Vodacom Group Limited
Integrated Report
for the year ended 31 March 2023

Welcome to our 
reporting suite
We provide a range of reports to meet the diverse information needs of 
Vodacom Group Limited’s (Vodacom’s or the Group’s) stakeholders. This 
enables the Group’s stakeholders to fairly assess our financial and sustainability 
performance for the financial year ended 31 March 2023 (FY2023). 
FY2023 integrated reporting disclosures 
• Environmental, social and governance (ESG) report and ESG addendum
• Task Force on Climate-related Financial Disclosures (TCFD) report 
• Corporate governance report 
• Tax transparency report
FY2023 financial disclosures 
FY2023 shareholder information
Our integrated report is our primary communication with our 
stakeholders and is supplemented by additional disclosures 
in our reporting suite.
We provide detailed environmental, social and 
governance disclosures in our various topic-specific 
reports to meet the information needs of a wide 
range of stakeholders:
We provide detailed information relating to our financial 
position and performance in the following reports and 
presentations:
We provide shareholders with valuable information to 
support their participation at our annual general meeting 
through the following documents:
A
Vodacom Group Limited
Environmental, Social and Governance Report
for the year ended 31 March 2023
Vodacom Group Limited 
Consolidated Financial Statements
for the year ended 31 March 2023
www
Vodacom’s integrated reporting suite is available online and in PDF format.
FY2023 environmental, social and governance disclosures 
• Annual consolidated financial statements
• Summarised consolidated annual financial statements 
• Financial results booklet and results presentation
• Notice of annual general meeting (AGM)
• Form of proxy
Visit Vodafone Group Plc’s (Vodafone’s) 
website for more information at  
www.vodafone.com.
Where to find more information:
Read more on our website at  
www.vodacom.com.
www
Find relevant 
information in 
this report
PG
Find relevant 
information in 
our ESG report 
ESG
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Contents
1. Introduction
02
About our report
04
Who we are
04
Where we operate
06
Our material matters
08
Our value creation in practice
2. Our governance
10
Chairman’s statement
12
Who governs us
14
Board governance at a glance
16
Who leads us
3. Our business
18
CEO’s statement
22
Our approach to ESG
24
Our approach to value creation
25
Our strategic ambitions
30
Measuring our value creation
32
What we offer
34
Our profit formula
35
Our investment case
36
Our principal risks and associated opportunities
42
Responding to “Hot topics” impacting our 
operating context
4. Our capitals performance
48
Our business model
50
Our trade-offs
52
Financial capital
– Condensed financial statements
66
Manufactured capital
72
Intellectual capital
84
Social and relationship capital
94
Natural capital
100 Human capital
– Remuneration to reward value creation
5. Additional financial information
128 Five-year historic review
129 Five-year historic review per segment
130 Share information
6. Administration 
132 Disclaimer
133 Glossary
134 Corporate information
Vodacom Group Limited
Integrated Report
for the year ended 31 March 2023
Adobe Acrobat Reader

The Board’s 
support of 
value creation
To our investors, shareholders and 
other interested stakeholders
Our integrated report demonstrates how our purpose – 
to connect for a better future – drives our strategy, 
guides our integrated approach to value creation and 
informs how we engage with stakeholders within our 
operating context. The report also provides insights into 
the Group’s outlook and articulates why we believe 
Vodacom is a sound long-term investment.
This integrated report was prepared under the supervision of senior and 
executive management, and subject to a robust internal and external review 
process. However, as the Board, we are committed to ensuring the integrity of 
this report and, accordingly, interrogated the content thereof to ensure it 
materially complies with the Integrated Reporting Framework. In our opinion, 
this report addresses all material matters and presents a balanced and fair 
account of the Group’s performance in FY2023. It also includes material events 
between year end and the date on which this report was approved, being  
12 June 2023. We are confident that it is a reasonable reflection of Vodacom’s 
strategic commitments for the short (less than one year), medium (one to three 
years) and long term (beyond three years). 
Guided by the Audit, Risk and Compliance Committee (ARCC), the Board 
approved the FY2023 integrated report and consolidated financial statements 
on 12 June 2023.
Sakumzi Macozoma
(Chairman)
Shameel Joosub
(CEO)
Raisibe Morathi
(CFO)
Khumo Shuenyane
(Lead independent  
non-executive director)
Phuthi Mahanyele-Dabengwa
(Independent non-executive 
director)
Nomkhita Nqweni
(Independent  
non-executive director)
Clive Thomson
(Independent  
non-executive director)
Sunil Sood
(Non-executive director)
Pierre Klotz
(Non-executive director)
Anna Dimitrova
(Non-executive director)
John Otty
(Non-executive director)
Leanne Wood
(Non-executive director)
Connect with us
We welcome and encourage our stakeholders to 
hold us accountable and share their views on our 
integrated report, performance and roadmap for 
delivering sustainable value.
For quick and easy feedback, 
scan the QR code on your 
smartphone.
You can also send any feedback to 
vodacomir@vodacom.co.za.
01
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration
PG
For more detail on our Board, refer to Page 12.

About our report
As we connect for a better future our 
purpose-led strategy is designed to positively 
influence our operating context and 
meaningfully contribute to the United Nations 
Sustainable Development Goals (UN SDGs). 
Driving value 
creation through 
integrated thinking
Our commitment to our 
purpose is fundamental to 
how we manage our 
business, develop and 
deliver on our strategy – 
the System of Advantage 
– and create sustainable 
value for our stakeholders. 
With this in mind, and by 
embracing integrated 
thinking as a central tenet 
of our strategy and 
purpose-led business 
model, we can manage the 
effects of our business 
activities on the six capitals, 
as referred to in the 
Integrated Reporting 
Framework.
Reporting boundary 
and scope
Through our FY2023 integrated report, we 
aim to provide concise communication about 
Vodacom’s approach to value creation 
(page 24). This is provided in the context of 
our material matters (page 06) addressed 
through our purpose (page 22), strategy 
(page 25) and as informed by our key 
relationships (page 84), principal risks and 
associated opportunities (page 36), hot 
topics (page 42) and trade-offs (page 50).  
We also provide a succinct overview of our 
governance practices (page 14), business 
model (page 48) and capitals performance 
(page 52) for the financial year.
The information included in this report relates 
to our activities at a Group level, but also 
includes disclosure relating to our operating 
companies (OpCos). We consolidate both the 
financial and non-financial data of our OpCos. 
Where only data for Vodacom South Africa  
is available – which represents 64.1% 
(FY2022: 73.2%) of service revenue and 
72.1% (FY2022: 78.9%) of earnings before 
interest, tax, depreciation and amortisation 
(EBITDA) – we indicate this with #.
We use * to indicate normalised growth, 
which represents performance on a 
comparable basis. This adjusts for trading 
foreign exchange and foreign currency 
fluctuation on a constant currency basis 
(using the current year as a base). It excludes 
the impact of mergers and acquisitions 
(M&A) and disposal activities, at a constant 
currency basis where applicable, to show a 
like-for-like comparison of results.
Vodafone Egypt Telecommunications SAE 
(Vodafone Egypt) was consolidated from  
8 December 2022, representing the effective 
date of the transaction. No comparative 
information or growth rates are provided for 
Vodafone Egypt. We use ^ to indicate the 
Group’s growth performance excluding 
Vodafone Egypt.
All growth rates quoted are year on year 
and refer to the year ended 31 March 2023 
compared with 31 March 2022, unless 
stated otherwise.
Integrated 
reporting boundary
Integrated 
report
•	 Customers
•	 Communities
•	 Employees
Financial reporting 
boundary
Our organisational 
structure
Vodacom Group
Reporting segments
OpCos
Vodacom Tanzania
Vodacom Democratic 
Republic of the Congo (DRC)
Vodacom Mozambique
Vodacom Lesotho
Safaricom 
Telecommunications Ethiopia
Safaricom 
M-Pesa Africa
IR
South Africa
International business (IB)
Vodafone Egypt  
(from December 2022)
Other subsidiaries
Associates
Joint venture
•	 Investors and 
shareholders
•	 Government  
and regulators
•	 Suppliers
•	 Media
•	 Business partners 
Vodacom Group Limited Integrated report for the year ended 31 March 2023
02
PG
For more information on the SDGs refer to 
Page 21.
Our material matters 
06
Our approach to value creation
24
Our principal risks and associated opportunities
36
“Hot topics” in our macroeconomic environment 
and industry 
42
Our business model, including our impact 
on the six capitals
48
Our trade-offs
50
Our key relationships, including:
84
PG
For other information on our 
enablers, refer to Page 32.
www
Consolidated financial 
statements
ESG
Refer to our ESG report for more information on 
how we deliver on our three purpose pillars and 
our impact on the UN SDGs.

