Vodafone Group Public Ltd Co 6-K, filed May 31, 2022

Vodafone Group Public Ltd Co (VOD)

6-K 2022-05-31 For: 2022-03-31

View Original

Added on April 11, 2026

About this 6-K

Vodafone Group Public Ltd Co filed this 6-K on May 31, 2022.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


		FY22	FY21	Change¹
Financial results (unaudited)	Page	€m	€m	%
Group revenue	6	45,580	43,809	4.0
Group service revenue	6	38,203	37,141	2.6*
Operating profit	6	5,664	5,097	11.1
Profit for the financial year	6	2,624	536
Basic earnings per share	6	7.20c	0.38c
Cash inflow from operating activities	17	18,081	17,215	5.0
Borrowings less cash and cash equivalents	17	(62,596)	(61,939)
Total dividends per share	18	9.00c	9.00c


	Units	FY22	FY21
Customer commitments
Best connectivity products & services
Europe mobile contract customers¹	million	66.4	65.4
Europe broadband customers¹	million	25.6	25.6
Europe Consumer converged customers¹	million	9.0	7.9
Europe mobile contract customer churn	%	13.6	13.7
Africa mobile customers²	million	184.5	178.0
Africa data users²	million	89.9	84.9
Business service revenue growth*	%	0.8	(0.6)
Leading innovation in digital services
Europe TV subscribers¹	million	21.9	22.2
IoT SIM connections	million	150.1	123.3
Africa M-Pesa customers²	million	52.4	48.3
Africa M-Pesa transaction volume²	billion	19.9	15.2
Outstanding digital experiences
Digital channel sales mix³	%	25	26
End-to-end TOBi completion rate^{4 5}	%	42.9	34.6
Enabling strategies
Leading gigabit networks
5G available in European cities¹	#	294	240
Europe on-net gigabit capable connections¹	million	48.5	43.7
Europe on-net NGN broadband penetration¹	%	30	30
Simplified & most efficient operator
Europe markets where 3G switched off¹	#	4	3


	FY22¹	FY21	Reported
	€m	€m	change %
Revenue	45,580	43,809	4.0
- Service revenue	38,203	37,141	2.9
- Other revenue	7,377	6,668

Operating profit	5,664	5,097	11.1
Investment income	254	330
Financing costs	(1,964)	(1,027)
Profit before taxation	3,954	4,400
Income tax expense	(1,330)	(3,864)
Profit for the financial year	2,624	536
Attributable to:
- Owners of the parent	2,088	112
- Non-controlled interests	536	424
Profit for the financial year	2,624	536

Basic earnings per share	7.20c	0.38c


					Other		Other	Vantage	Common	Elimi-
FY22	Germany	Italy	UK	Spain	Europe	Vodacom	Markets	Towers	Functions¹	nations	Group
Total revenue (€m)	13,128	5,022	6,589	4,180	5,653	5,993	3,830	1,252	1,414	(1,481)	45,580
Service revenue (€m)	11,616	4,379	5,154	3,714	5,001	4,635	3,420	–	522	(238)	38,203
Adjusted EBITDAaL (€m)²	5,669	1,699	1,395	957	1,606	2,125	1,335	619	(197)
Adjusted EBITDAaL margin (%)²	43.2%	33.8%	21.2%	22.9%	28.4%	35.5%	34.9%	49.4%


	FY22
Service revenue growth%		Q1	Q2	H1	Q3	Q4	H2	Total
Germany		1.1	0.8	0.9	0.8	0.6	0.7	0.8
Italy		(3.9)	(1.6)	(2.8)	(1.6)	0.1	(0.8)	(1.8)
UK		5.3	4.7	5.0	6.3	8.9	7.6	6.3
Spain		0.5	(2.0)	(0.7)	(1.8)	(4.5)	(3.1)	(2.0)
Other Europe		4.9	2.7	3.8	3.5	0.7	2.1	2.9
Vodacom		18.5	14.6	16.5	11.0	10.6	10.8	13.5
Other Markets		(1.3)	10.0	4.3	7.6	(3.1)	2.1	3.3
Vantage Towers		–	–	–	–	–	–	–
Group		3.1	3.4	3.2	3.1	1.9	2.5	2.9


	FY22
Organic service revenue growth %*²		Q1	Q2	H1	Q3	Q4	H2	Total
Germany		1.4	1.0	1.2	1.1	0.8	1.0	1.1
Italy		(3.6)	(1.4)	(2.5)	(1.3)	(0.8)	(1.0)	(1.8)
UK		2.5	0.6	1.2	0.9	2.0	1.4	1.3
Spain		0.8	(1.9)	(0.6)	(1.6)	(5.1)	(3.4)	(2.0)
Other Europe		4.2	2.4	3.3	2.9	2.7	2.8	3.0
Vodacom		7.9	3.1	5.4	4.4	3.1	3.7	4.6
Other Markets		18.4	19.7	19.1	19.8	19.8	19.8	19.4
Vantage Towers		–	–	–	–	–	–	–
Group		3.3	2.4	2.8	2.7	2.0	2.3	2.6


