Appendix VIII Net debt, liquidity & total funding obligations
Total funding obligations
Net debt progression (€billion)
H1 FY25
FY24 €m €m
€41.0bn
0.9
1.2
0.1
1.0
€36.0bn
Bonds
(39,522)
(40,743)
€31.0bn
€33.2bn
Bank loans
(725)
(767)
€31.8bn
(4.6)
€26.0bn
Other borrowings including spectrum
(2,443)
(1,457)
FY24 2.5x Net debt/ Adj. EBITDAaL 1
H1 FY25 2.6x Net debt/ Adj. EBITDAaL
€21.0bn
Gross debt
(42,690)
(42,967)
1
Cash and cash equivalents
7,008 4,101 1,196
6,183 3,225 2,204
€16.0bn
Short-term investments
€11.0bn
Derivative financial instruments Net collateral (liabilities)/assets
€6.0bn
FY24
Adjusted FCF H1 FY25
Spectrum & restructuring
Dividends
Share buybacks
M&A & Other
H1 FY25
(1,390)
(1,887)
Net debt (a)
(31,775)
(33,242)
Other funding obligations Lease liabilities
Bond maturity profile (€billion)
(10,790)
(9,672) (1,479)
Guarantees over Australia joint ventures loans
(1,450)
Current liquidity Senior
Hybrid
Pension liabilities
(174)
(181)
Equity content of hybrid bonds 2
4,497
4,497
0.8
Total funding obligations (b)
(39,692)
(40,092)
Adjusted EBITDAaL (c)
11,003 11,019
2.2
Depreciation on right of use assets
2,920
3,003
13.6
9.7
Interest on leases
443
440
0.6
Adjusted EBITDAaL before leases (d)
14,366 14,462
6.9
1.4
0.8
1.1 2.3
2.6
2.3
1.0
1.0
Ratio of net debt to adjusted EBITDAaL (a/c) 1
2.6x 2.5x
2.5x 2.4x
Ratio of total funding obligations to adjusted EBITDAaL before leases (b/d) 1
Current liquidity
FY26
FY27
FY28
FY29
FY30
FY31-39
FY40+
100% of bonds fixed. Average life of bonds 13.7 years
All 3 credit rating agencies at BBB
1. FY24 ratio is pro forma for FX and M&A (incl. Vodafone Italy & Spain, excl. Hungary, Ghana & Vantage Towers); H1 FY25 ratio is pro forma for FX and M&A (incl. Vodafone Italy, excl. Vodafone Spain). Both periods exclude the impact of hyperinflationary accounting in Turkey. 2. The balance at 30 September 2024 includes equity content for hybrid bonds of €415 million that were repaid on 3 October 2024.
H1 FY25 results ⫶ November 2024
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