201 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
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Vodafone Italy In the comparative year, on 31 December 2024, the Group announced it had completed the sale of Vodafone Italia S.p.A. (‘Vodafone Italy’) to Swisscom AG for €7,885 million in cash (subject to closing accounts adjustments, which were finalised during the year ended 31 March 2026). €178 million of the cash received relates to future services to be provided by the Group to Swisscom AG and was deferred on the Group’s statement of financial position. The disposal resulted in a loss of €1,133 million in the comparative year. The table below summarises the net assets disposed on 31 December 2024 and the resulting loss. €m Goodwill (2,398) Other intangible assets (3,479) Property, plant and equipment (5,230) Inventory (122) Trade and other receivables (1,275) Cash and cash equivalents (64) Current and deferred taxation (144) Borrowings 2,089 Trade and other payables 1,733 Post employment benefits 35 Provisions 181 Net assets disposed (8,674) Cash proceeds 1 7,707 Other effects (166) Net loss on disposal 2 (1,133) Notes: 1. Excludes €178 million of consideration related to future services to be provided by the Group to Swisscom AG. 2. Included in ‘Loss for the financial year - Discontinued operations’ in the consolidated income statement.
27. Acquisitions and disposals (continued) Disposal of subsidiaries The aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows: 2026 2025 €m €m Cash consideration (paid)/received Vodafone Spain (33) 3,669 Vodafone Italy (98) 7,707 Net cash disposed – (155) (131) 11,221 Vodafone Spain In the comparative year, on 31 May 2024, the Group announced it had completed the sale of Vodafone Holdings Europe, S.L.U. (‘Vodafone Spain’) to Zegona Communications plc (‘Zegona’) for €4,069 million in cash (subject to closing accounts adjustments, which were finalised during the year ended 31 March 2026) and up to €900 million of non-cash consideration in the form of redeemable preference shares, which were settled during the year ended 31 March 2026. €400 million of the cash received related to future services to be provided by the Group to Zegona and was deferred on the Group’s statement of financial position. The disposal resulted in a loss of €148 million in the comparative year. The table below summarises the net assets disposed on 31 May 2024 and the resulting loss. €m Other intangible assets (996) Property, plant and equipment (5,058) Other investments (3) Inventory (40) Trade and other receivables (1,033) Cash and cash equivalents (91) Current and deferred taxation 2 Borrowings 1,205 Trade and other payables 1,143 Provisions 181 Net assets disposed (4,690) Cash proceeds 1 3,669 Non-cash consideration (Zegona shares) 2 807 Other effects 66 Net loss on disposal 3 (148) Notes: 1. Excludes €400 million of consideration related to future services to be provided by the Group to Zegona. 2. The non-cash consideration comprises an investment in Zegona shares with a fair value of €807 million at the transaction date. 3. Included in ‘Loss for the financial year - Discontinued operations’ in the consolidated income statement.
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