Vodafone Group Public Ltd Co 6-K, filed May 14, 2024

Vodafone Group Public Ltd Co (VOD)

6-K 2024-05-14 For: 2024-05-14

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Added on April 11, 2026

About this 6-K

Vodafone Group Public Ltd Co filed this 6-K on May 14, 2024.

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Improving financial performance & transformation gaining momentum "A year ago, I set out my plans to transform Vodafone, including the need to right-size Europe for growth. Since then, we have announced a series of transactions and we are now delivering growth in all of our markets across Europe and Africa. We performed slightly ahead of expectations in the financial year, with good organic service revenue growth of 6.3% and organic EBITDAaL growth of 2.2%. Our Business division - a key growth driver - achieved 5.4% revenue growth in the fourth quarter. Much more still needs to be done in the year ahead. We will step-up investment in our customer experience, improve our underlying performance in Germany and accelerate our momentum in Business, whilst also continuing to simplify our operations throughout the group. We are fundamentally transforming Vodafone for growth." Margherita Della Valle Group Chief Executive
Financial summary		FY24	FY23	Reported	Organic
Financial summary	Page	€m	€m	change %	change %1
Group revenue	3	36,717	37,672	(2.5)
Group service revenue	3	29,912	30,318	(1.3)	6.3
Operating profit	3	3,665	14,451	(74.6)
Adjusted EBITDAaL1	3	11,019	12,424	(11.3)	2.2
Profit for the financial year (continuing operations)	3	1,570	12,582
Basic earnings per share (continuing operations)	15	4.45c	43.66c
Adjusted basic earnings per share1	15	7.47c	11.28c
Cash inflow from operating activities	15	16,557	18,054	(8.3)
Adjusted free cash flow1	16	2,600	4,139
Net debt (excl. Spain and Italy)1	17	(33,242)	(33,250)	-
Total dividends per share	18	9.00c	9.00c

1. Non-GAAP measure. See page 36.

Strategic Review ⫶Transformation gaining momentum

In May 2023, we set out a new roadmap to transform Vodafone along three strategic priorities: Customers; Simplicity; and Growth. We measure our operational progress in these areas through a consistent scorecard summarised below. During FY24, we have reshaped our European footprint to focus on growing markets, with strong positions and good local scale. Alongside the progress to right-size our portfolio for growth, we have made good early progress with our operational transformation, which aims to improve the experience provided to our customers, remove complexity from our operations and accelerate growth in revenue, profit, cash flow and return on capital. Customers − Wide-reaching customer experience transformation underway, supported by reallocated investment of €140 million in FY24, as well as new incentives and talent development plans − Customer insights processed through real-time AI models, feeding into detailed action plans on a weekly basis in all markets − Frontline tools and processes enhancements benefitting 70,000 team members − Significant improvement in Germany fixed network reliability, recognised in four independent network quality tests − Despite material price inflation, customer detractors have reduced across all segments, and we now have leading or co-leading net promotor scores in 5 out of 9 European markets Simplicity − New organisational structure and executive management team in place − Completed first phase of commercialising shared operations, enabling greater transparency, productivity and flexibility − Actioned c.5,000 role reductions and announced a further 2,000 in first year of 3-year 11,000 plan and continued to deliver opex efficiencies Growth − Reshaped European footprint focused on growing telco markets, with strong positions and good local scale − Vodafone now growing in all segments and accelerating throughout the year − Accelerated organic service revenue growth of Vodafone Business to 5.4% in Q4; B2B focus step-up with new organisation, sales transformation plan, investment in products and capabilities and strategic partnership with Microsoft
Customers				Simplicity
			FY24			FY24
Consumer NPS
Germany	YoY		Stable	Europe opex savings (FY23-FY24)	€ billion	0.4
UK	YoY		Increased	Productivity (role reductions)	'000	c.5
Other Europe	YoY		Stable	Shared operations NPS (May'24)	%	85
South Africa	YoY		Stable	Employee engagement index (Oct'23)	%	77
Detractors
Germany	YoY		Improved
UK	YoY		Improved
Other Europe	YoY		Improved
South Africa	YoY		Improved	Growth1
Revenue market share						FY24
Germany	YoY		Stable	Organic Service revenue growth	%	6.3
UK	YoY		Increased	B2B organic service revenue growth	%	5.0
Other Europe	YoY		Increased	Organic Adjusted EBITDAaL growth	%	2.2
South Africa	YoY		Stable	Adjusted free cash flow	€ billion	2.6
Network quality		Very good reliability in all European markets		Pre-tax return on capital employed	%	7.5

		Re-presented2
	FY241	FY23	Reported
	€m	€m	change %
Revenue	36,717	37,672	(2.5)
- Service revenue	29,912	30,318	(1.3)
- Other revenue	6,805	7,354
Adjusted EBITDAaL3,4	11,019	12,424	(11.3)
Restructuring costs	(703)	(538)
Interest on lease liabilities5	440	355
Loss on disposal of property, plant and equipment and intangible assets	(34)	(41)
Depreciation and amortisation of owned assets	(7,397)	(7,520)
Share of results of equity accounted associates and joint ventures	(96)	433
Impairment reversal/(loss)	64	(64)
Other income	372	9,402
Operating profit	3,665	14,451	(74.6)
Investment income	581	232
Financing costs	(2,626)	(1,609)
Profit before taxation	1,620	13,074
Income tax expense	(50)	(492)
Profit for the financial year - Continuing operations	1,570	12,582
Loss for the financial year - Discontinued operations	(65)	(247)
Profit for the financial year	1,505	12,335