03
Capitals impacted
Stakeholder groups
Communities
Employees
Business partners
Government 
and regulators
Investors and 
shareholders
Customers
Media
Suppliers
Navigate our 
report
Throughout the report, we use the following icons 
to indicate the elements of our business model in 
terms of the integrated reporting framework:
MM 1
Financial and digital inclusion
MM 2
Network resilience and climate impact
MM 3
Accelerating growth while enhancing returns
MM 4
Our people 
MM 5
Governance, ethics and transparency
MM 6
Economic and political landscape 
MM 7
Complex regulatory environment
MM 8
Competitive environment
The six capitals have been defined from Page 52 of our 
capitals performance.
Financial capital
Social and 
relationship capital
FC
SRC
Manufactured 
capital
Intellectual capital
MC
IC
Human capital
Natural capital
HC
NC
1
Footprint strengthened 
2
Secure leadership in mobile and fixed
3
Scale financial and digital services 
4
Digital partner of choice for enterprises
5
World-class loyalty and customer experience 
6
Personalisation through customer value 
management (CVM) and Big Data
7
Optimise assets through sharing
8
Technology leadership in network and 
information technology (IT)
9
TechCo organisation and culture
10 Trusted brand and reputation
Strategic pillars
Material matters
Value 
created
Value 
sustained
Value 
eroded
Materiality
The topics discussed in this report reflect the issues that could impact the role we play 
in society, as well as how our business deals with evolving market dynamics and 
allocates resources to ensure we deliver on our System of Advantage. In FY2023, we 
conducted a review of the material matters that could, in our judgement, significantly 
impact the value we create for our stakeholders. The content of this report is based on 
the outcome of this assessment.
Reporting frameworks and process
The Group’s integrated reporting process is owned by the Executive Committee (ExCo), 
and the content and commitments are approved by executive management. The 
reporting suite is reviewed in detail by the Audit, Risk and Compliance Committee 
(ARCC), and ultimately signed off by our Board of Directors.
We align with best reporting practices and are guided by the principles and requirements 
in the International Financial Reporting Standards (IFRS); the Integrated Reporting 
Framework; King IV Report on Corporate Governance™ for South Africa, 2016 (King IV)1; 
the JSE Limited (JSE) Listings Requirements; the Companies Act No 71 of 2008, as amended 
(the Companies Act); and the Global Reporting Initiative’s Sustainability Reporting 
Standards. We also provide extracts from the condensed consolidated financial statements 
in this report. Vodacom’s Social and Ethics Committee (SEC) fulfilled its mandate as 
prescribed by the regulations of the Companies Act, and there are no instances of material 
non-compliance to disclose.
www
The complete set of consolidated financial statements and our suite of additional 
reports are available online or can be requested from investor relations.
Combined assurance
We use a combined assurance model for assurance from internal and external providers. 
Ernst & Young Inc audited our FY2023 consolidated financial statements and issued an 
unmodified opinion thereon. While sections of our consolidated financial statements 
included in this report were extracted from audited information, such sections are not 
audited herein.
We extended the independent assurance of ESG metrics to encompass South Africa, 
Egypt2, Tanzania, Democratic Republic of Congo (DRC), Mozambique, Lesotho and 
Kenya3 and have included additional metrics in scope. KPMG Inc. conducted limited 
assurance on selected ESG metrics and the information relating to the scope and 
conclusions are in the independent limited assurance report in our ESG addendum 
available on our Group website at www.vodacom.com.
The Group’s internal audit function assesses financial, operating, compliance and risk 
management controls, which are overseen by the ARCC.
Outlook
Throughout this report, we provide readers with forward-looking information on the 
challenges we are likely to face and opportunities we intend to pursue as part of our 
strategy. Where possible we articulate the implications thereof on our expected 
performance. It is, however, important to note that forward-looking statements are 
inherently predictive and speculative, and involve risk and uncertainty because they 
relate to events and depend on circumstances that may or may not occur in the future.
PG
For more information, refer to Pages 11, 20 and 55.
1. Copyright and trademarks are owned by the Institute of Directors South Africa NPC 
and all of its rights are reserved.
2. Excluding carbon emissions which will be in scope from FY2024.
3. Number of financial inclusion customers only.
03
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration
PG
For more information, refer to Page 06.

