Results in line with expectations and good operational
progress
"We continue to make good progress on our strategy to change
Vodafone. The approval processes for our transactions in the UK and
Italy are nearing conclusion. These will complete our programme to
reshape the group for growth. We are also investing in Germany to
strengthen our market position and taking steps to expand our B2B
capabilities.
As we move through this year of transition, our results in the
first half have been consistent with our expectations and we are
reiterating our full year guidance. We grew service revenue by 4.8%
and Adjusted EBITDAaL by 3.8%. We delivered good performances
across our markets, with the exception of Germany, where we have
been impacted as expected by the TV law change.
I am confident that the actions we are taking will deliver growth
for Vodafone this year and a further acceleration into
FY26."
Margherita Della
ValleGroup Chief
Executive
|
€5.4 billion cash proceeds
|
2.25 eurocents
|
|
Reiterated
|
|
|
Vodafone Spain & Vantage disposals
|
Interim dividend per share
|
FY25 financial guidance
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
For more
information, please contact:
|
|||||
Investor Relations:
|
Media Relations:
|
|
|
|
|
Investors.vodafone.com
|
Vodafone.com/media/contact
|
|
|
|
|
|
|
|
|
||
Registered Office: Vodafone House,
The Connection, Newbury, Berkshire RG14 2FN, England. Registered in
England No. 1833679
|
|||||
A webcast Q&A session will be
held at 10:00 GMT on 12 November 2024. The webcast and supporting
information can be accessed at Investors.vodafone.com
|
Strategic Review ⫶ Executing
on our priorities
|
|
|
|
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. In the first six months of FY25, we have
executed across a number of focus areas, and we have summarised our
progress below and in an accompanying presentation and video
Q&A available here: investors.vodafone.com/results.
Investing in the turnaround of Germany
- Customers:We
continue to invest in the customer experience and have
increased our brand investment. Whilst there is more to do, the
number of customer detractors is falling and we are seeing improved
commercial performance.
-
Networks: We
continue to upgrade our award-winning cable network and we are now
able to market the largest Gigabit footprint in Germany, supported
by our new wholesale agreements with Deutsche Telekom and Deutsche
Glasfaser.
-
Partnerships: We
started onboarding 1&1 customers to our network in August
2024.
-
Transformation: We
continue to make progress on the simplification of our Germany
operations. We are now halfway through the execution of our 3,100
role reduction plan and have reshaped the leadership team with our
new Commercial, Business and IT directors being
onboarded.
Vodafone Business capabilities
- Products: Supported
by Microsoft, Google & Mastercard partnerships. SME managed
services & DaaS platforms launched.
-
Capabilities: New
Business CEO & Director for Germany & Other Europe, &
over 200 specialist digital sales team members.
Efficiency via simplification of shared operations &
AI
- Shared operations: Our
commercial shared operations are now operational, with Accenture
investing its first tranche of its €150 million commitment in
our partnership in October 2024.
-
Transformation
through AI: We are rolling out our new
AI-driven digital assistants to our agents, and directly to our
customers with our SuperTobi chatbot. Our AI adoption is supported
by our strategic partnerships with Microsoft &
Google.
Portfolio actions
- UK: The
Competition and Market Authority's phase 2 review is ongoing and we
have made a number of commitments in response to the CMA's
provisional findings and notice of possible remedies. The final
decision is due by 7 December, with completion expected in early
2025.
- Italy: The
Competition Authority's final decision is due by 10 December, with
completion expected in early 2025.
-
Romania: Along
with Digi Romania, we have signed a memorandum of understanding
with Hellenic Telecommunications in relation to a potential
acquisition of separate parts of its subsidiary Telekom Romania.
The discussions remain at an early stage and there is no certainty
that a transaction will be agreed.
Vodafone Investments
- Vantage
Towers: In July, we announced the sale of
a further 10% stake in Oak Holdings GmbH, the partnership that
co-controls Vantage Towers, for €1.3 billion, achieving the
planned 50:50 joint ownership structure.
-
Indus
Towers: In June, we announced that we had
sold an 18% stake in Indus Towers Limited, with the gross proceeds
of €1.7 billion used to substantially repay existing lenders
in India.
|
|
Customers
|
|
|
|
Simplicity
|
|
|
||
|
H1 FY25
|
|
|
H1 FY25
|
||||
Consumer NPS
|
|
|
|
|
|
|
||
Germany
|
YoY
|
Stable
|
|
Europe
opex savings (FY23-H1 FY25)
|
€ billion
|
0.3
|
||
UK
|
YoY
|
Increased
|
|
Productivity
(role reductions)
|
'000
|
6.3
|
||
Other
Europe
|
YoY
|
Stable
|
|
Shared
operations NPS (Oct'24)
|
%
|
86
|
||
South
Africa
|
YoY
|
Stable
|
|
Employee
engagement index (Oct'24)
|
%
|
75
|
||
Detractors
|
|
|
|
|
|
|
||
Germany
|
YoY
|
Improved
|
|
Growth
|
|
|
||
UK
|
YoY
|
Improved
|
|
|
H1 FY25
|
|||
Other
Europe
|
YoY
|
Improved
|
|
Organic
Service revenue growth1
|
%
|
4.8
|
||
South
Africa
|
YoY
|
Improved
|
|
B2B
organic service revenue growth1
Organic
Adjusted EBITDAaL growth1
|
%
|
3.3
|
||
Revenue market share
|
|
|
|
%
|
3.8
|
|||
Germany
|
YoY
|
Decreased
|
|
Adjusted
free cash outflow1
|
€ million
|
(950)
|
||
UK
|
YoY
|
Increased
|
|
Pre-tax
return on capital employed1
|
%
|
7.2
|
||
Other
Europe
|
YoY
|
Increased
|
|
|
|
|
||
South
Africa
|
YoY
|
Stable
|
|
|
|
|
||
Network quality
|
'Very good' reliability in all European mobile markets
|
|
|
|
|
|||
|
1. Non-GAAP measure. See page 49.
|
|
|
Financial Review ⫶ Africa
& Turkey driving growth
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Re-presented2
|
|
|
|
H1 FY251
|
H1 FY24
|
Reported
|
|
|
€m
|
€m
|
change %
|
Revenue
|
18,276
|
17,983
|
1.6
|
|
- Service revenue
|
15,109
|
14,861
|
1.7
|
|
- Other revenue
|
3,167
|
3,122
|
|
|
Adjusted EBITDAaL3,4
|
5,411
|
5,427
|
(0.3)
|
|
Restructuring costs
|
(58)
|
(102)
|
|
|
Interest on lease liabilities5
|
220
|
217
|
|
|
Loss on disposal of property, plant and equipment and intangible
assets
|
(12)
|
(18)
|
|
|
Depreciation and amortisation of owned assets
|
(3,672)
|
(3,613)
|
|
|
Share of results of equity accounted associates and joint
ventures
|
(40)
|
(51)
|
|
|
Impairment reversal
|
-
|
64
|
|
|
Other income/(expense)
|
533
|
(67)
|
|
|
Operating profit
|
2,382
|
1,857
|
28.3
|
|
Investment income
|
566
|
368
|
|
|
Financing costs
|
(843)
|
(1,395)
|
|
|
Profit before taxation
|
2,105
|
830
|
|
|
Income tax expense
|
(900)
|
(746)
|
|
|
Profit for the financial period - Continuing
operations
|
1,205
|
84
|
|
|
Profit/(loss) for the financial period - Discontinued
operations
|
16
|
(239)
|
|
|
Profit/(loss) for the financial period
|
1,221
|
(155)
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
- Owners of the parent
|
1,064
|
(346)
|
|
|
- Non-controlling interests
|
157
|
191
|
|
|
Profit/(loss) for the financial period
|
1,221
|
(155)
|
|
|
|
|
|
|
|
Basic earnings/(loss) per share - Continuing
operations
|
3.92c
|
(0.40)c
|
|
|
Basic earnings/(loss) per share - Total Group
|
3.98c
|
(1.28)c
|
|
|
Adjusted basic earnings per share3
|
4.84c
|
3.72c
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
Cash flow and funding
|
€m
|
€m
|
change %
|
|
Inflow from operating activities
|
5,644
|
5,544
|
1.8
|
|
Inflow/(outflow) from investing activities
|
2,467
|
(3,808)
|
164.8
|
|
Outflow from financing activities
|
(7,333)
|
(6,378)
|
(15.0)
|
|
Net cash inflow/(outflow)
|
778
|
(4,642)
|
116.8
|
|
Cash and cash equivalents at the beginning of the financial
period
|
6,114
|
11,628
|
|
|
Exchange (loss)/gain on cash and cash equivalents
|
(21)
|
45
|
|
|
Cash and cash equivalents at the end of the financial
period
|
6,871
|
7,031
|
|
|
|
|
|
|
|
Closing borrowings less cash and cash equivalents (excl. Vodafone
Spain and Vodafone Italy)
|
(48,745)
|
(54,466)
|
10.5
|
|
Closing borrowings less cash and cash equivalents (incl. Vodafone
Spain and Vodafone Italy)
|
(50,831)
|
(57,910)
|
12.2
|
|
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
|
|
€m
|
€m
|
change %
|
Adjusted free cash
flow2,3
|
(950)
|
(1,380)
|
31.2
|
|
Licences and spectrum
|
(12)
|
(183)
|
|
|
Restructuring costs including working capital
movements
|
(115)
|
(142)
|
|
|
Integration capital additions
|
(12)
|
(28)
|
|
|
Other adjustments
|
(7)
|
-
|
|
|
Free cash flow2
|
(1,096)
|
(1,733)
|
36.8
|
|
|
|
|
|
|
Closing net debt (excl. Vodafone Spain
and Vodafone Italy)2
|
(31,775)
|
(36,126)
|
12.0
|
|
Closing net debt (incl. Vodafone Spain
and Vodafone Italy)2
|
(31,747)
|
(36,240)
|
12.4
|
Outlook & capital allocation
|
|
|
|
|
FY25 guidance1,2
|
Adjusted
EBITDAaL3,5
|
|
|
c.€11.0
billion
|
Adjusted
free cash flow3,4,5
|
|
|
at
least €2.4 billion
|
Segment
performance
|
|
Vodafone
Spain and Vodafone Italy are reported as discontinued operations in
accordance with International Financial Reporting Standards
('IFRS'). Accordingly, Vodafone Spain and Vodafone Italy are
excluded from the results of continuing operations and are instead
presented as a single amount as a profit/(loss) after tax from
discontinued operations in the Group's Consolidated income
statement. Discontinued operations are also excluded from the
Group's segment reporting. The H1 FY24 comparatives in the tables
below have been re-presented to reflect that Vodafone Spain and
Vodafone Italy are discontinued operations and should be used as
the basis of comparison to our H1 FY25 results. The disposal of
Vodafone Spain completed on 31 May 2024.
