165	₨ 81
Cash-generating units within continuing operations
Impairment losses
Impairment losses	€ 0

Impairment losses - Goodwill (D

Impairment losses - Goodwill (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Impairment losses
Goodwill	€ 24,956	€ 27,615
Germany
Impairment losses
Goodwill	20,335	20,335
Italy
Impairment losses
Goodwill		2,481
Other
Impairment losses
Goodwill	€ 4,621	€ 4,799

Impairment losses - Key assumpt

Impairment losses - Key assumptions used in value in use calculations (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
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			€ 0
Germany
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate	8.30%	7.80%	7.40%
Long-term growth rate	1%	0.60%	0.50%
Projected adjusted EBITDAaL (as a percent)	2.40%	1.80%	(0.10%)
Amount by which unit's recoverable amount exceeds its carrying amount	€ 2,300	€ 3,200	€ 7,300
Growth rate used to extrapolate cash flow projections	1%	0.60%	0.50%
Germany | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment	0.005	0.006	0.014
Germany | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment	(0.004)	(0.006)	(0.014)
Germany | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment	(0.012)	(0.018)	(0.041)
Germany | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment	0.039	0.055	0.126
Italy
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate		8.90%	9.30%
Long-term growth rate		1.50%	1.50%
Projected adjusted EBITDAaL (as a percent)		1%	(0.20%)
Amount by which unit's recoverable amount exceeds its carrying amount		€ 200	€ 400
Growth rate used to extrapolate cash flow projections		1.50%	1.50%
Italy | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment		0.002	0.003
Italy | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment		(0.002)	(0.003)
Italy | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment		(0.005)	(0.009)
Italy | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment		0.009	0.018
Vantage Towers Germany
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate			6.10%
Long-term growth rate			1.50%
Projected adjusted EBITDAaL (as a percent)			11%
Growth rate used to extrapolate cash flow projections			1.50%
UK
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount	€ 1,600	€ 1,300	€ 1,300
UK | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment	0.022	0.016	0.013
UK | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment	(0.021)	(0.019)	(0.015)
UK | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment	(0.029)	(0.041)	(0.031)
UK | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment	0.049	0.042	0.043
Spain
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 400	€ 100
Spain | Pre-tax discount rate
Impairment losses
Change in assumption that would lead to impairment		0.005	0.001
Spain | Long-term growth rate
Impairment losses
Change in assumption that would lead to impairment		(0.006)	(0.001)
Spain | Projected adjusted EBITDAaL CAGR
Impairment losses
Change in assumption that would lead to impairment		(0.015)	(0.004)
Spain | Projected capital expenditure
Impairment losses
Change in assumption that would lead to impairment		0.022	0.005
Minimum [Member] | Germany
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	17.40%	19.40%	19.60%
Minimum [Member] | Italy
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		16.50%	15%
Minimum [Member] | Vantage Towers Germany
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			32%
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%
Maximum [Member] | Germany
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	19.90%	19.80%	21.80%
Maximum [Member] | Italy
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		17.90%	16.30%
Maximum [Member] | Vantage Towers Germany
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)			62.10%
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%
Base Case | Germany
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount			€ 7,300
Base Case | Italy
Assumptions used in value in use calculation
Amount by which unit's recoverable amount exceeds its carrying amount		€ 200	400
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
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)
Decrease in EBITDA by 5 pps | Italy
Assumptions used in value in use calculation
Recoverable amount less carrying amount		(1,600)	(1,600)
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)
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
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
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
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
Decrease in long-term growth rate by 1 pps | Italy
Assumptions used in value in use calculation
Recoverable amount less carrying amount			(600)
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)
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
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
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

Investment income and financi_3

Investment income and financing costs (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Investment income.
Financial assets measured at amortised cost	€ 327	€ 196		€ 246
Financial assets measured at fair value through profit and loss	254	36		5
Investment income	581	232	[1]	251	[1]
Financial liabilities measured at amortised cost
Bonds	1,596	1,711		1,546
Lease liabilities	440	355		320
Bank loans and other liabilities	712	392		425
Interest on derivatives	(395)	(561)		(428)
Mark-to-market on derivatives	100	(423)		(341)
Financial assets measured at fair value through profit and loss				(36)
Foreign exchange	173	135		284
Financing costs	2,626	1,609	[1]	1,842	[1]
Net financing costs	2,045	1,377		1,591
Interest capitalised	€ 0	€ 5		€ 17
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Taxation
Total current tax expense	€ (766)	€ (906)		€ (1,092)
Deferred tax expense	716	414		(469)
Total income tax expense	(50)	(492)	[1]	(1,561)	[1]
Tax (credited)/charged directly to other comprehensive income
Current tax	2	3
Deferred tax	(579)	305		638
Total tax (credited)/charged directly to other comprehensive income	(577)	308		638
Tax charged directly to equity
Deferred tax	4	7
Tax charged directly to equity	4	7
United Kingdom
Taxation
Current period	(70)	(4)		(22)
Adjustments in respect of prior periods	(1)	(4)		(17)
Total current tax expense	(71)	(8)		(39)
Deferred tax expense	36	71		791
Overseas
Taxation
Current period	(670)	(924)		(975)
Adjustments in respect of prior periods	(25)	26		(78)
Total current tax expense	(695)	(898)		(1,053)
Deferred tax expense	€ 680	€ 343		€ (1,260)
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Taxation - Factors affecting ta

Taxation - Factors affecting tax expense (Details) - EUR (€) € in Millions		12 Months Ended
	Apr. 01, 2023	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Reconciliation of accounting profit multiplied by applicable tax rates
Continuing profit/(loss) before tax as shown in the consolidated income statement		€ 1,620	€ 13,074		€ 4,149
Profit at weighted average statutory tax rate		363	2,787		1,298
Impairment loss with no tax effect			18
Disposal of Group investments		174	(1,718)		(8)
Effect of taxation of associates and joint ventures, reported within profit before tax		23	(125)		(111)
Deferred tax (credit)/charge following revaluation of investments in Luxembourg			(393)		1,455
Previously unrecognised temporary differences and losses we expect to use in the future		(1,021)	(16)		(708)
Previously recognised temporary differences and losses we no longer expect to use in the future					74
Current year temporary differences (including losses) that we currently do not expect to use		84	81		28
Adjustments in respect of prior year tax liabilities		89	(29)		10
Impact of tax credits and irrecoverable taxes		147	80		73
Deferred tax on overseas earnings		1	(6)		2
Effect of current year changes in statutory tax rates on deferred tax balances		(19)	35		(667)
Financing costs and similar not deductible/(taxable) for tax purposes		214	(27)		46
Revaluation of assets for tax purposes in Italy and Turkey		(65)	(338)		(84)
Expenses not deductible for tax purposes		60	143		153
Total income tax expense		50	€ 492	[1]	€ 1,561	[1]
Income tax credit		(110)
M-PESA Holding Co. Limited
Reconciliation of accounting profit multiplied by applicable tax rates
Disposal of Group investments		37
Vantage Towers A.G
Reconciliation of accounting profit multiplied by applicable tax rates
Disposal of Group investments		€ 30
UK
Reconciliation of accounting profit multiplied by applicable tax rates
Applicable tax rate	25%
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Taxation - Analysis of movement

Taxation - Analysis of movements in net deferred tax (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Analysis of movements in net deferred tax balance
Beginning balance	€ 18,545	€ 18,569
Adjustment relating to assets Held for Sale	(422)
Foreign exchange movements	(32)	(59)
Credited the income statement	716	425
Charged directly to OCI	579	(304)
Charged directly to equity	(4)	(7)
Indexation of the opening balance in respect of hyperinflation accounting in Turkey	96	(191)
Arising on acquisition and disposals		111
Ending balance	€ 19,478	€ 18,545

Taxation - Deferred tax assets

Taxation - Deferred tax assets and liabilities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Taxation
Amount credited/(expensed) in income statement	€ 716	€ 425
Gross deferred tax asset	38,917	34,488
Gross deferred tax liability	(4,826)	(5,693)
Less amounts unrecognised	(14,613)	(10,250)
Net recognised deferred tax (liability)/asset	19,478	18,545	€ 18,569
Deferred tax assets and liabilities
Deferred tax assets	20,177	19,316
Deferred tax liabilities	(699)	(771)
Net deferred tax assets	19,478	18,545	€ 18,569
Germany
Deferred tax assets and liabilities
Deferred tax assets	2,029	2,021
Discontinued operation
Taxation
Net recognised deferred tax (liability)/asset		11
Deferred tax assets and liabilities
Net deferred tax assets		11
Tangible assets
Taxation
Amount credited/(expensed) in income statement	(176)	136
Gross deferred tax asset	2,656	2,761
Gross deferred tax liability	(1,174)	(1,426)
Less amounts unrecognised	10	(47)
Net recognised deferred tax (liability)/asset	1,492	1,288
Deferred tax assets and liabilities
Net deferred tax assets	1,492	1,288
Intangible assets
Taxation
Amount credited/(expensed) in income statement	354	324
Gross deferred tax asset	367	630
Gross deferred tax liability	(1,177)	(1,495)
Less amounts unrecognised	11	15
Net recognised deferred tax (liability)/asset	(799)	(850)
Deferred tax assets and liabilities
Net deferred tax assets	(799)	(850)
Tax losses
Taxation
Amount credited/(expensed) in income statement	455	(78)
Gross deferred tax asset	32,830	28,035
Less amounts unrecognised	(14,051)	(9,540)
Net recognised deferred tax (liability)/asset	18,779	18,495
Deferred tax assets and liabilities
Net deferred tax assets	18,779	18,495
Tax losses | Luxembourg [Member]
Deferred tax assets and liabilities
Deferred tax assets	16,714	16,269
Treasury related items
Taxation
Amount credited/(expensed) in income statement	19	2
Gross deferred tax asset	594	623
Gross deferred tax liability	(138)	(717)
Less amounts unrecognised	(569)	(588)
Net recognised deferred tax (liability)/asset	(113)	(682)
Deferred tax assets and liabilities
Net deferred tax assets	(113)	(682)
Temporary differences relating to revenue recognition
Taxation
Amount credited/(expensed) in income statement	(61)	(40)
Gross deferred tax asset	2	19
Gross deferred tax liability	(677)	(705)
Net recognised deferred tax (liability)/asset	(675)	(686)
Deferred tax assets and liabilities
Net deferred tax assets	(675)	(686)
Temporary differences relating to leases
Taxation
Amount credited/(expensed) in income statement	(16)	216
Gross deferred tax asset	1,576	1,482
Gross deferred tax liability	(1,354)	(1,054)
Less amounts unrecognised		(30)
Net recognised deferred tax (liability)/asset	222	398
Deferred tax assets and liabilities
Net deferred tax assets	222	398
Other temporary differences
Taxation
Amount credited/(expensed) in income statement	141	(135)
Gross deferred tax asset	892	938
Gross deferred tax liability	(306)	(296)
Less amounts unrecognised	(14)	(60)
Net recognised deferred tax (liability)/asset	572	582
Deferred tax assets and liabilities
Net deferred tax assets	€ 572	€ 582

Taxation - Unused tax losses an

Taxation - Unused tax losses and tax credits (Details) - EUR (€) € in Millions	Apr. 01, 2023	Mar. 31, 2024	Mar. 31, 2023
Taxation
Provision for potential tax liability		€ 445	€ 412
Losses for which a deferred tax asset is recognised		80,244	79,041
Losses for which no deferred tax is recognised		56,344	34,276
Total unused tax losses or tax credits		136,588	113,317
UK
Taxation
Corporation tax rate	25%
Luxembourg [Member]
Taxation
Total unused tax losses or tax credits		67,016	65,232
Within 0 to 5 years
Taxation
Losses for which a deferred tax asset is recognised		20	15
Losses for which no deferred tax is recognised		313	306
Total unused tax losses or tax credits		333	321
Beyond 6 years
Taxation
Losses for which a deferred tax asset is recognised			59
Losses for which no deferred tax is recognised		15,653	15,649
Total unused tax losses or tax credits		15,653	15,708
Unlimited
Taxation
Losses for which a deferred tax asset is recognised		80,224	78,967
Losses for which no deferred tax is recognised		40,378	18,321
Total unused tax losses or tax credits		€ 120,602	€ 97,288

Taxation - Additional informati

Taxation - Additional information (Details) - EUR (€) € in Millions			12 Months Ended
	Apr. 01, 2023	Dec. 13, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Taxation
Unused Tax Losses Available for Carryforward			€ 136,588	€ 113,317
Previously unrecognised deferred tax asset losses			1,021	16	€ 708
Unremitted earnings of subsidiaries for which no deferred tax liability has been recognised			38,380	26,371
Deferred tax liability			699	771
Losses for which no deferred tax is recognised			56,344	34,276
Deferred tax assets			20,177	19,316
Deferred tax income			(716)	(414)	€ 469
Assets and liabilities held for sale
Taxation
Deferred tax liability			3
Deferred tax assets			€ 461
Vodafone Egypt
Taxation
Proportion of ownership interest in subsidiary		55%	35.82%
Luxembourg [Member]
Taxation
Unused Tax Losses Available for Carryforward			€ 67,016	65,232
Previously unrecognised deferred tax asset losses			1,019
Tax losses utilized during the period			€ 598
Percentage of deferred tax assets			3.60%
Cash flow projection period to determine recoverable tax losses			5 years
Utilisation period after reporting date beyond which deferred tax assets are not recognised			60 years
Luxembourg [Member] | Not later than 10 years
Taxation
Percentage of deferred tax expected to be used			20%
Deferred tax assets			€ 3,306	4,518
Luxembourg [Member] | Not later than 20 years
Taxation
Losses for which no deferred tax is recognised				8,742
Percentage of deferred tax expected to be used			38%
Deferred tax assets			€ 6,344
Luxembourg [Member] | Cable & Wireless Worldwide Group company
Taxation
Losses for which no deferred tax is recognised			9,136	9,136
Luxembourg [Member] | Tax losses
Taxation
Deferred tax assets			16,714	16,269
Luxembourg [Member] | Tax losses on tax deductible impairments following the 2017 Luxembourg tax reform
Taxation
Increase in deferred tax assets			(1,019)
Taxe losses in current year			2,393
Deferred tax assets			0
Additional tax losses disposal of investments			€ 15,933	15,925
Tax loss carryforward expiration period			17 years
Germany
Taxation
Utilisation period of tax losses (in years)			5 years
Deferred tax assets			€ 2,029	2,021
Spain
Taxation
Losses for which no deferred tax is recognised			5,504	5,130
Net deferred tax liabilities			3
UK
Taxation
Corporate tax rate (as a percent)	25%
Deferred tax assets			€ 2,485	€ 1,809
Cash flow projection period to determine recoverable tax losses			5 years
UK | Not later than 18 years
Taxation
Percentage of deferred tax expected to be used			90%
UK | Not later than 27 years
Taxation
Percentage of deferred tax expected to be used				99%
UK | Tax losses that can only be offset against future capital gains
Taxation
Tax losses arising from subsidiaries for offset against future capital gains			€ 29,713	€ 2,377
Deferred tax assets			0
UK | Treasury items and other items
Taxation
Deductible temporary differences for which no deferred tax asset is recognised			2,941	2,443
UK | Mark to market movements on cash flow hedges
Taxation
Increase in deferred tax assets			(574)
Italy
Taxation
Deferred tax assets			€ 462	425
Cash flow projection period to determine recoverable tax losses			5 years
Italy | Tax losses
Taxation
Deferred tax assets			€ 295	€ 152
Minimum
Taxation
Additional tax per annum			€ 9
Minimum | Luxembourg [Member]
Taxation
Period over which tax losses are expected to be fully utilised			52 years	35 years
Percentage of reasonably possible increase or decrease in forecast income			5%
Increase or decrease in tax loss utilisation period based on reasonably possible increase or decrease in forecast income					3 years
Minimum | Luxembourg [Member] | Internal financing, centralised procurement, and international roaming activities
Taxation
Annual taxable profit consistently generated			€ 1,000
Minimum | Germany
Taxation
Period over which trading tax losses are expected to be fully utilised			5 years
Period over which corporate tax losses are expected to be fully utilised			12 years
Maximum
Taxation
Additional tax per annum			€ 14
Maximum | Luxembourg [Member]
Taxation
Expiration period of group's tax losses			16 years
Period over which tax losses are expected to be fully utilised			57 years	39 years
Percentage of reasonably possible increase or decrease in forecast income			10%
Increase or decrease in tax loss utilisation period based on reasonably possible increase or decrease in forecast income					6 years
Maximum | Germany
Taxation
Period over which trading tax losses are expected to be fully utilised			6 years
Period over which corporate tax losses are expected to be fully utilised			13 years

Discontinued operations and a_3

Discontinued operations and assets held for sale - Summary of the results of discontinued operations (Details) - EUR (€) € / shares in Units, € in Millions			12 Months Ended
	Mar. 15, 2024	Oct. 31, 2023	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Acquisitions and disposals
(Loss)/profit for the financial year - Discontinued operations			€ (65)	€ (247)	[1]	€ 185	[1]
Basic (loss)/earnings per share from discontinued operations			€ (0.0024)	€ (0.0089)		€ 0.0064
Diluted (loss)/earnings per share from discontinued operations			€ (0.0024)	€ (0.0089)		€ 0.0063
Vodafone Spain, Discontinued operations
Acquisitions and disposals
Percentage of ownership interests agreed to sell		100%
(Loss)/profit for the financial year - Discontinued operations			€ (5)	€ (340)		€ (352)
Vodafone Italy, Discontinued operations
Acquisitions and disposals
Percentage of ownership interests agreed to sell	100%
(Loss)/profit for the financial year - Discontinued operations			€ (60)	€ 93		€ 537
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Discontinued operations and a_4