Attributable to:
- Owners of the parent	1,140	11,838
- Non-controlling interests	365	497
Profit for the financial year	1,505	12,335

Basic earnings per share - Continuing operations	4.45c	43.66c
Basic earnings per share - Total Group	4.21c	42.77c
Adjusted basic earnings per share3	7.47c	11.28c

	FY24	FY23	Reported
Cash flow and funding	€m	€m	change %
Inflow from operating activities	16,557	18,054	(8.3)
Outflow from investing activities	(6,122)	(379)	(1,515.3)
Outflow from financing activities	(15,855)	(13,430)	(18.1)
Net cash (outflow)/inflow	(5,420)	4,245	(227.7)
Cash and cash equivalents at the beginning of the financial year	11,628	7,371
Exchange (loss)/gain on cash and cash equivalents	(94)	12
Cash and cash equivalents at the end of the financial year	6,114	11,628

Closing borrowings less cash and cash equivalents (excl. Spain and Italy)	(50,804)	(51,165)	0.7
Closing borrowings less cash and cash equivalents (incl. Spain and Italy)	(54,168)	(54,685)	0.9

		Re-presented1
	FY24	FY23	Reported
	€m	€m	change %
Adjusted free cash flow2,3	2,600	4,139	(37.2)
Licences and spectrum	(454)	(773)
Restructuring costs including working capital movements	(254)	(249)
Integration capital additions	(81)	(200)
Vantage Towers growth capital expenditure	-	(497)
Other adjustments	(28)	163
Free cash flow2	1,783	2,583	(31.0)

Closing net debt (excl. Spain and Italy)2	(33,242)	(33,250)	-
Closing net debt (incl. Spain and Italy)2	(33,349)	(33,375)	0.1

€bn	Adjusted EBITDAaL1	Adjusted FCF1,2
FY24 guidance	c.13.3	c.3.3
FY24 outcome - guidance basis3,4	13.4	3.5
Impact of exchange rates	(0.3)	(0.2)
FY24 actual - constant portfolio	13.1	3.3
Impact of discontinued operations	(2.1)	(0.8)
Impact of exchange rates	(0.3)	(0.1)
FY24 re-based4,5,6	10.7	2.4
FY25 guidance4,5,7	c.11.0	at least 2.4

Segment results	Total revenue		Service revenue		Adjusted EBITDAaL1		Adjusted EBITDAaL margin1		Capital additions
	Total revenue		Service revenue		Adjusted EBITDAaL1		Adjusted EBITDAaL margin1		Capital additions
	FY24	FY23	FY24	FY23	FY24	FY23	FY24	FY23	FY24	FY23
	€m	€m	€m	€m	€m	€m	%	%	€m	€m
Germany	12,957	13,113	11,453	11,433	5,017	5,323	38.7	40.6	2,515	2,558
UK	6,837	6,824	5,631	5,358	1,408	1,350	20.6	19.8	866	882
Other Europe	5,504	5,744	4,722	5,005	1,516	1,632	27.5	28.4	845	880
Turkey2,3	2,362	2,072	1,746	1,593	510	424	21.6	20.5	319	234
Africa3	7,420	8,076	5,951	6,556	2,539	2,880	34.2	35.7	1,005	1,123
Vantage Towers	-	1,338	-	-	-	795			-	551
Common Functions	1,864	1,750	559	530	29	20			781	839
Eliminations	(227)	(1,245)	(150)	(157)	-	-			-	-
Group4	36,717	37,672	29,912	30,318	11,019	12,424	30.0	33.0	6,331	7,067

Downloadable performance information is available at: investors.vodafone.com/results

Segment service revenue growth	FY23			FY24
	Q4	H2	Total	Q1	Q2	H1	Q3	Q4	H2	Total
	%	%	%	%	%	%	%	%	%	%
Germany	(2.8)	(2.3)	(1.6)	(1.3)	1.0	(0.1)	0.3	0.6	0.5	0.2
UK	(1.6)	0.5	4.0	3.0	5.1	4.1	5.5	6.8	6.2	5.1
Other Europe	(5.2)	(1.8)	0.1	(7.4)	(7.2)	(7.3)	(7.8)	0.3	(4.0)	(5.7)
Turkey2,3	32.4	9.3	(4.6)	(8.5)	21.6	7.4	6.8	15.6	11.7	9.6
Africa3	(11.2)	(4.5)	2.7	(14.3)	(14.8)	(14.6)	(7.5)	1.2	(3.4)	(9.2)
Group4	(3.2)	(1.6)	0.4	(4.7)	(1.9)	(3.3)	(1.5)	2.9	0.7	(1.3)