|
Segment results
|
Total revenue
|
Service revenue
|
Adjusted EBITDAaL1
|
Adjusted EBITDAaL
margin1
|
Capital additions
|
|
|
|||||||||||||||||
|
|
|||||||||||||||||||||||
H1 FY25
|
H1 FY24
|
H1 FY25
|
H1 FY24
|
H1 FY25
|
H1 FY24
|
H1 FY25
|
H1 FY24
|
H1 FY25
|
H1 FY24
|
|
|
|||||||||||||
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
%
|
%
|
€m
|
€m
|
|
|
|||||||||||||
Germany
|
6,122
|
6,405
|
5,500
|
5,722
|
2,290
|
2,527
|
37.4
|
39.5
|
1,035
|
1,171
|
|
|
||||||||||||
UK
|
3,448
|
3,377
|
2,891
|
2,822
|
707
|
640
|
20.5
|
19.0
|
355
|
380
|
|
|
||||||||||||
Other Europe2
|
2,804
|
2,679
|
2,410
|
2,366
|
784
|
766
|
28.0
|
28.6
|
341
|
361
|
|
|
||||||||||||
Turkey
|
1,391
|
1,128
|
1,103
|
828
|
394
|
254
|
28.3
|
22.5
|
185
|
140
|
|
|
||||||||||||
Africa
|
3,705
|
3,590
|
2,951
|
2,924
|
1,214
|
1,241
|
32.8
|
34.6
|
444
|
469
|
|
|
||||||||||||
Common Functions3
|
906
|
929
|
322
|
282
|
22
|
(1)
|
|
|
627
|
356
|
|
|
||||||||||||
Eliminations
|
(100)
|
(125)
|
(68)
|
(83)
|
-
|
-
|
|
|
-
|
-
|
|
|
||||||||||||
Group4
|
18,276
|
17,983
|
15,109
|
14,861
|
5,411
|
5,427
|
29.6
|
30.2
|
2,987
|
2,877
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Downloadable performance information is available
at: investors.vodafone.com/results
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Segment service revenue growth
|
FY24
|
FY25
|
|
|||||||||||||||||||||
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
Q1
|
Q2
|
H1
|
|
||||||||||||||
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
||||||||||||||
Germany
|
(1.3)
|
1.0
|
(0.1)
|
0.3
|
0.6
|
0.5
|
0.2
|
(1.5)
|
(6.2)
|
(3.9)
|
|
|||||||||||||
UK
|
3.0
|
5.1
|
4.1
|
5.5
|
6.8
|
6.2
|
5.1
|
2.0
|
2.9
|
2.4
|
|
|||||||||||||
Other Europe2
|
(7.4)
|
(7.2)
|
(7.3)
|
(7.8)
|
0.3
|
(4.0)
|
(5.7)
|
1.6
|
2.1
|
1.9
|
|
|||||||||||||
Turkey
|
(8.5)
|
21.6
|
7.4
|
6.8
|
15.6
|
11.7
|
9.6
|
54.7
|
18.8
|
33.2
|
|
|||||||||||||
Africa
|
(14.3)
|
(14.8)
|
(14.6)
|
(7.5)
|
1.2
|
(3.4)
|
(9.2)
|
1.6
|
0.3
|
0.9
|
|
|||||||||||||
Group4
|
(4.7)
|
(1.9)
|
(3.3)
|
(1.5)
|
2.9
|
0.7
|
(1.3)
|
3.2
|
0.2
|
1.7
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment organic service revenue growth1
|
FY24
|
FY25
|
|
|||||||||||||||||||||
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
Q1
|
Q2
|
H1
|
|
||||||||||||||
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|
||||||||||||||
Germany
|
(1.3)
|
1.1
|
(0.1)
|
0.3
|
0.6
|
0.5
|
0.2
|
(1.5)
|
(6.2)
|
(3.9)
|
|
|||||||||||||
UK
|
5.7
|
5.5
|
5.6
|
5.2
|
3.6
|
4.4
|
5.0
|
-
|
1.2
|
0.6
|
|
|||||||||||||
Other Europe2
|
4.1
|
3.8
|
3.9
|
3.6
|
5.5
|
4.6
|
4.2
|
2.3
|
2.6
|
2.5
|
|
|||||||||||||
Turkey
|
74.1
|
85.0
|
79.3
|
90.4
|
105.6
|
97.8
|
88.5
|
91.9
|
89.1
|
90.3
|
|
|||||||||||||
Africa
|
9.0
|
9.0
|
9.0
|
8.8
|
10.0
|
9.4
|
9.2
|
10.0
|
9.7
|
9.9
|
|
|||||||||||||
Group4
|
5.4
|
6.6
|
6.0
|
6.3
|
7.1
|
6.7
|
6.3
|
5.4
|
4.2
|
4.8
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Group profitability
|
|
FY24
|
FY25
|
|
|
|||||||||||||||||||
|
Q1
|
Q2
|
H1
|
H2
|
Total
|
Q1
|
Q2
|
H1
|
|
|
||||||||||||||
Operating profit
|
€m
|
1,081
|
776
|
1,857
|
1,808
|
3,665
|
1,545
|
837
|
2,382
|
|
|
|||||||||||||
Adjusted EBITDAaL1
|
€m
|
2,626
|
2,801
|
5,427
|
5,592
|
11,019
|
2,681
|
2,730
|
5,411
|
|
|
|||||||||||||
Adjusted EBITDAaL margin1
|
%
|
29.9
|
30.5
|
30.2
|
29.8
|
30.0
|
29.7
|
29.5
|
29.6
|
|
|
|||||||||||||
Organic Adjusted EBITDAaL growth1
|
%
|
|
|
3.3
|
1.2
|
2.2
|
5.1
|
2.5
|
3.8
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany ⫶ MDUs
impact financials, operational progress
continues
|
|||||
|
|
|
|
|
|
36%
|
|
€6.1bn
|
|
(3.9%)
|
|
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
|
|
|
|
|
|
42%
|
|
€2.3bn
|
|
(9.3%)
|
|
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
|
|
|
|
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %1
|
|
Total revenue
|
6,122
|
6,405
|
(4.4)
|
|
|
- Service revenue
|
5,500
|
5,722
|
(3.9)
|
(3.9)
|
|
- Other revenue
|
622
|
683
|
|
|
|
Adjusted EBITDAaL
|
2,290
|
2,527
|
(9.3)
|
(9.3)
|
|
Adjusted EBITDAaL margin
|
37.4%
|
39.5%
|
|
|
UK ⫶ Consumer
customer satisfaction supporting growth
|
|||||
|
|
|
|
|
|
19%
|
|
€3.4bn
|
|
0.6%
|
|
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
|
|
|
|
|
|
13%
|
|
€0.7bn
|
|
8.4%
|
|
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
|
|
|
|
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %1
|
|
Total revenue
|
3,448
|
3,377
|
2.1
|
|
|
- Service revenue
|
2,891
|
2,822
|
2.4
|
0.6
|
|
- Other revenue
|
557
|
555
|
|
|
|
Adjusted EBITDAaL
|
707
|
640
|
10.5
|
8.4
|
|
Adjusted EBITDAaL margin
|
20.5%
|
19.0%
|
|
|
Other Europe1 ⫶ Continued
Service revenue and EBITDAaL growth
|
|||||
|
|
|
|
|
|
16%
|
|
€2.8bn
|
|
2.5%
|
|
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
|
|
|
|
|
|
14%
|
|
€0.8bn
|
|
3.1%
|
|
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
|
|
|
|
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %2
|
|
Total revenue
|
2,804
|
2,679
|
4.7
|
|
|
- Service revenue
|
2,410
|
2,366
|
1.9
|
2.5
|
|
- Other revenue
|
394
|
313
|
|
|
|
Adjusted EBITDAaL
|
784
|
766
|
2.3
|
3.1
|
|
Adjusted EBITDAaL margin
|
28.0%
|
28.6%
|
|
|
Turkey ⫶ Consistently
strong real growth
|
|||||
|
|
|
|
|
|
7%
|
|
€1.4bn
|
|
90.3%
|
|
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
|
|
|
|
|
|
7%
|
|
€0.4bn
|
|
114.2%
|
|
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
|
|
|
|
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %1
|
|
Total revenue
|
1,391
|
1,128
|
23.3
|
|
|
- Service revenue
|
1,103
|
828
|
33.2
|
90.3
|
|
- Other revenue
|
288
|
300
|
|
|
|
Adjusted EBITDAaL
|
394
|
254
|
55.1
|
114.2
|
|
Adjusted EBITDAaL margin
|
28.3%
|
22.5%
|
|
|
Africa ⫶ Robust
performance
|
|||||
|
|
|
|
|
|
20%
|
|
€3.7bn
|
|
9.9%
|
|
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
|
|
|
|
|
|
22%
|
|
€1.2bn
|
|
6.7%
|
|
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
|
|
|
|
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %1
|
|
Total revenue
|
3,705
|
3,590
|
3.2
|
|
|
- Service revenue
|
2,951
|
2,924
|
0.9
|
9.9
|
|
- Other revenue
|
754
|
666
|
|
|
|
Adjusted EBITDAaL
|
1,214
|
1,241
|
(2.2)
|
6.7
|
|
Adjusted EBITDAaL margin
|
32.8%
|
34.6%
|
|
|
Discontinued operations
|
|||||
|
|
|
|
|
|
Italy
|
|
H1 FY25
|
H1 FY24
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %1
|
|
Total revenue
|
2,249
|
2,320
|
(3.1)
|
|
|
- Service revenue
|
2,041
|
2,098
|
(2.7)
|
(2.7)
|
|
- Other revenue
|
208
|
222
|
|
|
Vodafone Investments
|
|
|
|
|
|
|
|
Associates and joint ventures
|
H1 FY25
|
H1 FY24
|
|
€m
|
€m
|
||
Vantage Towers (Oak Holdings 1 GmbH)
|
(27)
|
(78)
|
|
VodafoneZiggo Group Holding B.V.
