148 Vodafone Group Plc Annual Report 2025
Strategic report
Governance
Financials
Other information
At 31 March 2024, deferred tax assets and liabilities, before offset of balances within countries, were as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred tax in income deferred deferred tax amounts asset/ statement tax asset liability unrecognised (liability) €m €m €m €m €m Tangible assets (176) 2,656 (1,174) 10 1,492 Intangible assets 354 367 (1,177) 11 (799) Tax losses 455 32,830 – (14,051) 18,779 Treasury related items 19 594 (138) (569) (113) Temporary differences relating to revenue recognition (61) 2 (677) – (675) Temporary differences relating to leases (16) 1,576 (1,354) – 222 Other temporary differences 141 892 (306) (14) 572 31 March 2024 716 38,917 (4,826) (14,613) 19,478 At 31 March 2024, analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 20,177 Deferred tax liability (699) 31 March 2024 19,478
6. Taxation (continued) Deferred tax The table below is an analysis of movements in the net deferred tax asset balance during the year. 2025
2024 €m
€m
1 April Adjustment relating to assets Held for Sale Foreign exchange movements (Charged) / credited to the income statement
19,478 – 95 (1,266) (49) (3) (18) (2)
18,545
(422) (32) 716 579
(Charged) / credited directly to OCI (Charged) / credited directly to equity Indexation of the opening balance in respect of hyperinflation in T ü rkiye Arising on acquisitions and disposals
(4)
96 –
31 March
18,235 19,478
Deferred tax assets and liabilities, before offset of balances within countries, are as follows: Amount credited/ (expensed) Gross Gross Less in income deferred deferred tax amounts statement tax asset liability unrecognised €m €m €m €m Tangible assets (6) 2,831 (1,133) –
1,698 Net recognised deferred tax asset/ (liability) €m
Intangible assets Tax losses Treasury related items
133
266 583
(1,036) (214) (789) (1,340) (209)
(3)
(773) (199) (706) 197 494
(1,256) 31,367
– (13,843) 17,524
(43) (28) (28) (38)
(568)
Temporary differences relating to revenue recognition Temporary differences relating to leases Other temporary differences
83
– –
1,537 716
(13)
31 March 2025
(1,266) 37,383
(4,721) (14,427) 18,235
Analysed in the balance sheet, after offset of balances within countries, as:
€m
Deferred tax asset Deferred tax liability 31 March 2025
19,033 18,235 (798)
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