Who we are
Where we 
operate
45.5 million
6
2.1 million
8
 43.8 million 7
21.0 million 3
16.7 million 2
10.7 million 4
1.7 million
5
44.2 million
1
Net impact of finalised M&A on capitals employed:
FC
MC
HC
SRC
IC
NC
Vodacom is a leading and purpose-driven African connectivity,  
digital and FinTech operator. Including Safaricom, the Group serves 
185.8 million customers across consumer and enterprise segments.
Driven by our commitment to digital and financial inclusion, we offer a wide range of services, 
including telecommunications, IT, digital, Internet of Things (IoT) and financial services. From our 
South African roots, we have grown our business to include operations in Tanzania, the DRC, 
Mozambique, Lesotho and Kenya. In FY2023, our operations expanded as we acquired a 55% 
controlling stake in Vodafone Egypt and launched commercial operations in Ethiopia through a 
Safaricom-led consortium.
Our population reach across 
our markets exceeds
(including Safaricom at 100%).
500 million 
people
We are  
listed on the JSE.
The completion of Vodafone 
Egypt’s acquisition and launch 
of commercial operations in 
Ethiopia increased our 
population reach across the 
continent to over half a billion 
people and more than 40%  
of Africa’s gross domestic 
product (GDP).
In December 2022, we completed the 
acquisition of a 55% interest in Vodafone Egypt. 
This transaction further cements Vodacom’s 
position as Africa’s leading TechCo by advancing 
our strategic connectivity and financial services 
ambitions on the continent.
Through a Safaricom-led consortium, we have 
taken the opportunity to expand and build 
world-class services in Ethiopia – Africa’s second 
largest country by population. Safaricom 
Ethiopia launched commercial operations in 
October 2022.
Customers
Egypt
Safaricom
Tanzania 
DRC 
Lesotho 
South Africa
Mozambique
Vodacom Group Limited Integrated report for the year ended 31 March 2023
04

We offer business-managed 
services to enterprises in
in Africa through Vodacom Business Africa.
47 countries
Our market value is 
as at 31 March 2023.
R253.6 billion
Vodafone – one of the world’s  
largest communications companies 
in terms of revenue – has
in Vodacom.
shareholding
South Africa
Tanzania
DRC
Mozambique
Lesotho
Egypt
Kenya  
(Safaricom)
Ethiopia9
(Safaricom)
Ownership 
100%
75%
51%
85%
80%
55%
34.94%1
6.2%2 (direct)
Population3 (estimate)
60.4 million
67.4 million
102.3 million
33.9 million
2.3 million
112.7 million
55.1 million
126.5 million
GDP growth3 (estimate)
0.5%
5.7%
5.7%
6.5%
2.1%
3.2%
5.1%
6.4%
ARPU4 (local  
currency per month)
R93  
(FY2022: R90)
TZS5 328 
(FY2022: TZS5 132)
US$2.8 
(FY2022: US$2.8)
MZN199  
(FY2022: MZN249)
LSL51 
(FY2022: LSL52)
EGP68 
(FY2022: EGP57)
KES572  
(FY2022: KES562)5
ARPU US$
5.2
2.2
2.8
3.0
2.9
2.2
4.3
Licence expiry period
2029
2031
2039
2032/20386
2038
2036
2031
2032/2024
20267
2036
Coverage
2G
99.8%
93.6%
57.8%
77.8%
96.7%
99.3%
97.0%
22.0%
3G
99.4%
68.5%
41.2%
78.7%
98.0%
98.8%
96.0%
22.0%
4G
98.5%
56.2%
33.7%
80.0%
94.0%
97.5%
95.0%
22.0%
5G
17.9%
–
–
–
–
–
–
–
Data customers  
(thousand)
25 519
8 748
7 209
5 696
832
26 264
25 220
920
Total sites
15 297
3 448
2 771
2 286
398
10 825
6 325
1 300
Smartphone  
penetration
64.5%
35.3%
19.4%
51.6%
66.3%
67.9%
43.5%
Net Promoter Score 
(NPS)
2nd
1st
1st
2nd
1st
1st
2nd
Network NPS
1st
1st
1st
1st
Co-lead
1st
1st
Number of employees8
5 401
581
534
785
280
5 659
5 361
909
*	
Consolidated from 8 December 2022.
1.	 The Group’s effective interest of 34.94% in Safaricom is accounted for as an 
investment in associate. Results represent 100% of Safaricom and are for illustrative 
purposes only.
2.	 The Group, excluding its indirect interest via its shareholding in Safaricom, has an 
effective interest of 6.2% in Safaricom Telecommunications Ethiopia Plc.  
In addition, the Group has indirect exposure through Safaricom’s 55.7%. This implies 
an overall look-through stake of 25.7%.
3.	 The Bureau for Economic Research and Fitch Solutions for all other countries 
(extraction date: April 2023).
4.	 Total average revenue per user (ARPU) is calculated by dividing the average monthly 
service revenue by the average number of monthly customers during the period.
5.	 Total ARPU is calculated by converting rand value ARPU to USD ARPU based on forex 
as at 31 March 2023.
6.	 2039 (2G licence), 2032 (3G licence), 2038 (4G licence).
7.	 2032 (3G licence), 2024 (2G licence) and 2026 (4G licence).
8.	 South Africa’s number of employees also includes headcount for other holding 
companies and Vodacom consolidated adjustments.
9.	 Safaricom Ethiopia is a start up that obtained a licence in May 2021, and began 
operations in 2022.
Customers
million
	
FY2023 	
FY2022
South Africa
	
44.2 	
45.4
Tanzania
	
16.7 	
15.4
DRC
	
21.0 	
15.5
Mozambique
	
10.7 	
9.0
Lesotho
	
1.7 	
1.9
Egypt*
	
45.5 	
–
Safaricom1
	
43.8 	
42.4
Ethiopia9
	
2.1 	
–
Total
	
185.8 	
129.6
Revenue (entity local currency)
million
	
FY2023 	
FY2022
South Africa
(R) 
	
84 715 	
80 828
Tanzania
(TZS) 	1 073 018 	 971 025
DRC
(US$) 	
619 	
561
Mozambique
(MZN) 	
26 368 	
27 992
Lesotho
(LSL) 	
1 204 	
1 244
Egypt*
(EGP) 	
13 463 	
–
Safaricom1
(KES) 	 310 685 	 298 024
Revenue (rand equivalent)
Rm
	
FY2023 	
FY2022
South Africa
	
84 715 	
80 828
Tanzania
	
7 838 	
6 229
DRC
	
10 531 	
8 341
Mozambique
	
7 012 	
6 612
Lesotho
	
1 204 	
1 244
Egypt*
	
8 252 	
–
Other
	
(382) 	
(518)
Total
	 119 170 	 102 736
Safaricom1
	
43 607 	
39 985
1
2
3
4
5
6
7
8
05
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration
www
For more information on the countries  
where Vodacom Business Africa operates,  
refer to our website on  
http://vodacom.com/where-we-operate.php.

Our material 
matters
Vodacom conducts an annual materiality review of the matters that could potentially affect the value we 
create over time and our ability to deliver on our purpose to connect for a better future. This approach 
identifies and prioritises our material matters based on their impact on Vodacom’s ability to create value 
(inward-focused), as well as their impact on society, communities and the environment (outward-
focused), also referred to as a double materiality. The outcome of this process guided the content of  
both our integrated and ESG reports. 
Below, we provide an overview of the assessment we conducted in FY2023 to identify our material matters.
Our materiality determination process
Board analysis and deliberation
of principal risks and associated opportunities
Identifying and assessing
trends impacting our business context and 
external environment
Reviewing
stakeholder engagement reports
Compiling
a list of material matters with the potential to 
impact our ability to create sustainable value 
for stakeholders
Receiving feedback
from internal and external stakeholders 
through an online survey to evaluate the 
importance of each potential material matter
Interviewing
our SLT during report preparation to ensure the 
reporting suite content covers the identified 
material matters
Reviewing and approving 
the material matters as included in our 
integrated report at executive management level
Validation
of material matters as included in our 
integrated report by the ARCC
Step 
Step 
Step 
Step 
Step 
Step 
Step 
Step 
1
2
3
4
5
6
7
8
Vodacom Group Limited Integrated report for the year ended 31 March 2023
06
PG
Who leads us structure  Page 16.

