242 Vodafone Group Plc Annual Report 2024 242 Vodafone Group Plc Annual Report 2024
Strategic report
Governance
Financials
Other information
Non-GAAP measures (continued) Unaudited information
Adjusted basic earnings per share The reconciliation of Adjusted basic earnings per share to the closest equivalent GAAP measure, basic earnings per share, is provided below. Re-presented 1 FY24 FY23 €m €m Profit attributable to owners of the parent 1,140 11,838 Adjusted profit attributable to owners of the parent 2,021 3,123 Million Million Weighted average number of shares outstanding - Basic 27,056 27,680 eurocents eurocents Basic earnings per share 4.21c 42.77c Adjusted basic earnings per share 7.47c 11.28c Note: 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. Cash flow, funding and capital allocation metrics
Cash flow and funding Non-GAAP measure Free cash flow
Purpose
Definition
Internal performance reporting. External metric used by investor community. Assists comparability with other companies, although our metric may not be directly comparable to similarly titled measures used by other companies.
Free cash flow is Adjusted EBITDAaL after cash flows in relation to capital additions, working capital movements including in respect of capital additions, disposal of property, plant and equipment and intangible assets, integration capital additions and restructuring costs, together with related working capital, licences and spectrum, interest received and paid, taxation, dividends received from associates and joint ventures, dividends paid to non-controlling shareholders in subsidiaries, payments in respect of lease liabilities and other. Adjusted free cash flow is Free cash flow before licences and spectrum, restructuring costs arising from discrete restructuring plans, integration capital additions and working capital related items, M&A and (prior to disposal) Vantage Towers growth capital expenditure. Growth capital expenditure is total capital expenditure excluding maintenance-type expenditure. Non-current borrowings and current borrowings, excluding lease liabilities, collateral liabilities and borrowings specifically secured against Indian assets. Gross debt less cash and cash equivalents, short-term investments, derivative financial instruments excluding mark-to-market adjustments and net collateral assets.
Adjusted free cash flow Internal performance reporting.
External metric used by investor community. Setting director and management remuneration. Key external metric used to evaluate liquidity and the cash generated by our operations.
Gross debt
Prominent metric used by debt rating agencies and the investor community. Prominent metric used by debt rating agencies and the investor community.
Net debt
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