243 Vodafone Group Plc Annual Report 2024 243 Vodafone Group Plc Annual Report 2024
Strategic report
Governance
Financials
Other information
Cash flow and funding (continued) The table below presents the reconciliation between Inflow from operating activities and Free cash flow.
Re-presented 1
FY24 €m
FY23 €m
Inflow from operating activities
16,557
18,054 1,228 15,818
Net tax paid
724
Cashflows from discontinued operations Cash generated by operations
(3,296) (6,331) (141)
(3,464) (7,067) (120) (200) (773) (1,468) 90 (5) (1,228) 617 (400) (2,747) 2,583 66
13,985
Capital additions
Working capital movement in respect of capital additions Disposal of property, plant and equipment and intangible assets Working capital movement in respect of integration capital additions Integration capital additions
14 (81) (37) (454)
Licences and spectrum Interest received and paid 2
(1,685) (724) 442 (260) (3,135) 190 1,783
Taxation
Dividends received from associates and joint ventures Dividends paid to non-controlling shareholders in subsidiaries Payments in respect of lease liabilities
Other
Free cash flow
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. Includes interest on lease liabilities of €406 million (FY23: €296 million), excluding discontinued operations. The table below presents the reconciliation between Borrowings, Gross debt and Net debt.
Year-end FY24 (56,987) €m
Year-end FY23 (66,390) 13,364 €m (46,655) (4,886) 11,705 4,305 1,485 4,886 239 4,702 (2,785) (33,375)
Borrowings Lease liabilities
9,672 1,720 2,628
Bank borrowings secured against Indian assets
Collateral liabilities Gross debt Collateral liabilities
(42,967) (2,628) 6,183 3,225
Cash and cash equivalents Short-term investments Collateral assets Derivative financial instruments
741 2,702
Less mark-to-market gains deferred in hedge reserves
(498) (33,242)
Net debt
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