Vodafone 2025 Annual Report

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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