	FY22	FY21	Reported	Organic
	€m	€m	change %	change %*
Total revenue	13,128	12,984	1.1
- Service revenue	11,616	11,520	0.8	1.1
- Other revenue	1,512	1,464
Adjusted EBITDAaL¹	5,669	5,634	0.6	6.5
Adjusted EBITDAaL margin	43.2%	43.4%


	FY22	FY21¹	Reported	Organic
	€m	€m	change %	change %*
Total revenue	1,252	–	–
- Service revenue	–	–	–	–
- Other revenue	1,252	–
Adjusted EBITDAaL	619	–	–	–
Adjusted EBITDAaL margin	49.4%	–


	FY22	FY21	Change
	%	%	pps
Effective tax rate	33.6%	87.8%	(54.2)


	Year ended 31 March
	2022	2021
	€m	€m
Revenue	45,580	43,809
Cost of sales	(30,574)	(30,086)
Gross profit	15,006	13,723
Selling and distribution expenses	(3,358)	(3,522)
Administrative expenses	(5,713)	(5,350)
Net credit losses on financial assets	(561)	(664)
Share of results of equity accounted associates and joint ventures	211	342
Other income	79	568
Operating profit	5,664	5,097
Investment income	254	330
Financing costs	(1,964)	(1,027)
Profit before taxation	3,954	4,400
Income tax expense	(1,330)	(3,864)
Profit for the financial year	2,624	536
Attributable to:
– Owners of the parent	2,088	112
– Non-controlling interests	536	424
Profit for the financial year	2,624	536

Profit per share
Total Group:
– Basic	7.20c	0.38c
– Diluted	7.17c	0.38c


	31 March	31 March
	2022	2021
	€m	€m
Non-current assets
Goodwill	31,884	31,731
Other intangible assets	21,360	21,818
Property, plant and equipment	40,804	41,243
Investments in associates and joint ventures	4,268	4,670
Other investments	1,073	925
Deferred tax assets	19,089	21,569
Post employment benefits	555	60
Trade and other receivables	6,383	4,777
	125,416	126,793
Current assets
Inventory	836	676
Taxation recoverable	296	434
Trade and other receivables	11,019	10,923
Other investments	7,931	9,159
Cash and cash equivalents	7,496	5,821
	27,578	27,013
Assets held for sale	959	1,257
Total assets	153,953	155,063

Equity
Called up share capital	4,797	4,797
Additional paid-in capital	149,018	150,812
Treasury shares	(7,278)	(6,172)
Accumulated losses	(122,118)	(121,587)
Accumulated other comprehensive income	30,268	27,954
Total attributable to owners of the parent	54,687	55,804
Non-controlling interests	2,290	2,012
Total equity	56,977	57,816

Non-current liabilities
Borrowings	58,131	59,272
Deferred tax liabilities	520	2,095
Post employment benefits	281	513
Provisions	1,881	1,747
Trade and other payables	2,516	4,909
	63,329	68,536
Current liabilities
Borrowings	11,961	8,488
Financial liabilities under put option arrangements	494	492
Taxation liabilities	864	769
Provisions	667	892
Trade and other payables	19,661	18,070
	33,647	28,711
Total equity and liabilities	153,953	155,063

Non-GAAP measure	Defined on page	Closest equivalent GAAP measure	Reconciled on page
Performance metrics
Organic Adjusted EBITDAaL growth	Page 39	Not applicable	Not applicable
Organic percentage point change in Adjusted EBITDAaL margin	Page 39	Not applicable	Not applicable
Organic revenue growth	Page 39	Revenue	Pages 40 and 41
Organic service revenue growth	Page 39	Service revenue	Pages 40 and 41
Organic mobile service revenue growth	Page 39	Service revenue	Pages 40 and 41
Organic fixed service revenue growth	Page 39	Service revenue	Pages 40 and 41
Organic Vodafone Business service revenue growth	Page 39	Service revenue	Pages 40 and 41
Organic financial services revenue growth in South Africa	Page 39	Service revenue	Pages 40 and 41
Organic retail service revenue growth in Germany	Page 39	Service revenue	Pages 40 and 41
Financing metrics
Adjusted net financing costs	Page 16	Net financing costs	Page 16


				Reported	M&A and	Foreign	Organic
		FY22	FY21	growth	Other	exchange	growth*
		€m	€m	%	pps	pps	%
Service revenue
Germany		11,616	11,520	0.8	0.3	–	1.1