Segment organic service revenue growth1	FY23			FY24
	Q4	H2	Total	Q1	Q2	H1	Q3	Q4	H2	Total
	%	%	%	%	%	%	%	%	%	%
Germany	(2.8)	(2.3)	(1.6)	(1.3)	1.1	(0.1)	0.3	0.6	0.5	0.2
UK	3.8	4.6	5.6	5.7	5.5	5.6	5.2	3.6	4.4	5.0
Other Europe	3.6	2.8	2.8	4.1	3.8	3.9	3.6	5.5	4.6	4.2
Turkey2,3	54.9	51.7	43.5	74.1	85.0	79.3	90.4	105.6	97.8	88.5
Africa3	7.0	7.5	7.5	9.0	9.0	9.0	8.8	10.0	9.4	9.2
Group4	3.4	3.6	3.9	5.4	6.6	6.0	6.3	7.1	6.7	6.3

Germany ⫶ Underlying improvement offset by first MDU impact

38%	€13.0bn		0.2%
of Group service revenue	Total revenue		Organic service revenue growth

46%	€5.0bn		(5.8%)
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	FY24	FY23	Reported	Organic
	€m	€m	change %	change %1
Total revenue	12,957	13,113	(1.2)
- Service revenue	11,453	11,433	0.2	0.2
- Other revenue	1,504	1,680
Adjusted EBITDAaL	5,017	5,323	(5.8)	(5.8)
Adjusted EBITDAaL margin	38.7%	40.6%

UK ⫶ Strong growth in Consumer and Business

19%	€6.8bn		5.0%
of Group service revenue	Total revenue		Organic service revenue growth

13%	€1.4bn		4.0%
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	FY24	FY23	Reported	Organic
	€m	€m	change %	change %1
Total revenue	6,837	6,824	0.2
- Service revenue	5,631	5,358	5.1	5.0
- Other revenue	1,206	1,466
Adjusted EBITDAaL	1,408	1,350	4.3	4.0
Adjusted EBITDAaL margin	20.6%	19.8%

Other Europe1 ⫶ Service revenue growth in all markets

16%	€5.5bn		4.2%
of Group service revenue	Total revenue		Organic service revenue growth

14%	€1.5bn		1.5%
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	FY24	FY231	Reported	Organic
	€m	€m	change %	change %2
Total revenue	5,504	5,744	(4.2)
- Service revenue	4,722	5,005	(5.7)	4.2
- Other revenue	782	739
Adjusted EBITDAaL	1,516	1,632	(7.1)	1.5
Adjusted EBITDAaL margin	27.5%	28.4%

Turkey ⫶ Outperforming in an inflationary environment

6%	€2.4bn		88.5%
of Group service revenue	Total revenue		Organic service revenue growth

5%	€0.5bn		99.9%
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

	Turkey	Turkey and Ghana1
	FY24	FY23	Reported	Organic
	€m	€m	change %	change %2
Total revenue	2,362	2,072	14.0
- Service revenue	1,746	1,593	9.6	88.5
- Other revenue	616	479
Adjusted EBITDAaL	510	424	20.3	99.9
Adjusted EBITDAaL margin	21.6%	20.5%

Africa ⫶ Resilient performance

20%	€7.4bn		9.2%
of Group service revenue	Total revenue		Organic service revenue growth

23%	€2.5bn		6.4%
of Group Adjusted EBITDAaL	Adjusted EBITDAaL		Organic Adjusted EBITDAaL growth

		Re-presented1
	FY24	FY23	Reported	Organic
	€m	€m	change %	change %2
Total revenue	7,420	8,076	(8.1)
- Service revenue	5,951	6,556	(9.2)	9.2
- Other revenue	1,469	1,520
Adjusted EBITDAaL	2,539	2,880	(11.8)	6.4
Adjusted EBITDAaL margin	34.2%	35.7%

Discontinued operations

Italy	FY24	FY23	Reported	Organic
Italy	€m	€m	change %	change %1
Total revenue	4,668	4,809	(2.9)
- Service revenue	4,184	4,251	(1.6)	(1.6)
- Other revenue	484	558


Spain	FY24	FY23	Reported	Organic
Spain	€m	€m	change %	change %1
Total revenue	3,846	3,907	(1.6)
- Service revenue	3,429	3,514	(2.4)	(2.4)
- Other revenue	417	393

Vodafone Investments

Associates and joint ventures	FY24	FY23
Associates and joint ventures	€m	€m
Vantage Towers (Oak Holdings 1 GmbH)	(85)	-
VodafoneZiggo Group Holding B.V.	(177)	137
Safaricom Limited	159	195
Indus Towers Limited	140	50
Other1 (including TPG Telecom Limited)	(133)	51
Share of results of equity accounted associates and joint ventures	(96)	433

Net financing costs
			Re-presented1
		FY24	FY23	Reported
		€m	€m	change %
Investment income		581	232
Financing costs		(2,626)	(1,609)
Net financing costs		(2,045)	(1,377)	(48.5)
Adjustments for:
	Mark-to-market losses	97	(534)
	Foreign exchange losses	173	135
Adjusted net financing costs2		(1,775)	(1,776)	0.1


