130 Vodafone Group Plc Annual Report 2025
Strategic report
Governance
Financials
Other information
Consolidated statement of changes in equity (continued) for the years ended 31 March Additional
Accumulated other comprehensive income
Equity
Non-
Share capital 1
paid-in capital 2
Treasury shares
Accumulated
Currency reserve 3
Pensions reserve (969) €m
Revaluation surplus 4
attributable to owners 59,966 €m (47) (1,795) (3,485) (4,169) 3 103
controlling interests
Total equity
losses
Other 5
€m
€m
€m
€m
€m
€m
€m
€m
€m
31 March 2024 Issue or reissue of shares Share-based payments
4,797
149,253
(7,645) (114,641)
27,330
1,227
614
1,032
60,998
– – – – – – – – – – –
– – – – – – – – – –
84
(81) (47) –
– – – – – –
– – – – 1 – – – – –
– – – – – – – – – – – –
– – – – –
– 7
3 3
103
– – – – – – – – –
110
Transactions with NCI in subsidiaries Comprehensive (expense)/income Dividends
50
(1,795) (4,169) (4,169)
(246) 328 423 (55)
(2,041) (3,157) (3,746) (25) (65)
531
152 204
(Loss)/profit OCI - before tax OCI - taxes
– – – – –
(162)
(12) 13
30 (65)
(78) 26
– – – –
Transfer to the Income statement Translation of hyperinflationary results Purchase of Treasury shares 8 Cancellation of shares
115 578
141 578
141 538
– – –
(40)
(2,000) 2,770
– –
(2,000)
(2,000)
(478)
478
(2,770)
–
–
31 March 2025
4,319
149,834
(6,791) (123,503)
27,861
(968)
1,227
766
52,745
1,171
53,916
Notes: 1 See note 17 ‘Called up share capital’.
2 Includes share premium, capital reserve, capital redemption reserve, merger reserve and share-based payment reserve. The merger reserve was derived from acquisitions made prior to 31 March 2004 and subsequently allocated to additional paid-in capital on adoption of IFRS. 3 The currency reserve is used to record cumulative translation differences on the assets and liabilities of foreign operations. These differences are recycled to the income statement on disposal of the foreign operation. 4 The revaluation surplus derives from acquisitions of subsidiaries made before the Group’s adoption of IFRS 3 (Revised) on 1 A pril 2010 and comprises the amounts arising from recognising the Group’s pre -existing equity interest in the acquired subsidiary at fair value. 5 Principally includes the impact of the Group’s cash flow hedges with € 230 million net gain deferred to other comprehensive income during the year (2024 : €2, 037 million net loss; 2023 : € 2,322 million net gain) and € 197 million net gain (2024 : € 254 million net gain; 2023 : € 896 million net gain) recycled to the consolidated income statement. These hedges primarily relate to foreign exchange exposure on fixed borrowings, with any foreign exchange on nominal balances directly impacting the income statements in each period but interest cash flows unwinding to the consolidated income statement over the life of the hedges, up to 2064. See note 22 ‘Capital and financial risk management’. 6 Includes a gain on disposal of Vantage Towers A.G. of €8,607 million and a gain on disposal of Vodafone Ghana of €689 million , offset by a loss on disposal of Vodafone Hungary of €69 million. 7 Represents the irrevocable and non-discretionary share buyback programmes which completed on 15 March 2023. 8 Represents the irrevocable and non-discretionary share buyback programmes which completed on 6 August 2024, 13 November 2024, 22 January 2025 and the programme that commenced on 4 February 2025, which completed on 19 May 2025.
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