152 Vodafone Group Plc Annual Report 2025
Strategic report
Governance
Financials
Other information
Assets held for sale There are no assets and liabilities held for sale at 31 March 2025. Assets and liabilities held for sale at 31 March 2024 comprised Vodafone Spain and Vodafone Italy. The relevant assets and liabilities are detailed in the table below. Vodafone Spain €m Vodafone Italy €m Total €m Non-current assets Goodwill – 2,398 2,398 Other intangible assets 987 3,331 4,318 Property, plant and equipment 4,957 4,307 9,264 Other investments 2 – 2 Deferred tax assets – 461 461 Trade and other receivables 223 167 390 6,169 10,664 16,833 Current assets Inventory 39 134 173 Taxation recoverable – 77 77 Trade and other receivables 805 1,117 1,922 Cash and cash equivalents 13 29 42 857 1,357 2,214 Assets held for sale 7,026 12,021 19,047 Non-current liabilities Borrowings 878 1,509 2,387 Deferred tax liabilities 3 - 3 Post employment benefits – 45 45 Provisions 158 115 273 Trade and other payables 43 120 163 1,082 1,789 2,871 Current liabilities Borrowings 346 673 1,019 Taxation liabilities – 12 12 Provisions 23 67 90 Trade and other payables 1,203 1,723 2,926 1,572 2,475 4,047 Liabilities held for sale 2,654 4,264 6,918
7. Discontinued operations and assets held for sale (continued) Vodafone Italy The disposal of Vodafone Italy completed on 31 December 2024. See note 27 ‘Acquisitions and disposals’ for more information. The results of discontinued operations in Italy are detailed below. 2025 2024 2023 €m €m €m Revenue 3,356 4,579 4,722 Cost of sales (1,293) (3,438) (3,532) Gross profit 2,063 1,141 1,190 Selling and distribution expenses (160) (244) (238) Administrative expenses (356) (760) (710) Net credit losses on financial assets (36) (51) (66) Other income/(expense) – – (1) Operating profit 1,511 86 175 Financing costs (66) (86) (93) Profit before taxation 1,445 – 82 Income tax credit/ (expense) (387) 23 11 Profit after tax of discontinued operations 1,058 23 93 After tax loss on the re-measurement of disposal group – (83) – Loss on sale of disposal group (1,133) – – (Loss)/profit for the financial year from discontinued operations (75) (60) 93 Total comprehensive (expense)/income for the financial year from discontinued operations Attributable to owners of the parent (72) (71) 80
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