Taxation
		Re-presented1
	FY24	FY23	Change
	%	%	pps
Effective tax rate	3.1%	3.8%	(0.7)
Adjusted effective tax rate2	24.5%	25.6%	(1.1)


Funding position
	FY24	FY23	Reported
	€m	€m	change %
Bonds	(40,743)	(44,116)
Bank loans	(767)	(795)
Other borrowings including spectrum	(1,457)	(1,744)
Gross debt1	(42,967)	(46,655)	7.9
Cash and cash equivalents	6,183	11,705
Short-term investments2	3,225	4,305
Derivative financial instruments3	2,204	1,917
Net collateral liabilities4	(1,887)	(4,647)
Net debt1	(33,242)	(33,375)	0.4

	FY24	FY23
	€m	€m
Lease liabilities	(9,672)	(13,364)
Financial liabilities under put options (KDG minority interests)	-	(485)
Net pension fund liabilities	(196)	(258)
Guarantees over loan issued by Australia joint venture	(1,479)	(1,611)
Equity characteristic of 50% attributed by credit rating agencies to 'Hybrid bonds' included in net debt of €8,993 million (€9,942 million as at 31 March 2023)	4,497	4,971

		Re-presented1
	FY242	FY232	Change
	%	%	pps
Pre-tax ROCE (controlled)2,3	7.5%	8.2%	(0.7)
Post-tax ROCE (controlled and associates/joint ventures)2,3	4.5%	6.1%	(1.6)

Earnings per share
		Re-presented1	Reported
	FY24	FY23	change
	eurocents	eurocents	eurocents
Basic earnings per share - Continuing operations	4.45c	43.66c	(39.21)c
Basic earnings per share - Total Group	4.21c	42.77c	(38.56)c

Adjusted basic earnings per share2	7.47c	11.28c	(3.81)c

Cash flow & funding



Analysis of cash flow
	FY24	FY23	Reported
	€m	€m	change %
Inflow from operating activities	16,557	18,054	(8.3)
Outflow from investing activities	(6,122)	(379)	(1,515.3)
Outflow from financing activities	(15,855)	(13,430)	(18.1)
Net cash outflow	(5,420)	4,245	(227.7)
Cash and cash equivalents at beginning of the financial year	11,628	7,371
Exchange gain on cash and cash equivalents	(94)	12
Cash and cash equivalents at the end of the financial year	6,114	11,628

Analysis of cash flow (continued)		Re-presented1
	FY24	FY23	Reported
	€m	€m	change %
Adjusted EBITDAaL2	11,019	12,424	(11.3)
Capital additions3	(6,331)	(7,067)
Working capital	(309)	377
Disposal of property, plant and equipment and intangible assets	14	90
Integration capital additions	(81)	(200)
Restructuring costs including working capital movements4	(254)	(249)
Licences and spectrum	(454)	(773)
Interest received and paid5	(1,279)	(1,172)
Taxation	(724)	(1,228)
Dividends received from associates and joint ventures	442	617
Dividends paid to non-controlling shareholders in subsidiaries	(260)	(400)
Other	-	164
Free cash flow2	1,783	2,583	(31.0)
Acquisitions and disposals	(346)	8,727
Equity dividends paid	(2,430)	(2,484)
Share buybacks5	-	(1,893)
Foreign exchange gain/(loss)	(64)	141
Other movements in net debt6	1,065	(613)
Net debt decrease2	8	6,461
Opening net debt2	(33,250)	(39,711)
Closing net debt2	(33,242)	(33,250)	-
Net debt of Vodafone Spain and Vodafone Italy2	(107)	(125)
Closing net debt incl. Vodafone Spain and Vodafone Italy2	(33,349)	(33,375)	0.1

Free cash flow2	1,783	2,583
Adjustments:
- Licences and spectrum	454	773
- Restructuring costs including working capital movements4	254	249
- Integration capital additions	81	200
- Vantage Towers growth capital expenditure	-	497
- Other adjustments7	28	(163)
Adjusted free cash flow2	2,600	4,139

Borrowings and cash position
	FY24	FY23	Reported
	€m	€m	change %
Non-current borrowings	(48,328)	(51,669)
Current borrowings	(8,659)	(14,721)
Borrowings	(56,987)	(66,390)
Cash and cash equivalents	6,183	11,705
Borrowings less cash and cash equivalents	(50,804)	(54,685)	7.1

Condensed consolidated financial statements



Consolidated income statement
	Year ended 31 March
		Re-presented1
	2024	2023
	€m	€m
Revenue	36,717	37,672
Cost of sales	(24,459)	(24,359)
Gross profit	12,258	13,313
Selling and distribution expenses	(2,674)	(2,777)
Administrative expenses	(5,768)	(5,351)
Net credit losses on financial assets	(491)	(505)
Share of results of equity accounted associates and joint ventures	(96)	433
Impairment reversal/(loss)	64	(64)
Other income	372	9,402
Operating profit	3,665	14,451
Investment income	581	232
Financing costs	(2,626)	(1,609)
Profit before taxation	1,620	13,074
Income tax expense	(50)	(492)
Profit for the financial year - Continuing operations	1,570	12,582
Loss for the financial year - Discontinued operations	(65)	(247)
Profit for the financial year	1,505	12,335

