Investor Presentaiton
Appendix IV
Net debt, liquidity & total funding obligations.
Net debt progression (Єbillion)
Total funding obligations
2.5
€41.6bn
(4.8)
FY23
€m
FY22
Єm
3.1
(8.7)
Bonds
(44,116)
(48,031)
1.9
(2.2)
Bank loans
(795)
(1,317)
€33.4bn
FY22
2.7x
Net debt/ Adj.
EBITDAAL
Other borrowings including spectrum
(1,744)
(3,909)
FY23
Gross debt
(46,655)
(53,257)
2
2.5x2
Cash and cash equivalents
11,705
7,496
Net debt/ Adj.
EBITDAAL
Short-term investments
4,305
4,795
Derivative financial instruments
1,917
1,604
Net collateral (liabilities)/assets
(4,647)
(2,216)
FY22
Adjusted
FCF FY23
Spectrum/
restructuring
Dividends
M&A
incl. Vantage
Share
buyback
Other 1
FY23
Net debt (a)
(33,375)
(41,578)
Other funding obligations
Bond maturity profile (Єbillion)
■Current liquidity Senior Hybrid
Lease liabilities
(13,364)
(12,539)
KDG put option liabilities
(485)
(494)
Guarantees over Australia joint ventures loans
(1,611)
(1,573)
0.8
Pension liabilities
(258)
(281)
1.8
Equity content of hybrid bonds
4,971
4,971
Total funding obligations (b)
(44,122)
(51,494)
11.2
10.6
Adjusted EBITDAAL (c)
14,665
15,208
9.0
0.6
Depreciation on right of use assets
3,883
3,908
2.0
1.4
2.3
Interest on leases
3.7
2.5
2.8
Adjusted EBITDAAL before leases (d)
436
18,984
398
19,514
0.3
1.0
1.6
Current
FY24
FY25
FY26
FY27
FY28
FY29
FY30-40
FY41+
Ratio of net debt to adjusted EBITDAAL (a/c)²
2.5x
2.7x
liquidity
Ratio of total funding obligations to adjusted EBITDAAL before leases (b/d) 2
2.5x
2.6x
> vodafone
29
29
'Includes €1.7 billion repayment of debt in relation to licences and spectrum in Italy
2FY23 ratio proforma for FX and M&A (Hungary, Ghana & Vantage Towers)
FY23 Results: May 2023View entire presentation