Vodafone : CAPITALIZATION AND INDEBTEDNESS (Form 6-K)

CAPITALIZATION AND INDEBTEDNESS

The following table sets out our called up share capital and the borrowings and indebtedness of Vodafone Group Plc, its consolidated subsidiaries and share of joint ventures, referred to as the 'Group', at March 31, 2021.

		At March 31,
		2021
		€
		(in millions)
Borrowings and Indebtedness
Short-term borrowings			8,488
Short-term derivative financial instruments*			91
Total short-term borrowings			8,579
Long-term borrowings			59,272
Long-term derivative financial instruments*			3,919
Total long-term borrowings			63,191
Total borrowings and indebtedness			71,770
Capital
Called up share capital (28,816,835,778 ordinary shares allotted, issued and fully paid)			4,797
Treasury shares held (592,642,309 shares)			(6,172	)
Additional paid-in capital			150,812
Accumulated losses			(121,587	)
Accumulated other comprehensive income			27,954
Total non-controlling interests			2,012
Total equity and shareholders' funds			57,816
Total Capitalization and Indebtedness			129,586

* Certain mark to market adjustments on financing instruments are included within derivative financial instruments, a component of trade and other payables

(1)

At March 31, 2021, the Group had contingent indebtedness relating to outstanding guarantees, performance bonds and other contingent indebtedness items totaling €2,728 million. This primarily includes Vodafone Group Plc's US$1.8 billion (€1.5 billion) guarantee of the Group's 50% share of a US$3.5 billion loan, which forms part of the Group's overall joint venture investment in TPG Telecom Ltd, and INR42.5 billion (€0.5 billion) in relation to the secondary pledge over shares owned by Vodafone Group in Indus Towers Ltd.

(2)

At March 31, 2021, the Group had cash and cash equivalents of €5,821 million, short-term investments of €4,007 million, cash collateral of €3,107 million and €3,151 million of mark to market adjustments on financing instruments recorded in trade and other receivables, resulting in total net borrowings and indebtedness of €55,684 million.

(3)

The share buyback program announced on March 19, 2021 to repurchase 256,822,895 ordinary shares completed on May 18, 2021 (52,682 shares purchased at March 31, 2021). A further share buyback program was announced on May 19, 2021 to repurchase up to 268,237,246 ordinary shares (up to €340 million) of which 39,950,225 shares have been repurchased at the date of this filing.

(4)	Other than the share buyback mentioned in footnote 3 above and changes due to movements in foreign exchange rates and the financial performance for the period to date, there has been no material change in the capitalization and indebtedness of the Group since March 31, 2021.