Vodacom Integrated Report 2024

Welcome to our reporting suite

Our reporting suite aims to meet the diverse information needs of Vodacom Group Limited’s stakeholders. This enables the Group’s stakeholders to fairly assess our financial and sustainability performance for the financial year ended 31 March 2024. Our reporting suite aims to meet the diverse information needs of Vodacom Group Limited’s (Vodacom or the Group) stakeholders. This enables the Group’s stakeholders to fairly assess our financial and ESG performance for the financial year ended 31 March 2024 (FY2024).

Integrated
report

Environmental, social and governance report

Corporate
governance report

Remuneration
report

Tax transparency
report

Consolidated and separate financial statements

Vodacom is a leading and purpose-driven African operator which offers connectivity, digital and financial services to its customers. Including Safaricom, the Group serves 203.1 million customers.

Over a rich 30-year history in the telecommunications industry, we have expanded our business from South Africa to include controlled operations in DRC, Egypt, Lesotho, Mozambique and Tanzania and have exposure to Kenya and Ethiopia through our associate holding in Safaricom. We are evolving from being a TelCo to Africa’s leading TechCo, pioneering innovative solutions to shape the future of connectivity and technology.

South Africa

Egypt

DRC

Lesotho

Mozambique

Tanzania

Ethiopia

Kenya

Our approach to value creation

Our footprint and technology reach millions of consumers, empowering them to connect for a better future through our connectivity, digital, and financial solutions. Our expertise, geographic presence and scale contribute to our significant role in the continent’s socioeconomic development, addressing challenges related to inequality, unemployment and poverty.

Our System of Advantage

Our strategy, the System of Advantage, is supported by 10 strategic pillars and forms the foundation of how we do business. This powerful and multi-product strategy aims to deliver attractive and sustainable returns to our shareholders while maintaining purpose and customer needs at the core.

Chairman’s statement

Saki Macozoma

Vodacom celebrated several significant milestones in FY2024, including the Group’s 30th anniversary and the highlight of connecting over 203 million customers across Africa. Throughout this remarkable 30-year journey, Vodacom’s unwavering commitment to purpose has been the cornerstone of our achievements.

Governance

CEO’s statement

Shameel Joosub

Strategic review

As we near the conclusion of Vision 2025, we are excited to continue our strategic evolution. Anchored in four strategic imperatives, our mediumterm path is focused on sustained growth, ensuring our business remains agile and resilient in the face of challenges and opportunities while remaining true to our purpose.

Strategic ambitions

CFO’s statement

Raisibe Morathi

Financial review

Our results, delivered under continued economic pressure, have proven the robustness of our strategy, our dedication to our stakeholders, and our track record of execution.

Financial Capital

Annual financial statements

Our value creation in practice

Financial capital

Group revenue of

R150.6 billion

up 26.4% (10.1%^)

(FY2023: R119.2 billion)

Human capital

Ranked as Africa’s

#1 employer

by
Top Employer Institute

Intellectual capital

Served a combined

203.1 million

customers across the Group,

including Safaricom

(FY2023: 185.8 million)

Served

78.9 million

financial services customers

(FY2023: 70.6 million)

Manufactured capital

668

(FY2023: added 384)

rural sites added in the year

as we look to leverage new satellite partnerships, RuralCo and new technologies to accelerate deployment

Natural capital

Committed to the Science Based Targets initiative (SBTi) to set near-term and net zero greenhouse gas (GHG) emissions reduction targets

Pioneered virtual wheeling in South Africa

Achieved ISO 50001 certification across all OpCos

48%

reduction in GHG emissions per terabyte of data

(FY2023: 35% reduction)

SRC

Social and relationship capital

Rated MSCI ESG

AAA leader

Our capitals

Responding to

hot topics impacting our operating context

Hot topics in our operating context are the issues in our external environment that affect our ability to create value in the short, medium or long term. These hot topics are often top of mind in stakeholder discussions and inform our material matters process.

Forces shaping our macro
environmental context

Operating across multiple markets exposes us to several global trends in our operating environment. Our success depends on our resilience to these factors.

Our multi-product strategy – the System of Advantage – is geared to supporting our customers on their journey and growing with them. To achieve this, the Board leads the business ethically, transparently and with integrity.

Governance report

Our approach to value creation

Measuring our value creation

Oversight of the continued strategic development required to deliver the System of Advantage

The Board monitored the delivery of key strategic activities, including the integration of Egypt in the Group, enhancing customer experience, the operationalisation of Ethiopia, increasing access to spectrum in Tanzania and DRC, incorporating joint venture structures to further Tower Companies (TowerCo) and FibreCo expansion, and monitoring the progress in finalising the strategic investment with CIVH to acquire up to 40% joint control of assets in Maziv, which remains under review by competition authorities.

RemCo Chairman’s letter

Dear stakeholders

On behalf of the Board, I am pleased to present an extract of Vodacom Group’s FY2024 remuneration report. This report includes our remuneration philosophy and policy for executive directors and nonexecutive directors (NEDs).

It provides a description of how the policy has been implemented and discloses payments made to NEDs and executive directors during the year.

Phuthi Mahanyele-Dabengwa

Remuneration report

Our 2024 reporting suite

Full report downloads

Introduction

Our governance

Our business

Our capitals performance

Additional financial information

Administration

Other documents

Excel documents

Generate your own report

Introduction

Our governance

Our business

Our capitals performance

Consolidated financial statements

Separate financial statements

Addendum A

Welcome to our reporting suite