241 Vodafone Group Plc Annual Report 2024 241 Vodafone Group Plc Annual Report 2024
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Other metrics Non-GAAP measure Adjusted profit attributable to owners of the parent
Purpose
Definition
This metric is used in the calculation of Adjusted basic earnings per share.
Adjusted profit attributable to owners of the parent excludes restructuring costs arising from discrete restructuring plans, amortisation of customer bases and brand intangible assets, impairment losses/reversals, other income and expense and mark- to-market and foreign exchange movements, together with related tax effects. Adjusted basic earnings per share is Adjusted profit attributable to owners of the parent divided by the weighted average number of shares outstanding. This is the same denominator used when calculating basic earnings per share.
Adjusted basic earnings per share
This performance measure is used in discussions with the investor community.
Adjusted EBITDAaL and Adjusted profit attributable to owners of the parent The table below reconciles Adjusted EBITDAaL and Adjusted profit attributable to owners of the parent to their closest equivalent GAAP measures, being Operating profit and Profit attributable to owners of the parent, respectively. FY24 FY23 Re-presented 1 Reported Adjustments Adjusted Reported Adjustments Adjusted €m €m €m €m €m €m Adjusted EBITDAaL 11,019 – 11,019 12,424 – 12,424 Restructuring costs (703) 703 – (538) 538 – Interest on lease liabilities 440 – 440 355 – 355 Loss on disposal of property, plant & equipment and intangible assets (34) – (34) (41) – (41) Depreciation and amortisation on owned assets 2 (7,397) 606 (6,791) (7,520) 555 (6,965) Share of results of equity accounted associates and joint ventures 3 (96) 323 227 433 220 653 Impairment reversal/(loss) 64 (64) – (64) 64 – Other income 372 (372) – 9,402 (9,402) – Operating profit 3,665 1,196 4,861 14,451 (8,025) 6,426 Investment income 581 – 581 232 – 232 Financing costs 4 (2,626) 270 (2,356) (1,609) (399) (2,008) Profit before taxation 1,620 1,466 3,086 13,074 (8,424) 4,650 Income tax expense 5 (50) (650) (700) (492) (532) (1,024) Profit for the financial year from continuing operations 1,570 816 2,386 12,582 (8,956) 3,626 Loss for the financial year from discontinued operations (65) 65 – (247) 247 – Profit for the financial year 1,505 881 2,386 12,335 (8,709) 3,626 Profit attributable to: - Owners of the parent (Continuing) 1,205 816 2,021 12,085 (8,962) 3,123 - Owners of the parent (Total Group) 1,140 881 2,021 11,838 (8,715) 3,123 - Non-controlling interests 365 – 365 497 6 503 Profit for the financial year 1,505 881 2,386 12,335 (8,709) 3,626 Notes: 1 The results for the year ended 31 March 2023 have been re-presented to reflect that the results of Vodafone Spain and Vodafone Italy are now reported as discontinued operations. See note 7 ‘Discontinued operations and assets held for sale’ in the consolidated financial statements for more information. 2 Depreciation and amortisation on owned assets excludes depreciation on leased assets and loss on disposal of leased assets included within Adjusted EBITDAaL. See page 248 for an analysis of depreciation and amortisation. The adjustment of €606 million (FY23: €555 million) relates to amortisation of customer bases and brand intangible assets. 3 See page 247 for a breakdown of the adjustments to Share of results of equity accounted associates and joint ventures to derive Adjusted share of results of equity accounted associates and joint ventures.
4 See ‘Net financing costs’ on page 27 for further analysis. 5 See ‘Adjusted tax metrics’ on page 247 for further analysis.
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