207 Vodafone Group Plc Annual Report 2024 207
Strategic report
Governance
Financials
Other information
Vodafone Group Plc Annual Report 2024
The table below provides an analysis of the net surplus for the Group as a whole.
2024 €m
2023 €m
Analysis of net surplus: Total fair value of plan assets Present value of funded plan liabilities Net surplus for funded plans Present value of unfunded plan liabilities
5,148 (5,017) 131 (55)
5,047 (4,875) 172 (101)
Net surplus
76
71
Net surplus is analysed as: Assets 1
257 (181)
329 (258)
Liabilities
Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. CWW Section Vodafone Section 2024 2023 2024 2023 €m €m €m €m Analysis of net surplus: Total fair value of plan assets 1,781 1,845 1,983 1,958 Present value of plan liabilities (1,676) (1,657) (1,924) (1,900) Net surplus 1 105 188 59 58 Note: 1 All net surpluses are reported as non-current assets in the consolidated statement of financial position. Fair value of plan assets 2024 2023 €m €m Cash and cash equivalents 52 27 Equity investments: With quoted prices in an active market 261 140 Without quoted prices in an active market 293 322 Debt instruments: With quoted prices in an active market 928 588 Without quoted prices in an active market 944 288 Property: With quoted prices in an active market 16 17 Without quoted prices in an active market 374 438 Derivatives: 1 Without quoted prices in an active market 1,040 1,791 Investment fund 580 782 Annuity policies With quoted prices in an active market – 25 Without quoted prices 660 629 Total 5,148 5,047 Note: 1 Derivatives include collateral held in the form of cash. Assets are valued using ‘level 2’ inputs under IFRS 13 ‘Fair Value Measurement’ principles and classified as unquoted accordingly. The fair value of plan assets, which have been measured in accordance with IFRS 13 ‘Fair Value Measurement’, are analysed by asset category above and are subdivided by assets that have a quoted market price in an active market and those that do not, such as investment funds. Where available, the fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active market (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs such as yield curves. The Vodafone UK plan annuity policies fully match the pension obligations of those pensioners insured and therefore are set equal to the present value of the related obligations. Investment funds of €580 million at 31 March 2024 (2023: €782 million) include investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone UK plan. The actual return on plan assets over the year to 31 March 2024 was a gain of €121 million (2023: €2,290 million loss).
Powered by FlippingBook