|
(59)
|
(78)
|
|
Safaricom Limited
|
79
|
89
|
|
Indus Towers Limited
|
55
|
62
|
|
Other1 (including
TPG Telecom Limited)
|
(88)
|
(46)
|
|
Share of results of equity accounted associates and joint
ventures
|
(40)
|
(51)
|
|
|
|
|
|
Net financing costs
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
|
|
€m
|
€m
|
change %
|
Investment income
|
566
|
368
|
|
|
Financing costs
|
(843)
|
(1,395)
|
|
|
Net financing costs
|
(277)
|
(1,027)
|
73.0
|
|
Adjustments for:
|
|
|
|
|
|
Mark-to-market (gains)/losses
|
(55)
|
141
|
|
|
Foreign exchange losses
|
14
|
90
|
|
|
Fair value gains on Other Investments through profit and
loss
|
(242)
|
-
|
|
Adjusted net financing costs2
|
(560)
|
(796)
|
29.6
|
|
|
|
|
|
Taxation
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
|
%
|
%
|
change pps
|
|
Effective tax rate
|
42.8%
|
89.9%
|
(47.1)
|
|
Adjusted effective tax rate2
|
18.0%
|
28.6%
|
(10.6)
|
Earnings per share
|
|
|
|
|
|
|
|
Re-presented1
|
Reported
|
|
|
H1 FY25
|
H1 FY24
|
change
|
|
|
eurocents
|
eurocents
|
eurocents
|
Basic earnings/(loss) per share - Continuing
operations
|
3.92c
|
(0.40)c
|
4.32c
|
|
Basic earnings/(loss) per share - Total Group
|
3.98c
|
(1.28)c
|
5.26c
|
|
|
|
|
|
|
Adjusted basic earnings per share2
|
4.84c
|
3.72c
|
1.12c
|
Cash flow & funding
|
|
|||
|
|
|||
|
|
|||
|
|
|
|
|
Analysis of cash flow
|
|
|
||
|
H1 FY25
|
H1 FY24
|
Reported
|
|
|
€m
|
€m
|
change %
|
|
Inflow from operating activities
|
5,644
|
5,544
|
1.8
|
|
Inflow/(outflow) from investing activities
|
2,467
|
(3,808)
|
164.8
|
|
Outflow from financing activities
|
(7,333)
|
(6,378)
|
(15.0)
|
|
Net cash inflow/(outflow)
|
778
|
(4,642)
|
116.8
|
|
Cash and cash equivalents at the beginning of the financial
period
|
6,114
|
11,628
|
|
|
Exchange (loss)/gain on cash and cash equivalents
|
(21)
|
45
|
|
|
Cash and cash equivalents at the end of the financial
period
|
6,871
|
7,031
|
|
|
|
|
|
|
|
Analysis of cash flow (continued)
|
|
|
|
|
|
Re-presented1
|
|
|
H1 FY25
|
H1 FY24
|
Reported
|
|
€m
|
€m
|
change %
|
Adjusted EBITDAaL2
|
5,411
|
5,427
|
(0.3)
|
Capital additions3
|
(2,987)
|
(2,877)
|
|
Working capital4
|
(2,636)
|
(2,807)
|
|
Disposal of property, plant and equipment and intangible
assets
|
7
|
6
|
|
Integration capital additions
|
(12)
|
(28)
|
|
Restructuring costs including working capital
movements5
|
(115)
|
(142)
|
|
Licences and spectrum
|
(12)
|
(183)
|
|
Interest received and paid6,7
|
(493)
|
(552)
|
|
Taxation
|
(393)
|
(472)
|
|
Dividends received from associates and joint ventures
|
243
|
75
|
|
Dividends paid to non-controlling shareholders in
subsidiaries
|
(157)
|
(167)
|
|
Other
|
48
|
(13)
|
|
Free cash flow2
|
(1,096)
|
(1,733)
|
36.8
|
Acquisitions and disposals
|
6,564
|
266
|
|
Equity dividends paid
|
(1,201)
|
(1,210)
|
|
Share buybacks
|
(879)
|
-
|
|
Foreign exchange (loss)/gain
|
(177)
|
14
|
|
Other movements in net debt7,8
|
(1,744)
|
(213)
|
|
Net debt decrease/(increase)2
|
1,467
|
(2,876)
|
|
Opening net debt2
|
(33,242)
|
(33,250)
|
|
Closing net debt2
|
(31,775)
|
(36,126)
|
12.0
|
Net debt of Vodafone Spain and Vodafone Italy2
|
28
|
(114)
|
|
Closing net debt incl. Vodafone Spain
and Vodafone Italy2
|
(31,747)
|
(36,240)
|
12.4
|
|
|
|
|
Free cash flow2
|
(1,096)
|
(1,733)
|
|
Adjustments:
|
|
|
|
- Licences and spectrum
|
12
|
183
|
|
- Restructuring costs including working capital
movements5
|
115
|
142
|
|
- Integration capital additions
|
12
|
28
|
|
- Other adjustments
|
7
|
-
|
|
Adjusted free cash flow2
|
(950)
|
(1,380)
|
|
Borrowings and cash position
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
H1 FY25
|
Year-end FY24
|
Reported
|
|
|
€m
|
€m
|
change %
|
Non-current borrowings
|
(47,232)
|
(49,259)
|
|
|
Current borrowings
|
(8,521)
|
(7,728)
|
|
|
Borrowings
|
(55,753)
|
(56,987)
|
|
|
Cash and cash equivalents
|
7,008
|
6,183
|
|
|
Borrowings less cash and cash equivalents
|
(48,745)
|
(50,804)
|
4.1
|
|
|
|
|
|
Funding position
|
|
|
|
|
|
H1 FY25
|
Year-end FY24
|
Reported
|
|
|
|
€m
|
€m
|
change %
|
Bonds
|
(39,522)
|
(40,743)
|
|
|
Bank loans
|
(725)
|
(767)
|
|
|
Other borrowings including spectrum
|
(2,443)
|
(1,457)
|
|
|
Gross debt1
|
(42,690)
|
(42,967)
|
0.6
|
|
Cash and cash equivalents
|
7,008
|
6,183
|
|
|
Short-term investments2
|
4,101
|
3,225
|
|
|
Derivative financial instruments3
|
1,196
|
2,204
|
|
|
Net collateral liabilities4
|
(1,390)
|
(1,887)
|
|
|
Net debt1
|
(31,775)
|
(33,242)
|
4.4
|
|
H1 FY25
|
Year-end FY24
|
|
|
|
|
€m
|
€m
|
|
Lease liabilities
|
(10,790)
|
(9,672)
|
|
|
Pension fund liabilities
|
(174)
|
(181)
|
|
|
Guarantees over loan issued by Australia joint venture
|
(1,450)
|
(1,479)
|
|
|
Equity characteristic of 50% attributed by credit rating agencies
to 'Hybrid bonds' included in net debt, EUR swapped value of
€8,993 million (€8,993 million as at 31 March
2024)1
|
4,497
|
4,497
|
|
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
H1 FY252
|
H1 FY242
|
Reported
|
|
%
|
%
|
Change pps
|
Pre-tax ROCE
(controlled)2
|
7.2%
|
7.8%
|
(0.6)
|
Post-tax ROCE (controlled and
associates/joint ventures)2
|
4.6%
|
5.0%
|
(0.4)
|
Other significant developments
|
|
|
Risk factors
|
|
|
Responsibility statement
|
|
|
Unaudited condensed consolidated financial statements
|
|
||||
|
|
||||
|
|
||||
|
|
||||
Consolidated income statement
|
|
|
|
|
|
|
|
|
Six months ended 30 September
|
||
|
|
|
|
Re-presented1
|
|
|
|
|
2024
|
2023
|
|
|
Note
|
|
€m
|
€m
|
|
Revenue
|
2
|
|
18,276
|
17,983
|
|
Cost of sales
|
|
|
(12,123)
|
(12,016)
|
|
Gross profit
|
|
|
6,153
|
5,967
|
|
Selling and distribution expenses
|
|
|
(1,355)
|
(1,286)
|
|
Administrative expenses
|
|
|
(2,700)
|
(2,546)
|
|
Net credit losses on financial assets
|
|
|
(209)
|
(224)
|
|
Share of results of equity accounted associates and joint
ventures
|
|
|
(40)
|
(51)
|
|
Impairment reversal
|
|
|
-
|
64
|
|
Other income/(expense)
|
|
|
533
|
(67)
|
|
Operating profit
|
2
|
|
2,382
|
1,857
|
|
Investment income
|
|
|
566
|
368
|
|
Financing costs
|
|
|
(843)
|
(1,395)
|
|
Profit before taxation
|
|
|
2,105
|
830
|
|
Income tax expense
|
4
|
|
(900)
|
(746)
|
|
Profit for the financial period - Continuing
operations
|
|
|
1,205
|
84
|
|
Profit/(loss) for the financial period - Discontinued
operations
|
|
|
16
|
(239)
|
|
Profit/(loss) for the financial period
|
|
|
1,221
|
(155)
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
- Owners of the parent
|
|
|
1,064
|
(346)
|
|
- Non-controlling interests
|
|
|
157
|
191
|
|
Profit/(loss) for the financial period
|
|
|
1,221
|
(155)
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
- Basic
|
6
|
|
3.92c
|
(0.40)c
|
|
- Diluted
|
6
|
|
3.91c
|
(0.40)c
|
|
Total Group:
|
|
|
|
|
|
- Basic
|
6
|
|
3.98c
|
(1.28)c
|
|
- Diluted
|
6
|
|
3.97c
|
(1.28)c
|
|
|
|
|
|
|
|
Consolidated statement of comprehensive
income/(expense)
|
|
|
||||
|
|
|
|
Six months ended 30 September
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
|
|
2024
|
2023
|
|
|
|
|
|
€m
|
€m
|
|
Profit/(loss) for the financial period
|
|
|
|
1,221
|
(155)
|
|
Other comprehensive income/(expense):
|
|
|
|
|
|
|
Items that may be reclassified to the income statement in
subsequent years:
|
|
|
|
|
|
|
Foreign exchange translation differences, net of tax
|
|
|
|
228
|
(95)
|
|
Foreign exchange translation differences transferred to the income
statement
|
|
|
|
115
|
23
|
|
Other, net of tax2
|
|
|
|
134
|
(1,150)
|
|
Total items that may be reclassified to the income statement in
subsequent periods
|
|
|
|
477
|
(1,222)
|
|
Items that will not be reclassified to the income statement in
subsequent years:
|
|
|
|
|
|
|