Discontinued operations and assets held for sale - Segment analysis of discontinued operations - Vodafone Spain (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022		May 31, 2024
Acquisitions and disposals
Revenue	€ 36,717	€ 37,672	[1]	€ 37,010	[1]
Cost of sales	(24,459)	(24,359)	[1]	(23,948)	[1]
Gross profit	12,258	13,313	[1]	13,062	[1]
Selling and distribution expenses	(2,674)	(2,777)	[1]	(2,754)	[1]
Administrative expenses	(5,768)	(5,351)	[1]	(4,797)	[1]
Net credit losses on financial assets	(491)	(505)	[1]	(404)	[1]
Operating profit	3,665	14,451	[1]	5,740	[1]
Investment income	581	232	[1]	251	[1]
Financing costs	(2,626)	(1,609)	[1]	(1,842)	[1]
Profit/(loss) before taxation	1,620	13,074	[1]	4,149	[1]
Income tax credit	(110)
Net loss on disposal	(65)	(247)	[1]	185	[1]
Depreciation and amortisation on owned assets	10,414	10,255		10,417
Vodafone Spain, Discontinued operations
Acquisitions and disposals
Revenue	3,773	3,675		3,960
Cost of sales	(2,593)	(2,959)		(3,105)
Gross profit	1,180	716		855
Selling and distribution expenses	(259)	(314)		(328)
Administrative expenses	(435)	(575)		(772)
Net credit losses on financial assets	(120)	(35)		(115)
Other expense		(122)
Operating profit	366	(330)		(360)
Investment income	29	16		2
Financing costs	(56)	(26)		(23)
Profit/(loss) before taxation	339	(340)		(381)
Income tax credit	1			29
Profit/(loss) after tax of discontinued operations	340	(340)		(352)
After tax loss on the re-measurement of disposal group	(345)
Net loss on disposal	(5)	(340)		(352)
Attributable to owners of the parent	€ (5)	€ (340)		€ (352)
Cash consideration						€ 4,100
Nominal value of non-cash consideration						€ 900
Redeemable Preference Shares, redemption period	6 years
Depreciation and amortisation expense not recognised during period after classification as held for sale	€ 538
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Discontinued operations and a_5

Discontinued operations and assets held for sale - Segment analysis of discontinued operations - Vodafone Italy (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Acquisitions and disposals
Revenue	€ 36,717	€ 37,672	[1]	€ 37,010	[1]
Cost of sales	(24,459)	(24,359)	[1]	(23,948)	[1]
Gross profit	12,258	13,313	[1]	13,062	[1]
Selling and distribution expenses	(2,674)	(2,777)	[1]	(2,754)	[1]
Administrative expenses	(5,768)	(5,351)	[1]	(4,797)	[1]
Net credit losses on financial assets	(491)	(505)	[1]	(404)	[1]
Operating profit	3,665	14,451	[1]	5,740	[1]
Investment income	581	232	[1]	251	[1]
Financing costs	(2,626)	(1,609)	[1]	(1,842)	[1]
Profit before taxation	1,620	13,074	[1]	4,149	[1]
Income tax credit	(110)
Net loss on disposal	(65)	(247)	[1]	185	[1]
Depreciation and amortisation on owned assets	10,414	10,255		10,417
Vodafone Italy, Discontinued operations
Acquisitions and disposals
Revenue	4,579	4,722		4,944
Cost of sales	(3,438)	(3,532)		(3,521)
Gross profit	1,141	1,190		1,423
Selling and distribution expenses	(244)	(238)		(276)
Administrative expenses	(760)	(710)		(671)
Net credit losses on financial assets	(51)	(66)		(42)
Other expense		(1)		(1)
Operating profit	86	175		433
Investment income				1
Financing costs	(86)	(93)		(99)
Profit before taxation		82		335
Income tax credit	23	11		202
Profit/(loss) after tax of discontinued operations	23	93		537
After tax loss on the re-measurement of disposal group	(83)
Net loss on disposal	(60)	93		537
Attributable to owners of the parent	(71)	€ 80		€ 537
Cash consideration	8,000
Depreciation and amortisation expense not recognised during period after classification as held for sale	93
Depreciation and amortisation expense not recognised during period after classification as held for sale, net of tax	€ 67
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Discontinued operations and a_6

Discontinued operations and assets held for sale - Assets held for sale (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Non-current assets
Goodwill	€ 24,956	€ 27,615
Other intangible assets	13,896	19,592
Property, plant and equipment	28,499	37,992
Other investments	1,006	1,093
Deferred tax assets	20,177	19,316
Trade and other receivables	5,967	7,843
Total non-current assets	104,790	124,859
Current assets
Inventory	568	956
Taxation recoverable	76	279
Trade and other receivables	8,594	10,705
Cash and cash equivalents	6,183	11,705
Total assets	144,350	155,521
Non-current liabilities
Borrowings	48,328	51,669
Deferred tax liabilities	699	771
Post employment benefits	181	258
Provisions	1,615	1,572
Trade and other payables	2,328	2,184
Total non-current liabilities	53,151	56,454
Current liabilities
Borrowings	8,659	14,721
Taxation liabilities	393	457
Provisions	833	674
Trade and other payables	13,398	€ 18,247
Assets and Liabilities Classified as Held for Sale
Non-current assets
Goodwill	2,398
Other intangible assets	4,318
Property, plant and equipment	9,264
Other investments	2
Deferred tax assets	461
Trade and other receivables	390
Total non-current assets	16,833
Current assets
Inventory	173
Taxation recoverable	77
Trade and other receivables	1,922
Cash and cash equivalents	42
Total current assets	2,214
Total assets	19,047
Non-current liabilities
Borrowings	2,387
Deferred tax liabilities	3
Post employment benefits	45
Provisions	273
Trade and other payables	163
Total non-current liabilities	2,871
Current liabilities
Borrowings	1,019
Taxation liabilities	12
Provisions	90
Trade and other payables	2,926
Total current liabilities	4,047
Total liabilities	6,918
Vodafone Spain, Assets and liabilities classified as held for sale
Non-current assets
Other intangible assets	987
Property, plant and equipment	4,957
Other investments	2
Trade and other receivables	223
Total non-current assets	6,169
Current assets
Inventory	39
Trade and other receivables	805
Cash and cash equivalents	13
Total current assets	857
Total assets	7,026
Non-current liabilities
Borrowings	878
Deferred tax liabilities	3
Provisions	158
Trade and other payables	43
Total non-current liabilities	1,082
Current liabilities
Borrowings	346
Provisions	23
Trade and other payables	1,203
Total current liabilities	1,572
Total liabilities	2,654
Vodafone Italy, Assets and liabilities classified as held for sale
Non-current assets
Goodwill	2,398
Other intangible assets	3,331
Property, plant and equipment	4,307
Deferred tax assets	461
Trade and other receivables	167
Total non-current assets	10,664
Current assets
Inventory	134
Taxation recoverable	77
Trade and other receivables	1,117
Cash and cash equivalents	29
Total current assets	1,357
Total assets	12,021
Non-current liabilities
Borrowings	1,509
Post employment benefits	45
Provisions	115
Trade and other payables	120
Total non-current liabilities	1,789
Current liabilities
Borrowings	673
Taxation liabilities	12
Provisions	67
Trade and other payables	1,723
Total current liabilities	2,475
Total liabilities	€ 4,264

Earnings per shares (Details)

Earnings per shares (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share	27,056	27,680		29,012
Effect of dilutive potential shares: restricted shares and share options	95	95		97
Weighted average number of shares for diluted earnings per share	27,151	27,775		29,109
Profit earnings for basic and diluted earnings per share
Profit for earnings per share from continuing operations attributable to owners	€ 1,205	€ 12,085		€ 2,052
(Loss)/profit for earnings per share from discontinued operations attributable to owners	(65)	(247)		185
Profit for basic and diluted earnings per share	€ 1,140	€ 11,838		€ 2,237
Basic earnings per share
Basic earnings per share from continuing operations	€ 0.0445	€ 0.4366	[1]	€ 0.0707	[1]
Basic (loss)/earnings per share from discontinued operations	(0.0024)	(0.0089)		0.0064
Earnings per share - Total Group, Basic	0.0421	0.4277	[1]	0.0771	[1]
Diluted earnings per share
Diluted earnings per share from continuing operations	0.0444	0.4351	[1]	0.0705	[1]
Diluted (loss)/earnings per share from discontinued operations	(0.0024)	(0.0089)		0.0063
Earnings per share - Total Group, Diluted	€ 0.0420	€ 0.4262	[1]	€ 0.0768	[1]
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Equity dividends (Details)

Equity dividends (Details) - EUR (€) € / shares in Units, € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 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, 2021: 4.50 eurocents per share)	€ 1,215	€ 1,265	€ 1,254
Interim dividend for the year ended 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share, 2022: 4.50 eurocents per share)	1,218	1,237	1,229
Total dividends declared and paid during the financial year	€ 2,433	€ 2,502	€ 2,483
Proposed after the end of the reporting period and not recognised as a liability:
Dividends per share, proposed after the end of the year and not recognised as a liability	€ 0.0450	€ 0.0450	€ 0.0450
Final dividend for the year ended 31 March 2024: 4.50 eurocents per share (2023: 4.50 eurocents per share, 2022: 4.50 eurocents per share)	€ 1,219	€ 1,215	€ 1,265
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

Fair value of financial instrum

Fair value of financial instruments - Level 3 financial instruments (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Fair value of financial instruments
Derivative financial assets	€ 4,226	€ 6,124
Bank borrowings secured against Indian assets
Fair value of financial instruments
Secured bank borrowings	1,720	1,485
Level 3
Fair value of financial instruments
Embedded derivative asset	22	198
Level 3 | Bank borrowings secured against Indian assets
Fair value of financial instruments
Embedded derivative asset	€ 22	€ 198

Intangible assets (Details)

Intangible assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 47,207,000
Balance at the end of the period	38,852,000	€ 47,207,000
Discontinued Operations
Changes in Intangible Assets and Goodwill
Amortisation charge for the year	607,000	651,000
Amortisation charge for the year	607,000	651,000
Charge for the year	988,000	1,485,000
Significant licences | Germany
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	2,979,000
Balance at the end of the period	2,686,000	2,979,000
Significant licences | Vodacom
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	774,000
Balance at the end of the period	687,000	774,000
Significant licences | Italy
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	3,123,000
Balance at the end of the period		3,123,000
Significant licences | UK
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	1,055,000
Balance at the end of the period	989,000	1,055,000
Significant licences | Spain [Member]
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	758,000
Balance at the end of the period		758,000
Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	27,615,000
Balance at the end of the period	24,956,000	27,615,000
Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	9,969,000
Balance at the end of the period	€ 5,561,000	9,969,000
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
Software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	€ 6,012,000
Balance at the end of the period	5,330,000	6,012,000
Assets in the course of construction	€ 1,200,000	1,451,000
Software | Minimum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Software | Maximum [Member]
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	10 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	€ 3,598,000
Balance at the end of the period	€ 2,982,000	3,598,000
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	€ 13,000
Balance at the end of the period	23,000	13,000
Cost
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	162,128,000	167,145,000
Exchange movements	(2,081,000)	(2,850,000)
Disposal of subsidiaries		(5,192,000)
Additions	2,915,000	3,250,000
Disposals	(1,977,000)	(1,834,000)
Transfer of assets held for sale	(30,930,000)
Hyperinflation impacts	1,729,000	1,609,000
Balance at the end of the period	131,784,000	162,128,000
Cost | Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	96,904,000	100,897,000
Exchange movements	(1,042,000)	(783,000)
Disposal of subsidiaries		(3,939,000)
Transfer of assets held for sale	(19,498,000)
Hyperinflation impacts	888,000	729,000
Balance at the end of the period	77,252,000	96,904,000
Cost | Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	34,306,000	35,025,000
Exchange movements	(435,000)	(1,270,000)
Disposal of subsidiaries		(443,000)
Additions	283,000	439,000
Disposals	(986,000)	(2,000)
Transfer of assets held for sale	(6,258,000)
Hyperinflation impacts	382,000	557,000
Balance at the end of the period	27,292,000	34,306,000
Cost | Software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	18,474,000	18,121,000
Exchange movements	(414,000)	(504,000)
Disposal of subsidiaries		(348,000)
Additions	2,615,000	2,804,000
Disposals	(989,000)	(1,831,000)
Transfer of assets held for sale	(2,600,000)
Hyperinflation impacts	348,000	232,000
Balance at the end of the period	17,434,000	18,474,000
Cost | Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	11,905,000	12,552,000
Exchange movements	(130,000)	(240,000)
Disposal of subsidiaries		(458,000)
Transfer of assets held for sale	(2,517,000)
Hyperinflation impacts	62,000	51,000
Balance at the end of the period	9,320,000	11,905,000
Cost | Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	539,000	550,000
Exchange movements	(60,000)	(53,000)
Disposal of subsidiaries		(4,000)
Additions	17,000	7,000
Disposals	(2,000)	(1,000)
Transfer of assets held for sale	(57,000)
Hyperinflation impacts	49,000	40,000
Balance at the end of the period	486,000	539,000
Accumulated depreciation, amortisation and impairment
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(114,921)	(113,613,000)
Exchange movements	1,541,000	1,892,000
Disposal of subsidiaries		448,000
Disposals	1,936,000	1,817,000
Transfer of assets held for sale	24,133,000
Hyperinflation impacts	(1,499,000)	(1,434,000)
Amortisation charge for the year	4,122	4,031,000
Balance at the end of the period	(92,932,000)	(114,921)
Amortisation charge for the year	4,122	4,031,000
Charge for the year	4,870,000	5,627,000
Accumulated depreciation, amortisation and impairment | Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(69,289)	(69,013,000)
Exchange movements	897,000	414,000
Disposal of subsidiaries		39,000
Transfer of assets held for sale	16,984,000
Hyperinflation impacts	(888,000)	(729,000)
Balance at the end of the period	(52,296,000)	(69,289)
Accumulated depreciation, amortisation and impairment | Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(24,337)	(23,792,000)
Exchange movements	144,000	846,000
Disposal of subsidiaries		147,000
Disposals	985,000	2,000
Transfer of assets held for sale	2,704,000
Hyperinflation impacts	(196,000)	(407,000)
Amortisation charge for the year	1,031	1,133,000
Balance at the end of the period	(21,731,000)	(24,337)
Amortisation charge for the year	1,031	1,133,000
Accumulated depreciation, amortisation and impairment | Software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(12,462)	(12,257,000)
Exchange movements	324,000	351,000
Disposal of subsidiaries		180,000
Disposals	951,000	1,814,000
Transfer of assets held for sale	1,871,000
Hyperinflation impacts	(304,000)	(207,000)
Amortisation charge for the year	2,484	2,343,000
Balance at the end of the period	(12,104,000)	(12,462)
Amortisation charge for the year	2,484	2,343,000
Accumulated depreciation, amortisation and impairment | Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(8,307)	(8,013,000)
Exchange movements	120,000	231,000
Disposal of subsidiaries		80,000
Transfer of assets held for sale	2,517,000
Hyperinflation impacts	(62,000)	(51,000)
Amortisation charge for the year	606	554,000
Balance at the end of the period	(6,338,000)	(8,307)
Amortisation charge for the year	606	554,000
Accumulated depreciation, amortisation and impairment | Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	(526)	(538,000)
Exchange movements	56,000	50,000
Disposal of subsidiaries		2,000
Disposals		1,000
Transfer of assets held for sale	57,000
Hyperinflation impacts	(49,000)	(40,000)
Amortisation charge for the year	1	1,000
Balance at the end of the period	(463,000)	(526)
Amortisation charge for the year	€ 1	€ 1,000

Property, plant and equipment -

Property, plant and equipment - Accumulated depreciation and impairment (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	€ 25,894
Property, plant and equipment at end of the period	19,399	€ 25,894
Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	757
Property, plant and equipment at end of the period	€ 568	757
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	€ 25,137
Property, plant and equipment at end of the period	18,831	25,137
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	777
Property, plant and equipment at end of the period	€ 583	777
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
Discontinued Operations
Reconciliation of property, plant and equipment
Charge for the year	€ 988	1,485
Cost
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	76,457	83,457
Exchange movements	(1,909)	(2,729)
Disposal of subsidiaries		(7,279)
Additions	4,787	5,854
Disposals	(2,085)	(3,977)
Transfer to assets held for sale	(18,969)
Hyperinflation impacts	1,385	1,047
Other	92	84
Property, plant and equipment at end of the period	59,758	76,457
Cost | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	1,997	2,361
Exchange movements	(31)	(81)
Disposal of subsidiaries		(69)
Additions	34	49
Disposals	(15)	(253)
Transfer to assets held for sale	(439)
Hyperinflation impacts	9	7
Other	2	(17)
Property, plant and equipment at end of the period	1,557	1,997
Assets in the course of construction	4	10
Cost | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	74,460	81,096
Exchange movements	(1,878)	(2,648)
Disposal of subsidiaries		(7,210)
Additions	4,753	5,805
Disposals	(2,070)	(3,724)
Transfer to assets held for sale	(18,530)
Hyperinflation impacts	1,376	1,040
Other	90	101
Property, plant and equipment at end of the period	58,201	74,460
Assets in the course of construction	1,401	1,988
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	2,170
Property, plant and equipment at end of the period	1,623	2,170
Accumulated depreciation, amortisation and impairment
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(50,563)	(54,313)
Exchange movements	1,265	1,722
Disposal of subsidiaries		4,561
Charge for the year	4,870	5,627
Disposals	2,054	3,842
Transfer to assets held for sale	12,794
Hyperinflation impacts	(1,039)	(748)
Property, plant and equipment at end of the period	(40,359)	(50,563)
Accumulated depreciation, amortisation and impairment | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(1,240)	(1,372)
Exchange movements	7	28
Disposal of subsidiaries		18
Charge for the year	56	83
Disposals	15	170
Transfer to assets held for sale	287
Hyperinflation impacts	(2)	(1)
Property, plant and equipment at end of the period	(989)	(1,240)
Accumulated depreciation, amortisation and impairment | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	(49,323)	(52,941)
Exchange movements	1,258	1,694
Disposal of subsidiaries		4,543
Charge for the year	4,814	5,544
Disposals	2,039	3,672
Transfer to assets held for sale	12,507
Hyperinflation impacts	(1,037)	(747)
Property, plant and equipment at end of the period	(39,370)	(49,323)
Accumulated depreciation, amortisation and impairment | 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	(1,393)
Property, plant and equipment at end of the period	€ (1,040)	€ (1,393)

