Vodafone Group Plc Annual Report 2025 183
Strategic report
Governance
Financials
Other information
The table below provides an analysis of the net surplus for the Group as a whole.
25. Post employment benefits (continued) Duration of the benefit obligations The weighted average duration of the defined benefit obligation at 31 March 2025 is 13 years (2024: 15 years). Fair value of the assets and present value of the liabilities of the plans The amount included in the consolidated statement of financial position arising from the Group’s obligations in respect of its defined benefit plans is as follows: Assets Liabilities Net surplus €m €m €m 1 April 2023 5,047 (4,976) 71 Service cost – (42) (42) Interest income/(cost) 223 (215) 8 Return on plan assets excluding interest income (102) – (102) Actuarial gains arising from changes in demographic assumptions – 72 72 Actuarial gains arising from changes in financial assumptions – 30 30 Actuarial losses arising from experience adjustments – (77) (77) Employer cash contributions 41 – 41 Member cash contributions 15 (15) – Benefits paid (173) 173 – Exchange rate movements 104 (73) 31 Liabilities held for sale – 51 51 Other movements (7) – (7) 31 March 2024 5,148 (5,072) 76 Service cost – (51) (51) Interest income/(cost) 229 (225) 4 Return on plan assets excluding interest income (467) – (467) Actuarial gains arising from changes in demographic assumptions – 6 6 Actuarial gains arising from changes in financial assumptions – 465 465 Actuarial losses arising from experience adjustments – (16) (16) Employer cash contributions 41 – 41 Member cash contributions 19 (19) – Benefits paid (192) 192 – Exchange rate movements 84 (79) 5 Other movements (8) – (8) 31 March 2025 4,854 (4,799) 55
2025 €m
2024 €m
Analysis of net surplus: Total fair value of plan assets Present value of funded plan liabilities Net surplus for funded plans Present value of unfunded plan liabilities
4,854
5,148
(4,722) (5,017)
132
131
(77) 55
(55) 76
Net surplus
Net surplus is analysed as: Assets 1
242 (187)
257 (181)
Liabilities
Note: 1. All net surpluses are reported as non-current assets in the consolidated statement of financial position. Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. CWW Section Vodafone Section 2025 2024 2025 2024 €m €m €m €m Analysis of net surplus: Total fair value of plan assets 1,640 1,781 1,805 1,983 Present value of plan liabilities (1,550) (1,676) (1,750) (1,924) Net surplus 1 90 105 55 59 Note: 1. All net surpluses are reported as non-current assets in the consolidated statement of financial position.
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