Following this process, we identified and ranked the following material matters from highest to lowest based 
on their impact on Vodacom:
Governance, ethics and transparency
Capitals 
impacted: 
Why this is important: Vodacom must operate ethically and transparently 
through appropriate governance structures to maintain stakeholder trust and 
ensure legitimacy. As custodians of Group corporate governance, the Board must 
lead ethically and have the appropriate composition of skills and experience. 
Topical issues such as the governance of technology and social impact are top of 
mind for the Board and the Board supports industry advocacy to drive change at 
an industry level. The Board provides oversight of Vodacom’s transparent 
disclosures related to the material matters set out in the reporting suite. 
PG
Our governance  Page 10.
www
Full governance 
report
MM 5
Competitive environment
MM 8
Capitals  
impacted:
Why this is important: As we grow our business, our competitive 
landscape follows suit. We face competition from new entrants and 
competitors as we enter new markets or industries, all competing for market 
share amid reductions in disposable income and growth of over-the-top (OTT) 
and other non-traditional players. Within a complex operating environment, 
we must effectively manage customer experience and satisfaction by 
providing products and services that meet their needs.
PG
“Hot topics” impacting our operating context  Page 45.
Pg 84
SRC
Pg 52
FC
Pg 66
MC
Pg 72
IC
Network resilience and  
climate impact
MM 2
Capitals  
impacted:
Why this is important: Vodacom’s ability to maintain quality of service, 
increase the capacity of networks and reduce network disruptions plays a 
critical role in our growth strategy. We must also consider the impact of the 
energy supply challenges and the increasing occurrence of extreme weather 
events, such as heavy rainfalls and flooding, on the continuity of our services. 
Accordingly, we focus on preserving our natural resource base, investing in 
climate-smart, energy-efficient networks and solutions, developing 
water-wise practices and minimising waste across the value chain. In addition, 
given the nature of our industry, we face increased cyber security threats. 
Cyber resilience is essential to prevent interruption to our service or the 
breach of confidential customer data. We also need to manage ongoing 
global supply chain disruptions, while ensuring we invest responsibly.
PG
Our principal risks and associated opportunities  
Page 36.
“Hot topics” in our macroeconomic  
environment and industry Page 42.
ESG
For more 
information, refer  
to our ESG report.
Pg 52
FC
Pg 94
NC
Pg 100
HC
Pg 66
MC
Financial and digital inclusion
MM 1
Capitals  
impacted:
Why this is important: Driven by technology and connectivity, financial 
and digital inclusion can create a more equitable society. We recognise that 
reducing the cost of information and communication technology (ICT) 
services and providing affordable and accessible data is critical to addressing 
societal challenges in the countries we operate in. Through our commitment 
to our purpose and our Social Contract with stakeholders, we can connect 
people and things to the internet and facilitate a digital future that is 
accessible to everyone.
ESG
For more information, refer to our ESG report.
Pg 84
SRC
Pg 52
FC
Pg 72
IC
Accelerating growth while 
enhancing returns
MM 3
Capitals  
impacted:
Why this is important: As Vodacom transitions from a traditional 
telecommunications company (TelCo) to a fully fledged digital TechCo, we must 
deliver on our multiproduct strategy – the System of Advantage – to provide 
differentiated offerings to customers. As we combine our geographic expansion 
and product diversification with Big Data analytics, machine learning and 
world-class technology, we can distinguish ourselves from competitors and 
provide superior growth and returns to shareholders.
PG
Our approach to value creation  Page 24.
Pg 84
SRC
Pg 52
FC
Pg 72
IC
Our people
MM 4
Capitals  
impacted:
Why this is important: To build an organisation of the future, we need 
appropriately skilled and capable leaders and employees who embrace the 
Spirit of Vodacom. We focus on fostering an agile, diverse and inclusive 
working environment to facilitate innovation and enable a digitally 
connected society. We prioritise the health, safety and well-being of our 
people to ensure they are able to do their best work.
ESG
For more information, refer to our ESG report.
Pg 100
HC
Pg 72
IC
Economic and political landscape
MM 6
Capitals  
impacted:
Why this is important: High inflation and interest rates, currency volatility 
and lacklustre economic growth are constraints across our markets amid global 
socio-economic uncertainty. Unforeseen global shocks such as the COVID-19 
pandemic and the war in Ukraine continue to impact economic development in 
Africa and increases concerns of future shocks. The erosion of social cohesion, 
social unrest, and high rates of unemployment across our markets increases 
pressure on all our stakeholders. As governments come under economic 
pressure taxation risks increase. The changing economic and political 
landscape further impacts Vodacom’s ability to generate revenue and contain 
operating costs and capital expenditure (CAPEX). 
PG
Our principal risks and associated opportunities  Page 38. 
“Hot topics” impacting our operating context  Page 42.
Pg 84
SRC
Pg 52
FC
Complex regulatory environment
MM 7
Capitals  
impacted:
Why this is important: We operate in an environment characterised by 
complex regulatory and compliance requirements. Regulatory risks are 
driven by specific challenges in each market but could impact the Group’s 
ability to generate profit and grow, scale and deliver quality services. 
Regulations related to data privacy and security, for example, are new and 
require appropriate implementation.
PG
Our principal risks and associated opportunities  Page 39. 
“Hot topics” impacting our operating context  Page 46.
Pg 84
SRC
Pg 52
FC
Pg 72
IC
Pg 84
SRC
Pg 52
FC
Pg 66
MC
Pg 72
IC
Pg 100
HC
Pg 94
NC
07
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Encouraging diversity in South Africa
Our value creation  
in practice
Our commitment to being a purpose-led organisation that connects for a better future 
continues to drive our performance. In FY2023, our continued focus on our customers’ 
experience across new and existing markets strengthened our performance across all  
six capitals and our transition to a pan-African TechCo. 
Financial capital
R14.1 billion
Distributed
in dividends to equity shareholders  
(FY2022: R15.2 billion)
R5.6 billion
Debt served
paid in interest to debt funders  
(FY2022: R4.2 billion)
18.3%
Free cash flow up
Operating profit
(FY2022: R28.2 billion)
R29.3 billion
Ordinary dividend per share
(FY2022: 850cps)
670cps
Human capital
Paid
Invested
to 7 946 employees 
(FY2022: R7.3 billion to 
8 132 employees)
in employee skills development across 
our markets (excluding Vodafone Egypt)
(FY2022: R493 million)
R7.7 billion
R553 million
FC
HC
Headline earnings per share 
(HEPS)
(FY2022: 1 013cps)
948cps
Group service revenue  
growth of
17.2%
(7.2%^, 3.5%*)
Group revenue of
R119.2 
billion
was up 16.0% (8.0%^, 4.9%*), 
(FY2022: R102.7 billion)
79% of our employees are black (FY2022: 78%)
80% of our board members are black (FY2022: 80%)
50% black female representation on the board (FY2022: 50%)
Vodacom South Africa
Vodacom South Africa including subsidiaries 
75% of our employees are black (FY2022: 75%)
50% of our board members are black (FY2022: 42%)
25% black female representation on the board (FY2022: 17%)
Vodacom Group Limited Integrated report for the year ended 31 March 2023
08