Property, plant and equipment_2

Property, plant and equipment - Right-of-use assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Noncurrent Assets or Disposal Groups Classified as Held for Sale [Line Items]
Property, plant and equipment (owned assets)	€ 19,399	€ 25,894
Right-of-use assets	9,100	12,098
Total property, plant and equipment	28,499	37,992
Total property, plant and equipment	19,399	25,894
Additions to right-of-use assets	3,103	7,387	€ 3,828
Depreciation, right-of-use assets	4,108	3,960
Aggregate continuing and discontinued operations
Noncurrent Assets or Disposal Groups Classified as Held for Sale [Line Items]
Additions to right-of-use assets	4,173	7,387
Discontinued Operations
Noncurrent Assets or Disposal Groups Classified as Held for Sale [Line Items]
Depreciation, right-of-use assets	1,091	€ 1,227
Assets and Liabilities Classified as Held for Sale [Member]
Noncurrent Assets or Disposal Groups Classified as Held for Sale [Line Items]
Total property, plant and equipment	€ 9,264

Investments in associates and_3

Investments in associates and joint arrangements - Summary of Investments (Details) - EUR (€) € in Millions			1 Months Ended	12 Months Ended
	Jul. 18, 2023	Mar. 22, 2023	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	[1]	Mar. 31, 2020	Sep. 30, 2019
Investment in associates and joint arrangements
Investment in joint ventures			€ 9,578	€ 8,203	€ 9,578
Investment in associates			1,501	1,829	1,501
Total investment in joint ventures and associates			11,079	10,032	11,079
Cash consideration for sale of interests in joint ventures and associates				500		€ 446
Indus Towers Limited
Investment in associates and joint arrangements
Investment in associates			908	1,104	908
Other
Investment in associates and joint arrangements
Investment in associates			84	98	84
Joint ventures [member]
Investment in associates and joint arrangements
Investment in joint ventures			9,578	8,203	9,578
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Investment in joint ventures			793	€ 516	€ 793
Joint venture ownership interest				50%	50%
Oak Holdings 1 GmbH
Investment in associates and joint arrangements
Investment in joint ventures			€ 8,634	€ 7,620	€ 8,634
Joint venture ownership interest	60.30%	64.20%	64.20%	60.30%	64.20%
Cash consideration for sale of interests in joint ventures and associates	€ 500
Indus Towers Limited
Investment in associates and joint arrangements
Investment in joint ventures			€ 908	€ 1,104	€ 908
Joint venture ownership interest				21%
Vodafone Idea Limited
Investment in associates and joint arrangements
Investment in joint ventures				€ 0				€ 0	€ 0
Joint venture ownership interest				31.40%	32.30%
Other joint ventures
Investment in associates and joint arrangements
Investment in joint ventures			€ 43	€ 69	€ 43
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Investments in associates and_4

Investments in associates and joint arrangements - Joint ventures (Details) € in Millions, $ in Millions, ₨ in Billions			1 Months Ended	2 Months Ended	12 Months Ended
	Jul. 18, 2023 EUR (€)	Mar. 22, 2023	Mar. 31, 2023 EUR (€)	Jun. 07, 2024 EUR (€)	Mar. 31, 2024 EUR (€)	Mar. 31, 2023 EUR (€)		Mar. 31, 2022 EUR (€)		Mar. 31, 2024 INR (₨)	Mar. 31, 2024 AUD ($)	Mar. 31, 2023 INR (₨)	Mar. 31, 2023 AUD ($)	Mar. 31, 2020 EUR (€)	Sep. 30, 2019 EUR (€)
Investment in associates and joint arrangements
Investment in joint ventures			€ 9,578		€ 8,203	€ 9,578
Proceeds from sales of investments accounted for using equity method					500			€ 446	[1]
Dividend received					442	617	[1]	638	[1]
Cash consideration received					(67)	6,976	[1]
Joint ventures [member]
Investment in associates and joint arrangements
Investment in joint ventures			9,578		8,203	9,578
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method					€ (379)	200		(11)
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%
Investment in joint ventures			908		€ 1,104	908
Other joint ventures [Member]
Investment in associates and joint arrangements
Investment in joint ventures			€ 43		69	43
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method					€ (43)	€ (15)		(14)
Oak Holdings 1 GmbH
Investment in associates and joint arrangements
Joint venture ownership interest	60.30%	64.20%	64.20%		60.30%	64.20%
Investment in joint ventures			€ 8,634		€ 7,620	€ 8,634
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method					(85)
Proceeds from sales of investments accounted for using equity method	€ 500
Dividend received					€ 196	€ 0		0
Ownership interest transferred (in percentage)	3.90%
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Joint venture ownership interest					50%	50%
Investment in joint ventures			€ 793		€ 516	€ 793
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method					(177)	137		(19)
Dividend received					€ 100	€ 165		350
OXG Glasfaser Beteiligungs-GmbH
Investment in associates and joint arrangements
Joint venture ownership interest			50%		50%	50%
Maximum fund contributed			€ 950
Capital contributions provided					€ 32
Remaining funding commitment					€ 918
Vodafone Idea Limited
Investment in associates and joint arrangements
Joint venture ownership interest					31.40%	32.30%
Fair value of investments based on quoted share price			1,021		€ 2,313	€ 1,021				₨ 208		₨ 91
Investment in joint ventures					0									€ 0	€ 0
Group's unrecognized share of accumulated losses in joint venture			3,717		4,540	3,717
Group's unrecognized share of losses in joint venture					€ 4,540	€ 3,717
Vodafone Idea Limited | Equity fundraising in joint venture
Investment in associates and joint arrangements
Joint venture ownership interest				23.20%
Vodafone Idea Limited | Vodafone Idea Limited | Equity fundraising in joint venture
Investment in associates and joint arrangements
Issue of equity				€ 2,200
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		€ 1,269	€ 1,401					$ 2,101		$ 2,273
Investment in joint ventures			€ 108		0	108
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method					(74)	48		(5)
Dividend received					23	24		22
INWIT S.p.A. [Member]
Investment in associates and joint arrangements
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method						30		27
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					140	50		178
Dividend received					€ 122	€ 250		€ 170
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Investments in associates and_5

Investments in associates and joint arrangements - Income statement (Details) - EUR (€) € in Millions		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Income statement and statement of comprehensive income
Revenue		€ 36,717	€ 37,672	[1]	€ 37,010	[1]
Depreciation and amortisation		(10,414)	(10,255)		(10,417)
Other income		372	9,402	[1]	244	[1]
Operating profit		3,665	14,451	[1]	5,740	[1]
Interest income		101	98		98
Profit/(loss) before taxation		1,620	13,074	[1]	4,149	[1]
(Loss)/profit for the financial year		1,505	12,335	[1],[2]	2,773	[1]
Profit from continuing operations, Owners of the parent		1,140	11,838	[1]	2,237	[1]
Non-controlling interests	[3]	365	497	[1]	536	[1]
Joint ventures where entity is venturer | INWIT S.p.A.
Income statement and statement of comprehensive income
Revenue			853		785
Operating expenses			(73)		(70)
Depreciation and amortisation			(508)		(513)
Operating profit			272		202
Interest expense			(81)		(90)
Profit/(loss) before taxation			191		112
Income tax credit/(expense)			(1)		(30)
(Loss)/profit for the financial year			190		82
Joint ventures where entity is venturer | VodafoneZiggo Group Holding B.V.
Income statement and statement of comprehensive income
Revenue		4,128	4,063		4,056
Operating expenses		(2,195)	(2,124)		(2,104)
Depreciation and amortisation		(1,555)	(1,527)		(1,592)
Operating profit		378	412		360
Interest expense		(809)	11		(276)
Profit/(loss) before taxation		(431)	423		84
Income tax credit/(expense)		77	(150)		(121)
(Loss)/profit for the financial year		(354)	273		(37)
Joint ventures where entity is venturer | Oak Holdings 1 GmbH
Income statement and statement of comprehensive income
Revenue		1,166
Operating expenses		(130)
Depreciation and amortisation		(868)
Other income		5
Operating profit		173
Interest income		5
Interest expense		(455)
Profit/(loss) before taxation		(277)
Income tax credit/(expense)		132
(Loss)/profit for the financial year		(145)
Joint ventures where entity is venturer | TPG Telecom Limited
Income statement and statement of comprehensive income
Revenue		3,371	3,027		3,375
Operating expenses		(2,238)	(1,870)		(2,292)
Depreciation and amortisation		(891)	(700)		(914)
Operating profit		242	457		169
Interest expense		(368)	(172)		(122)
Profit/(loss) before taxation		(126)	285		47
Income tax credit/(expense)		(8)	(25)		(27)
(Loss)/profit for the financial year		(134)	260		20
Joint ventures where entity is venturer | Vodafone Idea Limited
Income statement and statement of comprehensive income
Revenue		4,749	5,046		4,450
Operating expenses		(3,066)	(3,280)		(2,802)
Depreciation and amortisation		(2,178)	(2,396)		(2,390)
Other income		83			(34)
Operating profit		(412)	(630)		(776)
Interest income		7	9		14
Interest expense		(2,718)	(2,567)		(2,297)
Profit/(loss) before taxation		(3,123)	(3,188)		(3,059)
Income tax credit/(expense)		(95)			2
(Loss)/profit for the financial year		(3,218)	(3,188)		(3,057)
Associates [member] | Safaricom Limited
Income statement and statement of comprehensive income
Revenue		2,210	2,468		2,318
Operating expenses		(1,189)	(1,353)		(1,164)
Depreciation and amortisation		(523)	(432)		(309)
Other income		142	68
Operating profit		640	751		845
Interest income		16	13		9
Interest expense		(121)	(69)		(59)
Profit/(loss) before taxation		535	695		795
Income tax credit/(expense)		(266)	(285)		(270)
(Loss)/profit for the financial year		269	410		525
Profit from continuing operations, Owners of the parent		399	489		542
Non-controlling interests		(130)	(79)		(17)
Associates [member] | Indus Towers Limited
Income statement and statement of comprehensive income
Revenue		3,185	3,343		3,122
Operating expenses		(1,598)	(2,240)		(1,480)
Depreciation and amortisation		(637)	(588)		(598)
Operating profit		950	515		1,044
Interest income		126	26
Interest expense		(218)	(200)		(140)
Profit/(loss) before taxation		858	341		904
Income tax credit/(expense)		(192)	(102)		(272)
(Loss)/profit for the financial year		666	239		632
Profit from continuing operations, Owners of the parent		€ 666	€ 239		€ 632
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million, offset by a loss on disposal of Vodafone Hungary of €69 million Profit attributable to non-controlling interests derives solely from continuing operations.

Investments in associates and_6

Investments in associates and joint arrangements - Statement of financial position (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022		Mar. 31, 2021
Statement of financial position
Non-current assets	€ 104,790	€ 124,859
Total Assets	144,350	155,521
Equity shareholders' funds	59,966	63,399
Equity shareholders' funds	60,998	64,483		€ 57,073		€ 57,768
Non-controlling interests	1,032	1,084
Non-current liabilities	53,151	56,454
Cash and cash equivalents within current assets	6,183	11,705
Dividend received	442	617	[1]	638	[1]
Safaricom Limited | Associates [member]
Statement of financial position
Non-current assets	3,901	3,007
Current assets	578	436
Total Assets	4,479	3,443
Equity shareholders' funds	1,566	1,269
Non-controlling interests	767	532
Non-current liabilities	968	753
Current liabilities	1,178	889
Cash and cash equivalents within current assets	163	127
Non-current liabilities excluding trade and other payables and provisions	784	500
Current liabilities excluding trade and other payables and provisions	349	322
Indus Towers Limited | Associates [member]
Statement of financial position
Non-current assets	6,082	5,243
Current assets	1,230	1,081
Total Assets	7,312	6,324
Equity shareholders' funds	4,086	3,453
Non-current liabilities	2,098	1,954
Current liabilities	1,128	917
Cash and cash equivalents within current assets	7	3
Non-current liabilities excluding trade and other payables and provisions	1,716	1,665
Current liabilities excluding trade and other payables and provisions	583	491
Safaricom Limited
Statement of financial position
Dividend received	0	75
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	16,251	18,162
Current assets	1,654	2,174
Total Assets	17,905	20,336
Equity shareholders' funds	(13,710)	(10,760)
Non-current liabilities	25,855	24,730
Current liabilities	5,760	6,366
Cash and cash equivalents within current assets	60	96
Non-current liabilities excluding trade and other payables and provisions	25,837	24,707
Current liabilities excluding trade and other payables and provisions	2,044	2,699
Vodafone Idea Limited | Vodafone Idea Limited
Statement of financial position
Equity shareholders' funds	(13,710)	(10,760)
VodafoneZiggo Group Holding B.V. [Member]
Statement of financial position
Dividend received	100	165		350
VodafoneZiggo Group Holding B.V. [Member] | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	15,753	16,570
Current assets	884	719
Total Assets	16,637	17,289
Equity shareholders' funds	1,033	1,586
Non-current liabilities	13,145	13,299
Current liabilities	2,459	2,404
Cash and cash equivalents within current assets	61	20
Non-current liabilities excluding trade and other payables and provisions	12,995	13,138
Current liabilities excluding trade and other payables and provisions	1,171	1,247
VodafoneZiggo Group Holding B.V. [Member] | VodafoneZiggo Group Holding B.V. [Member]
Statement of financial position
Equity shareholders' funds	1,033	1,586
TPG Telecom Limited
Statement of financial position
Dividend received	23	24		22
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	9,663	9,823
Current assets	900	1,009
Total Assets	10,563	10,832
Equity shareholders' funds	2,606	3,019
Non-current liabilities	6,789	6,702
Current liabilities	1,168	1,111
Cash and cash equivalents within current assets	192	290
Non-current liabilities excluding trade and other payables and provisions	6,704	6,595
Current liabilities excluding trade and other payables and provisions	102	86
TPG Telecom Limited | TPG Telecom Limited
Statement of financial position
Equity shareholders' funds	2,606	3,019
Oak Holdings 1 GmbH
Statement of financial position
Equity shareholders' funds		13,450
Dividend received	196	0		€ 0
Oak Holdings 1 GmbH | Joint ventures where entity is venturer
Statement of financial position
Non-current assets	24,015	23,878
Current assets	746	749
Total Assets	24,761	24,627
Equity shareholders' funds	12,630	13,450
Non-controlling interests		1,262
Non-current liabilities	9,386	6,709
Current liabilities	2,745	3,206
Cash and cash equivalents within current assets	267	224
Non-current liabilities excluding trade and other payables and provisions	8,751	6,215
Current liabilities excluding trade and other payables and provisions	502	€ 2,409
Oak Holdings 1 GmbH | Oak Holdings 1 GmbH
Statement of financial position
Equity shareholders' funds	€ 12,630
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

