Change in segmental reporting - Vantage Towers
22 July 2021
Change in segmental reporting - updated for Vantage Towers
Following the creation and successful IPO of Vantage Towers A.G. ("Vantage Towers"), one of Europe's leading tower companies that consolidates the ownership and operations of our passive mobile network infrastructure, we are updating our segmental reporting structure to better reflect the way in which the Group now manages its operations.
Vantage Towers will be reported as a new segment within Vodafone's Group financial results. This change in reporting structure will take effect from FY22 onwards and has no impact on service revenue.
The tables below provide a proforma view of our FY20 and FY21 financial results under this new segmentation and should be used as the basis of comparison for our FY22 results. However, there will be no change to our statutory information for comparative periods, which will remain as previously disclosed.
New segmental reporting structure
Adjusted EBITDAaL margin
Adjusted EBITDAaL margin
1. Revenue, Adjusted EBITDAaL and capital additions for the Group as presented are different to those disclosed in the FY21 annual report as a result of the inclusion of proforma effects for Wind Hellas and Vantage Towers incremental running costs.
2. Only full year figures available
1. Comprises goodwill, other intangible assets and property, plant and equipment in accordance with Note 2 to the consolidated financial statements in our FY21 Annual Report.
i. Vodafone owns 81.7% of the ordinary shares in Vantage Towers A.G.
ii. The Groups proforma segment for Vantage Towers reflects the relevant proforma information released by Vantage Towers and is available at https://www.vantagetowers.com/investors/results-report-and-presentation, together with the contribution from Cornerstone Technologies Infrastructure Limited ('CTIL'; the Groups 50:50 joint venture with Telefonica in the UK). CTIL is reported as a joint operation in the Groups financial statements, but as a joint venture using the equity method in the Vantage Towers financial statements.
iii. The proforma view of our FY20 and FY21 financial results has been prepared for illustrative purposes only and shows a hypothetical situation and, therefore, does not represent the actual financial position or results of the Group if the new segmentation had occurred on 1 April 2019 for purposes of income statement line items and 31 March 2021 for purposes of non-current assets. The proforma view of our FY20 and FY21 financial results is based on factually supportable proforma adjustments, which we consider reasonable. Future results of operations may differ materially from those presented. The proforma view of our FY20 and FY21 financial results may not give a true picture of our financial results or non-current assets nor is it indicative of the results that may, or may not, be expected to be achieved in the future. The proformas have not been prepared in accordance with Regulation S-X under the United States Securities Exchange Act of 1934 and the auditing standards generally accepted in the United States, and accordingly should not be relied upon as if it had been carried out in accordance with those standards or any other standards besides the standards mentioned above.
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