Attributable to:
- Owners of the parent	1,140	11,838
- Non-controlling interests	365	497
Profit for the financial year	1,505	12,335

Earnings per share
Continuing operations:
- Basic	4.45c	43.66c
- Diluted	4.44c	43.51c
Total Group:
- Basic	4.21c	42.77c
- Diluted	4.20c	42.62c

Consolidated statement of comprehensive income/(expense)
	Year ended 31 March
		Re-presented1
	2024	2023
	€m	€m
Profit for the financial year	1,505	12,335
Other comprehensive income/(expense):
Items that may be reclassified to the income statement in subsequent years:
Foreign exchange translation differences, net of tax	(440)	(1,236)
Foreign exchange translation differences transferred to the income statement	23	(334)
Other, net of tax2	(1,748)	963
Total items that may be reclassified to the income statement in subsequent years	(2,165)	(607)
Items that will not be reclassified to the income statement in subsequent years:
Net actuarial losses on defined benefit pension schemes, net of tax	(58)	(160)
Total items that will not be reclassified to the income statement in subsequent years	(58)	(160)
Other comprehensive expense	(2,223)	(767)
Total comprehensive (expense)/income for the financial year	(718)	11,568

Attributable to:
- Owners of the parent	(920)	11,267
- Non-controlling interests	202	301
	(718)	11,568

Consolidated statement of financial position
	31 March	31 March
	2024	2023
	€m	€m
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
	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
	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
	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
	23,283	34,584
Liabilities held for sale	6,918	-
Total equity and liabilities	144,350	155,521

Consolidated statement of changes in equity

	Share capital	Additional paid-in capital1	Treasury shares	Accumulated comprehensive losses2	Equity attributable to the owners	Non- controlling interests	Total equity
	€m	€m	€m	€m	€m	€m	€m
1 April 2022	4,797	149,018	(7,278)	(91,189)	55,348	2,290	57,638
Issue or reissue of shares	-	1	122	(113)	10	-	10
Share-based payments	-	126	-	-	126	9	135
Transactions with non-controlling interests in subsidiaries	-	-	-	(287)	(287)	(1,118)	(1,405)
Comprehensive income	-	-	-	11,267	11,267	301	11,568
Dividends	-	-	-	(2,502)	(2,502)	(398)	(2,900)
Purchase of treasury shares	-	-	(563)	-	(563)	-	(563)
31 March 2023	4,797	149,145	(7,719)	(82,824)	63,399	1,084	64,483

1 April 2023	4,797	149,145	(7,719)	(82,824)	63,399	1,084	64,483
Issue or reissue of shares	-	-	74	(72)	2	-	2
Share-based payments	-	108	-	-	108	7	115
Transactions with non-controlling interests in subsidiaries	-	-	-	(26)	(26)	(5)	(31)
Share of equity accounted entities changes in equity	-	-	-	(164)	(164)	-	(164)
Comprehensive (expense)/income	-	-	-	(920)	(920)	202	(718)
Dividends	-	-	-	(2,433)	(2,433)	(256)	(2,689)
31 March 2024	4,797	149,253	(7,645)	(86,439)	59,966	1,032	60,998

Consolidated statement of cash flows
	Year ended 31 March
		Re-presented1
	2024	2023
	€m	€m
Inflow from operating activities	16,557	18,054

Cash flows from investing activities
Purchase of interests in associates and joint ventures	(75)	(78)
Purchase of intangible assets	(2,641)	(2,799)
Purchase of property, plant and equipment	(4,219)	(4,957)
Purchase of investments	(1,233)	(766)
Disposal of interests in subsidiaries, net of cash disposed	(67)	6,976
Disposal of interests in associates and joint ventures	500	-
Disposal of property, plant and equipment and intangible assets	15	90
Disposal of investments	1,931	1,647
Dividends received from associates and joint ventures	442	617
Interest received	542	321
Cash outflows from discontinued operations	(1,317)	(1,430)
Outflow from investing activities	(6,122)	(379)

Cash flows from financing activities
Proceeds from issue of long-term borrowings	1,533	4,071
Repayment of borrowings	(8,970)	(10,501)
Net movement in short-term borrowings	(1,636)	3,171
Net movement in derivatives	144	261
Interest paid2	(2,227)	(1,815)
Payments for settlement of written put options	(493)	(12)
Purchase of treasury shares	-	(1,867)
Issue of ordinary share capital and reissue of treasury shares	3	10
Equity dividends paid	(2,430)	(2,484)
Dividends paid to non-controlling shareholders in subsidiaries	(260)	(400)
Other transactions with non-controlling shareholders in subsidiaries	(16)	(692)
Cash outflows from discontinued operations	(1,503)	(3,172)
Outflow from financing activities	(15,855)	(13,430)

Net cash (outflow)/inflow	(5,420)	4,245
Cash and cash equivalents at beginning of the financial year3	11,628	7,371
Exchange (loss)/gain on cash and cash equivalents	(94)	12
Cash and cash equivalents at end of the financial year3	6,114	11,628