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
	Jul. 18, 2023	Mar. 22, 2023	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022		Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2019
Statement of financial position
Equity shareholders' funds			€ 63,399	€ 59,966	€ 63,399
Equity shareholders' funds			64,483	60,998	64,483		€ 57,073		€ 57,768
Goodwill			27,615	24,956	27,615
Investment in joint ventures			9,578	8,203	9,578
Investment in associates			1,501	1,829	1,501
Profit (loss) from continuing operations				1,570	12,582	[1]	2,588	[1]
Profit				1,505	12,335	[1],[2]	2,773	[1]
Dividends received from investments accounted for using equity method, classified as investing activities				442	617	[1]	638	[1]
INWIT S.p.A. [Member] | Joint ventures where entity is venturer
Statement of financial position
Profit					190		82
VodafoneZiggo Group Holding B.V. [Member] | Joint ventures where entity is venturer
Statement of financial position
Profit				(354)	273		(37)
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Profit				(134)	260		20
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Profit				(3,218)	(3,188)		(3,057)
Safaricom Limited | Associates [member]
Statement of financial position
Equity shareholders' funds			1,269	1,566	1,269
Profit (loss) from continuing operations				399	489		542
Profit				269	410		525
Indus Towers Limited | Associates [member]
Statement of financial position
Equity shareholders' funds			3,453	4,086	3,453
Profit (loss) from continuing operations				666	239		632
Profit				666	239		632
Oak Holdings 1 GmbH | Joint ventures where entity is venturer
Statement of financial position
Profit				(145)
Safaricom Limited
Statement of financial position
Investment in associates			509	627	509
Dividends received from investments accounted for using equity method, classified as investing activities				0	75
(Loss)/profit from continuing operations				€ 159	€ 195		217
Percentage of shareholding in associate				39.90%	39.90%
Safaricom Limited | Associates [member]
Statement of financial position
Interest in associates/joint ventures			507	€ 625	€ 507
Goodwill			2	2	2
Investment in associates			509	627	509
(Loss)/profit from continuing operations				159	195		217
Indus Towers Limited
Statement of financial position
Investment in associates			908	1,104	908
Dividends received from investments accounted for using equity method, classified as investing activities				122	250		170
(Loss)/profit from continuing operations				€ 140	€ 50		178
Percentage of shareholding in associate				21%	21%
Indus Towers Limited | Associates [member]
Statement of financial position
Interest in associates/joint ventures			727	€ 860	€ 727
Goodwill			181	244	181
Investment in associates			908	1,104	908
(Loss)/profit from continuing operations				140	€ 50		178
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	8,203	€ 9,578
(Loss)/profit from continuing operations				(379)	200		(11)
Vodafone Idea Limited
Statement of financial position
Interest in associates/joint ventures			(3,475)	(4,300)	(3,475)
Impairment			(242)	(240)	(242)
Investment proportion not recognised			3,717	4,540	3,717
Investment in joint ventures				0						€ 0	€ 0
Share of (loss)/profit1			(1,030)	(1,009)	(1,030)		(1,357)
Share of loss not recognised				€ 1,009	€ 1,030		1,357
Joint venture ownership interest				31.40%	32.30%
Vodafone Idea Limited | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds			(10,760)	€ (13,710)	€ (10,760)
Vodafone Idea Limited | Vodafone Idea Limited
Statement of financial position
Equity shareholders' funds			(10,760)	(13,710)	(10,760)
Profit (loss) from continuing operations				(3,218)	(3,188)		(3,057)
VodafoneZiggo Group Holding B.V. [Member]
Statement of financial position
Interest in associates/joint ventures			793	516	793
Investment in joint ventures			793	516	793
Dividends received from investments accounted for using equity method, classified as investing activities				€ 100	€ 165		350
Joint venture ownership interest				50%	50%
(Loss)/profit from continuing operations				€ (177)	€ 137		(19)
VodafoneZiggo Group Holding B.V. [Member] | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds			1,586	1,033	1,586
VodafoneZiggo Group Holding B.V. [Member] | VodafoneZiggo Group Holding B.V. [Member]
Statement of financial position
Equity shareholders' funds			1,586	1,033	1,586
Profit (loss) from continuing operations				(354)	273		(37)
INWIT S.p.A. [Member]
Statement of financial position
Share of (loss)/profit1			63		63		27
Share of loss not recognised					(33)
(Loss)/profit from continuing operations					30		27
INWIT S.p.A. [Member] | INWIT S.p.A. [Member]
Statement of financial position
Profit (loss) from continuing operations					190		82
Indus Towers Limited
Statement of financial position
Investment in joint ventures			908	€ 1,104	908
Joint venture ownership interest				21%
TPG Telecom Limited
Statement of financial position
Interest in associates/joint ventures			56	€ (53)	56
Goodwill			52	51	52
Investment in joint ventures			108	0	108
Share of (loss)/profit1			48	(74)	48		(5)
Dividends received from investments accounted for using equity method, classified as investing activities				€ 23	€ 24		22
Joint venture ownership interest				25.10%	25.10%
(Loss)/profit from continuing operations				€ (74)	€ 48		(5)
TPG Telecom Limited | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds			3,019	2,606	3,019
TPG Telecom Limited | TPG Telecom Limited
Statement of financial position
Equity shareholders' funds			3,019	2,606	3,019
Profit (loss) from continuing operations				(134)	260		20
Other joint ventures [Member]
Statement of financial position
Investment in joint ventures			43	69	43
(Loss)/profit from continuing operations				(43)	(15)		(14)
Oak Holdings 1 GmbH
Statement of financial position
Equity shareholders' funds			13,450		13,450
Interest in associates/joint ventures			8,634	7,620	8,634
Investment in joint ventures			€ 8,634	7,620	8,634
Dividends received from investments accounted for using equity method, classified as investing activities				€ 196	€ 0		€ 0
Joint venture ownership interest	60.30%	64.20%	64.20%	60.30%	64.20%
(Loss)/profit from continuing operations				€ (85)
Oak Holdings 1 GmbH | Joint ventures where entity is venturer
Statement of financial position
Equity shareholders' funds			€ 13,450	12,630	€ 13,450
Oak Holdings 1 GmbH | Oak Holdings 1 GmbH
Statement of financial position
Equity shareholders' funds				12,630
Profit (loss) from continuing operations				€ (145)
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million, offset by a loss on disposal of Vodafone Hungary of €69 million

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, 2024 EUR (€)	Mar. 31, 2023 EUR (€)		Mar. 31, 2022 EUR (€)		Mar. 31, 2024 KES (Ksh)	Mar. 31, 2024 INR (₨)	Mar. 31, 2023 KES (Ksh)	Mar. 31, 2023 INR (₨)	Mar. 31, 2021 EUR (€)
Investments in associates and joint arrangements
Investment in associates	€ 1,829	€ 1,501
Equity	60,998	64,483		€ 57,073						€ 57,768
Dividends received from associates and joint ventures	€ 442	617	[1]	638	[1]
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
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%
All associates
Investments in associates and joint arrangements
Investment in associates	€ 1,829	1,501
Operating profit, profit before taxation increased	€ 283	€ 233		400
Safaricom Limited
Investments in associates and joint arrangements
Percentage of shareholding in associate	39.90%	39.90%
Fair value of investment in associate	€ 1,996	€ 2,012				Ksh 284		Ksh 290
Investment in associates	627	509
Operating profit, profit before taxation increased	159	195		217
Impact of hyperinflationary accounting on other comprehensive income in entity accounted for using the equity method	76	127
Dividends received from associates and joint ventures	€ 0	€ 75
Indus Towers Limited
Investments in associates and joint arrangements
Percentage of shareholding in associate	21%	21%
Fair value of investment in associate	€ 1,833	€ 908					₨ 165		₨ 81
Investment in associates	1,104	908
Operating profit, profit before taxation increased	140	50		178
Dividends received from associates and joint ventures	122	250		170
Other Associates [Member]
Investments in associates and joint arrangements
Investment in associates	98	84
Operating profit, profit before taxation increased	€ (16)	€ (12)		€ 5
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Other investments (Details)

Other investments (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other investments
Non-current other investments	€ 1,006	€ 1,093
Short term investments	5,092	7,017
Equity securities
Other investments
Non-current other investments	65	94
Non-current debt securities
Other investments
Non-current other investments	941	999
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	810	803
Non-current debt securities | VodafoneZiggo Group Holding B.V.
Other investments
Non-current other investments	830	885
Short-term investments
Other investments
Short term investments	3,225	4,305
Bonds and debt securities
Other investments
Short term investments	1,201	1,338
Bonds and debt securities | Japanese
Other investments
Short term investments	306	899
Bonds and debt securities | Dutch
Other investments
Short term investments	308	290
Bonds and debt securities | Germany
Other investments
Short term investments	0	150
Bonds and debt securities | FRANCE
Other investments
Short term investments	587	0
Managed investment funds
Other investments
Short term investments	€ 2,024	2,967
Liquid days	90 days
Collateral assets
Other investments
Short term investments	€ 741	239
Other investments
Other investments
Short term investments	1,126	2,473
Other investments | Level 1 | Financial assets at fair value
Other investments
Short term investments	459	1,409
Equity securities and managed investment funds | Level 1 | Financial assets at fair value
Other investments
Other investments	€ 27	€ 47

Trade and other receivables (De

Trade and other receivables (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Included within non-current assets
Trade receivables	€ 8	€ 51
Trade receivables held at fair value through other comprehensive income	294	337
Net investment in leases	211	267
Contract assets	450	494
Contract-related costs	676	690
Other receivables	78	66
Prepayments	239	296
Derivative financial instruments	4,011	5,642
Total trade and other non-current receivables	5,967	7,843
Included within current assets
Trade receivables	2,841	3,277
Trade receivables held at fair value through other comprehensive income	441	566
Net investment in leases	99	106
Contract assets	2,413	3,063
Contract-related costs	1,169	1,471
Amounts owed by associates and joint ventures	130	175
Other receivables	686	730
Prepayments	600	835
Derivative financial instruments	215	482
Total trade and other current receivables	8,594	10,705
Costs incurred to obtain customer contracts	1,814	2,078
Costs incurred to fulfil customer contracts	31	83
Amortisation and impairment expense, excluding discontinued operations in Spain and Italy	853	824
Level 3
Included within current assets
Embedded derivative asset	22	€ 198
Assets and Liabilities Classified as Held for Sale [Member]
Included within non-current assets
Total trade and other non-current receivables	390
Included within current assets
Total trade and other current receivables	€ 1,922

Trade and other payables (Detai

Trade and other payables (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Included within non-current liabilities
Other payables	€ 222	€ 263
Insurance liabilities	254	257
Accruals	41	48
Contract liabilities	343	500
Derivative financial instruments	1,468	1,116
Total trade and other non-current payables	2,328	2,184
Included within current liabilities:
Trade payables	5,613	7,599
Amounts owed to associates and joint ventures	346	329
Other taxes and social security payable	887	1,013
Other payables	846	2,080
Insurance liabilities	48	63
Accruals	4,037	4,814
Contract liabilities	1,565	2,043
Derivative financial instruments	56	306
Total trade and other current payables	13,398	18,247
Vodafone UK plan
Included within current liabilities:
Insurance liabilities	254	€ 257
Assets and Liabilities Classified as Held for Sale [Member]
Included within non-current liabilities
Total trade and other non-current payables	163
Included within current liabilities:
Total trade and other current payables	2,926
Discontinued Operations
Included within current liabilities:
Revenue recognised during the year	€ 299

Provisions (Details)

Provisions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of changes in other provisions
Beginning balance	€ 2,246	€ 2,548
Exchange movements	(31)	(52)
Disposal of subsidiaries		(590)
Amounts capitalised in the year	146	185
Amounts charged to the income statement	1,142	689
Utilised in the year - payments	(532)	(407)
Amounts released to the income statement	(186)	(162)
Transfer to liabilities held for sale	350
Other	13	35
Ending balance	2,448	2,246
Asset retirement obligations
Reconciliation of changes in other provisions
Beginning balance	1,030	1,470
Exchange movements	(7)	(22)
Disposal of subsidiaries		(578)
Amounts capitalised in the year	146	185
Utilised in the year - payments	(54)	(59)
Amounts released to the income statement	(5)	(1)
Transfer to liabilities held for sale	177
Other		35
Ending balance	933	1,030
Legal and regulatory
Reconciliation of changes in other provisions
Beginning balance	430	449
Exchange movements	(24)	(28)
Disposal of subsidiaries		(8)
Amounts charged to the income statement	162	138
Utilised in the year - payments	(72)	(44)
Amounts released to the income statement	(131)	(77)
Transfer to liabilities held for sale	96
Ending balance	269	430
Restructuring provision
Reconciliation of changes in other provisions
Beginning balance	508	302
Exchange movements	3
Disposal of subsidiaries		(2)
Amounts charged to the income statement	774	425
Utilised in the year - payments	(290)	(181)
Amounts released to the income statement	(7)	(36)
Transfer to liabilities held for sale	46
Ending balance	942	508
Other
Reconciliation of changes in other provisions
Beginning balance	278	327
Exchange movements	(3)	(2)
Disposal of subsidiaries		(2)
Amounts charged to the income statement	206	126
Utilised in the year - payments	(116)	(123)
Amounts released to the income statement	(43)	(48)
Transfer to liabilities held for sale	31
Other	13
Ending balance	€ 304	€ 278

Provisions - Current and non-cu

Provisions - Current and non-current (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Provisions
Current provisions	€ 833	€ 674
Non-current provisions	1,615	1,572
Total Provisions	2,448	2,246	€ 2,548
Asset retirement obligations
Provisions
Current provisions	59	61
Non-current provisions	874	969
Total Provisions	933	1,030	1,470
Legal and regulatory
Provisions
Current provisions	232	193
Non-current provisions	37	237
Total Provisions	269	430	449
Restructuring provision
Provisions
Current provisions	361	298
Non-current provisions	581	210
Total Provisions	942	508	302
Other
Provisions
Current provisions	181	122
Non-current provisions	123	156
Total Provisions	€ 304	€ 278	€ 327

Called up share capital (Detail

Called up share capital (Details) € in Millions		1 Months Ended	12 Months Ended
	May 14, 2024 EUR (€)	Mar. 31, 2022 EUR (€) shares	Mar. 31, 2024 EUR (€) shares	Mar. 31, 2023 EUR (€) shares	Mar. 31, 2024 $ / shares	Mar. 31, 2024 EUR (€) shares	Mar. 31, 2024 £ / shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance			€ 4,797
Ending balance			€ 4,797	€ 4,797
Reissue of treasury shares | shares		1,519,000,000
Share buyback programme
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Amount of share buybacks, initial amount	€ 500
Amount of share buybacks, total planned amount	€ 2,000
Period of share buyback programme	12 months
Ordinary shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance (in shares) | shares			28,818,256,058	28,817,627,868
Allotted during the year (in shares) | shares			427,750	628,190
Ending balance (in shares) | shares		28,817,627,868	28,818,683,808	28,818,256,058
Beginning balance			€ 4,797	€ 4,797
Ending balance		€ 4,797	€ 4,797	€ 4,797
Par value per share | $ / shares					$ 20.9524
Number of treasury shares held | shares				1,825,691,429		1,738,561,954
Nominal value of treasury shares				€ 304		€ 289
Market value of treasury shares				€ 1,855		€ 1,434
Reissue of treasury shares | shares			87,129,475	85,844,124
Repurchase of treasury shares | shares			0	1,463,959,031
Ordinary shares | Share buyback programme
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Amount of share buybacks, initial amount	€ 500
Amount of share buybacks, total planned amount	€ 2,000
Period of share buyback programme	12 months
7% cumulative fixed rate shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance (in shares) | shares			50,000
Ending balance (in shares) | shares			50,000	50,000
Par value per share | £ / shares							£ 1
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, 2024	Mar. 31, 2023		Mar. 31, 2022
Reconciliation of net cash flow from operating activities
(Loss)/profit for the financial year	€ 1,505	€ 12,335	[1],[2]	€ 2,773	[2]
Loss/(Profit) for the financial year from discontinued operations	65	247	[2]	(185)	[2]
Profit for the financial year - Continuing operations	1,570	12,582	[2]	2,588	[2]
Investment income	(581)	(232)	[2]	(251)	[2]
Financing costs	2,626	1,609	[2]	1,842	[2]
Income tax expense	50	492	[2]	1,561	[2]
Operating profit	3,665	14,451	[2]	5,740	[2]
Adjustments for:
Share-based payments and other non-cash charges	98	58		165
Depreciation and amortisation	10,414	10,255		10,417
Loss on disposal of property, plant and equipment and intangible assets	34	33		40
Share of result of equity accounted associates and joint ventures	96	(433)		(389)
Impairment (reversal)/loss	(64)	64
Other income	(372)	(9,402)		(244)
Decrease / (increase) in inventory	177	(168)		(171)
(Increase)/decrease in trade and other receivables	(597)	(486)		(629)
Increase/(decrease) in trade and other payables	534	1,446		581
Cash generated by operations	13,985	15,818		15,510
Taxation	(724)	(1,228)		(916)
Cashflows from discontinued operations	3,296	3,464		3,487
Net cash flow from operating activities	€ 16,557	€ 18,054	[2]	€ 18,081	[2]
[1] Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million, offset by a loss on disposal of Vodafone Hungary of €69 million T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022	[1]	Mar. 31, 2021	[1]
Cash and cash equivalents
Cash and bank deposits	€ 4,168	€ 3,924
Money market funds	2,015	7,781
Cash and cash equivalents as presented in the consolidated statement of financial position	6,183	11,705
Bank overdrafts	(111)	(77)
Cash and cash equivalents of discontinued operations	42
Cash and cash equivalents as presented in the consolidated statement of cash flows	6,114	11,628	[1]	€ 7,371		€ 5,790
Repurchase agreements and bank deposits	2,034	1,750
Restricted cash and cash equivalents	1,629	1,572
Cash balance that can be used to repay intercompany liabilities	790	€ 722
Cash and cash equivalents presented in assets held for sale	€ 42
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Leases - Sale and Leaseback (De

Leases - Sale and Leaseback (Details) - EUR (€) € in Millions				1 Months Ended	12 Months Ended
	Jul. 18, 2023	Mar. 22, 2023	Nov. 13, 2022	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Leases
Cash outflow for leases					€ 3,567	€ 3,067	€ 3,018
Adjustment to previously disclosed amount of cash outflow for leases due to reclassification to discontinuing operations						€ 1,412	€ 1,320
Vantage Towers A.G
Leases
Ownership interest in subsidiary			85.80%
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	60.30%	64.20%		64.20%	60.30%	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	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Leases
Undiscounted lease liability	€ 11,142	€ 15,257
Effect of discounting	(1,470)	(1,893)
Lease liability	9,672	13,364
Cash outflow for leases	3,567	3,067	€ 3,018
Committed future lease contracts not yet commenced
Leases
Undiscounted lease liability	1,339	1,491
Committed future lease contracts not yet commenced | Vantage Towers AG
Leases
Undiscounted lease liability	€ 1,031	1,171
Lease term	8 years
Within one year
Leases
Undiscounted lease liability	€ 2,603	3,452
In more than one year but less than two years
Leases
Undiscounted lease liability	1,984	2,574
In more than two years but less than three years
Leases
Undiscounted lease liability	1,599	2,200
In more than three years but less than four years
Leases
Undiscounted lease liability	1,461	1,981
In more than four years but less than five years
Leases
Undiscounted lease liability	1,129	1,810
In more than five years
Leases
Undiscounted lease liability	€ 2,366	€ 3,240

Leases - As a Lessor (Details)

Leases - As a Lessor (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Operating leases
Lease revenue	€ 463	€ 673	€ 673
Income from leases not recognised as revenue	38	37	36
Committed operating lease payments due to the Group as a lessor	491	444	1,455
Within one year
Operating leases
Committed operating lease payments due to the Group as a lessor	296	275	487
In one to two years
Operating leases
Committed operating lease payments due to the Group as a lessor	121	114	234
In two to three years
Operating leases
Committed operating lease payments due to the Group as a lessor	29	30	153
In three to four years
Operating leases
Committed operating lease payments due to the Group as a lessor	16	14	126
In four to five years
Operating leases
Committed operating lease payments due to the Group as a lessor	9	7	113
In more than five years
Operating leases
Committed operating lease payments due to the Group as a lessor	€ 20	€ 4	€ 342

