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Integrated report 2022

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Download Integrated report 2022

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Our business
Our strategy
Our performance
Our governance
Consolidated financial statements
Summarised separate financial statements
Addendum A

Our 2022 strategy assessment and 2025 goals

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Our integrated report demonstrates how we deliver on our purpose – to connect for a better future – and provides the supporting qualitative and quantitative information to confirm our position for success across our markets in an evolving digital and connected landscape.

What value creation means to us

Our context
Against a backdrop of economic and societal challenges, we are uniquely positioned to reach and empower millions of African consumers with our connectivity, and digital and financial solutions.
Our purpose
Why we exist
We connect for a better future.
Our strategy
Anchored in our vision.

Our purpose pillars

Digital society

Connecting people and things to the internet

Inclusion for all

A digital future that is accessible to all


Reducing our environmental impact

How we will achieve our vision

A leading African TechCo with a clear system of advantage

Chairman’s statement

Saki Macozoma

Purposefully driving economic transformation.

As the world emerges from the turmoil caused by the COVID-19 pandemic and navigates economic recovery, we continue to explore the transformative effect the past two years had on our lives – both personally and professionally. Given the developments unfolding in our external environment and the strategic milestones we delivered during the year, there has never been a more pertinent time for Vodacom to centre ourselves on our purpose of connecting for a better future.

CEO’s statement

Shameel Aziz Joosub

Watch Shameel Aziz Joosub’s video Play button

Living our purpose through our social contract.

I am incredibly proud of how Vodacom held steadfast to its purpose of connecting people for a better future throughout the year. This purpose continues to drive a powerful strategy that, we believe, can support economic recovery in the markets where we operate, navigate macroeconomic uncertainties and create sustainable value for our stakeholders.

CFO’s statement

Raisibe Morathi

Watch Raisibe Morathi’s FY2022 results presentation Play button

New services driving span growth.

We are pleased to have delivered good results for the year, consistent with our medium-term targets, while dealing with the ongoing impacts of the COVID-19 pandemic. From a shareholder perspective, we declared a full-year dividend of 850cps, representing growth of 3.0%. This is a testament to our ongoing operational execution and financial position, both of which are good beacons to navigate us through the ongoing uncertainties of the macroeconomic environment.

Our value creation in practice

Financial Capital
Group revenue
(FY2021: R98.3 billion)
(FY2021: R13.3 billion)
Manufacturing Capital
US$324.6 billion
M-Pesa transactions were processed in the year, including Safaricom
(FY2021: US$251.1 billion)
Natural Capital
Double digit
reduction of GHG emissions per terabyte of data
(FY2021: 0.75mt Co2e)
Human Capital
in employee skills development across all our markets
(FY2021: R472 million)
Intellectual Capital
Acquired high-demand spectrum (HDS) in South Africa for

Social and relationship capital
Contributed to transformation in South Africa
Level 1
Broad-based black economic empowerment (BBBEE) contributor status
(FY2021: Level 1)

Measuring our value creation

In a year with several strategic milestones, we continue to accelerate our powerful, multi-product strategy – the system of advantage – to differentiate our Group in our selected markets, set us apart from competitors and deliver superior returns to our stakeholders.

Review our progress
in delivering on our

Vision 2025 strategy


Responding to “hot topics” on a macro, industry and company level

Forces shaping our macroenvironmental context

The success of our business depends on how we respond and adapt to external factors impacting our global operating environment. Driven by our system of advantage and purpose, we capture opportunities and mitigate risks to create sustainable value for our stakeholders.

Challenging macroeconomic conditions

Context and key developments

The COVID-19 pandemic continues to impact the global economy and social landscape, and trading conditions are still marred by lower business confidence, distressed and out-of-business customers, migration to cheaper solutions and global supply shortages. Economic recovery across our markets is likely to be slow, and significant investment is needed to stimulate growth. Furthermore, as African countries struggle to recover from the impact of the pandemic, the aftermath of the Ukraine-Russia war could exacerbate supply constraints, increase foreign exchange volatility and drive inflationary pressures – particularly in areas relating to energy and food.

Our response

The strength of our financial position continued to lead our business through a volatile macroeconomic environment. We regularly assess the short to medium-term impact of the pandemic and the Ukraine-Russia war on our business. As a part of this we evaluate the external factors in each country where we operate, including the impact on customer spend, liquidity of our customers and our own cash requirements, as well as ways to contain costs.

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Remuneration committee chairman statement

Vodacom is committed to implementing fair, responsible and transparent remuneration practices that support our purpose-led business model and the achievement of our strategy. Our Board, assisted by the Group’s RemCo, shapes and governs our remuneration approach, including our policy and reward framework. This remuneration report delivers against the transparency principles and disclosures set out in King IV, the Companies Act and the JSE Listings Requirements.

Phuthi Mahanyele-Dabengwa
RemCo Chairman

How remuneration and rewards support our system of advantage

Our system of advantage is premised on our three purpose pillars – digital society, inclusion for all, and planet. It is designed to deliver exceptional value to our stakeholders by building a multi-product ecosystem that improves our overall customer proposition, grows our market share, increases our ROCE and creates sustainable value for stakeholders. With this in mind, we designed our reward principles to ensure our employees are motivated to achieve these goals and, accordingly, promote behaviours that facilitate innovation, differentiate us with customers, set us apart from our competition and deliver superior returns to our investors.

Remuneration report

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Our business
Our strategy
Our performance
Our governance
Consolidated financial statements
Summarised separate financial statements
Addendum A