247 Vodafone Group Plc Annual Report 2024 247 Vodafone Group Plc Annual Report 2024
Strategic report
Governance
Financials
Other information
Adjusted tax metrics The table below reconciles Profit before taxation and Income tax expense to Adjusted profit before taxation, Adjusted income tax expense and Adjusted effective tax rate. Re-presented 1 FY24 FY23 €m €m Profit before taxation 1,620 13,074 Adjustments to derive Adjusted profit before tax 1,466 (8,424) Adjusted profit before taxation 3,086 4,650 Adjusted share of results of equity accounted associates and joint ventures (227) (653) Adjusted profit before tax for calculating Adjusted effective tax rate 2,859 3,997 Income tax expense (50) (492) Tax on adjustments to derive Adjusted profit before tax (342) (205) Adjustments: - Deferred tax on recognition of Luxembourg losses in the year (1,019) – - Deferred tax on use of Luxembourg losses in the year 598 33 - UK corporate interest restriction 78 15 - Tax relating to hyperinflation accounting 35 (309) - Tax relating to Vantage Towers disposal – (66) Adjusted income tax expense for calculating Adjusted tax rate (700) (1,024) Adjusted effective tax rate 24.5% 25.6% 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. Adjusted share of results of equity accounted associates and joint ventures The table below reconciles Adjusted share of results of equity accounted associates and joint ventures to the closest GAAP equivalent, Share of results of equity accounted associates and joint ventures. FY24 FY23 €m €m Share of results of equity accounted associates and joint ventures (96) 433 Restructuring costs 7 6 Other income (27) (9) Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE (116) 430 Amortisation of acquired customer base and brand intangible assets 343 223 Adjusted share of results of equity accounted associates and joint ventures 227 653
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