Social and  
relationship capital
Intellectual capital
9.4 
million
Supported
185.8 
million
Served a combined
customers across the 
Group, including Safaricom  
(FY2022: 129.6 million)
70.6 
million
Served 
financial services customers 
through VodaPay and M-Pesa 
(FY2022: 60.6 million)
IoT connections  
(FY2022: 6.8 million)
Acquired 110MHz of spectrum in 
Tanzania and finalised the purchase 
of additional spectrum in 
Mozambique
Digitised our 
service channels 
with MyVodacom 
and TOBi
Number 1 
in four of our 
OpCos in terms 
of NPS
Manufactured capital
capital investment in network capacity 
and resilience (FY2022: R14.6 billion)
R16.5 billion
5G sites:
(FY2022: 434)
1 150
Vodacom Group sites added
4G sites:
(FY2022: 1 410)
2 352
3G sites:
(FY2022: 519)
1 136
2G sites:
(FY2022: 441)
1 037
Connected
rural sites, with 384 rural sites 
added in the year 
(FY2022: 6 612)
6 996
Vodacom Fibre passed 
homes and enterprises 
in South Africa 
(FY2022: 155 903)
165 000
Number of deep rural 
network sites in 
South Africa 
731
MC
SRC
IC
Total energy consumption remained flat
reduction in scope 1 
& scope 2 market-
based emissions
of network waste 
reused or recycled 
(FY2022: 96%)
16%
100%
reduction in greenhouse gas (GHG) 
emissions per terabyte of data 
(FY2022: 15% reduction)
39%
Natural capital
NC
Acquired a majority 
share in Vodafone Egypt 
Launched commercial operations in Ethiopia, 
through a Safaricom-led consortium
Contributed to transformation in 
South Africa 
Level 1 
Broad-based black economic 
empowerment (B-BBEE) 
contributor status 
(FY2022: Level 1)
R25.4  
billion
Enhanced public finances 
tax paid1 as our total economic 
contribution to public finance 
(FY2022: R22.1 billion)
R57  
billion
Spent
on suppliers with a Level 4 
B-BBEE rating and higher 
(FY2022: R41 billion)
29 million
Promoted digital inclusion  
with over 
users on our zero-rated 
ConnectU platform  
(FY2022: 22 million)
Launched the National 
Relay Service (NRS) to
drive digital inclusion for persons 
with disabilities
Supported data 
access and 
affordability 
through initiatives like Just4You, 
Just4YouTown and Vodacom  
NXT LVL
1.	 Total taxes borne, taxes collected on behalf 
of governments, and other payments 
to government
09
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Chairman’s statement
Strengthening our footprint 
The Group made significant progress in 
finalising the transformational transactions 
announced in FY2022. The Group concluded 
the acquisition of a 55% shareholding in 
Vodafone Egypt, and now we can proudly say 
our reach stretches from Cape to Cairo.
In South Africa, our proposed acquisition of 
a joint venture stake in MAZIV (Proprietary) 
Limited (MAZIV), that will house the material 
fibre assets of Vodacom South Africa and CIVH, 
received conditional approval from ICASA 
to proceed. In addition, the Safaricom-led 
consortium, in which we participate as 
a minority strategic investor, launched 
commercial operations in Ethiopia. 
These milestones highlight Vodacom’s ability 
to execute its strategic ambitions and build on 
its reputation of action and implementation.  
In the long-term, these transactions will  
enable Vodacom to deliver superior returns to 
shareholders and exceptional products and 
services to our customers across Africa.
Navigating a complex operating 
environment 
Globally, geopolitical tensions remain high, 
driving inflationary pressures and increasing 
foreign exchange volatility, which impacts the 
Group’s strategic decisions. At an operational 
level, developing network resilience in the face 
of unstable electricity supplies remains a key 
challenge in many OpCos. This is particularly 
true in South Africa, where loadshedding 
reduced average monthly grid availability. 
Despite these challenges, Vodacom 
South Africa maintained network availability 
above 95%, due to increased investment 
in building battery capacity and onsite 
power-generation capabilities. 
Vodacom, along with its consortium partners, 
successfully navigated supply chain challenges 
in Ethiopia to secure the launch of commercial 
services. This lays the foundation for building a 
world-class network that will unlock economic 
potential and increase opportunities for people 
across the country. In Tanzania, a reduction in 
the mobile money transaction levies, initially 
imposed in FY2022, was supportive of financial 
FY2023 will be remembered as the year Vodacom made significant progress in implementing our 
multiproduct strategy – the System of Advantage – particularly in strengthening our footprint and 
securing leadership in mobile and fixed. These milestones have positioned us for growth as we live our 
purpose of connecting for a better future. 
inclusion. In the DRC, management is 
progressing with negotiations related to 
ongoing tax disputes. 
The regulatory landscape in Africa continues 
to evolve. We stay abreast of these changes 
to ensure the Group remains compliant and 
positioned for success. Our ability to engage with 
governments and regulators on complex issues, 
such as spectrum and the launch of commercial 
services, illustrates our commitment to working 
with our stakeholders to create sustainable and 
inclusive value across the African continent. 
As new challenges arise, we acknowledge that 
a number of our headwinds have eased. 
Vodacom’s spectrum standing across our 
OpCos improved after years of internal work 
and engagement with governments and 
regulators to secure access to spectrum for 
broadband users. In addition to spectrum 
secured in South Africa at the end of FY2022, 
we acquired spectrum in Tanzania and 
Mozambique during the financial year, which 
will contribute to bridging the digital divide 
through our connectivity services. 
Creating value by focusing on 
customer needs
Vodacom’s success is built around its ability to 
address customer needs through its products 
and services. A customer focus is embedded in 
how we operate and is seen as a competitive 
imperative. As we increase our footprint and 
grow market share, we unlock new 
opportunities and synergies that can transform 
customers’ lives once implemented at scale 
across our markets. 
To tailor our response to customer needs at an 
individual level, we leveraged our intellectual 
capital and new technologies. The Board’s 
oversight of our transition from a TelCo to a 
TechCo increasingly enables Vodacom to meet 
individual customer needs. Examples of this are 
our success with our chatbot, TOBi, and our use 
of data to personalise our products and services 
offerings. Our super-apps, VodaPay and M-Pesa, 
continue to scale, supporting greater digital and 
financial inclusion and cementing our position 
as Africa’s largest FinTech platform by 
subscribers.
PG
Read more about our digital and financial services 
in our intellectual capital chapter on Page 72. 
Our relentless pursuit of purpose
Our relentless pursuit of connecting for a 
better future encapsulates where we intend to 
make a difference in our markets. In line with 
this and our focus on ESG, the Board oversees 
the Group’s efforts to continue developing 
future-ready products and services that 
connect Vodacom customers for a better 
future; the contributions made to sustainable 
socio-economic development across our 
markets; the enhancement of financial 
inclusion; and the promotion of equal 
digital access. 
Living our purpose includes focusing on the 
roles of technology and connectivity in 
promoting equality regardless of geography, 
race and gender and providing support in 
critical sectors such as education and food 
security to help build capacity and resilience. 
While we acknowledge a company cannot 
remedy all societal challenges on its own, the 
Board believes Vodacom’s strategy and core 
capabilities in technology and connectivity 
enables Vodacom’s purpose across the areas  
of digital society, inclusion for all and the 
planet – in a responsible and ethical manner. 
We were pleased to showcase this purpose-led 
strategy to the Vodafone Group Board during 
an in-country visit to South Africa in  
January 2023. 
ESG
For more information on our purpose pillars,  
refer to our ESG report.
Sustaining good governance
The Board is committed to ensuring a culture 
of ethics and good governance across the 
business. I believe the Board’s diversity of skills 
and experience provides valuable insights that 
informs business decisions. The Board is also 
confident that Vodacom’s management team, 
along with the leadership of our OpCos and 
subsidiaries, have the necessary skills and 
experience to drive the Group’s transformation 
from a traditional TelCo to a fully fledged 
TechCo.
During the year we bid farewell to Anne O’Leary 
who served as non-executive director (NED). 
Vodacom Group Limited Integrated report for the year ended 31 March 2023
10

“Vodacom’s success is 
built around its ability 
to address customer 
needs through its 
products and services.”
On behalf of the Board, I would like to thank 
Anne for her contributions to the Group. 
Following Anne’s resignation, Anna Dimitrova 
was appointed to the Board as an NED in 
September 2022. Anna brings a wealth of 
experience in finance, M&A, integration, 
corporate development, strategy formulation, 
operational excellence, IT, digital, marketing 
and consumer relations, and product 
development. We welcome her to the Board 
and look forward to her continued contributions.
In FY2023, the Board provided oversight of the 
execution of key strategic projects aimed at 
delivering the System of Advantage, monitored 
regulatory compliance and proactive 
stakeholder engagement across markets, 
supported Vodacom’s ongoing expansion into 
financial services and the enhancement of 
relevant controls and compliance, and 
continued to oversee the integration of ESG 
into business practices at a Group level. The 
Board further monitored the macroeconomic 
impact of the war in Ukraine on Vodacom’s 
markets.
www
For more information on the work of the 
Board and its committees, refer to our 
Governance report.
Implementing our simplified 
dividend policy to accelerate 
growth
Our Vodafone Egypt acquisition and the 
progress in the joint venture with CIVH provide  
a compelling opportunity to accelerate our 
System of Advantage and the Group’s growth 
profile. Given the progress made in FY2023, the 
Board considered it appropriate to implement 
the simplified dividend policy it proposed with 
the acquisitions in November 2021. The 
simplified policy of paying at least 75% of 
headline earnings combines a high pay-out with 
enhanced growth prospects. Notwithstanding 
the change in dividend policy, the Group will  
still have one of the highest dividend pay-out 
policies on the JSE. The policy continues to 
allow the Group to invest within its 13.0% to 
14.5% capital intensity target, delever the Group 
and accommodate Safaricom and Vodafone 
Egypt’s upstreaming and dividend pay-out 
profiles.
Appreciation
FY2023 has been another demanding year, 
and I would like to thank every stakeholder 
involved in Vodacom’s success. Each of you 
make a unique and valuable contribution to 
our business, and we are grateful for the role 
you play. I want to extend my sincere thanks  
to the Board for its continued support in seeing 
through our M&A transactions and its support 
and deliberation in crucial areas. Thank you  
to Vodacom’s executive team for its drive to 
execute our strategy as we continue to 
connect individuals and businesses across  
the continent for a better future. 
We were saddened by the untimely loss of 
David Brown, one of our independent NEDs,  
in June 2022. David was highly regarded and 
respected for his invaluable leadership, 
contributions and sound judgement in Board 
deliberations during his tenure. He will be 
sorely missed. 
After 14 years as the Group Company 
Secretary, Sandi Linford retired in July 2022. 
Sandi contributed immensely to Vodacom’s 
ethics and corporate governance standing, and 
we extend our gratitude to her. Karen Robinson 
was appointed as Sandi’s successor from 
1 August 2022, as planned.
Outlook
Reflecting on a turbulent yet rewarding year,  
we are reminded that we cannot control 
uncertainties in the external environment. 
However, we can put plans and contingencies in 
place to mitigate the impact of the external 
environment on our ability to create value and 
explore opportunities that arise. 
Looking ahead, we will continue our integration 
of Vodafone Egypt into our operations. This 
process kicked off in FY2023, and we are 
optimistic about the potential for synergies. We 
are excited about the role Vodafone Egypt will 
play in the Group’s earning profile, which was 
previously heavily weighted towards our South 
African operations, and by the potential that its 
financial services profile presents. We look 
forward to the continued operationalisation of 
network connectivity in Ethiopia and sharing in 
its success. However, we remain aware of the 
currency devaluation risks that Egypt and 
Ethiopia face and will continue to monitor 
developments in this regard. We will also closely 
monitor the regulatory approval process related 
to the South African fibre transaction.  
In the short- to medium-term, we will deepen, 
diversify and differentiate our offering across our 
existing markets. We remain committed to 
developing products and services that provide 
customers with connectivity and tools to 
innovate so that, in turn, their activity positively 
impacts economic activity. However, this 
contribution is impacted by the energy crisis,  
and we encourage a shared approach to find 
solutions to this crisis and the economic growth 
that it impacts. We believe Vodacom’s purpose-
led business model will continue to set us apart 
as we strive to become Africa’s leading TechCo.
Saki Macozoma
Chairman
12 June 2023
11
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Who 
governs us
The Board ensures that the Group’s governance structures 
support the delivery of our purpose. The outcomes of 
good corporate governance enable Vodacom’s strategy – 
the System of Advantage – to be achieved in a way that  
is ethical, responsible, fair and professional.
Board composition
Chairman
ARCC
A
Investment 
Committee
I
RemCo
R
NomCo
N
SEC
S
Executive directors
CEO
Appointed in September 2012 
 
• Extensive business leadership experience 
 
• Commercial strategist
 
• Strong telecommunications and 
technologies experience
 
• International operational experience
 
• Financial expertise
 
• Marketing, commercial and consumer 
expertise
Mohamed Shameel Aziz Joosub (52)
I
S
CFO
Appointed in November 2020
 