Fair value gains on equity instruments classified as Other
investments, net of tax
|
|
|
|
166
|
-
|
|
Net actuarial gains/(losses) on defined benefit pension schemes,
net of tax
|
|
|
|
75
|
(58)
|
|
Total items that will not be reclassified to the income statement
in subsequent periods
|
|
|
|
241
|
(58)
|
|
Other comprehensive income/(expense)
|
|
|
|
718
|
(1,280)
|
|
Total comprehensive income/(expense) for the financial
period
|
|
|
|
1,939
|
(1,435)
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
- Owners of the parent
|
|
|
|
1,869
|
(1,626)
|
|
- Non-controlling interests
|
|
|
|
70
|
191
|
|
|
|
|
|
1,939
|
(1,435)
|
|
Consolidated statement of financial position
|
|
|
|
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
|
|
30 September
|
31 March
|
|
|
|
|
|
2024
|
2024
|
|
|
|
Note
|
|
€m
|
€m
|
|
Non-current assets
|
|
|
|
|
|
|
Goodwill
|
|
|
|
25,073
|
24,956
|
|
Other intangible assets
|
|
|
|
13,400
|
13,896
|
|
Property, plant and equipment
|
|
|
|
29,680
|
28,499
|
|
Investments in associates and joint ventures
|
|
8
|
|
7,090
|
10,032
|
|
Other investments
|
|
|
|
2,489
|
1,006
|
|
Deferred tax assets
|
|
|
|
19,716
|
20,177
|
|
Post employment benefits
|
|
|
|
367
|
257
|
|
Trade and other receivables
|
|
|
|
6,186
|
5,967
|
|
|
|
|
|
104,001
|
104,790
|
|
Current assets
|
|
|
|
|
|
|
Inventory
|
|
|
|
691
|
568
|
|
Taxation recoverable
|
|
|
|
197
|
76
|
|
Trade and other receivables
|
|
|
|
9,913
|
8,594
|
|
Other investments
|
|
|
|
6,062
|
5,092
|
|
Cash and cash equivalents
|
|
|
|
7,008
|
6,183
|
|
|
|
|
|
23,871
|
20,513
|
|
Assets held for sale
|
|
|
|
11,687
|
19,047
|
|
Total assets
|
|
|
|
139,559
|
144,350
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
4,678
|
4,797
|
|
Additional paid-in capital
|
|
|
|
149,423
|
149,253
|
|
Treasury shares
|
|
|
|
(7,770)
|
(7,645)
|
|
Accumulated losses
|
|
|
|
(115,695)
|
(114,641)
|
|
Accumulated other comprehensive income
|
|
|
|
29,007
|
28,202
|
|
Total attributable to owners of the parent
|
|
|
|
59,643
|
59,966
|
|
Non-controlling interests
|
|
|
|
943
|
1,032
|
|
Total equity
|
|
|
|
60,586
|
60,998
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Borrowings
|
|
|
|
47,232
|
49,259
|
|
Share of net liabilities in joint ventures and
associates
|
|
8
|
|
49
|
-
|
|
Deferred tax liabilities
|
|
|
|
650
|
699
|
|
Post employment benefits
|
|
|
|
174
|
181
|
|
Provisions
|
|
|
|
1,699
|
1,615
|
|
Trade and other payables
|
|
|
|
3,126
|
2,328
|
|
|
|
|
|
52,930
|
54,082
|
|
Current liabilities
|
|
|
|
|
|
|
Borrowings
|
|
|
|
8,521
|
7,728
|
|
Taxation liabilities
|
|
|
|
669
|
393
|
|
Provisions
|
|
|
|
752
|
833
|
|
Trade and other payables
|
|
|
|
12,205
|
13,398
|
|
|
|
|
|
22,147
|
22,352
|
|
Liabilities held for sale
|
|
|
|
3,896
|
6,918
|
|
Total equity and liabilities
|
|
|
|
139,559
|
144,350
|
|
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 2023
|
4,797
|
149,145
|
(7,719)
|
(82,824)
|
63,399
|
1,084
|
64,483
|
Issue or reissue of shares
|
-
|
1
|
72
|
(72)
|
1
|
-
|
1
|
Share-based payments
|
-
|
65
|
-
|
-
|
65
|
4
|
69
|
Transactions with non-controlling interests in
subsidiaries
|
-
|
-
|
-
|
(8)
|
(8)
|
(3)
|
(11)
|
Share of equity-accounted entitiesʼ changes
in equity
|
-
|
-
|
-
|
(164)
|
(164)
|
-
|
(164)
|
Comprehensive (expense)/income
|
-
|
-
|
-
|
(1,626)
|
(1,626)
|
191
|
(1,435)
|
Dividends
|
-
|
-
|
-
|
(1,215)
|
(1,215)
|
(166)
|
(1,381)
|
30 September 2023
|
4,797
|
149,211
|
(7,647)
|
(85,909)
|
60,452
|
1,110
|
61,562
|
|
|
|
|
|
|
|
|
1 April 2024
|
4,797
|
149,253
|
(7,645)
|
(86,439)
|
59,966
|
1,032
|
60,998
|
Issue or reissue of shares
|
1
|
-
|
76
|
(75)
|
2
|
-
|
2
|
Share-based payments
|
-
|
50
|
-
|
-
|
50
|
3
|
53
|
Transactions with non-controlling interests in
subsidiaries
|
-
|
-
|
-
|
(32)
|
(32)
|
(7)
|
(39)
|
Comprehensive income
|
-
|
-
|
-
|
1,869
|
1,869
|
70
|
1,939
|
Dividends
|
-
|
-
|
-
|
(1,212)
|
(1,212)
|
(155)
|
(1,367)
|
Purchase of treasury shares
|
-
|
-
|
(1,000)
|
-
|
(1,000)
|
-
|
(1,000)
|
Cancellation of shares
|
(120)
|
120
|
799
|
(799)
|
-
|
-
|
-
|
30 September 2024
|
4,678
|
149,423
|
(7,770)
|
(86,688)
|
59,643
|
943
|
60,586
|
Consolidated statement of cash flows
|
|
|
|
|
|
|
|
|
|
Six months ended 30 September
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
|
2024
|
2023
|
|
|
Note
|
|
€m
|
€m
|
Inflow from operating activities
|
|
9
|
|
5,644
|
5,544
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Purchase of interests in associates and joint ventures
|
|
|
|
(45)
|
(52)
|
Purchase of intangible assets
|
|
|
|
(1,023)
|
(1,278)
|
Purchase of property, plant and equipment
|
|
|
|
(2,182)
|
(2,352)
|
Purchase of investments
|
|
|
|
(1,167)
|
(1,703)
|
Disposal of interests in subsidiaries, net of cash
disposed
|
|
|
|
3,578
|
(67)
|
Disposal of interests in associates and joint ventures
|
|
|
|
3,020
|
500
|
Disposal of property, plant and equipment and intangible
assets
|
|
|
|
7
|
7
|
Disposal of investments
|
|
|
|
363
|
1,556
|
Dividends received from associates and joint ventures
|
|
|
|
243
|
75
|
Interest received
|
|
|
|
285
|
295
|
Cash outflows from discontinued operations
|
|
|
|
(612)
|
(789)
|
Inflow/(outflow) from investing activities
|
|
|
|
2,467
|
(3,808)
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds from issue of long-term borrowings
|
|
|
|
3,919
|
1,430
|
Repayment of borrowings
|
|
|
|
(6,923)
|
(4,843)
|
Net movement in short-term borrowings
|
|
|
|
(249)
|
41
|
Net movement in derivatives
|
|
|
|
316
|
138
|
Interest paid
|
|
|
|
(1,523)
|
(1,034)
|
Purchase of treasury shares
|
|
|
|
(879)
|
-
|
Issue of ordinary share capital and reissue of treasury
shares
|
|
|
|
-
|
1
|
Equity dividends paid
|
|
|
|
(1,201)
|
(1,210)
|
Dividends paid to non-controlling shareholders in
subsidiaries
|
|
|
|
(157)
|
(167)
|
Other transactions with non-controlling shareholders in
subsidiaries
|
|
|
|
(23)
|
(17)
|
Cash outflows from discontinued operations
|
|
|
|
(613)
|
(717)
|
Outflow from financing activities
|
|
|
|
(7,333)
|
(6,378)
|
|
|
|
|
|
|
Net cash inflow/(outflow)
|
|
|
|
778
|
(4,642)
|
Cash and cash equivalents at the beginning of the financial
period2
|
|
|
|
6,114
|
11,628
|
Exchange (loss)/gain on cash and cash equivalents
|
|
|
|
(21)
|
45
|
Cash and cash equivalents at the end of the financial
period2
|
|
|
|
6,871
|
7,031
|
|
Increase/(decrease)
|
|
|
2024
|
2023
|
Impact on the consolidated income statement for the six months
ended 30 September
|
€m
|
€m
|
Revenue
|
5
|
35
|
Operating profit1
|
(154)
|
(5)
|
Profit for the financial period1
|
(225)
|
(140)
|
|
|
|
|
Increase/(decrease)
|
|
|
30 September
|
31 March
|
|
2024
|
2024
|
Impact on the consolidated statement of financial
position
|
€m
|
€m
|
Net assets
|
907
|
981
|
Equity attributable to owners of the parent
|
872
|
913
|
Non-controlling interests
|
35
|
68
|
|
Service revenue
|
Equipment revenue
|
Revenue from contracts with customers
|
Other revenue1
|
Interest revenue
|
Total segment revenue
|
Adjusted EBITDAaL
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
Six months ended 30 September 2024
|
|
|
|
|
|
|
|
Germany
|
5,500
|
443
|
5,943
|
171
|
8
|
6,122
|
2,290
|
UK
|
2,891
|
517
|
3,408
|
14
|
26
|
3,448
|
707
|
Other Europe
|
2,410
|
322
|
2,732
|
61
|
11
|
2,804
|
784
|
Turkey
|
1,103
|
285
|
1,388
|
3
|
-
|
1,391
|
394
|
Africa
|
2,951
|
509
|
3,460
|
228
|
17
|
3,705
|
1,214
|
Common Functions2
|
322
|
21
|
343
|
562
|
1
|
906
|
22
|
Eliminations
|
(68)
|
-
|
(68)
|
(32)
|
-
|
(100)
|
-
|
Group
|
15,109
|
2,097
|
17,206
|
1,007
|
63
|
18,276
|
5,411
|
|
Service revenue
|
Equipment revenue
|
Revenue from contracts with customers
