Appendix VI Net debt, liquidity & total funding obligations
Net debt progression ( € billion)
Total funding obligations
FY24
FY23
€40.0bn
€ m
€ m
2.4
0.8
Bonds Bank loans Gross debt
(40,743) (44,116)
€35.0bn
(0.8)
€ 33.4bn FY23 2.5x Net debt/Adj. EBITDAaL 1
€ 33.2bn FY24 2.5x Net debt/Adj. EBITDAaL
(767) (1,457) 6,183 3,225 2,204 (1,887)
(795) (1,744) 11,705 4,305 1,917 (4,647)
(2.6)
€30.0bn
Other borrowings including spectrum Cash and cash equivalents Short-term investments Derivative financial instruments Net collateral (liabilities)/assets
€25.0bn
(42,967) (46,655)
1
€20.0bn
€15.0bn
€10.0bn
FY23
Adjusted FCF FY24
Spectrum/ restructuring
Dividends
M&A & Other
FY24
Net debt (a)
(33,242) (33,375)
Other funding obligations Lease liabilities KDG put option liabilities
Bond maturity profile ( € billion)
(9,672) (13,364)
-
(485) (1,611) (258) 4,971
Current liquidity Senior Hybrid
Guarantees over Australia joint ventures loans
(1,479) (196) 4,497
1 2
Pension liabilities Equity content of hybrid bonds Total funding obligations (b)
0.8
3.1
1 0
(40,092) (44,122) 11,019 14,665
8
Adjusted EBITDAaL (c) Depreciation on right of use assets Interest on leases Adjusted EBITDAaL before leases (d)
10.5
6
9.0
7.5
3,003 440
3,883 436
3.7 0.6
2.8 1.4
4
1.6 2.3
0.3 0.8 FY25
14,462 18,984
2
1.0 FY28
0
Ratio of net debt to adjusted EBITDAaL (a/c) 1 Ratio of total funding obligations to adjusted EBITDAaL before leases (b/d) 1
2.5x 2.4x
2.5x 2.5x
Current liquidity
FY26
FY27
FY29
FY30-40
FY41+
100% of bonds fixed. Average life of bonds 11.8 years
All 3 credit rating agencies at BBB
FY24 results ⫶ May 2024
1. FY24 and FY23 ratios are pro forma for FX and M&A (incl. Vodafone Spain & Vodafone Italy, excl. Hungary, Ghana & Vantage Towers); excluding the impact of hyperinflationary accounting in Turkey.
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