Vodafone Group revenue increased 3 percent to €45 billion during fiscal 2020 from €43.7 billion in fiscal 2019.
The revenue growth was due to the contribution from the acquired Liberty Global assets, which were consolidated from August 2019.

Fiscal 2020 results include revenue of Vodafone New Zealand for four months, and the acquired Liberty Global assets for eight months.

Vodafone made a loss of €0.5 billion against €7.6 billion in fiscal 2019. The loss included profit from operations together with a profit on the disposals of Vodafone New Zealand and Vodafone Malta (€1.2 billion) and a gain on the formation of the INWIT joint venture (€3.4 billion).

Vodafone’s share of losses related to Vodafone Idea (€2.5 billion) is due to adverse legal judgements by the Supreme Court in India and the Group carrying value of Vodafone Idea has been reduced to €nil.

Further, impairments totalling €1.7 billion in Spain, Ireland, Romania and Automotive and mark-to-market losses of €1.1 billion were recognised.

Vodafone said adjusted EBITDA increased 2.6 percent to €14.9 billion due to result of the success of cost transformation agenda, alongside improving commercial momentum and organic service revenue growth.

Vodafone has net debt of €42.2 billion at 31 March 2020 compared to €27 billion on 31 March 2019. This increase in net debt reflects cash outflows and debt of €18.5 billion relating to the acquisition of the Liberty Global assets in Germany and Central and Eastern Europe.