	Mobile service revenue	5,124	5,056	1.3	0.5	–	1.8
	Fixed service revenue	6,492	6,464	0.4	0.1	–	0.5
Italy		4,379	4,458	(1.8)	–	–	(1.8)

	Mobile service revenue	3,141	3,244	(3.2)	–	–	(3.2)
	Fixed service revenue	1,238	1,214	2.0	–	–	2.0
UK		5,154	4,848	6.3	–	(5.0)	1.3

	Mobile service revenue	3,697	3,428	7.8	–	(5.0)	2.8
	Fixed service revenue	1,457	1,420	2.6	–	(4.9)	(2.3)
Spain		3,714	3,788	(2.0)	–	–	(2.0)
Other Europe		5,001	4,859	2.9	0.7	(0.6)	3.0
Vodacom		4,635	4,083	13.5	–	(8.9)	4.6
Other Markets		3,420	3,312	3.3	–	16.1	19.4
Vantage Towers		–	–	–	–	–	–
Common Functions		522	470
Eliminations		(238)	(197)
Total service revenue		38,203	37,141	2.9	0.2	(0.5)	2.6
Other revenue		7,377	6,668
Revenue		45,580	43,809	4.0	–	(0.5)	3.5

Other growth metrics
Vodafone Business - Service revenue		10,316	10,076	2.4	(0.4)	(1.2)	0.8
South Africa - Financial services revenue		155	125	24.0	–	(11.6)	12.4
Germany - Retail service revenue		11,348	11,201	1.3	0.3	–	1.6

Adjusted EBITDAaL
Germany		5,669	5,634	0.6	5.9	–	6.5
Italy		1,699	1,597	6.4	–	–	6.4
UK		1,395	1,367	2.0	6.0	(4.7)	3.3
Spain		957	1,044	(8.3)	7.2	–	(1.1)
Other Europe		1,606	1,760	(8.8)	10.8	(0.6)	1.4
Vodacom		2,125	1,873	13.5	–	(10.1)	3.4
Other Markets		1,335	1,228	8.7	–	14.3	23.0
Vantage Towers		619	–	–	–	–	–
Common Functions¹		(197)	(117)

Percentage point change in Adjusted EBITDAaL margin
Germany		43.2%	43.4%	(0.2)	2.3	–	2.1
Italy		33.8%	31.9%	1.9	–	–	1.9
UK		21.2%	22.2%	(1.0)	1.3	–	0.3
Spain		22.9%	25.1%	(2.2)	1.9	–	(0.3)
Other Europe		28.4%	31.7%	(3.3)	3.2	(0.1)	(0.2)
Vodacom		35.5%	36.2%	(0.7)	–	(0.3)	(1.0)
Other Markets		34.9%	32.6%	2.3	–	(1.2)	1.1
Vantage Towers		49.4%	–	–	–	–	–


Term	Definition
Adjusted EBITDAaL	Adjusted EBITDAaL 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 leases 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, 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. Adjusted EBITDAaL margin is Adjusted EBITDAaL divided by Revenue.
Africa	Comprises the Vodacom Group and businesses in Egypt and Ghana.
ARPU	Average revenue per user, defined as customer revenue and incoming revenue divided by average customers.
Churn	Total gross customer disconnections in the period divided by the average total customers in the period.
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 right-of-use 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.
GAAP	Generally Accepted Accounting Principles.
IFRS	International Financial Reporting Standards.
Incoming revenue	Comprises revenue from termination rates for voice and messaging to Vodafone customers.
Internet of Things (‘IoT’)	The network of physical objects embedded with electronics, software, sensors, and network connectivity, including built-in mobile SIM cards, that enables 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	Mobile Virtual Network Operator: 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.
Next generation networks (‘NGN’)	Fibre or cable networks typically providing high-speed broadband over 30Mbps.
Operating expenses	Comprise primarily sales and distribution costs, network and IT related expenditure and business support costs.
Other Europe	Other Europe markets include Portugal, Ireland, Greece, Romania, Czech Republic, Hungary and Albania.
Other Markets	Other Markets comprise Turkey, Egypt and Ghana.
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.
Over-The-Top (‘OTT’)	Over-The-Top is where a telecommunications service provider delivers one or more services across an IP network.
Reported growth	Reported growth is based on amounts reported in euros and determined under IFRS.
Retail service revenue	Retail service revenue comprises service revenue (see below) excluding Mobile Virtual Network Operator (‘MVNO’) and Fixed Virtual Network Operator (‘FVNO’) wholesale revenue.
Revenue	The total of Service revenue (defined below) and Other revenue (defined above).
Roaming and Visitor	Roaming: allows customers to make calls, send and receive texts and data on our and other operators’ mobile networks, usually while travelling abroad. Visitor: revenue received from other operators or markets when their customers roam on one of our markets’ networks.
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 is part of the Group and partners with businesses of every size to provide a range of business-related services.