Leases - Maturity profile of th

Leases - Maturity profile of the Group's net investment in leases (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2024
Leases
Gross investment in leases	€ 406		€ 343
Unearned finance income	(33)		(33)
Net investment in leases	373		310
Adjustment to previously reported committed operating lease payments due to reclassification to discontinued operations	51	€ 54
Vodafone Spain
Leases
Adjustment to previously reported lease income due to reclassification to discontinued operations	78	85
Vodafone Italy
Leases
Adjustment to previously reported lease income due to reclassification to discontinued operations	10	€ 9
Within one year
Leases
Gross investment in leases	111		106
In more than one year but less than two years
Leases
Gross investment in leases	88		80
In more than two years but less than three years
Leases
Gross investment in leases	67		56
In more than three years but less than four years
Leases
Gross investment in leases	54		49
In more than four years but less than five years
Leases
Gross investment in leases	47		35
In more than five years
Leases
Gross investment in leases	€ 39		€ 17

Borrowings - Total Borrowings (

Borrowings - Total Borrowings (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Borrowings
Non-current borrowings	€ 48,328	€ 51,669
Current borrowings	8,659	14,721
Borrowings	56,987	66,390
Bonds
Borrowings
Non-current borrowings	39,451	39,512
Current borrowings	1,292	4,604
Accumulated fair value hedge adjustment on hedged item included in carrying amount, liabilities	1,229	1,282
Bank borrowings, undiscounted cash flows	39,500
Bonds | Currency swap contract
Borrowings
Impact of hedging instrument not reflected in carrying value of borrowings	1,559	1,440
Bonds | Not measured at fair value in statement of financial position but for which fair value is disclosed
Borrowings
Non-current borrowings	39,451	39,512
Financial liabilities at fair value	35,885	35,044
Bank loans
Borrowings
Non-current borrowings	402	487
Current borrowings	365	308
Bank loans | Associates [member]
Borrowings
Current secured bank borrowings	1,720	1,485
Collateral liabilities
Borrowings
Current borrowings	2,628	4,886
Lease liabilities
Borrowings
Non-current borrowings	7,416	10,318
Current borrowings	2,256	3,046
Bank borrowings secured against Indian assets
Borrowings
Current borrowings	1,720	1,485
Secured bank borrowings	1,720	1,485
Other short-term borrowings
Borrowings
Current borrowings	398	392
Licence and Spectrum Fees Payable in current borrowings	158	196
Other long-term borrowings
Borrowings
Non-current borrowings	1,059	1,352
Licence and Spectrum Fees Payable in non current borrowings	€ 862	€ 1,140

Borrowings - Commercial paper p

Borrowings - Commercial paper programmes (Details) € in Millions, $ in Billions	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 EUR (€)
Liquidity and capital resources
Borrowings drawn	€ 56,987		€ 66,390
US commercial paper programme
Liquidity and capital resources
Undrawn borrowing facilities	13,900	$ 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	€ 4,100

Borrowings - Bonds and Own shar

Borrowings - Bonds and Own shares (Details) € in Millions, ¥ in Billions, £ in Billions, kr in Billions, SFr in Billions, $ in Billions, $ in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2024 EUR (€) shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2024 GBP (£) shares	Mar. 31, 2023 EUR (€) shares	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)	Mar. 31, 2024 AUD ($)	Mar. 31, 2024 HKD ($)	Mar. 31, 2024 NOK (kr)	Mar. 31, 2024 CHF (SFr)	Mar. 31, 2024 JPY (¥)
Liquidity and capital resources
Borrowings	€ (56,987)			€ (66,390)
Notional amount	24,783			26,153
Notional amount	€ 24,783			€ 26,153
Maximum [Member]
Liquidity and capital resources
Treasury shares | shares	1,825,624,610	1,825,624,610	1,825,624,610	1,825,691,429
Percentage of issued share capital held as treasury shares	6.30%	6.30%	6.30%	6.30%
Bonds
Liquidity and capital resources
Notional amount of borrowings outstanding	€ 39,500
Bonds | US Dollar
Liquidity and capital resources
Bonds issued | $					$ 19.7
Nominal values of bonds matured	1,200	$ 1.3
Nominal values of bonds re-purchased	300	$ 0.3
Bonds | Euro
Liquidity and capital resources
Bonds issued	15,000
Nominal values of bonds matured	1,800
Nominal values of bonds re-purchased	€ 1,600
Bonds | Sterling
Liquidity and capital resources
Bonds issued | £						£ 4.1
Bonds | Australia, Dollars
Liquidity and capital resources
Bonds issued | $							$ 0.5
Bonds | Hong Kong, Dollars
Liquidity and capital resources
Bonds issued | $								$ 2.1
Bonds | Norway, Krone
Liquidity and capital resources
Bonds issued | kr									kr 2.2
Bonds | Switzerland, Francs
Liquidity and capital resources
Bonds issued | SFr										SFr 0.7
Bonds | Japan, Yen
Liquidity and capital resources
Bonds issued | ¥											¥ 10
Bonds | Minimum.
Liquidity and capital resources
Borrowing interest rate	0.375%			0.375%	0.375%	0.375%	0.375%	0.375%	0.375%	0.375%	0.375%
Bonds | Maximum [Member]
Liquidity and capital resources
Borrowing interest rate	8%			7.875%	8%	8%	8%	8%	8%	8%	8%
Euro medium-term note programme
Liquidity and capital resources
Number of note programmes	2	2	2
Euro medium-term note programme | Sterling
Liquidity and capital resources
Cash raised from bonds issued	€ 600
Euro medium-term note programme, one
Liquidity and capital resources
Notional amount	30,000
Notional amount	30,000
Euro medium-term note programme, one | Euro
Liquidity and capital resources
Cash raised from bonds issued	800
Euro medium-term note programme, two
Liquidity and capital resources
Notional amount	30,000
Notional amount	€ 30,000
Euro medium-term note programme, two | Sterling
Liquidity and capital resources
Cash raised from bonds issued | £			£ 0.5

Capital and financial risk ma_3

Capital and financial risk management - Capital management (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Capital and financial risk management
Borrowings	€ 56,987	€ 66,390
Cash and cash equivalents	(6,183)	(11,705)
Derivative financial instruments included in trade and other receivables	(4,226)	(6,124)
Derivative financial instruments included in trade and other payables	1,524	1,422
Short-term investments	(3,225)	(4,305)
Collateral assets	(741)	(239)
Financial liabilities under put option arrangements		485
Equity	60,998	64,483	€ 57,073	€ 57,768
Capital	€ 105,134	€ 110,407

Capital and financial risk ma_4

Capital and financial risk management - Financial risk management (Details) € in Millions	12 Months Ended
	Mar. 31, 2024 EUR (€) item	Mar. 31, 2023 EUR (€)	Mar. 31, 2022 EUR (€)
Disclosure of detailed information about financial instruments [line items]
Provisions	€ 2,448	€ 2,246	€ 2,548
Purchased Supplier Invoices	€ 2,200	2,400
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	32,000	35,000
Financial Guarantees
Disclosure of detailed information about financial instruments [line items]
Exposure from guarantee contracts	1,929	€ 1,927
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, 2024 EUR (€)
Capital and financial risk management
Combined cash and cash equivalent and short term investments	€ 9.4
Revolving credit facility
Capital and financial risk management
Undrawn revolving credit facilities	€ 7.8

Capital and financial risk ma_6

Capital and financial risk management - Credit risk - Maximum exposure to credit risk (Details) € in Millions, $ in Millions, ₨ in Billions	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 INR (₨)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 INR (₨)
Capital and financial risk management
Financial guarantees	€ 741			€ 239
Financial Guarantees
Capital and financial risk management
Exposure from guarantee contracts	1,929			1,927
Credit risk
Capital and financial risk management
Maximum exposure to credit risk	28,060			39,737
Credit risk | Cash and bank deposits
Capital and financial risk management
Maximum exposure to credit risk	4,168			3,924
Credit risk | Money market funds
Capital and financial risk management
Maximum exposure to credit risk	2,015			7,781
Credit risk | Managed investment funds.
Capital and financial risk management
Maximum exposure to credit risk	2,024			2,967
Credit risk | Bonds and debt securities
Capital and financial risk management
Maximum exposure to credit risk	2,142			2,337
Credit risk | Collateral assets
Capital and financial risk management
Maximum exposure to credit risk	741			239
Credit risk | Other investments
Capital and financial risk management
Maximum exposure to credit risk	1,126			2,473
Credit risk | Derivative Financial Instruments
Capital and financial risk management
Maximum exposure to credit risk	4,226			6,124
Credit risk | Trade receivables
Capital and financial risk management
Maximum exposure to credit risk	5,513			6,158
Exposure from guarantee contracts	1,929			1,927
Credit risk | Contract assets [Member]
Capital and financial risk management
Maximum exposure to credit risk	4,067			4,353
Credit risk | Financial Guarantees
Capital and financial risk management
Maximum exposure to credit risk	2,038			€ 3,381
Exposure from guarantee contracts	€ 600	$ 1,000			$ 1,750
Credit risk | Indus Towers and Bharti Infratel merger, secondary pledge | Financial Guarantees
Capital and financial risk management
Financial guarantees | ₨			₨ 42.5			₨ 42.5

Capital and financial risk ma_7

Capital and financial risk management - Credit risk - Financing activities - General information (Details) - Credit risk	Mar. 31, 2024 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, 2024	Mar. 31, 2023
Credit risk
Capital and financial risk management
Collateral liabilities	€ 2,628	€ 4,886

Capital and financial risk ma_9

Capital and financial risk management - Credit risk - Operating activities - General information (Details)	12 Months Ended
	Mar. 31, 2024
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) - Expected credit loss allowance - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contract assets
Capital and financial risk management
Allowance for expected credit losses at beginning of period	€ 78	€ 83
Exchange movements	(1)	(3)
Amounts charged to credit losses on financial assets	96	128
Transfer of assets held for sale	(31)	6
Other	(122)	(136)
Allowance for expected credit losses at end of period	20	78
Trade receivables | Amortised cost
Capital and financial risk management
Allowance for expected credit losses at beginning of period	1,149	1,342
Exchange movements	(41)	(72)
Amounts charged to credit losses on financial assets	419	360
Transfer of assets held for sale	(324)	256
Other	(438)	(737)
Allowance for expected credit losses at end of period	765	1,149
Trade receivables | FVOCI
Capital and financial risk management
Allowance for expected credit losses at beginning of period	71	108
Exchange movements	1	1
Amounts charged to credit losses on financial assets	82	17
Transfer of assets held for sale	(16)	2
Other	(60)	(57)
Allowance for expected credit losses at end of period	€ 78	€ 71

Capital and financial risk m_11

Capital and financial risk management - Credit risk - Operating activities - Trade receivables past due (Details) - Trade receivables - Financial assets at amortised cost - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Credit risk for trade receivables
Financial assets	€ 2,849	€ 3,328
Gross carrying amount
Credit risk for trade receivables
Financial assets	3,614	4,513
Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(765)	(1,185)
Current
Credit risk for trade receivables
Financial assets	2,147	2,398
Current | Gross carrying amount
Credit risk for trade receivables
Financial assets	2,199	2,465
Current | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(52)	(67)
30 days or less
Credit risk for trade receivables
Financial assets	291	535
30 days or less | Gross carrying amount
Credit risk for trade receivables
Financial assets	347	599
30 days or less | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(56)	(64)
Between 31 and 60 days
Credit risk for trade receivables
Financial assets	96	113
Between 31 and 60 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	122	163
Between 31 and 60 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(26)	(50)
Between 61 and 180 days
Credit risk for trade receivables
Financial assets	197	156
Between 61 and 180 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	308	329
Between 61 and 180 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	(111)	(173)
Greater than 180 days
Credit risk for trade receivables
Financial assets	118	126
Greater than 180 days | Gross carrying amount
Credit risk for trade receivables
Financial assets	638	957
Greater than 180 days | Expected credit loss allowance
Credit risk for trade receivables
Financial assets	€ (520)	€ (831)

Capital and financial risk m_12

Capital and financial risk management - Liquidity risk - Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Capital and financial risk management
Cash and cash equivalents	€ 6,183	€ 11,705

Capital and financial risk m_13

Capital and financial risk management - Liquidity risk - Borrowings (Details) € in Millions, $ in Billions	12 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 EUR (€)
Borrowings
Principal amount	€ 24,783		€ 26,153
Minimum
Borrowings
Long-term borrowings maturity (in years)	1 year
Maximum
Borrowings
Long-term borrowings maturity (in years)	39 years
Revolving credit facility
Borrowings
Undrawn revolving credit facilities	€ 7,800
Revolving credit facility | Maximum | US Dollar
Borrowings
Principal amount	3,700	$ 4
Revolving credit facility | Maximum | Euro
Borrowings
Principal amount			4,100
Committed bank facilities
Borrowings
Undrawn revolving credit facilities	€ 8,000		€ 8,000

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, 2024	Mar. 31, 2023
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 90,093	€ 105,149
Effect of discount/financing rates	(22,094)	(23,341)
Anticipated future cash flows, net	67,999	81,808
Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	21,477	32,128
In one to two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,359	6,353
In two to three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	7,479	8,294
In three to four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,088	7,757
In four to five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,149	4,325
In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	43,541	46,292
Trade payables and other financial liabilities
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	11,019	15,421
Effect of discount/financing rates	(7)	(3)
Anticipated future cash flows, net	11,012	15,418
Trade payables and other financial liabilities | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	10,891	15,370
Trade payables and other financial liabilities | In one to two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	128	51
Bank loans
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	856	869
Effect of discount/financing rates	(89)	(74)
Anticipated future cash flows, net	767	795
Bank loans | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	365	308
Bank loans | In one to two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	140	235
Bank loans | In two to three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	27	110
Bank loans | In three to four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	91	18
Bank loans | In four to five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	161	70
Bank loans | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	72	128
Bonds
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	60,912	65,066
Effect of discount/financing rates	(20,169)	(20,950)
Anticipated future cash flows, net	40,743	44,116
Bonds | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,871	6,234
Bonds | In one to two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,860	3,070
Bonds | In two to three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,608	5,725
Bonds | In three to four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,310	5,500
Bonds | In four to five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,437	2,212
Bonds | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	40,826	42,325
Lease liabilities
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	11,142	15,257
Effect of discount/financing rates	(1,470)	(1,893)
Anticipated future cash flows, net	9,672	13,364
Lease liabilities | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,603	3,452
Lease liabilities | In one to two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,984	2,574
Lease liabilities | In two to three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,599	2,200
Lease liabilities | In three to four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,461	1,981
Lease liabilities | In four to five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,129	1,810
Lease liabilities | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,366	3,240
Other borrowings
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,164	8,536
Effect of discount/financing rates	(359)	(421)
Anticipated future cash flows, net	5,805	8,115
Other borrowings | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,747	6,764
Other borrowings | In one to two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	247	423
Other borrowings | In two to three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	245	259
Other borrowings | In three to four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	226	258
Other borrowings | In four to five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	422	233
Other borrowings | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	277	599
Total borrowings
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	79,074	89,728
Effect of discount/financing rates	(22,087)	(23,338)
Anticipated future cash flows, net	56,987	66,390
Total borrowings | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	10,586	16,758
Total borrowings | In one to two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,231	6,302
Total borrowings | In two to three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	7,479	8,294
Total borrowings | In three to four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,088	7,757
Total borrowings | In four to five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,149	4,325
Total borrowings | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 43,541	€ 46,292

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, 2024	Mar. 31, 2023
Non-derivative financial liabilities
Bonds subject to material adverse change clause	€ 0
Within one year
Non-derivative financial liabilities
Spectrum licence payables	153	€ 196
Collateral liabilities	2,628	4,886
In one to two years
Non-derivative financial liabilities
Spectrum licence payables	187	170
In two to three years
Non-derivative financial liabilities
Spectrum licence payables	187	199
In three to four years
Non-derivative financial liabilities
Spectrum licence payables	187	199
In four to five years
Non-derivative financial liabilities
Spectrum licence payables	187	199
In more than five years
Non-derivative financial liabilities
Spectrum licence payables	€ 276	€ 587

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, 2024	Mar. 31, 2023
Financial derivatives
Financial derivatives, payable	€ (63,984)	€ (68,352)
Financial derivatives, receivable	72,752	76,857
Financial derivatives	8,768	8,505
Effect of discount/financing rates	(6,066)	(3,803)
Financial derivative net receivable	2,702	4,702
Within one year
Financial derivatives
Financial derivatives, payable	(7,181)	(17,845)
Financial derivatives, receivable	7,886	18,527
Financial derivatives	705	682
In one to two years
Financial derivatives
Financial derivatives, payable	(4,984)	(3,534)
Financial derivatives, receivable	5,466	4,055
Financial derivatives	482	521
In two to three years
Financial derivatives
Financial derivatives, payable	(5,496)	(4,028)
Financial derivatives, receivable	5,910	4,441
Financial derivatives	414	413
In three to four years
Financial derivatives
Financial derivatives, payable	(2,457)	(2,186)
Financial derivatives, receivable	2,909	2,567
Financial derivatives	452	381
In four to five years
Financial derivatives
Financial derivatives, payable	(3,451)	(2,265)
Financial derivatives, receivable	4,020	2,681
Financial derivatives	569	416
In more than five years
Financial derivatives
Financial derivatives, payable	(40,415)	(38,494)
Financial derivatives, receivable	46,561	44,586
Financial derivatives	€ 6,146	€ 6,092

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, 2024	Mar. 31, 2023
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	€ 13	€ 27

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	Mar. 31, 2024	Mar. 31, 2023
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%
Minimum foreign exchange transaction exposure per currency per month period	€ 5
Minimum foreign exchange transaction exposure per currency over six month period	€ 15
South African rand
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	4%
Decrease in equity due to sensitivity to foreign exchange movements	€ 154	€ 267
Percentage of reasonably possible increase in risk assumption	10%	12%
Other currencies
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%
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	€ 73	€ 204
Percentage of reasonably possible increase in risk assumption	3%	5%