	Increase/(decrease)
	2024	2023
Impact on the consolidated income statement for the years ended 31 March	€m	€m
Revenue	111	85
Operating profit	66	(87)
Profit for the financial year	(169)	(123)

	Increase/(decrease)
	31 March 2024	31 March 2023
Impact on the consolidated statement of financial position at 31 March	€m	€m
Net assets	981	814
Equity attributable to owners of the parent	913	777
Non-controlling interests	68	37

	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

Non-GAAP measure	Defined on page	Closest equivalent GAAP measure	Reconciled on page
Performance metrics
Adjusted EBITDAaL	Page 37	Operating profit	Page 3
Organic Adjusted EBITDAaL growth	Page 37	Not applicable	-
Organic revenue growth	Page 37	Revenue	Pages 38 to 41
Organic Group service revenue growth excluding Turkey	Page 37	Service revenue	Pages 38 to 41
Organic Group Adjusted EBITDAaL growth excluding Turkey	Page 37	Not applicable	-
Organic service revenue growth	Page 37	Service revenue	Pages 38 to 41
Organic mobile service revenue growth	Page 37	Service revenue	Pages 38 to 41
Organic fixed service revenue growth	Page 37	Service revenue	Pages 38 to 41
Organic Vodafone Business (B2B) service revenue growth (Group and Operating segments)	Page 37	Service revenue	Pages 38 to 41
Organic financial services revenue growth in South Africa	Page 37	Service revenue	Pages 38 to 41
Other metrics
Adjusted profit attributable to owners of the parent	Page 42	Profit attributable to owners of the parent	Page 42
Adjusted basic earnings per share	Page 42	Basic earnings per share	Page 43
Cash flow, funding and capital allocation metrics
Free cash flow	Page 43	Inflow from operating activities	Page 44
Adjusted free cash flow	Page 43	Inflow from operating activities	Pages 16 and 44
Gross debt	Page 43	Borrowings	Page 44
Net debt	Page 43	Borrowings less cash and cash equivalents	Page 44
Pre-tax ROCE (controlled)	Page 45	ROCE calculated using GAAP measures	Pages 45 and 46
Post-tax ROCE (controlled and associates/joint ventures)	Page 45	ROCE calculated using GAAP measures	Pages 45 and 46
Financing and Taxation metrics
Adjusted net financing costs	Page 47	Net financing costs	Page 14
Adjusted profit before taxation	Page 47	Profit before taxation	Page 48
Adjusted income tax expense	Page 47	Income tax expense	Page 48
Adjusted effective tax rate	Page 47	Income tax expense	Page 48
Adjusted share of results of equity accounted associates and joint ventures	Page 47	Share of results of equity accounted associates and joint ventures	Page 48
Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE	Page 47	Share of results of equity accounted associates and joint ventures	Page 48

Non-GAAP measure	Purpose	Definition
Adjusted EBITDAaL	Adjusted EBITDAaL is used in conjunction with financial measures such as operating profit to assess our operating performance and profitability. It is a key external metric used by the investor community to assess performance of our operations. It is our segment performance measure in accordance with IFRS 8 (Operating Segments).	Adjusted EBITDAaL is operating profit after depreciation on lease-related right of use assets and interest on lease liabilities but excluding depreciation, amortisation and gains/losses on disposal of owned assets and excluding share of results of equity accounted associates and joint ventures, impairment losses/reversals, restructuring costs arising from discrete restructuring plans, other income and expense and significant items that are not considered by management to be reflective of the underlying performance of the Group.

Year ended 31 March 2024
			Re-presented1	Reported growth	M&A and Other	Foreign exchange	Organic growth
		FY24	FY23	Reported growth	M&A and Other	Foreign exchange	Organic growth
		€m	€m	%	pps	pps	%
Service revenue
Germany		11,453	11,433	0.2	-	-	0.2
	Mobile service revenue	5,059	5,060	-	-	-	-
	Fixed service revenue	6,394	6,373	0.3	-	-	0.3
UK		5,631	5,358	5.1	-	(0.1)	5.0
	Mobile service revenue	4,142	3,928	5.4	-	-	5.4
	Fixed service revenue	1,489	1,430	4.1	-	(0.2)	3.9
Other Europe2		4,722	5,005	(5.7)	10.6	(0.7)	4.2
Turkey3		1,746	1,593	9.6	10.7	68.2	88.5
Africa4		5,951	6,556	(9.2)	-	18.4	9.2
Common Functions		559	530
Eliminations		(150)	(157)
Total service revenue		29,912	30,318	(1.3)	1.9	5.7	6.3
Other revenue		6,805	7,354
Revenue		36,717	37,672	(2.5)	2.8	5.6	5.9