|
Other revenue1
|
Interest revenue
|
Total segment revenue
|
Adjusted EBITDAaL
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
Six months ended 30 September 2023 Re-presented2
|
|
|
|
|
|
|
|
Germany
|
5,722
|
503
|
6,225
|
173
|
7
|
6,405
|
2,527
|
UK
|
2,822
|
526
|
3,348
|
17
|
12
|
3,377
|
640
|
Other Europe
|
2,366
|
285
|
2,651
|
21
|
7
|
2,679
|
766
|
Turkey
|
828
|
297
|
1,125
|
3
|
-
|
1,128
|
254
|
Africa
|
2,924
|
473
|
3,397
|
178
|
15
|
3,590
|
1,241
|
Common Functions3
|
282
|
24
|
306
|
624
|
(1)
|
929
|
(1)
|
Eliminations
|
(83)
|
-
|
(83)
|
(42)
|
-
|
(125)
|
-
|
Group
|
14,861
|
2,108
|
16,969
|
974
|
40
|
17,983
|
5,427
|
|
Six months ended 30 September
|
|
|
|
Re-presented1
|
|
2024
|
2023
|
|
€m
|
€m
|
Adjusted EBITDAaL
|
5,411
|
5,427
|
Restructuring costs
|
(58)
|
(102)
|
Interest on lease liabilities
|
220
|
217
|
Loss on disposal of property, plant and equipment and intangible
assets
|
(12)
|
(18)
|
Depreciation and amortisation on owned assets
|
(3,672)
|
(3,613)
|
Share of results of equity accounted associates and joint
ventures
|
(40)
|
(51)
|
Impairment reversal
|
-
|
64
|
Other income/(expense)2
|
533
|
(67)
|
Operating profit
|
2,382
|
1,857
|
Investment income3
|
566
|
368
|
Financing costs4
|
(843)
|
(1,395)
|
Profit before taxation
|
2,105
|
830
|
|
30 September
|
31 March
|
|
2024
|
2024
|
|
€m
|
€m
|
Non-current assets1
|
|
|
Germany
|
42,253
|
42,931
|
UK
|
7,871
|
6,863
|
Other Europe
|
7,424
|
7,564
|
Turkey
|
1,784
|
1,644
|
Africa
|
6,579
|
6,377
|
Common Functions
|
2,242
|
1,972
|
Group
|
68,153
|
67,351
|
|
Key assumptions used in the value in use calculation
|
Change required for value in use to equal the carrying
value
|
||
|
|
|
|
|
|
30 September
|
31 March
|
30 September
|
31 March
|
|
2024
|
2024
|
2024
|
2024
|
|
%
|
%
|
pps
|
pps
|
Pre-tax discount rate
|
7.5
|
8.3
|
0.1
|
0.5
|
Long-term growth rate
|
1.2
|
1.0
|
(0.1)
|
(0.4)
|
Projected adjusted 5 year adjusted EBITDAaL CAGR1
|
2.3
|
2.4
|
(0.2)
|
(1.2)
|
Projected capital expenditure1
|
16.9 - 20.0
|
17.4 - 19.9
|
0.8
|
3.9
|
|
Six months ended 30 September
|
|
|
|
Re-presented1
|
|
2024
|
2023
|
|
€m
|
€m
|
United Kingdom corporation tax (expense)/income
|
|
|
Current period
|
(44)
|
(38)
|
Adjustments in respect of prior
periods
|
2
|
(19)
|
Overseas current tax (expense)/income
|
|
|
Current period
|
(551)
|
(394)
|
Adjustments in respect of prior
periods
|
39
|
-
|
Total current tax expense
|
(554)
|
(451)
|
|
|
|
Deferred tax on origination and reversal of temporary
differences
|
|
|
United Kingdom deferred tax
|
(27)
|
(24)
|
Overseas deferred tax
|
(319)
|
(271)
|
Total deferred tax expense
|
(346)
|
(295)
|
|
|
|
Total income tax expense
|
(900)
|
(746)
|
|
Six months ended 30 September
|
|
|
2024
|
2023
|
|
€m
|
€m
|
Profit/(loss) for the financial period - Discontinued
operations
|
|
|
Vodafone Spain1
|
76
|
(187)
|
Vodafone Italy
|
(60)
|
(52)
|
Total
|
16
|
(239)
|
|
|
|
Earnings/(loss) per share - Discontinued operations
|
|
|
- Basic
|
0.06c
|
(0.88)c
|
- Diluted
|
0.06c
|
(0.88)c
|
|
Six months ended 30 September
|
|
|
2024
|
2023
|
|
€m
|
€m
|
Revenue
|
603
|
1,887
|
Cost of sales
|
(321)
|
(1,511)
|
Gross profit
|
282
|
376
|
Selling and distribution expenses
|
(27)
|
(150)
|
Administrative expenses
|
(34)
|
(328)
|
Net credit losses on financial assets
|
(15)
|
(51)
|
Operating profit/(loss)
|
206
|
(153)
|
Investment income
|
3
|
-
|
Financing costs
|
(8)
|
(35)
|
Profit/(loss) before taxation
|
201
|
(188)
|
Income tax credit
|
-
|
1
|
Profit/(loss) after tax of discontinued operations
|
201
|
(187)
|
|
|
|
Loss on sale of disposal group
|
(125)
|
-
|
|
|
|
Profit/(loss) for the financial period from discontinued
operations
|
76
|
(187)
|
|
|
|
Total comprehensive income/(expense) for the financial period from
discontinued operations
|
|
|
Attributable to owners of the parent
|
77
|
(184)
|
|
Six months ended 30 September
|
|
|
2024
|
2023
|
|
€m
|
€m
|
Revenue
|
2,210
|
2,269
|
Cost of sales
|
(840)
|
(1,750)
|
Gross profit
|
1,370
|
519
|
Selling and distribution expenses
|
(114)
|
(121)
|
Administrative expenses
|
(246)
|
(426)
|
Net credit losses on financial assets
|
(26)
|
(20)
|
Other expense
|
-
|
(1)
|
Operating profit / (loss)
|
984
|
(49)
|
Financing costs
|
(45)
|
(43)
|
Profit/(loss) before taxation
|
939
|
(92)
|
Income tax (expense) / credit
|
(260)
|
40
|
Profit/(loss) after tax of discontinued operations
|
679
|
(52)
|
|
|
|
After tax loss on the re-measurement of disposal group
|
(739)
|
-
|
|
|
|
Loss for the financial period from discontinued
operations
|
(60)
|
(52)
|
|
|
|
Total comprehensive expense for the financial period from
discontinued operations
|
|
|
Attributable to owners of the parent
|
(56)
|
(50)
|
|
30 September
|
31 March
|
|
2024
|
2024
|
|
€m
|
€m
|
Non-current assets
|
|
|
Goodwill
|
1,674
|
2,398
|
Other intangible assets
|
3,416
|
4,318
|
Property, plant and equipment
|
4,895
|
9,264
|
Other investments
|
-
|
2
|
Deferred tax assets
|
208
|
461
|
Trade and other receivables
|
143
|
390
|
|
10,336
|
16,833
|
Current assets
|
|
|
Inventory
|
117
|
173
|
Taxation recoverable
|
76
|
77
|
Trade and other receivables
|
1,130
|
1,922
|
Cash and cash equivalents
|
28
|
42
|
|
1,351
|
2,214
|
|
|
|
Assets held for sale
|
11,687
|
19,047
|
|
|
|
Non-current liabilities
|
|
|
Borrowings
|
1,387
|
2,387
|
Deferred tax liabilities
|
-
|
3
|
Post employment benefits
|
36
|
45
|
Provisions
|
120
|
273
|
Trade and other payables
|
92
|
163
|
|
1,635
|
2,871
|
Current liabilities
|
|
|
Borrowings
|
727
|
1,019
|
Taxation liabilities
|
12
|
12
|
Provisions
|
82
|
90
|
Trade and other payables
|
1,440
|
2,926
|
|
2,261
|
4,047
|
|
|
|
Liabilities held for sale
|
3,896
|
6,918
|
|
Six months ended 30 September
|
|
|
2024
|
2023
|
|
Millions
|
Millions
|
Weighted average number of shares for basic earnings per
share
|
26,718
|
27,033
|
Effect of dilutive potential shares: restricted shares and share
options
|
110
|
-
|
Weighted average number of shares for diluted earnings per
share
|
26,828
|
27,033
|
|
|
|
Earnings per share attributable to owners of the parent during the
period
|
|
|
|
Six months ended 30 September
|
|
|
|
Re-presented1
|
|
2024
|
2023
|
|
€m
|
€m
|
Profit/(loss) for earnings per share from continuing operations
attributable to owners
|
1,048
|
(107)
|
Profit/(loss) for earnings per share from discontinued operations
attributable to owners
|
16
|
(239)
|
Profit/(loss) for basic and diluted earnings per share
|
1,064
|
(346)
|
|
|
|
|
|
Re-presented1
|
|
eurocents
|
eurocents
|
Basic earnings/(loss) per share from continuing
operations
|
3.92
|
(0.40)
|
Basic earnings/(loss) per share from discontinued
operations
|
0.06
|
(0.88)
|
Basic earnings/(loss) per share
|
3.98
|
(1.28)
|
|
|
|
|
|
|
|
|
Re-presented1
|
|
eurocents
|
eurocents
|
Diluted earnings/(loss) per share from continuing
operations
|
3.91
|
(0.40)
|
Diluted earnings/(loss) per share from discontinued
operations
|
0.06
|
(0.88)
|
Diluted earnings/(loss) per share
|
3.97
|
(1.28)
|
|
Six months ended 30 September
|
|
|
2024
|
2023
|
|
€m
|
€m
|
Declared during the financial period:
|
|
|
Final dividend for the year ended 31 March 2024: 4.50 eurocents per
share
|
1,212
|
1,215
|
(2023: 4.50 eurocents per share)
|
|
|
|
|
|
Proposed after the end of the reporting period and not recognised
as a liability:
|
|
|
Interim dividend for the year ending 31 March 2025: 2.25 eurocents
per share
|
585
|
1,218
|
(2024: 4.50 eurocents per share)
|
|
|
|
30 September
|
31 March
|
|
2024
|
2024
|
|
€m
|
€m
|
Oak Holdings 1 GmbH
|
6,104
|
7,620
|
VodafoneZiggo Group Holdings B.V.
