162 Vodafone Group Plc Annual Report 2025
Strategic report
Governance
Financials
Other information
Safaricom PLC
Indus Towers Limited
12. Associates and joint arrangements (continued) Associates
2025 €m
2024 €m
2023 €m
2025 2
2024 €m
2023 €m
€m
Income statement Revenue Operating expenses Other income Operating profit Interest income Interest expense
2,792
2,210
2,468
835
3,185
3,343
Unless otherwise stated, the Group’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration is also their place of operation. Country of Percentage Percentage incorporation shareholding 1 shareholding 1 Principal activity or registration 2025 2024 Safaricom PLC 1 Network operator Kenya 39.9 39.9 Indus Towers Limited Network infrastructure India – 21.0 Notes: 1. Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2. At 31 March 2025 , the fair value of the Group’s interest in Safaricom PLC was KES 293 billion (€ 2,096 million) (2024: KES 284 billion (€ 1,996 million)) based on the closing quoted share price on the Nairobi Stock Exchange. 3. At 31 March 2025 , the fair value of the Group’s interest in Indus Towers Limited was nil (2024: INR 165 billion (€ 1,833 million)). Aggregated financial information The table below provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position. Investment in associates Profit/(loss) for the financial year 2025 2024 2025 2024 2023 €m €m €m €m €m Safaricom PLC 1 500 627 201 159 195 Indus Towers Limited – 1,104 55 140 50 Other 50 98 (18) (16) (12) Total 550 1,829 238 283 233 Note: 1. Other comprehensive income includes loss for the financial year, together with € 103 million loss (2024: €76 million gain) in respect of the application of IAS 29 to Safaricom’s operations in Ethiopia. Indus Towers Limited On 19 June 2024, the Group announced the sale of an 18.0 % stake in Indus Towers Limited (‘Indus’) through an accelerated book- building offering (‘placing’). The placing raised INR 153.0 billion (€1,684 million) in gross proceeds. Following the placing, the Group de-recognised its remaining associate investment in Indus, which was classified as an Other Investment recorded at fair value through profit and loss. A net gain on disposal of €714 million has been recorded within other income in the Consolidated income statement. In August 2024 and December 2024, the Group disposed of its remaining 3.0% stake in Indus for cash consideration of € 329m. Dividends received from associates During the year ended 31 March 2025, the Group received dividends included in the consolidated statement of cash flows from Safaricom PLC of € 136 million (2024 : € 122 million, 2023 : € 250 million) and from Indus Towers Limited of € Nil (2024 : € nil, 2023 : € 75 million). Summarised financial information Summarised financial information for each of the Group’s material associates on a 100% ownership basis is set out in the following table, together with the reconciliation to the carrying amount of our interest in the associate.
(1,561) (1,189) (1,353)
(286) (1,598) (2,240)
Depreciation and amortisation
(489) 79 821 17 (167) 671 (340) 331
(523) 142 640 (121) 535 (266) 269 16
(432) 68 751 13 (69) 695 (285) 410
(167)
(637) 950 126 (218) 858 – (192) 666
(588) 515 26 (200) 341 – (102) 239
–
382 11 345 263
(48) (82)
Profit before tax Income tax expense Profit for the financial year and total comprehensive income Attributable to: - Owners of the parent - Non-controlling interests Statement of financial position Non-current assets Current assets Equity shareholders' funds Non-controlling interests Non-current liabilities Current liabilities Cash and cash equivalents within current assets Non-current liabilities excluding trade and other payables and provisions Current liabilities excluding trade and other payables and provisions Total assets Equity shareholders' funds Interest in associates 1
503 (172)
399 (130)
489
263
666
239
(79)
–
–
–
3,062 600 3,662 1,246 331 975 1,110
3,901 578 4,479 1,566 767 968 1,178
– – – – – – – –
6,082 1,230 7,312 4,086 2,098 1,128 –
215
163
7
791
784
–
1,716
357
349
–
583
1,246 498
1,566 625
4,086 860 244 1,104
Goodwill Carrying value
2
2
500 503 201
627 399 159
Profit for the financial year Share of profit
489 195
263 55
666 140
239 50
Note: 1. The Group’s effective ownership percentage of Safaricom PLC is 39.9%, rounded to the nearest tenth of one percent. 2. Financial information for 2025 relates to the period to 19th June 2024.
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