Capital and financial risk m_19

Capital and financial risk management - Market risk - Foreign exchange risk management - Tabular disclosure (Details) - Currency appreciation risk - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Egypt, Pounds
Capital and financial risk management
Percentage of reasonably possible change in exchange rate against reporting currency	43%	27%
Increase/ (decrease) in Profit before taxation	€ 191	€ 116
Turkey, New Lira
Capital and financial risk management
Percentage of reasonably possible change in exchange rate against reporting currency	54%	43%
Increase/ (decrease) in Profit before taxation	€ 104	€ 33
South African rand
Capital and financial risk management
Percentage of reasonably possible change in exchange rate against reporting currency	10%	12%
Increase/ (decrease) in Profit before taxation	€ 60	€ 87
Sterling
Capital and financial risk management
Percentage of reasonably possible change in exchange rate against reporting currency	2%	3%
Increase/ (decrease) in Profit before taxation	€ (50)	€ (46)

Capital and financial risk m_20

Capital and financial risk management - Equity risk (Details) - Equity risk - Combined share price input, Indus Towers and Vodafone Idea - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	40%
Percentage of reasonably possible decrease in risk assumption	40%
Increase Decrease in profit before tax due to reasonably possible increase in designated risk component	€ (19)	€ (116)
Increase Decrease in profit before tax due to reasonably possible decrease in designated risk component	€ (137)	€ (445)
Measurement period for share price volatility	12 months

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, 2024 EUR (€)	Mar. 31, 2024 EUR (€) $ / €	Mar. 31, 2024 EUR (€) $ / €	Mar. 31, 2024 EUR (€) SFr / €	Mar. 31, 2024 EUR (€) £ / €	Mar. 31, 2024 EUR (€) $ / €	Mar. 31, 2024 EUR (€) ¥ / €	Mar. 31, 2024 EUR (€) kr / €	Mar. 31, 2024 EUR (€) R / €	Mar. 31, 2024 EUR (€) ₺ / €	Mar. 31, 2024 EUR (€) ₺ / $	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 EUR (€) $ / €	Mar. 31, 2023 EUR (€) $ / €	Mar. 31, 2023 EUR (€) SFr / €	Mar. 31, 2023 EUR (€) £ / €	Mar. 31, 2023 EUR (€) $ / €	Mar. 31, 2023 EUR (€) ¥ / €	Mar. 31, 2023 EUR (€) kr / €	Mar. 31, 2023 EUR (€) R / €	Mar. 31, 2023 EUR (€) ₺ / €	Mar. 31, 2023 EUR (€) ₺ / $	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Risk management strategy of hedge relationships
Nominal value	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 24,783,000,000	€ 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	€ 26,153,000,000
Carrying value assets	3,010,000,000	3,010,000,000	3,010,000,000	3,010,000,000	3,010,000,000	3,010,000,000	3,010,000,000	3,010,000,000	3,010,000,000	3,010,000,000	3,010,000,000	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	4,758,000,000
Carrying value liabilities	652,000,000	652,000,000	652,000,000	652,000,000	652,000,000	652,000,000	652,000,000	652,000,000	652,000,000	652,000,000	652,000,000	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	220,000,000
Other comprehensive income
Opening balance	(30,262,000,000)
Closing balance	(28,202,000,000)											(30,262,000,000)
Additional losses from previous designated hedge relationships included in carrying value of bonds	710,000,000	710,000,000	710,000,000	710,000,000	710,000,000	710,000,000	710,000,000	710,000,000	710,000,000	€ 710,000,000	€ 710,000,000	776,000,000	776,000,000	776,000,000	776,000,000	776,000,000	776,000,000	776,000,000	776,000,000	776,000,000	€ 776,000,000	€ 776,000,000
Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	(1,892,000,000)											(285,000,000)
(Gain)/Loss deferred to OCI	(1,983,000,000)											2,503,000,000
Gain/(Loss) recycled to financing costs	(254,000,000)											(896,000,000)
Closing balance	345,000,000											(1,892,000,000)
Foreign exchange risk
Other comprehensive income
Average FX rate										29.68	30.15										18.36	20.07
Foreign exchange risk | Euro to Turkish Lira forward exchange contracts
Risk management strategy of hedge relationships
Nominal value	166,000,000	166,000,000	166,000,000	166,000,000	166,000,000	166,000,000	166,000,000	166,000,000	166,000,000	€ 166,000,000	€ 166,000,000	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	€ 259,000,000
Foreign exchange risk | USD to Turkish Lira forward exchange contracts
Risk management strategy of hedge relationships
Nominal value	121,000,000	121,000,000	121,000,000	121,000,000	121,000,000	121,000,000	121,000,000	121,000,000	121,000,000	121,000,000	121,000,000	124,000,000	124,000,000	124,000,000	124,000,000	124,000,000	124,000,000	124,000,000	124,000,000	124,000,000	124,000,000	124,000,000	$ 130	$ 134
Cash flow hedges
Other comprehensive income
Loss from foreign currency basis outside the cash flow and net investment hedge relationships	251,000,000											383,000,000
Hedge ineffectiveness	67,000,000											0
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | US dollar bonds
Risk management strategy of hedge relationships
Nominal value	16,756,000,000	16,756,000,000	16,756,000,000	16,756,000,000	16,756,000,000	16,756,000,000	16,756,000,000	16,756,000,000	16,756,000,000	16,756,000,000	16,756,000,000	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	17,690,000,000
Carrying value assets	2,689,000,000	2,689,000,000	2,689,000,000	2,689,000,000	2,689,000,000	2,689,000,000	2,689,000,000	2,689,000,000	2,689,000,000	2,689,000,000	2,689,000,000	€ 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	€ 4,456,000,000
Carrying value liabilities	€ 188,000,000	€ 188,000,000	€ 188,000,000	€ 188,000,000	€ 188,000,000	€ 188,000,000	€ 188,000,000	€ 188,000,000	€ 188,000,000	€ 188,000,000	€ 188,000,000
Other comprehensive income
Average FX rate | $ / €		1.18											1.18
Average euro interest rate	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.29%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.14%	3.29%	3.14%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | US dollar bonds | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ (2,709,000,000)											€ (1,484,000,000)
(Gain)/Loss deferred to OCI	(1,775,000,000)											2,321,000,000
Gain/(Loss) recycled to financing costs	(124,000,000)											(1,096,000,000)
Closing balance	(810,000,000)											(2,709,000,000)
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Australian dollar bonds
Risk management strategy of hedge relationships
Nominal value	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	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
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
Carrying value liabilities	€ 2,000,000	€ 2,000,000	€ 2,000,000	€ 2,000,000	€ 2,000,000	€ 2,000,000	€ 2,000,000	€ 2,000,000	€ 2,000,000	€ 2,000,000	€ 2,000,000
Other comprehensive income
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%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%	1.57%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Australian dollar bonds | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ (21,000,000)											€ (5,000,000)
(Gain)/Loss deferred to OCI	(14,000,000)											(31,000,000)
Gain/(Loss) recycled to financing costs	6,000,000											47,000,000
Closing balance	(13,000,000)											(21,000,000)
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Swiss franc bonds
Risk management strategy of hedge relationships
Nominal value	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	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 80,000,000	€ 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	€ 58,000,000
Other comprehensive income
Average FX rate | SFr / €				1.08											1.08
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%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.26%	1.57%	1.26%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Swiss franc bonds | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ (3,000,000)											€ 20,000,000
(Gain)/Loss deferred to OCI	22,000,000											43,000,000
Gain/(Loss) recycled to financing costs	(15,000,000)											(20,000,000)
Closing balance	(10,000,000)											(3,000,000)
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Pound sterling bonds
Risk management strategy of hedge relationships
Nominal value	4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	€ 4,771,000,000	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	€ 4,195,000,000
Carrying value assets	45,000,000	45,000,000	45,000,000	45,000,000	45,000,000	45,000,000	45,000,000	45,000,000	45,000,000	45,000,000	45,000,000	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	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 362,000,000	€ 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	€ 152,000,000
Other comprehensive income
Average FX rate | £ / €					0.86											0.86
Average euro interest rate	4.05%	4.05%	4.05%	4.05%	4.05%	4.05%	4.05%	4.05%	4.05%	4.05%	4.05%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	4.05%	3.15%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Pound sterling bonds | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ (37,000,000)											€ 109,000,000
(Gain)/Loss deferred to OCI	(244,000,000)											(6,000,000)
Gain/(Loss) recycled to financing costs	(126,000,000)											152,000,000
Closing balance	333,000,000											(37,000,000)
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Hong Kong dollar bonds
Risk management strategy of hedge relationships
Nominal value	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	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 20,000,000	€ 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	€ 22,000,000
Other comprehensive income
Average FX rate | $ / €						9.08											9.08
Average euro interest rate	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.48%	1.92%	1.48%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Hong Kong dollar bonds | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ (5,000,000)											€ 7,000,000
(Gain)/Loss deferred to OCI	(2,000,000)											17,000,000
Gain/(Loss) recycled to financing costs	(3,000,000)											(5,000,000)
Closing balance												(5,000,000)
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Japanese yen bonds
Risk management strategy of hedge relationships
Nominal value	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	€ 11,000,000	€ 11,000,000	€ 11,000,000	€ 11,000,000	€ 11,000,000	€ 11,000,000	€ 11,000,000	€ 11,000,000	€ 11,000,000	€ 11,000,000	€ 11,000,000
Other comprehensive income
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%	2.47%	2.47%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Japanese yen bonds | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ (12,000,000)											€ 2,000,000
(Gain)/Loss deferred to OCI	(15,000,000)											9,000,000
Gain/(Loss) recycled to financing costs	9,000,000											5,000,000
Closing balance	(6,000,000)											(12,000,000)
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Norwegian krona bonds
Risk management strategy of hedge relationships
Nominal value	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	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 47,000,000	€ 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	€ 34,000,000
Other comprehensive income
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%	1.12%	1.12%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Norwegian krona bonds | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ (12,000,000)											€ 3,000,000
(Gain)/Loss deferred to OCI	(13,000,000)											(17,000,000)
Gain/(Loss) recycled to financing costs	6,000,000											32,000,000
Closing balance	(5,000,000)											(12,000,000)
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Foreign exchange forwards
Risk management strategy of hedge relationships
Nominal value	287,000,000	€ 287,000,000	€ 287,000,000	€ 287,000,000	€ 287,000,000	€ 287,000,000	€ 287,000,000	€ 287,000,000	€ 287,000,000	€ 287,000,000	€ 287,000,000	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	€ 383,000,000
Carrying value liabilities	€ 42,000,000	42,000,000	42,000,000	42,000,000	42,000,000	42,000,000	42,000,000	42,000,000	42,000,000	42,000,000	42,000,000	€ 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	34,000,000
Other comprehensive income
Average FX rate	29.88											18.92
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Foreign exchange forwards | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ (34,000,000)											€ (69,000,000)
(Gain)/Loss deferred to OCI	15,000,000											(34,000,000)
Gain/(Loss) recycled to financing costs	(7,000,000)											(1,000,000)
Closing balance	(42,000,000)											(34,000,000)
Cash flow hedges | Foreign currency and interest rate risk | Currency swap contract | US dollar bonds
Risk management strategy of hedge relationships
Nominal value												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
Other comprehensive income
Average FX rate | $ / €													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%
Cash flow hedges | Foreign currency and interest rate risk | Currency swap contract | US dollar bonds | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	(11,000,000)											€ (1,000,000)
(Gain)/Loss deferred to OCI	(11,000,000)											20,000,000
Gain/(Loss) recycled to financing costs												(10,000,000)
Closing balance												(11,000,000)
Net investment hedge
Other comprehensive income
Hedge ineffectiveness	0											0
Gain from foreign currency basis outside the cash flow and net investment hedge relationships	10,000,000											17,000,000
Net investment hedge | Foreign exchange risk | Cross currency and foreign exchange swaps | South African rand investment
Risk management strategy of hedge relationships
Nominal value	1,505,000,000	1,505,000,000	1,505,000,000	1,505,000,000	1,505,000,000	1,505,000,000	1,505,000,000	1,505,000,000	1,505,000,000	1,505,000,000	1,505,000,000	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	€ 2,004,000,000
Carrying value assets	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 176,000,000	€ 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	€ 96,000,000
Other comprehensive income
Average FX rate | R / €									17.81											18.23
Average euro interest rate	2.19%	2.19%	2.19%	2.19%	2.19%	2.19%	2.19%	2.19%	2.19%	2.19%	2.19%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	2.19%	1.83%
Net investment hedge | Foreign exchange risk | Cross currency and foreign exchange swaps | South African rand investment | Reserves of cash flow hedges and net investment hedges
Other comprehensive income
Opening balance	€ 952,000,000											€ 1,133,000,000
(Gain)/Loss deferred to OCI	54,000,000											181,000,000
Closing balance	€ 898,000,000											€ 952,000,000

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, 2024	Mar. 31, 2023
Changes in assets and liabilities arising from financing activities
Balance at the beginning	€ 62,276	€ 69,130
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	1,533	4,071
Repayment of borrowings	(10,106)	(13,538)
Net movement in short-term borrowings	(1,636)	3,172
Net movement in derivatives	144	261
Interest paid	(2,330)	(1,951)
Purchase of treasury shares		(1,867)
Other	(493)	(12)
Non-cash movements
Fair value movements	2,233	(1,688)
Foreign exchange	(169)	(414)
Interest costs	2,440	2,004
Lease additions	3,915	7,652
Acquisition and disposal of subsidiaries		(5,243)
Transfer of assets and liabilities held for sale	(3,479)
Other	62	699
Balance at the end	54,390	62,276
Total borrowings
Changes in assets and liabilities arising from financing activities
Balance at the beginning	66,390	70,092
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	1,533	4,071
Repayment of borrowings	(10,106)	(13,538)
Net movement in short-term borrowings	(1,636)	3,172
Interest paid	(2,531)	(2,444)
Non-cash movements
Foreign exchange	61	(44)
Interest costs	2,766	2,657
Lease additions	3,915	7,652
Acquisition and disposal of subsidiaries		(5,243)
Transfer of assets and liabilities held for sale	(3,455)
Other	50	15
Balance at the end	56,987	66,390
Derivative assets and liabilities
Changes in assets and liabilities arising from financing activities
Balance at the beginning	(4,702)	(2,954)
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	144	261
Interest paid	272	590
Non-cash movements
Fair value movements	2,233	(1,688)
Foreign exchange	(231)	(350)
Interest costs	(395)	(561)
Lease additions		0
Transfer of assets and liabilities held for sale	(23)
Other		0
Balance at the end	(2,702)	(4,702)
Financial liabilities under put options
Changes in assets and liabilities arising from financing activities
Balance at the beginning	485	494
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Interest paid	(17)	(18)
Other	(493)	(12)
Non-cash movements
Interest costs	13	21
Lease additions		0
Other	12	0
Balance at the end		485
Other liabilities
Changes in assets and liabilities arising from financing activities
Balance at the beginning	103	1,498
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	(54)	(79)
Purchase of treasury shares		(1,867)
Non-cash movements
Foreign exchange	1	(20)
Interest costs	56	(113)
Lease additions		0
Transfer of assets and liabilities held for sale	(1)
Other		684
Balance at the end	105	103
Discontinued Operations
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Repayment of borrowings	(1,136)	(3,037)
Interest paid	(103)	(136)
Non-cash movements
Interest costs	€ 111	€ 103

Capital and financial risk m_23

Capital and financial risk management - Level 3 financial instruments (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	€ 31	€ 141
Increase (decrease) in fair value measurement due to reasonably possible decrease in durations	(7)	(115)
Level 3
Capital and financial risk management
Embedded derivative asset	22	198
Bank borrowings secured against Indian assets
Capital and financial risk management
Secured bank borrowings	1,720	1,485
Bank borrowings secured against Indian assets | Level 3
Capital and financial risk management
Embedded derivative asset	€ 22	€ 198

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, 2024	Mar. 31, 2023
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Gross amount	€ 2,702	€ 4,702
Amounts presented in balance sheet	2,702	4,702
Cash collateral	(1,887)	(4,647)
Net amount	815	55
Collateral pledged as initial margin that does not offset against existing mark to market balances	370	0
Derivative financial liabilities
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Derivative financial liabilities, Gross amount	(1,524)	(1,422)
Derivative financial liabilities, Amounts presented in balance sheet	(1,524)	(1,422)
Derivative financial liabilities, Right of set off with derivative counterparties	899	910
Derivative financial liabilities, Cash collateral	741	239
Derivative financial liabilities, Net amount	116	(273)
Derivative financial assets
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Derivative financial assets, Gross amount	4,226	6,124
Derivative financial assets, Amounts presented in balance sheet	4,226	6,124
Derivative financial assets, Right of set off with derivative counterparties	(899)	(910)
Derivative financial assets, Cash collateral	(2,628)	(4,886)
Derivative financial assets, Net amount	€ 699	€ 328

Directors and key management _3

Directors and key management compensation - Directors (Details) € in Millions	12 Months Ended
	Mar. 31, 2024 EUR (€) director	Mar. 31, 2023 EUR (€) director	Mar. 31, 2022 EUR (€) director
Directors and key management compensation
Short-term remuneration	€ 8	€ 6	€ 7
Long-term incentive schemes	1	3	2
Total	€ 9	€ 9	€ 9
Number of directors that exercised share options during the period | director	0	0	0

Directors and key management _4

Directors and key management compensation - Key management compensation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Directors and key management compensation
Short-term employee benefits	€ 27	€ 25	€ 28
Share-based payments	7	12	8
Total	€ 34	€ 37	€ 36

Employees (Details)

