Associates and joint arrangements |
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| Associates and joint arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Associates and joint arrangements |
The Group holds interests in associates in Kenya, where we have significant influence, as well as in a number of joint arrangements, notably in Oak Holdings 1 GmbH and its markets, the Netherlands and India where we share control with one or more third parties. See note 1 ‘Basis of preparation’ to the consolidated financial statements for further details. Accounting policies Interests in joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint operations or joint ventures. Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the equivalent items in the consolidated financial statements on a line-by-line Any goodwill arising on the acquisition of the Group’s interest in a joint operation is accounted for in accordance with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary. Joint ventures A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 ‘Discontinued operations and assets held for sale’), are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture, which includes the equity investment and any long-term financing provided to the 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. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above. Joint ventures and associates
Joint ventures The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Group’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation.
Notes:
Oak Holdings 1 GmbH In the comparative year, on 22 July 2024, the Group announced the sale of a further 10.3% stake in Oak Holdings 1 GmbH (‘Oak Holdings’), the partnership that co-controls Vantage Towers, for € 1,336 million, leaving the Group’s retained interest at 50.0%. Oak Holdings owns 89.3% of Vantage Towers. A net gain on disposal of €26 million was recorded within Other income in the Consolidated income statement. VodafoneZiggo On 18 February 2026, the Group announced that it has agreed to sell its 50% interest in VodafoneZiggo Group Holding B.V. (‘VodafoneZiggo’) to Liberty Global plc and has classified its investment in VodafoneZiggo within Assets held for sale accordingly. See Note 7 ‘Discontinued operations and assets held for sale’ for further information. OXG Glasfaser Beteiligungs GmbH In March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser Beteiligungs GmbH (‘OXG’), with 50.0% shareholding held by each shareholder. OXG deploys fibre-to-the-home € 48 million (2025: € 36 million) of capital contributions to OXG. The Group’s contributions towards future fibre roll out costs depend on the speed and size of approved fibre deployment projects and are capped at € 832 million. Shareholder contributions are expected to be contributed between 2026 and 2029. The contribution can be in the form of capital, shareholder loan, loan notes or similar instruments as agreed by the shareholders. Vodafone Idea Limited Financial information is presented for Vodafone Idea Limited (‘VIL’) for the six-month period to, and as at 30 September 2025 on the basis that full year information in relation to VIL has not been released at the date of approval of these consolidated financial statements and as such is market sensitive for VIL. 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 2026 is € 1,748 million (2025: € 1,758 million). VIL undertook a conversion of debt due to the Government of India during April 2025, resulting in the Group’s interest in VIL reducing to 16.1%. VIL remains a joint venture of the Group due to rights that it and a fellow investor hold enabling key operating decisions to be made on a joint basis. On 31 December 2025, the Group reached an agreement with VIL to settle the Group’s obligations under the CLAM, as part of which the Group has set aside 3,280 million of its shareholding in VIL for VIL’s benefit. See note 29 “Contingent liabilities and legal proceedings” for further details. Dividends received from joint ventures During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo of € 62 million (2025: € 63 million, 2024: € 100 million) and Oak Holdings of € 312 million (2025: € 307 million, 2024: € 196 million). Aggregated financial information The table below provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position.
Notes:
Summarised financial information Summarised financial information for the Group’s material joint ventures on a 100% ownership basis is set out below. Financial information is presented for Vodafone Idea Limited (‘VIL’) for the six month period to, and as at 30 September 2025 on the basis that full year information in relation to VIL has not been released at the date of approval of these financial statements and as such is market sensitive for VIL.
Notes:
Summarised financial information for the Group’s material joint ventures on a 100% ownership basis is set out in the tables below.
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below.
Note:
Associates Unless otherwise stated, the Group’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration is also their place of operation.
Notes:
Safaricom PLC In December 2025, the Group announced that Vodacom had agreed to acquire a further 20% of the issued share capital in Safaricom PLC. Vodacom will acquire 15% from the Government of Kenya and 5% from Vodafone. Following completion of the acquisition, Safaricom will be owned by Vodacom (55%), the Government of Kenya (20%) and public investors (25%). Safaricom will be consolidated by both Vodacom and Vodafone. TPG Telecom Limited TPG Telecom Limited (‘TPG’) is listed on the Australian Securities Exchange (‘ASX’). During the year, TPG undertook a capital management plan following the completion of the disposal of certain fibre and fixed line assets to Vocus Group Limited. The plan included a cash return to shareholders, from the proceeds following the disposal, and allowed eligible minority shareholders to reinvest all or part of their cash return in new TPG shares. Vodafone received € 188 million in respect of the cash return, which is included in Dividends received from associates and joint ventures in the Consolidated statement of cashflows. The shares issued by TPG resulted in Vodafone’s and Hutchison Telecommunications (Australia) Limited’s respective economic interest decreasing to 23.7%, with the remaining 52.6% listed as free float on the ASX. The Group now classifies TPG as an Associate, with comparative information retained in the Joint Venture disclosures. The financial information presented in the tables below includes debt held within the holding structure that holds the Group’s interest in TPG. The Group provides a guarantee over its share of the debt in the structure (see note 22 ‘Capital and financial risk management’). Following receipt of the cash return described above, the Group contributed € 188 million into the holding structure to reduce borrowings in that structure, with Hutchison Telecommunications (Australia) Limited contributing an equal amount. The contribution is included in Purchase of interests in associates and joint ventures in the Consolidated statement of cashflows. Maziv Proprietary Limited On 2 December, Vodacom (Pty) Limited (‘Vodacom’) acquired a 30% interest in Maziv Proprietary Limited (‘Maziv’) for € 620 million, of which € 410 million was settled in cash and included in Purchase of interests in associates and joint ventures in the Consolidated statement of cashflows. The remaining consideration primarily related to the contribution to Maziv of certain fibre assets previously held by Vodacom. Vodacom retains an option to acquire a further 5% of Maziv before 31 March 2027. Indus Towers Limited In the prior year, on 19 June 2024, the Group announced the sale of an 18.0% stake in Indus Towers 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 de-recognised its remaining associate investment in Indus, which was classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of € 714 million was recorded within other income in the Consolidated income statement. In August 2024 and December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of € 329 million. Dividends received from associates During the year ended 31 March 2026, the Group received dividends included in the consolidated statement of cash flows from Safaricom PLC of € 160 million (2025: € 136 million, 2024: € 122 million) and TPG Telecom Limited of € 210 million (2025: € 24 million , 2024: € 23 million ). Aggregated financial information The table below provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position.
Note:
Summarised financial information Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set out in the tables below. Financial information is presented for TPG Telecom Limited (‘TPG’) for the year to, and as at 31 December 2025 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.
Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set out in the tables below.
The reconciliation to the carrying amount for each of the Group’s material associates is set out in the following table.
Notes:
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