|
458
|
516
|
TPG Telecom Limited
|
-
|
(2)
|
Other
|
64
|
69
|
Investments in joint ventures
|
6,626
|
8,203
|
|
|
|
Safaricom PLC
|
423
|
627
|
Indus Towers Limited1
|
-
|
1,104
|
Other
|
41
|
98
|
Investments in associates
|
464
|
1,829
|
|
|
|
Investments in joint ventures and associates
|
7,090
|
10,032
|
|
|
|
TPG Telecom Limited
|
(49)
|
-
|
Share of net liabilities in joint ventures and
associates
|
(49)
|
-
|
|
Six months ended 30 September
|
|
|
|
Re-presented1
|
|
2024
|
2023
|
|
€m
|
€m
|
Profit for the financial period
|
1,205
|
84
|
Investment income
|
(566)
|
(368)
|
Financing costs
|
843
|
1,395
|
Income tax expense
|
900
|
746
|
Operating profit
|
2,382
|
1,857
|
Adjustments for:
|
|
|
Share-based payments and other non-cash
charges
|
68
|
54
|
Depreciation and amortisation
|
5,238
|
5,117
|
(Gain)/loss on disposal of property, plant and
equipment and intangible assets
|
(1)
|
17
|
Share of results of equity accounted associates and
joint ventures
|
40
|
51
|
Impairment reversal
|
-
|
(64)
|
Other (income)/expense
|
(533)
|
67
|
Increase in inventory
|
(107)
|
(64)
|
Increase in trade and other receivables
|
(1,356)
|
(1,154)
|
Decrease in trade and other payables
|
(784)
|
(1,151)
|
Cash generated by operations
|
4,947
|
4,730
|
Taxation
|
(393)
|
(472)
|
Cashflows from discontinued operations
|
1,090
|
1,286
|
Net cash flow from operating activities
|
5,644
|
5,544
|
|
€m
|
Other intangible assets
|
(996)
|
Property, plant and equipment
|
(5,058)
|
Other investments
|
(3)
|
Inventory
|
(40)
|
Trade and other receivables
|
(1,033)
|
Cash and cash equivalents
|
(91)
|
Current and deferred taxation
|
2
|
Borrowings
|
1,205
|
Trade and other payables
|
1,143
|
Provisions
|
181
|
Net assets disposed
|
(4,690)
|
Cash proceeds1
|
3,669
|
Non-cash consideration (Zegona shares)2
|
807
|
Other effects
|
89
|
Net loss on
disposal3
|
(125)
|
|
Six months ended 30 September
|
|
|
2024
|
2023
|
|
€m
|
€m
|
Cash consideration received
|
|
|
Vantage Towers
|
1,336
|
500
|
Indus Towers Limited
|
1,684
|
-
|
|
3,020
|
500
|
|
30 September
|
31 March
|
|
2024
|
2024
|
|
€m
|
€m
|
Financial assets at fair
value1
|
|
|
Money market funds (included within Cash and cash
equivalents)2
|
2,013
|
2,015
|
Debt and equity securities (included within Other
investments)3
|
6,149
|
3,749
|
Derivative financial instruments (included within Trade and other
receivables)4,5
|
3,962
|
4,226
|
Trade receivables at fair value through Other comprehensive income
(included with Trade and other receivables)6
|
1,123
|
735
|
|
13,247
|
10,725
|
|
|
|
Financial liabilities at fair
value1
|
|
|
Derivative financial instruments (included within Trade and other
payables)4,5
|
2,031
|
1,524
|
Financial guarantee (included within Trade and other
payables)7
|
238
|
-
|
|
2,269
|
1,524
|
|
Six months ended 30 September
|
|
|
2024
|
2023
|
|
€m
|
€m
|
Sales of goods and services to associates
|
11
|
15
|
Purchase of goods and services from associates
|
2
|
3
|
Sales of goods and services to joint arrangements
|
158
|
133
|
Purchase of goods and services from joint arrangements
|
362
|
392
|
Interest income receivable from joint
arrangements1
|
25
|
26
|
Interest expense payable to joint arrangements1
|
144
|
109
|
|
|
|
|
30 September
|
31 March
|
|
2024
|
2024
|
Trade balances owed:
|
|
|
by associates
|
9
|
19
|
to associates
|
1
|
1
|
by joint arrangements
|
208
|
190
|
to joint arrangements
|
359
|
379
|
Other balances owed by joint arrangements1
|
1,386
|
1,105
|
Other balances owed to joint arrangements2
|
5,349
|
4,940
|
Independent review report to Vodafone Group Plc
|
|
|
Non-GAAP measures
|
|
|
Non-GAAP measure
|
Defined on page
|
Closest equivalent GAAP measure
|
Reconciled on page
|
Performance metrics
|
|
|
|
Organic
revenue growth
|
Page
50
|
Revenue
|
Pages
51, 53 and 54
|
Organic
service revenue growth
|
Page
50
|
Service
revenue
|
Pages
51, 53 and 54
|
Organic
mobile service revenue growth
|
Page
50
|
Service
revenue
|
Pages
51, 53 and 54
|
Organic
fixed service revenue growth
|
Page
50
|
Service
revenue
|
Pages
51, 53 and 54
|
Organic
Vodafone Business service revenue growth
|
Page
50
|
Service
revenue
|
Pages
51, 53 and 54
|
Organic
M-Pesa revenue
|
Page
50
|
Service
revenue
|
Page
51
|
Organic
financial services revenue growth in South Africa
|
Page
50
|
Service
revenue
|
Page
51
|
Adjusted
EBITDAaL
|
Page
50
|
Operating
profit
|
Page
3
|
Organic
Adjusted EBITDAaL growth
|
Page
50
|
Not
applicable
|
Page
52
|
Other metrics
|
|
|
|
Adjusted
profit attributable to owners of the parent
|
Page
55
|
Profit
attributable to owners of the parent
|
Page
55
|
Adjusted
basic earnings per share
|
Page
55
|
Basic
earnings per share
|
Page
56
|
Cash flow, funding and capital allocation metrics
|
|
|
|
Free
cash flow
|
Page
56
|
Inflow
from operating activities
|
Page
57
|
Adjusted
free cash flow
|
Page
56
|
Inflow
from operating activities
|
Pages
16 and 57
|
Gross
debt
|
Page
56
|
Borrowings
|
Page
57
|
Net
debt
|
Page
56
|
Borrowings
less cash and cash equivalents
|
Page
57
|
Pre-tax
ROCE (controlled)
|
Page
58
|
ROCE
calculated using GAAP measures
|
Pages
58 and 59
|
Post-tax
ROCE (controlled and associates/joint ventures)
|
Page
58
|
ROCE
calculated using GAAP measures
|
Pages
58 and 59
|
Financing and Taxation metrics
|
|
|
|
Adjusted
net financing costs
|
Page
60
|
Net
financing costs
|
Page
14
|
Adjusted
profit before taxation
|
Page
60
|
Profit
before taxation
|
Page
61
|
Adjusted
income tax expense
|
Page
60
|
Income
tax expense
|
Page
61
|
Adjusted
effective tax rate
|
Page
60
|
Income
tax expense
|
Page
61
|
Adjusted
share of results of equity accounted associates and joint
ventures
|
Page
60
|
Share
of results of equity accounted associates and joint
ventures
|
Page
61
|
Adjusted
share of results of equity accounted associates and joint ventures
used in post-tax ROCE
|
Page
60
|
Share
of results of equity accounted associates and joint
ventures
|
Page
61
|
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.
|
Six months ended 30 September 2024
|
|
|
|
|
|
|
|
|
|
Re-presented1
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|
|
|
H1 FY25
|
H1 FY24
|
||||
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
Service revenue
|
|
|
|
|
|
|
|
Germany
|
5,500
|
5,722
|
(3.9)
|
-
|
-
|
(3.9)
|
|
|
Mobile service revenue
|
2,497
|
2,530
|
(1.3)
|
-
|
-
|
(1.3)
|
|
Fixed service revenue
|
3,003
|
3,192
|
(5.9)
|
-
|
-
|
(5.9)
|
UK
|
2,891
|
2,822
|
2.4
|
-
|
(1.8)
|
0.6
|
|
|
Mobile service revenue
|
2,108
|
2,096
|
0.6
|
-
|
(1.9)
|
(1.3)
|
|
Fixed service revenue
|
783
|
726
|
7.9
|
-
|
(1.9)
|
6.0
|
Other Europe
|
2,410
|
2,366
|
1.9
|
-
|
0.6
|
2.5
|
|
Turkey
|
1,103
|
828
|
33.2
|
(0.8)
|
57.9
|
90.3
|
|
Africa
|
2,951
|
2,924
|
0.9
|
-
|
9.0
|
9.9
|
|
Common Functions
|
322
|
282
|
|
|
|
|
|
Eliminations
|
(68)
|
(83)
|
|
|
|
|
|
Total service revenue
|
15,109
|
14,861
|
1.7
|
-
|
3.1
|
4.8
|
|
Other revenue
|
3,167
|
3,122
|
|
|
|
|
|
Revenue
|
18,276
|
17,983
|
1.6
|
-
|
3.1
|
4.7
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
3,890
|
3,813
|
2.0
|
-
|
1.3
|
3.3
|
|
Germany - Vodafone Business service revenue
|
1,184
|
1,205
|
(1.7)
|
-
|
-
|
(1.7)
|
|
UK - Vodafone Business service revenue
|
1,054
|
1,059
|
(0.5)
|
-
|
(1.9)
|
(2.4)
|
|
Other Europe - Vodafone Business service revenue
|
761
|
728
|
4.5
|
-
|
0.9
|
5.4
|
|
Turkey - Vodafone Business service revenue
|
162
|
109
|
48.6
|
(1.5)
|
64.1
|
111.2
|
|
Africa - Vodacom Business service revenue
|
541
|
527
|
2.7
|
-
|
6.1
|
8.8
|
|
South Africa - Financial services revenue
|
86
|
77
|
11.7
|
-
|
(2.2)
|
9.5
|
|
Vodacom International M-Pesa
|
200
|
188
|
6.4
|
-
|
4.0
|
10.4
|
|
Egypt - Vodafone Cash revenue
|
49
|
40
|
22.5
|
-
|
71.4
|
93.9
|
Six months ended 30 September 2024
|
|
|
|
|
|
|
|
|
|
Re-presented1
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|
|
|
H1 FY25
|
H1 FY24
|
||||
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
Adjusted EBITDAaL
|
|
|
|
|
|
|
|
Germany
|
2,290
|
2,527
|
(9.3)
|
-
|
-
|
(9.3)
|
|
UK
|
707
|
640
|
10.5
|
-
|
(2.1)
|
8.4
|
|
Other Europe
|
784
|
766
|
2.3
|
-
|
0.8
|
3.1
|
|
Turkey
|
394
|
254
|
55.1
|
(8.5)
|
67.6
|
114.2
|
|
Africa
|
1,214
|
1,241
|
(2.2)
|
-
|
8.9
|
6.7
|
|
Common Functions
|
22
|
(1)
|
|
|
|
|
|
Eliminations
|
-
|
-
|
|
|
|
|
|
Group
|
5,411
|
5,427
|
(0.3)
|
0.7
|
3.4
|
3.8
|
|
|
|
|
|
|
|
|
|
Percentage point change in Adjusted EBITDAaL margin
|
|
|
|
|
|
|
|
Germany
|
37.4%
|
39.5%
|
(2.1)
|
0.1
|
-
|
(2.0)
|
|
UK
|
20.5%
|
19.0%
|
1.5
|
-
|
-
|
1.5
|
|
Other Europe
|
28.0%
|
28.6%
|
(0.6)
|
-
|
-
|
(0.6)
|
|
Turkey
|
28.3%
|
22.5%
|
5.8
|
0.3
|
(0.1)
|
6.0
|
|
Africa
|
32.8%
|
34.6%
|
(1.8)
|
-
|
0.7
|
(1.1)
|
|
Group
|
29.6%
|
30.2%
|
(0.6)
|
0.3
|
0.1
|
(0.2)
|
Quarter ended 30 September 2024
|
|
|
|
|
|
|
|
|
|
|
Re-presented1
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|
|
Q2 FY25
|
Q2 FY24
|
||||
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
Service revenue
|
|
|
|
|
|
|
|
Germany
|
2,722
|
2,903
|
(6.2)
|
-
|
-
|
(6.2)
|
|
|
Mobile service revenue
|
1,266
|
1,290
|
(1.8)
|
-
|
-
|
(1.8)
|
|
Fixed service revenue
|
1,456
|
1,613
|
(9.7)
|
-
|
-
|
(9.7)
|
UK
|
1,462
|
1,421
|
2.9
|
-
|
(1.7)
|
1.2
|
|
|