Employees (Details) € in Millions	12 Months Ended
	Mar. 31, 2024 EUR (€) employee	Mar. 31, 2023 EUR (€) employee	Mar. 31, 2022 EUR (€) employee
Employees
Total number of employees	87,173	88,378	86,982
Costs incurred in respect of employees
Wages and salaries | €	€ 4,674	€ 4,384	€ 3,923
Social security costs | €	497	468	449
Other pension costs (note 25 'Post employment benefits') | €	217	212	138
Share-based payments (note 26 'Shared-based payments') | €	110	128	110
Total | €	€ 5,498	€ 5,192	€ 4,620
Discontinued Operations
Employees
Total number of employees	9,109	9,725	9,959
Costs incurred in respect of employees
Other pension costs (note 25 'Post employment benefits') | €		€ 32	€ 30
Total | €	€ 748	€ 650	€ 714
Aggregate continuing and discontinued operations
Employees
Operations	15,707	15,808	15,404
Selling and distribution	22,928	24,676	25,499
Customer care and administration	57,647	57,619	56,038
Total number of employees	96,282	98,103	96,941
Costs incurred in respect of employees
Total | €	€ 6,246	€ 5,842	€ 5,334
Germany
Employees
Total number of employees	15,115	15,242	15,256
UK
Employees
Total number of employees	9,640	9,312	9,198
Other Europe
Employees
Total number of employees	11,441	14,189	15,106
Africa
Employees
Total number of employees	13,578	13,633	13,556
Turkey
Employees
Total number of employees	3,126	3,688	3,753
Vantage Towers
Employees
Total number of employees		753	502
Common Functions
Employees
Total number of employees	34,273	31,561	29,611

Post employment benefits - Inco

Post employment benefits - Income statement expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Post employment benefits
Defined contribution plans	€ 183	€ 175	€ 167
Defined benefit plans	34	37	(29)
Total amount charged to income statement	217	212	138
Amount charged to income statement	€ 217	212	138
Discontinued Operations
Post employment benefits
Total amount charged to income statement		32	30
Amount charged to income statement		€ 32	€ 30

Post employment benefits - Defi

Post employment benefits - Defined benefit plans (Details) € in Millions, £ in Millions	12 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2023 EUR (€)	Mar. 31, 2022 GBP (£)	Mar. 31, 2022 EUR (€)
Defined Benefit Pension Plan
Post employment benefits
Contributions to be paid in next fiscal year	€ 29
Vodafone UK plan
Post employment benefits
Contributions to be paid in next fiscal year	0
Vodafone UK plan | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus			£ 248	€ 290
Vodafone section
Post employment benefits
Plan (deficit) or surplus	59	€ 58
Vodafone section | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus			97	113
CWW section
Post employment benefits
Plan (deficit) or surplus	€ 105	€ 188
CWW section | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus			£ 151	€ 177

Post employment benefits - Actu

Post employment benefits - Actuarial assumptions (Details) € in Millions	12 Months Ended
	Mar. 31, 2024 EUR (€) age	Mar. 31, 2023 EUR (€)	Mar. 31, 2022 EUR (€)
Post employment benefits
Total net cost/(credit) included within staff costs	€ 34	€ 37	€ (29)
Defined Benefit Pension Plan
Post employment benefits
Rate of inflation (as a percent)	2.90%	3%	3.30%
Rate of increase in salaries (as a percent)	3%	3%	3.10%
Discount rate (as a percent)	4.50%	4.50%	2.50%
Number of years pension will be available for male pensioner	22 years 7 months 6 days	22 years 9 months 18 days
Number of years pension will be available for female pensioner	24 years 3 months 18 days	24 years 8 months 12 days
Current retirement age for pensioner	65 years
Number of years pension will be available for male non-pensioner	23 years 7 months 6 days	23 years 8 months 12 days
Number of years pension will be available for female non-pensioner	25 years 4 months 24 days	25 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	€ 42	€ 44	€ 38
Net past service (credit)/costs			(71)
Net interest charge/(income)	(8)	(7)	4
Total net cost/(credit) included within staff costs	34	37	(29)
Actuarial losses/(gains) recognised in the SOCI	€ (77)	(213)	€ 627
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, 2024	Mar. 31, 2023
Post employment benefits
Weighted average duration of defined benefit obligation	15 years	16 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, 2024	Mar. 31, 2023
Post employment benefits
Balance at beginning of the period	€ 71	€ 274
Service cost	(42)	(44)
Interest income/(cost)	8	7
Return on plan assets excluding interest income	(102)	(2,475)
Actuarial gains/(losses) arising from changes in demographic assumptions	72	186
Actuarial gains (losses) arising from changes in financial assumptions	30	2,293
Actuarial gain (losses) arising from experience adjustments	(77)	(217)
Employer cash contributions	41	42
Exchange rate movements	31	13
Liabilities held for sale	51
Other movements	(7)	(8)
Balance at end of the period	76	71
Assets.
Post employment benefits
Balance at beginning of the period	5,047	7,715
Interest income/(cost)	223	185
Return on plan assets excluding interest income	(102)	(2,475)
Employer cash contributions	41	42
Member cash contributions	15	15
Benefits paid	(173)	(216)
Exchange rate movements	104	(211)
Other movements	(7)	(8)
Balance at end of the period	5,148	5,047
Liabilities.
Post employment benefits
Balance at beginning of the period	(4,976)	(7,441)
Service cost	(42)	(44)
Interest income/(cost)	(215)	(178)
Actuarial gains/(losses) arising from changes in demographic assumptions	72	186
Actuarial gains (losses) arising from changes in financial assumptions	30	2,293
Actuarial gain (losses) arising from experience adjustments	(77)	(217)
Member cash contributions	(15)	(15)
Benefits paid	173	216
Exchange rate movements	(73)	224
Liabilities held for sale	51
Balance at end of the period	€ (5,072)	€ (4,976)

Post employment benefits - Anal

Post employment benefits - Analysis of net assets/(deficit) (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Net surplus/(deficit) is analysed as:
Assets	€ 257	€ 329
Liabilities	(181)	(258)
Defined Benefit Pension Plan
Analysis of net surplus/(deficit):
Assets	5,148	5,047
Net surplus/(deficit)	76	71
Net surplus/(deficit) is analysed as:
Assets	257	329
Liabilities	(181)	(258)
Defined Benefit Pension Plan | Funded plans
Analysis of net surplus/(deficit):
Assets	5,148	5,047
Present value of plan liabilities	(5,017)	(4,875)
Net surplus	131	172
Defined Benefit Pension Plan | Unfunded plans
Analysis of net surplus/(deficit):
Present value of plan liabilities	(55)	(101)
CWW section
Analysis of net surplus/(deficit):
Assets	1,781	1,845
Present value of plan liabilities	(1,676)	(1,657)
Net surplus	105	188
Vodafone section
Analysis of net surplus/(deficit):
Assets	1,983	1,958
Present value of plan liabilities	(1,924)	(1,900)
Net surplus	€ 59	€ 58

Post employment benefits - Fa_2

Post employment benefits - Fair value of pension assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Post employment benefits
Investment fund	€ 580	€ 782
Defined Benefit Pension Plan
Post employment benefits
Cash and cash equivalents	52	27
Investment fund	580	782
Assets	5,148	5,047
Actual return on plan assets	121	(2,290)
Defined Benefit Pension Plan | Level1 of Fair Value Hierarchy [Member]
Post employment benefits
Equity investments	261	140
Debt instruments	928	588
Property	16	17
Annuity policies		25
Defined Benefit Pension Plan | Level 2
Post employment benefits
Equity investments	293	322
Debt instruments	944	288
Property	374	438
Derivatives	1,040	1,791
Annuity policies	€ 660	€ 629

Post employment benefits - Sens

Post employment benefits - Sensitivity analysis (Details) € in Millions	12 Months Ended
	Mar. 31, 2024 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	€ (232)
Increase in actuarial assumption	€ 250
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	€ (2)
Increase in actuarial assumption	€ 3
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	€ 362
Increase in actuarial assumption	(321)
Defined Benefit Pension Plan | Life expectancy
Sensitivity analysis
Decrease in actuarial assumption	(122)
Increase in actuarial assumption	€ 122

Post employments benefits - Ana

Post employments benefits - Analysis of net surplus (Details) - EUR (€) € in Millions	Mar. 31, 2024	Mar. 31, 2023
Analysis of net surplus:
Notional amount	€ 24,783	€ 26,153
Borrowings drawn	€ 56,987	€ 66,390

Share-based payments - Accounti

Share-based payments - Accounting policies (Details)	12 Months Ended
	Mar. 31, 2024
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, Option in Millions	12 Months Ended
	Mar. 31, 2024 GBP (£) Option £ / shares	Mar. 31, 2023 Option £ / shares	Mar. 31, 2022 Option £ / shares
Movements in outstanding ordinary share options
Balance at the beginning of the period (in shares) | Option	62	61	62
Granted (in shares) | Option	63	50	20
Forfeited (in shares) | Option	(1)	(2)	(2)
Exercised (in shares) | Option		(8)	(1)
Expired (in shares) | Option	(54)	(39)	(18)
Balance at the end of the period (in shares) | Option	70	62	61
Weighted average exercise price:
Weighted average exercise price at the beginning of the period	£ 0.87	£ 1.02	£ 1.07
Granted (per share)	0.58	0.83	0.95
Forfeited (per share)	0.81	1.02	1.06
Exercised (per share)	1.06	1.05	1.17
Expired (per share)	0.82	1.01	1.10
Weighted average exercise price at the end of the period	0.66	£ 0.87	£ 1.02
Maximum
Weighted average exercise price:
Weighted average exercise price at the end of the period	1.57
Minimum
Weighted average exercise price:
Weighted average exercise price at the end of the period	£ 0.58
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, 2024 Option £ / shares	Mar. 31, 2023 Option £ / shares	Mar. 31, 2022 Option £ / shares	Mar. 31, 2021 Option £ / shares
Summary of options outstanding and exercisable
Outstanding shares | Option	70	62	61	62
Weighted average exercise price	£ 0.66	£ 0.87	£ 1.02	£ 1.07
Weighted average remaining contractual life	31 months	33 months
Minimum
Summary of options outstanding and exercisable
Weighted average exercise price	£ 0.58
Maximum
Summary of options outstanding and exercisable
Weighted average exercise price	£ 1.57

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, 2024 GBP (£) EquityInstruments £ / shares	Mar. 31, 2024 EUR (€) EquityInstruments	Mar. 31, 2023 GBP (£) EquityInstruments £ / shares	Mar. 31, 2023 EUR (€) EquityInstruments	Mar. 31, 2022 GBP (£) EquityInstruments £ / shares	Mar. 31, 2022 EUR (€) EquityInstruments
Disclosure of terms and conditions of share-based payment arrangement
Compensation cost | €		€ 125		€ 141		€ 119
Average share price | £ / shares	£ 0.747		£ 1.082		£ 1.221
Share awards plan
Disclosure of terms and conditions of share-based payment arrangement
Balance at the beginning of the period (in shares) | EquityInstruments	261	261	270	270	267	267
Granted (in shares) | EquityInstruments	177	177	120	120	113	113
Vested (in shares) | EquityInstruments	(76)	(76)	(70)	(70)	(68)	(68)
Forfeited (in shares) | EquityInstruments	(45)	(45)	(59)	(59)	(42)	(42)
Balance at the end of the period (in shares) | EquityInstruments	317	317	261	261	270	270
Weighted average fair value at the beginning of the period	£ 1.14		£ 1.07		£ 1.20
Granted (per share)	0.72		1.17		1.17
Vested (per share)	1.17		1.15		1.44
Forfeited (per share)	0.99		0.89		1.52
Weighted average fair value at the end of the period	0.92		1.14		1.07
Total fair value of shares vested during period	£ 89,000,000		£ 81,000,000		£ 98,000,000

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, 2024	Mar. 31, 2023
Acquisitions and disposals
Cash consideration received/(paid)	€ 667	€ (16)	€ (692)
Vantage Towers A.G
Acquisitions and disposals
Cash consideration received/(paid)	€ 667		(667)
Percentage of non-controlling interests acquired	4.20%
Ownership interest in subsidiary	85.80%
Other
Acquisitions and disposals
Cash consideration received/(paid)		€ (16)	€ (25)

Acquisitions and disposals - Ag

Acquisitions and disposals - Aggregate cash consideration of disposal of subsidiaries (Details) € in Millions			12 Months Ended
	Mar. 22, 2023 EUR (€)	Jan. 31, 2023 EUR (€)	Mar. 31, 2024 EUR (€)	Mar. 31, 2023 EUR (€)		Sep. 28, 2023 EUR (€)	Sep. 28, 2023 USD ($)
Acquisitions and disposals
Cash consideration received			€ (67)	€ 6,976	[1]
Net cash disposed			(63)	(224)
Cash disposal			4,168	3,924
Short term investments			5,092	7,017
Trade and other payables			13,398	18,247
M-PESA Holding Co. Limited
Acquisitions and disposals
Cash disposal						€ 63
Short term investments						1,195
Trade and other payables						€ 1,156
Vodafone Hungary
Acquisitions and disposals
Cash consideration received			€ (4)	1,606
Vantage Towers A.G
Acquisitions and disposals
Cash consideration received				5,592
Other subsidiaries
Acquisitions and disposals
Cash consideration received				€ 2
Discontinued operation | Vodafone Hungary
Acquisitions and disposals
Cash consideration received		€ 1,606
Discontinued operation | Vantage Towers A.G
Acquisitions and disposals
Cash consideration received	€ 5,592
M-PESA Holding Co. Limited
Acquisitions and disposals
Consideration for sale | $							$ 1
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

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, 2024	Mar. 31, 2023		Mar. 31, 2022	[1]
Acquisitions and disposals
Goodwill			€ (24,956)	€ (27,615)
Other intangible assets			(13,896)	(19,592)
Property, plant and equipment			(28,499)	(37,992)
Investments in associates and joint ventures			(10,032)	(11,079)
Inventory			(568)	(956)
Trade and other receivables			(8,594)	(10,705)
Cash and cash equivalents			(6,183)	(11,705)
Borrowings			48,328	51,669
Trade and other payables			2,328	2,184
Provisions			1,615	1,572
Cash consideration received			(67)	6,976	[1]
Foreign exchange recycled from Currency reserve on disposal			23	(334)	[1]	€ 19
Vodafone Hungary
Acquisitions and disposals
Cash consideration received			(4)	1,606
Vantage Towers A.G
Acquisitions and disposals
Cash consideration received				5,592
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)
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)
Non-controlling interests derecognised	807
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
Vantage Towers A.G | Operating profit
Acquisitions and disposals
Gains (losses) on disposals of investments			€ 0	8,729
Vantage Towers A.G | Other income
Acquisitions and disposals
Gains (losses) on disposals of investments				8,729
Vantage Towers A.G | Discontinued Operations
Acquisitions and disposals
Gains (losses) on disposals of investments				€ (122)
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

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, 2024	Mar. 31, 2023	[1]
Acquisitions and disposals
Cash consideration received				€ (67)	€ 6,976
Vodafone Ghana
Acquisitions and disposals
Percentage of Ownership Interest Transferred	70%
Cash consideration received	€ 0
Gains (losses) on disposals of investments	€ 689
Vodafone Egypt
Acquisitions and disposals
Ownership interest in subsidiary		55%		35.82%
Vodafone Egypt | Vodacom
Acquisitions and disposals
Percentage of Ownership Interest Transferred		55%
Cash consideration received		€ 577
Shares received on disposal of subsidiary		242
Vodacom
Acquisitions and disposals
Ownership interest in subsidiary		65.10%	60.50%
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Commitments (Details)

Commitments (Details) - EUR (€) € in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Commitments
Contracts placed for future capital expenditure not provided in the financial statements	€ 3,507	€ 2,442
Vodafone Spain and Vodafone Italy
Commitments
Contracts placed for future capital expenditure not provided in the financial statements	€ 469	423
OXG Glasfaser GmbH | Altice Luxembourg S.A
Commitments
Ownership interest of joint venture	50%
Capital commitments from share of joint operations	€ 950
Capital commitments provided to joint venture entities		32
Capital commitments		918
Spectrum Acquisition
Commitments
Contracts placed for future capital expenditure not provided in the financial statements	€ 114	€ 0

Contingent liabilities and le_3

Contingent liabilities and legal proceedings - Contingent liabilities and UK pension schemes (Details) € in Millions	1 Months Ended
	Mar. 31, 2023 EUR (€)	Mar. 31, 2024 EUR (€) item
OXG Glasfaser GmbH | Altice Luxembourg S.A
Contingent liabilities and legal proceedings - Conti
Joint venture ownership interest	50%
Amount committed to contribute	€ 950
Performance and payment bonds1
Contingent liabilities and legal proceedings - Conti
The group's potential exposure	€ 1,307	€ 1,399
UK pension schemes
Contingent liabilities and legal proceedings - Conti
Notional value of security		117
UK pension schemes, Vodafone Section
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts		€ 1,460
Number of guarantees under pension scheme | item		2
UK pension schemes, CWW Section
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts		€ 1,460
THUS Plc Group Scheme
Contingent liabilities and legal proceedings - Conti
Exposure from guarantee contracts		€ 117

Contingent liabilities and le_4

Contingent liabilities and legal proceedings - Vodafone Idea (Details) € in Millions, ₨ in Billions	12 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 INR (₨)	Mar. 31, 2023 EUR (€)	Mar. 31, 2020 EUR (€)	Sep. 30, 2019 EUR (€)
Disclosure of contingent liabilities [line items]
Investment in joint ventures	€ 8,203		€ 9,578
Vodafone Idea Limited
Disclosure of contingent liabilities [line items]
Investment in joint ventures	0			€ 0	€ 0
Share of losses in respect to joint venture	0
Maximum [Member] | Vodafone Idea and Idea Cellular legal case [Member]
Disclosure of contingent liabilities [line items]
The group's potential exposure	€ 713	₨ 64

Contingent liabilities and le_5

Contingent liabilities and legal proceedings - Indus Tower merger (Details) € in Millions, ₨ in Billions	12 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2023 EUR (€)		Mar. 31, 2022 EUR (€)	[1]	Mar. 31, 2024 INR (₨)
Disclosure of contingent liabilities [line items]
Investment in newly issued VIL Equity	€ 75	€ 78	[1]	€ 445
Financial assets pledged as collateral for liabilities or contingent liabilities	741	239
Bank Borrowings Secured Against Indian Assets [Member]
Disclosure of contingent liabilities [line items]
Secured bank loans received	1,720	€ 1,485
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	€ 472					₨ 42.5
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

Contingent liabilities and le_6

Contingent liabilities and legal proceedings - Other cases in the Group (Details) ₨ in Millions, £ in Millions, R in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Feb. 06, 2024 EUR (€)

Feb. 06, 2024 ZAR (R)

Jan. 09, 2019 EUR (€)

Jan. 09, 2019 ZAR (R)

Nov. 30, 2023 EUR (€)

Nov. 30, 2023 GBP (£)

Oct. 31, 2019 EUR (€)

Jul. 31, 2019 EUR (€)

Mar. 31, 2023 EUR (€)

Mar. 31, 2024 EUR (€) contract

Mar. 31, 2024 INR (₨)

Mar. 31, 2022 EUR (€)

Jul. 13, 2015 GBP (£)

Contingent liabilities and legal proceedings - Conti

Other provisions

€ 2,246,000,000

€ 2,448,000,000

€ 2,548,000,000

Legal and regulatory

Contingent liabilities and legal proceedings - Conti

Other provisions

430,000,000

269,000,000

€ 449,000,000

Indian tax cases | Vodafone India Services Private Limited

Contingent liabilities and legal proceedings - Conti

Amount of compensation sought by petitioner

468,000,000,000

Tax liability

238,000,000

Interest payable

€ 672,000,000

Deposit amount with tax authorities

₨ 2,000

£ 22

Indian tax cases | Vodafone India Services Private Limited | Maximum [Member]

Contingent liabilities and legal proceedings - Conti

Percentage of penalty

300%

300%

Iliad v Vodafone Italy

Contingent liabilities and legal proceedings - Conti

Value of claim

€ 500,000,000

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

€ 330,000,000

Verbraucherzentrale Bundesverband (Federation of German Consumer Organisations) Vs. Vodafone Germany

Contingent liabilities and legal proceedings - Conti

Increase in price for fixed lines services per month

€ 5

Claims regarding transfer of data to credit agencies in Germany

Contingent liabilities and legal proceedings - Conti

Loss contingency, new claims filed, number | contract

316

Damages sought per contract

€ 5,000

BfDI (Federal Commissioner for Data Protection and Freedom of Information) Vs. Vodafone Germany | Maximum [Member]

Contingent liabilities and legal proceedings - Conti

Percentage of fines imposed by authority to the total of annual revenue.

