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Our 2021 reporting suite
Our business
Our strategy
Our performance
Our governance
Consolidated financial statements
Summarised separate financial statements
Addendum A:

Vodacom is a leading African connectivity and financial services company strongly underpinned by purpose and spirit. The Group, including Safaricom, serves 123.7 million customers across consumer and enterprise segments. We offer a wide range of services, including telecommunication, information technology (IT), digital, IoT and financial services.

Since 1994, we have expanded our mobile network footprint from our roots in South Africa to Tanzania, the Democratic Republic of the Congo (DRC), Mozambique, Lesotho and Kenya. Vodafone Group Plc (Vodafone) – one of the world’s largest communications companies in terms of revenue – has a 60.5% shareholding in Vodacom.

Our purpose

Why we exist

To provide affordable access to the internet for the next 100 million people in our markets, and to continue to foster deeper engagements to meet the needs of our existing customers

We connect for a better future

Digital society

Connecting people and things
to the internet

Inclusion for all

A digital future that
is accessible to all


Reducing our
environmental impact

Responding to

The value of our Social Contract

The world faced an unprecedented challenge during the year, which exacerbated existing societal challenges and ultimately increased inequalities and mobility constraints. Our commitment to our purpose and our Social Contract – guided by three core principles – trust, fairness and leadership – helped us to strategically and systematically mitigate the impact of COVID-19 on our stakeholders.


A purpose-driven response to COVID–19

While I have been part of the Vodacom Board since 2017, this has been a unique year to assume the role of Chairman. Having taken the helm from my esteemed predecessor, Jabu Moleketi, in July 2020, we faced unprecedented disruption as a business.


Guided by our purpose-led approach

As we reflect back on the 2021 financial year – almost 18 months since the term COVID-19 became a part of our lexicon – the world has changed in innumerable ways. Against this backdrop and a still uncertain outlook, our purpose-led approach guided our response as a company and provides us with clear direction.


Expansion of new services and investment in growth support pleasing results

Having joined the Vodacom team in November 2020, I have been inspired by the commitment and dedication of my colleagues to not only meet the challenges of the pandemic head on, but to also ensure we made meaningful contributions to economic recovery in the markets where we operate.

Our value creation in practice

Financial performance
Up 8.3%
(2020: +4.8% to R90.7 billion)
Capital expenditure
Up 0.7%
(2020: +2.0% to R13.2 billion)
For our customers

Airtime advanced to customers in South Africa
(2020: R9.9 billion)
In our societies

Contributed to transformation in South Africa
Level 1
broad-based black economic empowerment (BBBEE) contributor status
(2020: Level 1)
For our employees
in employee skills development across all our markets
(2020: R430.3 million)
For providers of financial capital
Total shareholder return
(2020: 9.5%)
For the planet
Reduction in total greenhouse gas (GHG) emissions
(2020: 697 000 mtCO2e)
e-Waste recycled
(2020: 977 tonnes)

Our strategy for value creation

We are committed to supporting and empowering our customers as they connect for a better future. A significant part of how we do this is through our strategy, which comprises eight integrated pillars that operate together to create a system of advantage.

This system of advantage is geared around meeting our customers in their journey and growing along with them. A critical part of this strategic journey is our transition from a telco to a techco. We want to be an integral part of our customers’ lives, homes and offices – a strategic partner that helps them achieve their goals through the power of connectivity.

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Reviewing our progress in delivering on Vision 2025 strategy