Other growth metrics
Group service revenue excluding Turkey		28,197	28,912	(2.5)	2.4	3.8	3.7
Group Adjusted EBITDAaL excluding Turkey		10,509	12,023	(12.6)	8.3	3.7	(0.6)
Turkey - Service revenue		1,746	1,440	21.3	(14.7)	81.9	88.5
Turkey - Adjusted EBITDAaL		510	401	27.2	(12.8)	85.5	99.9
Vodafone Business - Service revenue		7,735	7,757	(0.3)	1.8	3.5	5.0
Germany - Vodafone Business service revenue		2,422	2,421	-	-	-	-
UK - Vodafone Business service revenue		2,144	2,075	3.3	-	(0.1)	3.2
Other Europe - Vodafone Business service revenue		1,502	1,496	0.4	8.1	(0.6)	7.9
Turkey - Vodafone Business service revenue		233	194	20.1	(14.4)	81.7	87.4
South Africa - Financial services revenue		157	167	(6.0)	-	13.9	7.9
M-Pesa revenue		389	367	6.0	-	7.4	13.4

Quarter ended 31 March 2024
			Re-presented1	Reported growth	M&A and Other	Foreign exchange	Organic growth
		Q4 FY24	Q4 FY23	Reported growth	M&A and Other	Foreign exchange	Organic growth
		€m	€m	%	pps	pps	%
Service revenue
Germany		2,839	2,821	0.6	-	-	0.6
	Mobile service revenue	1,257	1,235	1.8	-	-	1.8
	Fixed service revenue	1,582	1,586	(0.3)	0.1	-	(0.2)
UK		1,409	1,319	6.8	-	(3.2)	3.6
	Mobile service revenue	1,012	948	6.8	-	(3.1)	3.7
	Fixed service revenue	397	371	7.0	-	(3.5)	3.5
Other Europe2		1,181	1,178	0.3	4.8	0.4	5.5
Turkey3		525	454	15.6	1.1	88.9	105.6
Africa4		1,484	1,466	1.2	-	8.8	10.0
Common Functions		140	128
Eliminations		(32)	(31)
Total service revenue		7,546	7,335	2.9	0.2	4.0	7.1
Other revenue		1,842	1,793
Revenue		9,388	9,128	2.8	1.2	4.3	8.3

Other growth metrics
Group service revenue excluding Turkey		7,027	6,913	1.6	1.1	1.3	4.0
Turkey - Service revenue		525	430	22.1	(18.2)	101.7	105.6
Vodafone Business - Service revenue		1,979	1,918	3.2	0.4	1.8	5.4
Germany - Vodafone Business service revenue		605	599	1.0	-	-	1.0
UK - Vodafone Business service revenue		545	531	2.6	-	(3.1)	(0.5)
Other Europe - Vodafone Business service revenue		399	369	8.1	3.5	0.6	12.2
Turkey - Vodafone Business service revenue		71	59	20.3	(17.9)	99.8	102.2

Quarter ended 31 December 2023
			Re-presented1	Reported growth	M&A and Other	Foreign exchange	Organic growth
		Q3 FY24	Q3 FY23	Reported growth	M&A and Other	Foreign exchange	Organic growth
		€m	€m	%	pps	pps	%
Service revenue
Germany		2,892	2,882	0.3	-	-	0.3
	Mobile service revenue	1,272	1,279	(0.5)	-	-	(0.5)
	Fixed service revenue	1,620	1,603	1.1	(0.1)	-	1.0
UK		1,400	1,327	5.5	-	(0.3)	5.2
	Mobile service revenue	1,034	977	5.8	-	(0.4)	5.4
	Fixed service revenue	366	350	4.6	-	-	4.6
Other Europe2		1,175	1,275	(7.8)	12.4	(1.0)	3.6
Turkey3		393	368	6.8	19.5	64.1	90.4
Africa4		1,543	1,668	(7.5)	-	16.3	8.8
Common Functions		137	134
Eliminations		(35)	(37)
Total service revenue		7,505	7,617	(1.5)	2.5	5.3	6.3
Other revenue		1,841	1,978
Revenue		9,346	9,595	(2.6)	3.3	5.2	5.9

Other growth metrics
Group service revenue excluding Turkey		7,119	7,290	(2.3)	2.7	3.2	3.6
Turkey - Service revenue		393	334	17.7	(10.7)	83.4	90.4
Vodafone Business - Service revenue		1,943	1,954	(0.6)	2.5	3.1	5.0
Germany - Vodafone Business service revenue		612	629	(2.7)	0.8	-	(1.9)
UK - Vodafone Business service revenue		540	508	6.3	-	(0.5)	5.8
Other Europe - Vodafone Business service revenue		375	380	(1.3)	9.7	(0.6)	7.8
Turkey - Vodafone Business service revenue		53	44	20.5	(34.4)	108.6	94.7


	FY24			FY23 Re-presented1
	Reported	Adjustments	Adjusted	Reported	Adjustments	Adjusted
	€m	€m	€m	€m	€m	€m
Adjusted EBITDAaL	11,019	-	11,019	12,424	-	12,424
Restructuring costs	(703)	703	-	(538)	538	-
Interest on lease liabilities	440	-	440	355	-	355
Loss on disposal of property, plant & equipment and intangible assets	(34)	-	(34)	(41)	-	(41)
Depreciation and amortisation on owned assets2	(7,397)	606	(6,791)	(7,520)	555	(6,965)
Share of results of equity accounted associates and joint ventures3	(96)	323	227	433	220	653
Impairment reversal/(loss)	64	(64)	-	(64)	64	-
Other income	372	(372)	-	9,402	(9,402)	-
Operating profit	3,665	1,196	4,861	14,451	(8,025)	6,426
Investment income	581	-	581	232	-	232
Financing costs4	(2,626)	270	(2,356)	(1,609)	(399)	(2,008)
Profit before taxation	1,620	1,466	3,086	13,074	(8,424)	4,650
Income tax expense5	(50)	(650)	(700)	(492)	(532)	(1,024)
Profit for the financial year from continuing operations	1,570	816	2,386	12,582	(8,956)	3,626
Loss for the financial year from discontinued operations	(65)	65	-	(247)	247	-
Profit for the financial year	1,505	881	2,386	12,335	(8,709)	3,626

Profit attributable to:
- Owners of the parent (Continuing)	1,205	816	2,021	12,085	(8,962)	3,123
- Owners of the parent (Total Group)	1,140	881	2,021	11,838	(8,715)	3,123
- Non-controlling interests	365	-	365	497	6	503
Profit for the financial year	1,505	881	2,386	12,335	(8,709)	3,626

	Year-end FY24	Year-end FY23
	€m	€m
Borrowings	(56,987)	(66,390)
Lease liabilities	9,672	13,364
Bank borrowings secured against Indian assets	1,720	1,485
Collateral liabilities	2,628	4,886
Gross debt	(42,967)	(46,655)
Collateral liabilities	(2,628)	(4,886)
Cash and cash equivalents	6,183	11,705
Short-term investments	3,225	4,305
Collateral assets	741	239
Derivative financial instruments	2,702	4,702
Less mark-to-market gains deferred in hedge reserves	(498)	(2,785)
Net debt	(33,242)	(33,375)

Term	Definition
Africa	Comprises the Vodacom Group.
ARPU	Average revenue per user, defined as customer revenue and incoming revenue divided by average customers.
Capital additions	Comprises the purchase of property, plant and equipment and intangible assets, other than licence and spectrum payments and integration capital expenditure.
Common Functions	Comprises central teams and business functions.
Converged customer	A customer who receives fixed and mobile services (also known as unified communications) on a single bill or who receives a discount across both bills.
Depreciation and amortisation	The accounting charge that allocates the cost of tangible or intangible assets, whether owned or leased, to the income statement over its useful life. The measure includes the profit or loss on disposal of property, plant and equipment, software and leased assets.
Eliminations	Refers to the removal of intercompany transactions to derive the consolidated financial statements.
Europe	Comprises the Group's European businesses and the UK.
Financial services revenue	Financial services revenue includes fees generated from the provision of advanced airtime, overdraft, financing and lending facilities, as well as merchant payments and the sale of insurance products (e.g. device insurance, life insurance and funeral cover).
Fixed service revenue	Service revenue (see below) relating to the provision of fixed line and carrier services.
FTTH	Fibre to the home.
GAAP	Generally Accepted Accounting Principles.
IFRS	International Financial Reporting Standards.
Incoming revenue	Comprises revenue from termination rates for voice and messaging to Vodafone customers.
Integration capital additions	Capital additions incurred in relation to significant changes in the operating model, such as the integration of recently acquired subsidiaries.
Internet of Things ('IoT')	The network of physical objects embedded with electronics, software, sensors, and network connectivity, including built-in mobile SIM cards, that enable these objects to collect data and exchange communications with one another or a database.
Mobile service revenue	Service revenue (see below) relating to the provision of mobile services.
MVNO	Companies that provide mobile phone services under wholesale contracts with a mobile network operator, but do not have their own licence or spectrum or the infrastructure required to operate a network.
Operating expenses	Comprise primarily sales and distribution costs, network and IT related expenditure and business support costs.
Other Europe	Other Europe markets comprise Portugal, Ireland, Greece, Romania, Czech Republic and Albania. The prior period comparative results include Vodafone Hungary which was disposed of in January 2023.
Other revenue	Other revenue principally includes equipment revenue, interest income, income from partner market arrangements and lease revenue, including in respect of the lease out of passive tower infrastructure.
Reported growth	Reported growth is based on amounts reported in euros and determined under IFRS.
Revenue	The total of Service revenue (see below) and Other revenue (see above).
Roaming	Roaming allows customers to make calls, send and receive texts and data on our and other operators' mobile networks, usually while travelling abroad.
Service revenue	Service revenue is all revenue related to the provision of ongoing services to the Group's consumer and enterprise customers, together with roaming revenue, revenue from incoming and outgoing network usage by non-Vodafone customers and interconnect charges for incoming calls.
SME	Small and medium sized enterprises.
Vodafone Business	Vodafone Business supports organisations in a digital world. With Vodafone's expertise in connectivity, our leading IoT platform and our global scale, we deliver the results that organisations need to progress and thrive. We support businesses of all sizes and sectors.

	VODAFONE GROUP
	PUBLIC LIMITED COMPANY
	(Registrant)


Date: May 14, 2024	By: /s/ M D B
	Name: Maaike de Bie
	Title: Group General Counsel and Company Secretary