2%

Kenneth Makate vs Vodacom (Pty) Limited

Contingent liabilities and legal proceedings - Conti

Loss contingency, compensation awarded by minority judgement of SCA

€ 9,000,000

R 186

Amount of compensation offered but rejected

€ 2,000,000

R 47

Kenneth Makate vs Vodacom (Pty) Limited | Minimum [Member]

Contingent liabilities and legal proceedings - Conti

Percentage of damages paid to the total revenue

5%

5%

Kenneth Makate vs Vodacom (Pty) Limited | Maximum [Member]

Contingent liabilities and legal proceedings - Conti

Percentage of damages paid to the total revenue

7.50%

7.50%

Loss contingency, compensation awarded by minority judgement of SCA

€ 1,400,000,000

R 29,000

Netherlands tax case | Legal and regulatory

Contingent liabilities and legal proceedings - Conti

Other provisions

€ 24,000,000

Netherlands tax case | Vodafone Europe BV

Contingent liabilities and legal proceedings - Conti

Amount of compensation sought by petitioner

€ 267,000,000

Mr Justin Gutmann v Vodafone Limited and Vodafone Group Plc

Contingent liabilities and legal proceedings - Conti

Amount of compensation sought by petitioner

€ 1,600,000,000

£ 1,400

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Sep. 28, 2023
Related party transactions
Interest income	€ 101	€ 98	€ 98
Dividends	2,689	2,900	3,015
Short term investments	5,092	7,017
M-PESA Holding Co. Limited
Related party transactions
Short term investments				€ 1,195
Associates
Related party transactions
Sales of goods and services	25	20	20
Purchase of goods and services	6	8	10
Trade balances owed (by )	19	7
Trade balances owed (to)	1	1
Joint arrangements
Related party transactions
Sales of goods and services	267	220	221
Purchase of goods and services	932	263	298
Interest income	52	52	48
Interest expense	239	33	€ 52
Trade balances owed (by )	190	170
Trade balances owed (to)	379	329
Other balances owed by	1,105	980
Other balances owed to	€ 4,940	€ 5,628

Related party transactions - Su

Related party transactions - Subsidiaries that have non-controlling interests (Details) - EUR (€) € in Millions		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022		Mar. 31, 2021
Summary comprehensive income information
Revenue		€ 36,717	€ 37,672	[1]	€ 37,010	[1]
(Loss)/profit for the financial year		1,505	12,335	[1],[2]	2,773	[1]
Other comprehensive expense		(2,223)	(767)	[1]	2,335	[1]
Total comprehensive (expense)/income for the financial year		(718)	11,568	[1]	5,108	[1]
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	[3]	365	497	[1]	536	[1]
Summary financial position information
Non-current assets		104,790	124,859
Total assets		144,350	155,521
Non-current liabilities		(53,151)	(56,454)
Equity shareholders' funds		59,966	63,399
Non-controlling interests		1,032	1,084
Equity		60,998	64,483		57,073		€ 57,768
Statement of cash flows
Net cash flow from operating activities		16,557	18,054	[1]	18,081	[1]
Net cash flow from investing activities		(6,122)	(379)	[1]	(6,868)	[1]
Net cashflow from financing activities		(15,855)	(13,430)	[1]	(9,706)	[1]
Net cash (outflow)/inflow		(5,420)	4,245	[1]	1,507	[1]
Cash and cash equivalents at beginning of period		11,705
Exchange gain on cash and cash equivalents		(94)	12	[1]	74	[1]
Cash and cash equivalents at end of period		6,183	11,705
Vodacom Group Limited [Member]
Summary comprehensive income information
Revenue		7,420	8,076
(Loss)/profit for the financial year		920	1,245
Other comprehensive expense		217	193
Total comprehensive (expense)/income for the financial year		1,137	1,438
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests		368	474
Dividends paid to non-controlling interests		260	342
Summary financial position information
Non-current assets		7,517	7,766
Current assets		3,437	3,429
Total assets		10,954	11,195
Non-current liabilities		(3,198)	(2,880)
Current liabilities		(3,446)	(3,905)
Net assets and liabilities		4,310	4,410
Equity shareholders' funds		3,275	3,327
Non-controlling interests		1,035	1,083
Equity		4,310	4,410
Statement of cash flows
Net cash flow from operating activities		2,285	2,565
Net cash flow from investing activities		(943)	(1,013)
Net cashflow from financing activities		(1,276)	(1,558)
Net cash (outflow)/inflow		66	(6)
Cash and cash equivalents at beginning of period		1,075	1,097
Exchange gain on cash and cash equivalents		(89)	(16)
Cash and cash equivalents at end of period		€ 1,052	€ 1,075		€ 1,097
[1] T he results for the years ended 31 March 2023 and 31 March 2022 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ for more information. Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million, offset by a loss on disposal of Vodafone Hungary of €69 million Profit attributable to non-controlling interests derives solely from continuing operations.

Related undertakings (Details)

Related undertakings (Details)			12 Months Ended
	Dec. 13, 2022	Nov. 13, 2022	Mar. 31, 2024
3.6 GHz Spectrum Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
AAPT Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
ACN 088 889 230 Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
ACN 139 798 404 Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Adam Internet Holdings Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Adam Internet Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Agile Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Alchemyit Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Chariot Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Chime Communications Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Connect West Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Destra Communications Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Digiplus Contracts Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Digiplus Holdings Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Digiplus Investments Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Digiplus Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
H3GA Properties (No.3) Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
iiNet Labs Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
iiNet Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Internode Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
IntraPower Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Intrapower Terrestrial Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
IP Group Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
IPN Services Xchange Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Kooee Comms Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Kooee Mobile Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Mercury Connect Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Mobile JV Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Mobileworld Communications Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Mobileworld Operating Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Netspace Online Systems Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Numillar IPS Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
PIPE International (Australia) Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
PIPE Networks Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
PIPE Transmission Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
PowerTel Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Request Broadband Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Soul Communications Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Soul Contracts Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Soul Pattinson Telecommunications Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
SPT Telecommunications Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
SPTCom Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Telecom Enterprises Australia Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Telecom New Zealand Australia Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TPG Corporation Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TPG Energy Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TPG Finance Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TPG Holdings Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TPG Internet Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TPG JV Company Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TPG Network Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TPG Telecom Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TransACT Capital Communications Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TransACT Communications Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TransACT Victoria Communications Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
TransACT Victoria Holdings Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Trusted Cloud Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Trusted Cloud Solutions Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Value Added Network Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Virtual Desktop Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Vodafone Australia Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Vodafone Foundation Australia Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Vodafone Hutchison Receivables Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Vodafone Hutchison Spectrum Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Vodafone Network Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Vodafone Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
VtalkVoip Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Westnet Pty Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Utiq S.A
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25
PPC 1 Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Vantage Towers s.r.o.4
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
COOP Mobil s.r.o.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			33.33
Wataneya Telecommunications S.A.E
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
MNP Deutschland Gesellschaft Burgerlichen Rechts
Subsidiaries
Percentage of ownership interest in associate or join arrangement			33.33
OXG Glasfaser Beteiligungs-GmbH
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
OXG Glasfaser GmbH
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Verwaltung "Urbana Teleunion" Rostock GmbH
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Oak Holdings 1 GmbH
Subsidiaries
Percentage of ownership interest in associate or join arrangement			60.33
Oak Holdings 2 GmbH
Subsidiaries
Percentage of ownership interest in associate or join arrangement			60.33
Oak Holdings GmbH
Subsidiaries
Percentage of ownership interest in associate or join arrangement			60.33
Oak Renewables GmbH
Subsidiaries
Percentage of ownership interest in associate or join arrangement			60.33
Vantage Towers AG
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Vantage Towers Erste Verwaltungsgesellschaft mbH4
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Vantage Towers Single Member Societe Anonyme4
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Safenet N.P,A.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			24.97
Tilegnous IKE
Subsidiaries
Percentage of ownership interest in associate or join arrangement			33.29
Victus Networks S.A.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			49.94
Vantage Towers Zrtkren Mkd Rszvnytrsasg4
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Vodafone Foundation
Subsidiaries
Percentage of ownership interest in associate or join arrangement			30.90
Vodafone Idea Shared Services Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.37
Vodafone Idea Technology Solutions Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.37
Vodafone m-pesa Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.37
You Broadband India Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.37
Indus Towers Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			21.05
Vodafone Idea Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.37
Vodafone Idea Manpower Services Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			30.99
Vodafone Idea Business Services Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.36
Vodafone Idea Communications Systems Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.37
Vodafone Idea Telecom Infrastructure Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.37
Vantage Towers Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Siro DAC
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Siro JV Holdco Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Infrastrutture Wireless Italiane S.p.A
Subsidiaries
Percentage of ownership interest in associate or join arrangement			17.87
Safaricom PLC [Member]
Subsidiaries
Percentage of ownership interest in associate or join arrangement			27.74
M-PESA Africa Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			46.42
M-PESA Holding Co. Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			27.74
Tomorrow Street SCA
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Vodafone Antennelocaties B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Vodafone Libertel B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Amsterdamse Beheer- en Consultingmaatschappij B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Esprit Telecom B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
FinCo Partner 1 B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
LGE HoldCo V B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
LGE HoldCo VI B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
LGE Holdco VII B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
LGE HoldCo VIII B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Vodafone Financial Services B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Vodafone Nederland Holding I B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Vodafone Nederland Holding II B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
VodafoneZiggo Employment B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Vodafone Ziggo Group B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
VodafoneZiggo Group Holding B.V. [Member]
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
VZ Financing I B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
VZ Financing II B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
VZ FinCo B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
VZ PropCo B V
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
VZ Secured Financing B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
XB Facilities B V
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Deelnemingen B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Finance 2 B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Netwerk II B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Real Estate B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Services B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Services Employment B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Services Netwerk 2 B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Zakelijk Services B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Zoranet Connectivity Services B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
ZUM B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Liberty Global Content Netherlands B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Central Tower Holding Company B.V.4
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Zesko B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Bond Company B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Ziggo Netwerk B.V.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
iiNet (New Zealand) AKL Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Vantage Towers, S.A.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Dualgrid Gesto de Redes Partilhadas, S.A.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Sport TV Portugal, S.A.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25
Vantage Towers S.R.L.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Netgrid Telecom SRL
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Autoconnex Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			35
Waterberg Lodge (Proprietary) Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			32.55
AfriGis(Pty) Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			21.16
Canard Spatial Technologies(Pty) Ltd
Subsidiaries
Percentage of ownership interest in associate or join arrangement			21.16
M-Pesa S.A (Proprietary) Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			46.42
Vantage Towers, S.L.U.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			53.88
Vodacom Trust Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			48.82
FGS Bilgi Islem Urunler Sanayi ve Ticaret AS
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Digital Mobile Spectrum Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25
VodaFamily Ethiopia Holding Company Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			31.47
Cable and Wireless Trade Mark Management Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Cornerstone Telecommunications Infrastructure Limited [Member]
Subsidiaries
Percentage of ownership interest in associate or join arrangement			26.94
Vodafone Hutchison Australia Pty Limited
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
LG Financing Partnership
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
PPC 1 (US) Inc.
Subsidiaries
Percentage of ownership interest in associate or join arrangement			25.05
Ziggo Financing Partnership
Subsidiaries
Percentage of ownership interest in associate or join arrangement			50
Vodafone Albania Sh.A
Subsidiaries
Ownership interest in subsidiary			100%
VOIS Albania ShpK
Subsidiaries
Ownership interest in subsidiary			100%
Cable & Wireless Americas Systems, Inc.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone IoT Incorporated
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone IoT UK Limited
Subsidiaries
Ownership interest in subsidiary			100%
Talkland 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%
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%
Vodafone Towers Germany 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%
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%
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			35.81%
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			100%
Vodafone Customer Care GmbH3
Subsidiaries
Ownership interest in subsidiary			99.99%
Vodafone Deutschland GmbH
Subsidiaries
Ownership interest in subsidiary			99.99%
Kabel Deutschland Holding Erste Beteiligungs GmbH
Subsidiaries
Ownership interest in subsidiary			99.99%
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%
KABELCOM Braunschweig Gesellschaft Fr Breitbandkabel-Kommunikation Mit Beschrnkter Haftung
Subsidiaries
Ownership interest in subsidiary			99.99%
Urbana Teleunion Rostock GmbH & Co.KG
Subsidiaries
Ownership interest in subsidiary			69.99%
Vantage Towers AG
Subsidiaries
Ownership interest in subsidiary		85.80%
Vodafone-Panafon Hellenic Telecommunications Company S.A.
Subsidiaries
Ownership interest in subsidiary			99.87%
Fiber2All S.A.
Subsidiaries
Ownership interest in subsidiary			99.87%
Vodafone Innovus 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%
Vodafone IoT Italy, S.R.L.
Subsidiaries
Ownership interest in subsidiary			100%
Cable and Wireless (India) Limited - Branch2
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Kenya Limited5
Subsidiaries
Ownership interest in subsidiary			69.46%
Vodacom Business (Kenya) Limited5
Subsidiaries
Ownership interest in subsidiary			52.08%
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%
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 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 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 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 VM15
Subsidiaries
Ownership interest in subsidiary			65.10%
Mobile Wallet VM25
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%
IoT.nxt USA BV5
Subsidiaries
Ownership interest in subsidiary			42.31%
IOT.NXT B.V.5
Subsidiaries
Ownership interest in subsidiary			42.31%
IoT.nxt EMENA B.V
Subsidiaries
Ownership interest in subsidiary			42.31%
IoT.nxt Europe BV5
Subsidiaries
Ownership interest in subsidiary			42.31%
Vodafone Enterprise Norway AS
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Business Poland sp. z o.o
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone IoT Portugal, Unipessoal Lda.
Subsidiaries
Ownership interest in subsidiary			100%
UPC Services S.R.L. (in liquidation)
Subsidiaries
Ownership interest in subsidiary			100%
MAST Services Proprietary Limited5
Subsidiaries
Ownership interest in subsidiary			65.10%
Vodafone Mall Ve Elektronik Hizmetler Ticaret AS
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Sigorta Aracilik Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Energa, S.L.U.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone IoT Spain, S.L.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Shared Operations Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Shared Services UK Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone UK Trading Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
DABCO Portugal, Lda
Subsidiaries
Ownership interest in subsidiary			80.20%
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%
10T Holdings (Proprietary) Limited
Subsidiaries
Ownership interest in subsidiary			42.31%
IoT.nxt (Pty) Limited
Subsidiaries
Ownership interest in subsidiary			42.31%
IOT.nxt Development (Pty) 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%
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 Limited Zanzibar
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 Elektronik Para Ve Odeme Hizmetleri A.S.
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Finansman 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%
Pinnacle Cellular Group Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone (Scotland) Limited
Subsidiaries
Ownership interest in subsidiary			100%
DABCo Limited
Subsidiaries
Ownership interest in subsidiary			80%
Energis (Ireland) Limited
Subsidiaries
Ownership interest in subsidiary			100%
Navtrak Ltd
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			25%
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%
Vodafone 2.
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 European Investments
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Finance Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone Finance Management
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 International Holdings Limited
Subsidiaries
Ownership interest in subsidiary			100%
Vodafone International Operations 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 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 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%
Vodaphone Limited
Subsidiaries
Ownership interest in subsidiary			100%
Your Communications Group Limited
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 Inc
Subsidiaries
Ownership interest in subsidiary			42.31%
UPC Foundation
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 Intelligent Solutions Espana, S.L.U.
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%

Subsequent events (Details)

Subsequent events (Details) - EUR (€) € in Millions	May 14, 2024	May 31, 2024
Vodafone Spain, Discontinued operations
Statements
Cash consideration		€ 4,100
Nominal value of non-cash consideration		900
Disposal of Vodafone Spain | Vodafone Spain, Discontinued operations
Statements
Cash consideration		4,100
Nominal value of non-cash consideration		€ 900
Share buybacks
Statements
Amount of share buybacks, initial amount	€ 500
Amount of share buybacks, total planned amount	€ 2,000
Period of share buyback programme	12 months