Our 2021 strategy assessment and 2025 goals

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strategy-diagram-01 5.0% >70 million customers57.7million53 million customers Group customers using digital content platforms>20 million customers8.3 million3.4%Contribution of new and digital services to Vodacom Business service revenue (fixed, cloud, IoT and BMS)>35%28%Not measured in 20203NPS2#1 in all markets#1 #2 #1 in all markets, except Mozambique (#3) and Lesotho (#2) Network NPS#1 in all markets#1 #2 #1 in the DRC#2 in all other markets Employee engagement index (%)82%77%78%Team Spirit index75%75%Not measured in 2020Brand leadership#1 in all markets#1 in South Africa #1 in South AfricaReputation survey#1 in all markets#1 in all markets#1 in all marketsSegmented propositionsFinancial servicesDigital servicesEnterprise digitalisationBest customer experienceBest technologyDigital organisation and cultureOur brand and reputationHow we measure successGoal to 31 March 2025Performance as at 31 March 2021Baseline performance as at 31 March 2020Group service revenuegrowth rate (%) Mid-single digit5.8%Group customers usingfinancial services1in the DRC and Tanzaniain all other marketsin all other marketsin the DRC and Tanzania

Responding to stakeholder

“hot topics”

Preserving and enhancing stakeholder trust is a critical component of the value creation process and requires transparency and responsive stakeholder engagement. We have prioritised seven “hot topics” that had a material influence on our ability to create value in 2021.

Consumer privacy and data security

The issue


  • Customers
  • Government
  • Regulators
  • Employees

To provide the best customer experience, we are committed to creating products and services that do not compromise the privacy and security of our customers’ personal information. Accordingly, cyber security remains one of our critical business considerations, and we ensure that information security remains an integral and critical business defence tool.

We clearly define how we secure and manage the creation, usage, storage and disposal of information that we manage. We store multiple pieces of information, including customer and employee names, contact information and banking details with information about data usage and transactions collected through apps, engagements and loyalty programmes. We know that we can only ensure our customers’ privacy by securing this information. We do everything in our power to prevent the information from being misused by third parties for fraud, phishing scams or identity theft.

As a business, we have adopted a culture that prioritises customer privacy and security by raising employee awareness about security risks and our mitigation measures.

Our response

We adopt a risk-based approach to privacy and have a dedicated privacy and security team that offers advice, support and cyber security solutions. We also seek innovative ways to further digitise our privacy and security operations. Our Group privacy framework clearly defines internal accountability, roles and responsibilities, as well as our risk management processes, privacy requirements, privacy mitigation and assurance methodology. To ensure we protect the personal information we have access to, we implement appropriate controls to respect the fundamental rights and freedoms of our customers. Among others, we implemented the following measures:

  • Use OneTrust to assess security and privacy by design, provide assurance and assess the impact on privacy.
  • Implement a data loss prevention tool to track the location and monitor the use of personal information to prevent unauthorised use and access.
  • Use Riskconnect to record, manage and report privacy risks.
  • Deploy a vendor risk management tool during supplier reviews to ensure that suppliers meet our privacy and security policy requirements.
  • Ensure that data is only shared when absolutely necessary. We also review data-sharing initiatives and stop sharing information when it is no longer necessary.
  • Use online channels to increase transparency.
  • Do not share personal data unless required by law.
  • Implement appropriate security measures that control the access of employees who can view data sets.
  • Employ suitably qualified people to enforce cyber resilience and ensure our networks to remains secure.

Dear shareholders

On behalf of the Board, I am pleased to present the 2021 remuneration report for Vodacom Group. This report includes our remuneration philosophy and policy for executive and non-executive directors (NEDs), and describes how the policy was implemented. It also discloses payments made to NEDs and executive directors during the year.

Although we had to adapt to the operational challenges presented by the COVID-19 pandemic, the nature of our business – which thrives on connectivity and keeping the world communicating and working despite severe curtailment of movement and freedom – meant that we did not need to change our reward framework dramatically. We were therefore able to reward and sustain our people throughout this challenging period. The only significant change we implemented this year was to remove the service revenue condition used in our short-term incentive (STI), and re-weight the earnings before interest, tax (EBIT), cash flow and customer appreciation measures to cover the overall performance measurement for the year. We were still able to provide competitive salary increases, STI awards and provide for the vesting of long-term incentive (LTI) awards with no other changes to our normal remuneration framework.

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Our 2021 reporting suite
Our business
Our strategy
Our performance
Our governance
Consolidated financial statements
Summarised separate financial statements
Addendum A: