A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint operations or joint ventures.

Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary.

A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the equivalent items in the consolidated financial statements on a basis.

Any goodwill arising on the acquisition of the Group’s interest in a joint operation is accounted for in accordance with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary.

A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.

At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.

The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 ‘Discontinued operations and assets held for sale’), are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.

Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies.

At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.

The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above.

 

 

 

 

The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Group’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation.

 

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On 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings GmbH, the partnership that Vantage Towers, for 1,336 million Oak Holdings GmbH owns 89.3% of Vantage Towers.

A net gain on disposal of 26 million has been recorded within Other income in the Consolidated income statement.

In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser Beteiligungs GmbH (‘OXG’), with 50.0% shareholding held by each shareholder. Each shareholder is committed to contribute funding of up to 950 million to OXG for the deployment of in Germany. During the year ended 31 March 2025, the Group provided 36 million (2024: 32 million) of capital contributions to OXG. The remaining funding commitment of 882 million is expected to be contributed between 2025 and 2029. The amount and timing of the funding depends on the speed and size of the fibre deployment. The contribution can be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.

The Group’s carrying value in Vodafone Idea Limited (‘VIL’) reduced to nil at 30 September 2019. The Group’s share of VIL’s losses not recognised at 31 March 2025 is 1,758 million (2024: 4,528 million).

TPG Telecom Limited is listed on the Australian Securities Exchange (‘ASX’). Vodafone and Hutchison Telecommunications (Australia) Limited each own an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables below includes debt held within the structure that holds the Group’s interest in TPG

During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo Group Holding B.V. of 63 million (2024: 100 million, 2023: 165 million), TPG Telecom Limited of 24 million (2024: 23 million, 2023: 24 million) and Oak Holdings 1 GmbH of 307 million (2024: 196 million, 2023: nil).

The table below provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position.

 

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Summarised financial information for the Gp’s material joint ventures on a 100% ownership basis is set out below.

 

 

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As disclosed above, the Group’s investment in VIL was reduced to nil in the year ended 31 March 2020 and the Group has not recorded any profit or loss in respect of its share of VIL’s results since that date.

Financial information is presented for TPG Telecom Limited (‘TPG’) for the year to, and as at 31 December 2024 on the basis that full-year information in relation to TPG has not been released at the date of approval of these consolidated financial statements and as such is market sensitive for TPG.

Financial information presented for INWIT S.p.A. for the years to 31 March 2023 is based on the financial results and financial position as at 31 December 2022.

 

 

 

 

Summarised financial information for the Group’s material joint tures on a 100% ownership basis is set out below.

 

 

The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below.

 

 

 

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Unless otherwise stated, the Group’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration is also their place of operation. 

 

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The table below provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position.

 

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On 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Toers Limited (‘Indus’) through an accelerated book-building offering (‘placing’). The placing raised INR 153.0 billion (1,684 million) in gross proceeds. Following the placing, the Group its remaining associate investment in Indus, which was classified as an Other Investment recorded at fair value through profit and loss.

During the year ended 31 March 202, the Group received dividends included in the consolidated statement of cash flows from Safaricom PLC of 136 million (2024: 122 million, 2023: 250 million) and from Indus Towers Limited of Nil (2024: nil, 2023: 75 million).

Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set out in the following table, together with the reconciliation to the carrying amount of our interest in the associate.

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