Mobile service revenue
|
1,063
|
1,057
|
0.6
|
-
|
(1.7)
|
(1.1)
|
|
Fixed service revenue
|
399
|
364
|
9.6
|
-
|
(1.6)
|
8.0
|
Other Europe
|
1,230
|
1,205
|
2.1
|
-
|
0.5
|
2.6
|
|
Turkey
|
588
|
495
|
18.8
|
37.4
|
32.9
|
89.1
|
|
Africa
|
1,502
|
1,498
|
0.3
|
-
|
9.4
|
9.7
|
|
Common Functions
|
176
|
151
|
|
|
|
|
|
Eliminations
|
(36)
|
(47)
|
|
|
|
|
|
Total service revenue
|
7,644
|
7,626
|
0.2
|
1.0
|
3.0
|
4.2
|
|
Other revenue
|
1,596
|
1,564
|
|
|
|
|
|
Revenue
|
9,240
|
9,190
|
0.5
|
1.3
|
2.8
|
4.6
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
1,979
|
1,935
|
2.3
|
0.5
|
1.2
|
4.0
|
|
Germany - Vodafone Business service revenue
|
598
|
609
|
(1.7)
|
-
|
-
|
(1.7)
|
|
UK - Vodafone Business service revenue
|
532
|
531
|
0.2
|
-
|
(1.9)
|
(1.7)
|
|
Other Europe - Vodafone Business service revenue
|
389
|
365
|
6.6
|
-
|
0.9
|
7.5
|
|
Turkey - Vodafone Business service revenue
|
85
|
64
|
32.8
|
42.0
|
35.1
|
109.9
|
|
Africa - Vodacom Business service revenue
|
276
|
268
|
3.0
|
-
|
6.2
|
9.2
|
Quarter ended 30 June 2024
|
|
|
|
|
|
|
|
|
|
|
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|
|
Q1 FY25
|
Q1 FY24
|
||||
|
|
€m
|
€m
|
%
|
pps
|
pps
|
%
|
Service revenue
|
|
|
|
|
|
|
|
Germany
|
2,778
|
2,819
|
(1.5)
|
-
|
-
|
(1.5)
|
|
|
Mobile service revenue
|
1,231
|
1,240
|
(0.8)
|
-
|
-
|
(0.8)
|
|
Fixed service revenue
|
1,547
|
1,579
|
(2.0)
|
-
|
-
|
(2.0)
|
UK
|
1,429
|
1,401
|
2.0
|
-
|
(2.0)
|
-
|
|
|
Mobile service revenue
|
1,045
|
1,039
|
0.6
|
-
|
(2.0)
|
(1.4)
|
|
Fixed service revenue
|
384
|
362
|
6.1
|
-
|
(2.0)
|
4.1
|
Other Europe
|
1,180
|
1,161
|
1.6
|
-
|
0.7
|
2.3
|
|
Turkey
|
515
|
333
|
54.7
|
(80.1)
|
117.3
|
91.9
|
|
Africa
|
1,449
|
1,426
|
1.6
|
-
|
8.4
|
10.0
|
|
Common Functions
|
146
|
131
|
|
|
|
|
|
Eliminations
|
(32)
|
(36)
|
|
|
|
|
|
Total service revenue
|
7,465
|
7,235
|
3.2
|
(1.2)
|
3.4
|
5.4
|
|
Other revenue
|
1,571
|
1,558
|
|
|
|
|
|
Revenue
|
9,036
|
8,793
|
2.8
|
(1.3)
|
3.3
|
4.8
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
Vodafone Business - Service revenue
|
1,911
|
1,878
|
1.8
|
(0.6)
|
1.4
|
2.6
|
|
Germany - Vodafone Business service revenue
|
586
|
596
|
(1.7)
|
-
|
-
|
(1.7)
|
|
UK - Vodafone Business service revenue
|
522
|
528
|
(1.1)
|
-
|
(1.9)
|
(3.0)
|
|
Other Europe - Vodafone Business service revenue
|
372
|
363
|
2.5
|
-
|
0.8
|
3.3
|
|
Turkey - Vodafone Business service revenue
|
77
|
45
|
71.1
|
(89.7)
|
131.2
|
112.6
|
|
Africa - Vodacom Business service revenue
|
265
|
259
|
2.3
|
-
|
6.1
|
8.4
|
Non-GAAP
measure
|
Purpose
|
Definition
|
Adjusted
profit attributable to owners of the parent
|
This
metric is used in the calculation of Adjusted basic earnings per
share.
|
Adjusted
profit attributable to owners of the parent excludes restructuring
costs arising from discrete restructuring plans, amortisation of
customer bases and brand intangible assets, impairment
losses/reversals, other income and expense, mark-to-market and
foreign exchange movements and fair value movements on Other
investments through profit and loss, together with related tax
effects.
|
Adjusted
basic earnings per share
|
This
performance measure is used in discussions with the investor
community.
|
Adjusted
basic earnings per share is Adjusted profit attributable to owners
of the parent divided by the weighted average number of shares
outstanding. This is the same denominator used when calculating
basic earnings per share.
|
|
H1 FY25
|
H1 FY24 Re-presented1
|
||||
|
Reported
|
Adjustments
|
Adjusted
|
Reported
|
Adjustments
|
Adjusted
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
Adjusted EBITDAaL
|
5,411
|
-
|
5,411
|
5,427
|
-
|
5,427
|
Restructuring costs
|
(58)
|
58
|
-
|
(102)
|
102
|
-
|
Interest on lease liabilities
|
220
|
-
|
220
|
217
|
-
|
217
|
Loss on disposal of property, plant & equipment and intangible
assets
|
(12)
|
-
|
(12)
|
(18)
|
-
|
(18)
|
Depreciation and amortisation on owned assets2
|
(3,672)
|
303
|
(3,369)
|
(3,613)
|
302
|
(3,311)
|
Share of results of equity accounted associates and joint
ventures3
|
(40)
|
104
|
64
|
(51)
|
164
|
113
|
Impairment reversal
|
-
|
-
|
-
|
64
|
(64)
|
-
|
Other income
|
533
|
(533)
|
-
|
(67)
|
67
|
-
|
Operating profit
|
2,382
|
(68)
|
2,314
|
1,857
|
571
|
2,428
|
Investment income
|
566
|
(242)
|
324
|
368
|
-
|
368
|
Financing costs4
|
(843)
|
(41)
|
(884)
|
(1,395)
|
231
|
(1,164)
|
Profit before taxation
|
2,105
|
(351)
|
1,754
|
830
|
802
|
1,632
|
Income tax expense5
|
(900)
|
596
|
(304)
|
(746)
|
311
|
(435)
|
Profit for the financial period - Continuing
operations
|
1,205
|
245
|
1,450
|
84
|
1,113
|
1,197
|
Profit/(loss) for the financial period - Discontinued
operations
|
16
|
(16)
|
-
|
(239)
|
239
|
-
|
Profit/(loss) for the financial period
|
1,221
|
229
|
1,450
|
(155)
|
1,352
|
1,197
|
|
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
|
|
|
- Owners of the parent (Continuing)
|
1,048
|
245
|
1,293
|
(107)
|
1,113
|
1,006
|
- Owners of the parent (Total Group)
|
1,064
|
229
|
1,293
|
(346)
|
1,352
|
1,006
|
- Non-controlling interests
|
157
|
-
|
157
|
191
|
-
|
191
|
Profit/(loss) for the financial period
|
1,221
|
229
|
1,450
|
(155)
|
1,352
|
1,197
|
|
|
Re-presented1
|
|
H1 FY25
|
H1 FY24
|
|
€m
|
€m
|
Profit/(loss) attributable to owners of the parent
|
1,064
|
(346)
|
Adjusted profit attributable to owners of the parent
|
1,293
|
1,006
|
|
|
|
|
Million
|
Million
|
Weighted average number of shares outstanding - Basic
|
26,718
|
27,033
|
|
|
|
|
eurocents
|
eurocents
|
Basic earnings/(loss) per share
|
3.98c
|
(1.28)c
|
Adjusted basic earnings per share
|
4.84c
|
3.72c
|
Non-GAAP measure
|
Purpose
|
Definition
|
Free
cash flow
|
Internal
performance reporting.
External
metric used by investor community.
Assists
comparability with other companies, although our metric may not be
directly comparable to similarly titled measures used by other
companies.
|
Free
cash flow is Adjusted EBITDAaL after cash flows in relation to
capital additions, working capital movements including in respect
of capital additions, disposal of property, plant and equipment and
intangible assets, integration capital additions and restructuring
costs, together with related working capital, licences and
spectrum, interest received and paid (excluding interest on Bank
borrowings secured against Indian assets), taxation, dividends
received from associates and joint ventures, dividends paid to
non-controlling shareholders in subsidiaries, payments in respect
of lease liabilities and other.
|
Adjusted
free cash flow
|
Internal
performance reporting.
External
metric used by investor community.
Setting
director and management remuneration.
Key
external metric used to evaluate liquidity and the cash generated
by our operations.
|
Adjusted
free cash flow is Free cash flow before licences and spectrum,
restructuring costs arising from discrete restructuring plans,
integration capital additions and working capital related items and
M&A.
|
Gross
debt
|
Prominent
metric used by debt rating agencies and the investor
community.
|
Non-current
borrowings and current borrowings, excluding lease liabilities,
collateral liabilities and borrowings specifically secured against
Indian assets.
|
Net
debt
|
Prominent
metric used by debt rating agencies and the investor
community.
|
Gross
debt less cash and cash equivalents, short-term investments,
derivative financial instruments excluding mark-to-market
adjustments and net collateral assets.
|
|
|
Re-presented1
|
|
H1 FY25
|
H1 FY24
|
|
€m
|
€m
|
Inflow from operating activities
|
5,644
|
5,544
|
Net tax paid
|
393
|
472
|
Cashflows from discontinued operations
|
(1,090)
|
(1,286)
|
Cash generated by operations
|
4,947
|
4,730
|
Capital additions
|
(2,987)
|
(2,877)
|
Working capital movement in respect of capital
additions
|
(196)
|
(530)
|
Disposal of property, plant and equipment and intangible
assets
|
7
|
7
|
Integration capital additions
|
(12)
|
(28)
|
Working capital movement in respect of integration capital
additions
|
2
|
(43)
|
Licences and spectrum
|
(12)
|
(183)
|
Interest received and paid2
|
(701)
|
(739)
|
Taxation
|
(393)
|
(472)
|
Dividends received from associates and joint ventures
|
243
|
75
|
Dividends paid to non-controlling shareholders in
subsidiaries
|
(157)
|
(167)
|
Payments in respect of lease liabilities
|
(1,583)
|
(1,599)
|
Other
|
(254)
|
93
|
Free cash flow
|
(1,096)
|
(1,733)
|
|
|
H1 FY25
|
Year-end FY24
|
|
|
€m
|
€m
|
Borrowings
|
(55,753)
|
(56,987)
|
|
Lease liabilities
|
10,790
|
9,672
|
|
Bank borrowings secured against Indian assets
|
94
|
1,720
|
|
Collateral liabilities
|
2,179
|
2,628
|
|
Gross debt
|
(42,690)
|
(42,967)
|
|
Collateral liabilities
|
(2,179)
|
(2,628)
|
|
Cash and cash equivalents
|
7,008
|
6,183
|
|
Short-term investments
|
4,101
|
3,225
|
|
Collateral assets
|
789
|
741
|
|
Derivative financial instruments
|
1,931
|
2,702
|
|
Less mark-to-market gains deferred in hedge reserves
|
(735)
|
(498)
|
|
Net debt
|
(31,775)
|
(33,242)
|
Non-GAAP measure
|
Purpose
|
Definition
|
Return
on Capital Employed ('ROCE')
|
ROCE is
a metric used by the investor community and reflects how
efficiently we are generating profit with the capital we
deploy.