• Extensive financial, banking and 
insurance experience
 
• Executive leadership background
 
• M&A and corporate finance expertise
 
• Financial expertise
Raisibe Morathi (53)
I
Independent non-executive directors
Chairman
Appointed in July 2017 and as 
Chairman in July 2020  
 
• Extensive business leadership 
experience 
 
• Executive leadership background 
 
• Broad stakeholder and external 
affairs expertise
Sakumzi (Saki) Justice Macozoma (66)
S
N
Lead independent director
Appointed in July 2020 
 
• M&A and corporate finance 
expertise
 
• Financial expertise
 
• Business leadership experience
Khumo Lesego Shuenyane (52)
I
S
N
A
Appointed in April 2020
 
• Business leadership experience
 
• Financial expertise
 
• Corporate leadership experience
Clive Bradney Thomson (57)
I
A
Appointed in January 2019
 
• Technology and digital experience
 
• Corporate leadership experience
 
• M&A and corporate finance 
expertise
Phuthi Mahanyele-Dabengwa (52)
N
R
Appointed in April 2020
 
• Multi-sectoral financial services 
and business experience
 
• Financial expertise
 
• Strategic leadership expertise
Nomkhita Cylda Nqweni (48)
S
A
R
Non-executive directors
Appointed in July 2019
 
• Human resource leadership 
expertise
 
• Corporate leadership experience 
 
• Strategic leadership experience
Leanne Susan Wood (50)
S
R
N
Appointed in September 2012
 
• Broad financial governance 
background
 
• Extensive telecommunications 
sector knowledge
 
• Emerging market insight
John William Lorimer Otty (59)
I
Appointed in September 2022
 
• Telecommunications and 
technology experience
 
• Financial expertise
 
• M&A and corporate finance, 
marketing, commercial and 
consumer expertise
Anna Dimitrova (46)
Appointed in July 2018
 
• Extensive telecommunications and 
technology experience
 
• Executive leadership background
 
• Strategic leadership experience
Sunil Sood (62)
Appointed in April 2020
 
• Business leadership experience
 
• M&A and corporate finance 
expertise
 
• Corporate leadership experience
Pierre Klotz (47)
I
Alternate NED (to Leanne Wood)
Appointed in January 2019
 
• Human resource leadership 
expertise
 
• International operational 
experience
 
• Corporate leadership expertise
Francesco Bianco (51)
R
N
Vodacom Group Limited Integrated report for the year ended 31 March 2023
12

Skills and experience
Independent non-executive 
demographic
Black
80%
White
20%
Gender
Female
42%
Male
58%
94%
Board meeting 
attendance
12  
members
Unitary Board structure
Tenure
7
3
2
1 – 3 years
4 – 5 years
6 – 12 years
Age
45 – 49
50 – 59
60 – 65
3
7
2
Executive
Non-executive
Independent non-executive
2
5
5
Telecommunications  
and mobile telephony
CEO leadership
Financial 
General management
Marketing/commercial/
consumer 
M&A corporate finance
Banking and insurance/
financial services
Technology
Risk management
Digital and IT
External affairs and legal
Africa responsibility
International –  
Europe/Asia/USA
50%
50%
67%
100%
33%
75%
50%
42%
67%
42%
42%
50%
67%
13
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Board governance 
at a glance
How good corporate governance supports the delivery of our purpose
Vodacom’s purpose is to connect for a better future. The Group’s strategy and sound corporate 
governance practices are designed to support the delivery of this purpose by ensuring all 
business functions are executed ethically and with integrity and professionalism. 
As a business, we strive to be a trusted brand and partner in the markets where we operate. 
We entrench good corporate governance principles and ethics into our corporate culture, the 
Spirit of Vodacom, enabling our employees to execute our strategy ethically, responsibly, fairly 
and professionally.
How good corporate governance supports the System of Advantage
Our multiproduct strategy – the System of Advantage – is geared to meeting our customers 
on their journey and growing with them. To achieve this, the Board leads the business ethically, 
transparently and with integrity. To create and sustain value for our stakeholders, we commit 
ourselves to good corporate governance, employ suitably qualified, experienced and diversified 
leaders, manage the business ethically and transparently, and strive to maintain our reputation 
as a responsible corporate citizen.
www
For more details refer to our Governance 
report on our website.
*	 Formed on 12 May 2023.
Name of director
Board 
(Quarterly 
meetings)
Board (Tele- 
conference)
ARCC
RemCo
NomCo
SEC
Total
Number of meetings1
4
4
6
5
4
5
SJ Macozoma 
(Chairman)
4/4
4/4
–
–
4/4
5/5
17/17
MSA Joosub (CEO)
4/4
4/4
–
–
–
5/5
13/13
F Bianco
4/4
4/4
–
3/5
4/4
–
15/17
DH Brown (lead 
independent director)2
1/1
–
2/2
1/1
–
–
4/4
A Dimitrova6
3/3
2/2
–
–
–
–
5/5
P Klotz
4/4
4/4
–
–
–
–
8/8
P Mahanyele-
Dabengwa
4/4
4/4
–
5/5
4/4
–
17/17
RK Morathi
4/4
4/4
–
–
–
–
8/8
NC Nqweni
3/4
3/47
6/6
–
–
5/5
17/19
A O’Leary5
1/1
2/2
–
–
–
–
3/3
JWL Otty
4/4
4/4
–
–
–
–
8/8
KL Shuenyane (lead 
independent director)3
4/4
3/4
6/6
–
3/3
5/5
21/22
S Sood
4/4
3/4
–
–
–
–
7/8
CB Thomson4
4/4
4/4
6/6
4/4
–
–
18/18
LS Wood7
3/4
3/48
–
5/5
3/4
3/5
17/22
Totals
Number
51/53
48/52
20/20
18/20
18/19
23/25 178/189
Percentage
96.23%
92.31%
100.00% 90.00%
94.74% 92.00%
94.18%
 Board committee attendance
1.	 The Board holds a minimum of four meetings, three teleconferences and a strategy session every year. Special 
Board meetings are convened when necessary. One Special Board meeting was convened during the year.
2.	 David Brown passed away on 19 June 2022.
3.	 Khumo Shuenyane was appointed as lead independent director on 20 June 2022 and appointed to the 
Nomination Committee on 13 May 2022.
4.	 Clive Thomson was appointed to the Remuneration Committee on 20 June 2022.
5.	 Anne O’Leary resigned with effect from 16 September 2022.
6.	 Anna Dimitrova was appointed with effect from 17 September 2022.
7.	 In instances where Ms Wood tendered her apologies, Mr Bianco was in attendance.
8.	 Special Board meeting was called on short notice.
Board
Board committees
ARCC
NomCo
RemCo
SEC
Investment*
CEO
ExCo
International Business 
Vodacom South Africa
Safaricom
Vodacom Financial Services  
and Digital Lifestyle
Finance
Vodafone Egypt
Technology
Legal and Compliance
Human Resources
M&A and Business 
Development
External Affairs
ExCo
Assurance
Risk Management
Internal Control
Internal Audit
Compliance
Ethics Programme
Technology Governance
Vodacom Group Limited Integrated report for the year ended 31 March 2023
14

