22 Vodafone Group Plc Annual Report 2024
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Our financial performance (continued)
Geographic performance summary Following the announcements that we have entered into binding agreements in relation to the sale of Vodafone Spain and Vodafone Italy, we have updated our financial reporting to recognise that Vodafone Spain and Vodafone Italy are now 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 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 FY23 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 FY24 results. Total revenue Service revenue Adjusted EBITDAaL 1 Adjusted EBITDAaL margin 1 Capital additions Segment results FY24 €m FY23 €m FY24 €m FY23 €m FY24 €m FY23 €m FY24 % FY23 % FY24 €m FY23 €m Germany 12,957 13,113 11,453 11,433 5,017 5,323 38.7 40.6 2,515 2,558 UK 6,837 6,824 5,631 5,358 1,408 1,350 20.6 19.8 866 882 Other Europe 5,504 5,744 4,722 5,005 1,516 1,632 27.5 28.4 845 880 Turkey 2,3 2,362 2,072 1,746 1,593 510 424 21.6 20.5 319 234 Africa 3 7,420 8,076 5,951 6,556 2,539 2,880 34.2 35.7 1,005 1,123 Vantage Towers - 1,338 - - - 795 - 551 Common Functions 1,864 1,750 559 530 29 20 781 839 Eliminations (227) (1,245) (150) (157) - - - - Group 4 36,717 37,672 29,912 30,318 11,019 12,424 30.0 33.0 6,331 7,067
FY23
FY24
Segment service revenue growth
Q4 %
H2 %
Total % (1.6) 4.0 0.1
Q1 %
Q2 %
H1 %
Q3 %
Q4 %
H2 %
Total % 0.2 5.1 (5.7) 9.6 (9.2)
Germany
(2.8) (1.6) (5.2) 32.4 (11.2) (3.2)
(2.3) 0.5 (1.8) (4.5) (1.6)
(1.3) 3.0 (7.4) (8.5) (4.7)
1.0 (0.1)
0.3 5.5 (7.8) (7.5) (1.5)
0.6 6.8
0.5 6.2
UK
5.1 (7.2) 21.6 (1.9)
4.1 (7.3) 7.4 (3.3)
Other Europe Turkey 2,3
0.3 (4.0) 1.2 (3.4)
9.3 (4.6)
6.8 15.6 11.7
2.7 (14.3) (14.8) (14.6)
Africa 3 Group 4
0.4
2.9
0.7 (1.3)
FY23
FY24
Segment organic service revenue growth 1
Q4 %
H2 %
Total % (1.6) 5.6 2.8
Q1 %
Q2 %
H1 %
Q3 %
Q4 %
H2 %
Total % 0.2 5.0 4.2 9.2 6.3
Germany
(2.8) 3.8 3.6
(2.3) 4.6 2.8
(1.3) 5.7 4.1
1.1 (0.1)
0.3 5.2 3.6
0.6 3.6 5.5
0.5 4.4 4.6 9.4 6.7
UK
5.5 3.8 9.0 6.6
5.6 3.9 9.0 6.0
Other Europe Turkey 2,3
54.9 51.7 43.5
74.1 85.0 79.3 90.4 105.6 97.8 88.5
7.0 3.4
7.5 3.6
7.5 3.9
9.0 5.4
8.8 10.0
Africa 3 Group 4
6.3
7.1
Notes: 1. Organic service revenue growth, Group Adjusted EBITDAaL and Group Adjusted EBITDAaL margin are non-GAAP measures. See page 235 for more information. 2. Comprises only Vodafone Turkey in FY24. The comparative period includes the results of Vodafone Ghana which, as previously reported, was sold in February 2023. 3. Service revenue growth and Organic service revenue growth metrics for FY23 have been re-presented to reflect the move of Vodafone Egypt to Vodacom from 1 April 2023 and the segment has been re-named Africa. 4. Prior year Group metrics for Total revenue, Service revenue, Service revenue growth, Organic Service revenue growth, Adjusted EBITDAaL Adjusted EBITDAaL margin and Capital additions have been re-presented to reflect that Vodafone Spain and Vodafone Italy are now reported as discontinued operations and are therefore excluded from these Group metrics.
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