|
We
calculate ROCE by dividing Operating profit by the average of
capital employed as reported in the consolidated statement of
financial position. Capital employed includes borrowings, cash and
cash equivalents, derivative financial instruments included in
trade and other receivables/payables, short-term investments,
collateral assets, financial liabilities under put option
arrangements and equity.
|
Pre-tax
ROCE (controlled)
Post-tax
ROCE (controlled and associates/joint ventures)
|
As
above
|
We calculate pre-tax ROCE (controlled) by using Operating profit
excluding interest on lease liabilities, restructuring costs
arising from discrete restructuring plans, impairment
losses/reversals, other income and expense, the impact of
hyper-inflationary adjustments and the share of results of equity
accounted associates and joint ventures. On a post-tax basis, the
measure includes our Adjusted share of results from associates and
joint ventures and a notional tax charge. Capital is equivalent to
net operating assets and is based on the average of month end
capital employed balances during the period of: property, plant and
equipment (including leased assets and lease liabilities),
intangible assets (including goodwill), operating working capital
(including held for sale assets and excluding derivative balances)
and provisions, excluding the impact of hyper-inflationary
adjustments. Other assets that do not directly contribute to
returns are excluded from this measure and include other
investments, current and deferred tax balances and post employment
benefits. On
a post-tax basis, ROCE also includes our investments in associates
and joint ventures.
|
|
|
Re-presented1
|
|
H1 FY25
|
H1 FY24
|
|
€m
|
€m
|
Operating profit2
|
4,190
|
13,293
|
|
|
|
Borrowings
|
55,753
|
65,058
|
Cash and cash equivalents
|
(7,008)
|
(7,148)
|
Derivative financial instruments included in trade and other
receivables
|
(3,962)
|
(5,273)
|
Derivative financial instruments included in trade and other
payables
|
2,031
|
1,792
|
Short-term investments
|
(4,101)
|
(4,094)
|
Collateral assets
|
(789)
|
(649)
|
Financial liabilities under put option arrangements
|
-
|
493
|
Equity
|
60,586
|
61,562
|
Capital employed at end of the period
|
102,510
|
111,741
|
|
|
|
Average capital employed for the period
|
107,126
|
113,225
|
|
|
|
ROCE using GAAP measures
|
3.9%
|
11.7%
|
|
|
Re-presented1
|
|
H1 FY25
|
H1 FY24
|
|
€m
|
€m
|
Operating profit
|
4,190
|
13,293
|
Interest on lease liabilities
|
(443)
|
(406)
|
Restructuring costs
|
659
|
515
|
Other income
|
(972)
|
(9,138)
|
Share of results of equity accounted associates and joint
ventures
|
85
|
(6)
|
Other adjustments2
|
355
|
283
|
Adjusted operating profit for calculating pre-tax ROCE
(controlled)
|
3,874
|
4,541
|
Adjusted share of results of equity accounted associates and joint
ventures used in post-tax ROCE4
|
(148)
|
(9)
|
Notional tax at Adjusted effective tax rate4
|
(795)
|
(1,217)
|
Adjusted operating profit for calculating post-tax ROCE (controlled
and associates/joint ventures)
|
2,931
|
3,315
|
|
|
|
Capital employed for calculating ROCE on a GAAP basis
|
102,510
|
111,741
|
Adjustments to exclude:
|
|
|
- Leases
|
(10,790)
|
(13,039)
|
- Deferred tax assets
|
(19,716)
|
(19,460)
|
- Deferred tax liabilities
|
650
|
728
|
- Taxation recoverable
|
(197)
|
(296)
|
- Taxation liabilities
|
669
|
453
|
- Other investments
|
(3,050)
|
(1,630)
|
- Investments in associates and joint ventures
|
(7,041)
|
(10,457)
|
- Pension assets and liabilities
|
(193)
|
(30)
|
- Removal of capital employed related to discontinued
operations
|
(7,791)
|
(12,185)
|
- Other adjustments2
|
(1,063)
|
(914)
|
Adjusted capital employed for calculating pre-tax ROCE
(controlled)
|
53,988
|
54,911
|
Investments in associates and joint ventures2
|
7,041
|
10,457
|
Adjusted capital employed for calculating post-tax ROCE (controlled
and associates/joint ventures)
|
61,029
|
65,368
|
|
|
|
Average capital employed for calculating pre-tax ROCE
(controlled)
|
53,898
|
57,868
|
Average capital employed for calculating post-tax ROCE (controlled
and associates/joint ventures)
|
63,365
|
66,164
|
|
|
|
Pre-tax ROCE (controlled)
|
7.2%
|
7.8%
|
Post-tax ROCE (controlled and associates/joint
ventures)
|
4.6%
|
5.0%
|
Non-GAAP measure
|
Purpose
|
Definition
|
Adjusted
net financing costs
|
This
metric is used by both management and the investor
community.
This
metric is used in the calculation of Adjusted basic earnings per
share.
|
Adjusted
net financing costs exclude mark-to-market and foreign exchange
gains/losses, together with fair value movements on Other
investments through profit and loss.
|
Adjusted
profit before taxation
|
This
metric is used in the calculation of the Adjusted effective tax
rate (see below).
|
Adjusted
profit before taxation excludes the tax effects of items excluded
from Adjusted basic earnings per share, including: impairment
losses/reversals, amortisation of customer bases and brand
intangible assets, restructuring costs arising from discrete
restructuring plans, other income and expense, mark-to-market and
foreign exchange movements and fair value movements on Other
investments through profit and loss.
|
Adjusted
income tax expense
|
This
metric is used in the calculation of the Adjusted effective tax
rate (see below).
|
Adjusted
income tax expense excludes the tax effects of items excluded from
Adjusted basic earnings per share, including: impairment
losses/reversals, amortisation of customer bases and brand
intangible assets, restructuring costs arising from discrete
restructuring plans, other income and expense, mark-to-market and
foreign exchange movements and fair value movements on Other
investments through profit and loss. It also excludes deferred tax
movements relating to tax losses in Luxembourg as well as other
significant one-off items.
|
Adjusted
effective tax rate
|
This
metric is used by both management and the investor
community.
|
Adjusted
income tax expense (see above) divided by Adjusted profit before
taxation (see above).
|
Adjusted
share of results of equity accounted associates and joint
ventures
|
This
metric is used in the calculation of Adjusted effective tax
rate.
|
Share
of results of equity accounted associates and joint ventures
excluding restructuring costs, amortisation of acquired customer
base and brand intangible assets and other income and
expense.
|
Adjusted
share of results of equity accounted associates and joint ventures
used in post-tax ROCE
|
This
metric is used in the calculation of post-tax ROCE (controlled and
associates/joint ventures).
|
Share
of results of equity accounted associates and joint ventures
excluding restructuring costs and other income and
expense.
|
|
|
|
Re-presented1
|
|
H1 FY25
|
H1 FY24
|
|
|
€m
|
€m
|
|
Profit before taxation
|
2,105
|
830
|
|
Adjustments to derive Adjusted profit before tax
|
(351)
|
802
|
|
Adjusted profit before taxation
|
1,754
|
1,632
|
|
Adjusted share of results of equity accounted associates and joint
ventures
|
(64)
|
(113)
|
|
Adjusted profit before tax for calculating Adjusted effective tax
rate
|
1,690
|
1,519
|
|
|
|
|
|
Income tax expense
|
(900)
|
(746)
|
|
Tax on adjustments to derive Adjusted profit before
tax
|
(8)
|
(108)
|
|
Adjustments:
|
|
|
|
- Deferred tax charge for utilisation of recognised tax
losses in Luxembourg
|
319
|
250
|
|
- UK corporate interest restriction
|
35
|
48
|
|
- Tax relating to hyperinflation accounting
adjustments2
|
86
|
121
|
|
- Tax relating to Vantage Towers share disposal
|
164
|
-
|
|
Adjusted income tax expense for calculating Adjusted tax
rate
|
(304)
|
(435)
|
|
Adjusted effective tax rate
|
18.0%
|
28.6%
|
|
H1 FY25
|
H1 FY24
|
||
|
€m
|
€m
|
||
Share of results of equity accounted associates and joint
ventures
|
(40)
|
(51)
|
||
Restructuring costs
|
7
|
7
|
||
Other income
|
(59)
|
(16)
|
||
Adjusted share of results of equity accounted associates and joint
ventures used in post-tax ROCE
|
(92)
|
(60)
|
||
Amortisation of acquired customer base and brand intangible
assets
|
156
|
173
|
||
Adjusted share of results of equity accounted associates and joint
ventures
|
64
|
113
|
||
Additional information
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
H1 FY25
|
H1 FY24
|
|
€m
|
€m
|
|
Depreciation on leased assets - included in Adjusted
EBITDAaL
|
1,564
|
1,504
|
|
Depreciation on leased assets - included in Restructuring
costs
|
2
|
-
|
|
Depreciation on leased assets
|
1,566
|
1,504
|
|
|
|
|
|
Depreciation on owned assets
|
1,889
|
1,918
|
|
Amortisation of owned intangible assets
|
1,783
|
1,695
|
|
Depreciation and amortisation on owned assets
|
3,672
|
3,613
|
|
|
|
|
|
Total depreciation and amortisation on owned and leased
assets
|
5,238
|
5,117
|
|
|
|
|
|
Loss on disposal of owned fixed assets
|
12
|
18
|
|
Gain on disposal of leased assets
|
(13)
|
(1)
|
|
Depreciation and amortisation - as recognised in the consolidated
income statement
|
5,237
|
5,134
|
|
|
|
Re-presented1
|
|
|
H1 FY25
|
H1 FY24
|
|
€m
|
€m
|
|
Capital additions
|
2,987
|
2,877
|
|
Integration related capital additions
|
12
|
27
|
|
Licence and spectrum additions
|
9
|
250
|
|
Additions
|
3,008
|
3,154
|
|
|
|
|
|
Intangible asset additions
|
1,226
|
1,271
|
|
Property, plant and equipment owned additions
|
1,782
|
1,883
|
|
Total additions
|
3,008
|
3,154
|
Definitions
|
|
|
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.
|
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.
|
Indian
assets
|
Comprises
the Group's investments in Indus Towers Limited and Vodafone Idea
Limited.
|
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.
|
MDU
|
Multi
Dwelling Units.
|
Mobile
service revenue
|
Service
revenue (see below) relating to the provision of mobile
services.
|
NPS
|
Net
Promoter Score.
|
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.
|
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.
|
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.
|
Notes
|
|
|
Forward-looking statements and other matters
|
|
|
|
VODAFONE
GROUP
|
|
PUBLIC
LIMITED COMPANY
|
|
(Registrant)
|
|
|
|
|
Date:
November 12, 2024
|
By: /s/ M D B
|
|
Name: Maaike de Bie
|
|
Title: Group General Counsel and Company Secretary
|