Affected  
stakeholders
Capitals  
impacted
Strategic  
pillars
Material  
matters
Execution of key strategy projects aimed at delivering the System of Advantage
The Board monitored the delivery of key strategic activities, 
including concluding the acquisition of the 55% stake in Vodafone 
Egypt, the progress in finalising the acquisition of the up to 40% 
joint control of the assets in MAZIV, expanding spectrum in South 
Africa, and growing the financial services business. 
SRC
FC
IC
1
2
3
4
5
6
7
8
9
10
MM 3
MM 4
MM 7
MM 8
Macroeconomic impact of the war in Ukraine on markets 
The Board considered the impact on currency, supply chain 
management and working capital management.
FC
2
3
4
8
MM 1
MM 3
MM 6
Regulatory compliance across markets and proactive stakeholder engagement 
The Board and management worked with government and 
regulatory bodies across the relevant markets to support policy 
development and find solutions to common challenges.
SRC
FC
IC
1
3
4
6
8
MM 3
MM 5
MM 6
MM 7
Integration of ESG into business practices on a Group-wide basis 
The Board increased its focus on how ESG is integrated across  
the business, recognising that Vodacom’s strategy and core 
capabilities in technology and connectivity enable the delivery 
of its purpose across our pillars of digital society, inclusion for all 
and the planet.
FC
MC
HC
IC
SRC
NC
1
2
3
4
5
6
7
8
9
10
MM 2
MM 3
MM 5
Expansion into financial services and enhancement of relevant controls and compliance
The Board monitored regulatory compliance and the 
enhancement of Vodacom’s control environment, which, inter alia, 
supports its expansion into financial services.
SRC
FC
IC
1
3
4
6
8
MM 3
MM 5
MM 6
MM 7
Key Board focus areas  
during FY2023
During the period under review, the Board 
focused on the following key areas that 
underpin the execution of Vodacom’s purpose:
15
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Who leads us
ExCo
CEO
Appointed in September 2012
Mohamed Shameel Aziz Joosub (52)
Chief Officer:  
Legal and Compliance
Appointed in December 2010
Nkateko Nyoka (60) 
CFO
Appointed in November 2020
Raisibe Morathi (53)
CEO, Safaricom
Appointed in August 2020
 Peter Ndegwa (55)
Chief Officer: 
Human Resources
Appointed in May 2014
Matimba Mbungela (51)
CEO, Vodacom South Africa
Appointed in July 2022
Sitholizwe (Sitho) Mdlalose (43)
Chief Technology Officer
Appointed in May 2020
Dejan Kastelic (46)
CEO, Vodafone Egypt
Appointed in December 2022
Mohamed Abdallah (47)
Chief Officer:  
External Affairs
Appointed  in November 2021
Stephen (Steve) Chege (49) 
Chief Officer:  
Vodacom Financial and 
Digital Lifestyle Services
Appointed in June 2019
Mariam Cassim (41) 
Chief Officer:  
International Business
Appointed in August 2017
Diego Gutierrez (47) 
Chief Officer:  
M&A and Business 
Development
Appointed in October 2022
Sean Bennett (54)
Vodacom Group Limited Integrated report for the year ended 31 March 2023
16

Gender
Ethnic diversity
Age
Black
67%
White
25%
40 – 49
6
50 – 59
5
60+
1
Female
17%
Male
83%
Tenure
Nationality
5 
South 
African
7
0 – 3 years
2
10+ years
3
4 – 10 years
7 
Non-South 
African
Arabic
8%
17
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

CEO’s statement
Despite ongoing macrochallenges, FY2023 was characterised by the successful execution of our strategy 
– the System of Advantage – which continues to create sustainable value for our stakeholders. The 
tangible progress we made this year is a source of immense pride and the culmination of many years of 
planning and preparation as we continue to work to connect people for a better future.
Our purpose – why we exist
The persistently volatile and complex 
macroeconomic conditions we find ourselves 
in, characterised by geopolitical uncertainty, 
foreign exchange volatility, a global energy 
crisis and continued supply chain disruptions, 
have led to low levels of growth and a 
cost-of-living crisis in all the countries where 
we operate. These factors are further 
compounded in South Africa as the energy 
crisis is exacerbated by unprecedented levels 
of loadshedding.
While these challenges have impacted our 
performance, they have also brought the 
importance of our purpose into focus. In this 
context, our role in supporting and enabling 
economic growth by connecting customers for 
a better future has never been more important. 
Guided by our Social Contract, we aim to build 
relationships of trust with a purpose-led 
business model that is centred around creating 
a digital society, ensuring inclusion for all and 
operating with the planet in mind.
With our population reach exceeding 500 million 
people, our core connectivity business provides 
us with the foundation to deliver on our purpose. 
Over a five-year period Vodacom is investing to 
increase 4G population coverage by an 
additional 70 million people across our footprint, 
a commitment we made as part of the 
International Telecommunication Union’s 
Partner2Connect programme. This rollout will  
be supported by innovative new rural funding 
partnerships (RuralCo), while we also drive 
smartphone penetration to promote digital 
inclusion. In parallel to expanding our 
connectivity reach, we are also focused on 
financial inclusion. We already process 
US$1 billion a day of transaction value across 
our M-Pesa ecosystem, including Safaricom, with 
our super-app approach removing the barrier of 
physical limitations for both consumers and 
merchants, helping them expand well beyond 
their geographic boundaries.
Our strength in connectivity supports 
investment in new growth platforms, which 
diversifies our revenues and drives societal 
benefit. We actively contribute to creating a 
digital society by developing “tech for good” 
solutions across critical verticals, including 
education, healthcare and agriculture. Our 
education solutions include e-schools in  
South Africa, VodaEduc in the DRC, e-Fahamu 
in Tanzania, Faz Crescer in Mozambique and 
Ta3limy in Egypt. We have reached over  
2.5 million learners through these and other 
education platforms. In South Africa, our 
e-schools initiative is complemented by our 
support of 15 early childhood development 
centres, 92 teaching training centres, nine 
youth academies and 13 schools of excellence.
From a healthcare perspective, technology has 
the potential to make the delivery of services 
more efficient for providers and more inclusive 
for patients. This is clearly demonstrated by our 
platforms for good, which improve productivity 
and extend access to quality healthcare. From 
digitising government services in Egypt, to 
stock visibility services in South Africa, I am 
especially proud of our m-mama service. 
M-mama leverages the power of connectivity 
and technology to intervene in more than  
19 000 maternal and neonatal emergencies, 
saving an estimated 686 lives. From its roots in 
Tanzania, we are expanding m-mama with the 
support of Vodafone Group and the United 
States Agency for International Development 
to reach more African markets, even those not  
in our footprint.
The potential and power of digitalisation 
extends into all facets of our society. One of 
our most impactful initiatives to date supports 
the agricultural sector. Developed through 
Mezzanine, our subsidiary, has reached almost 
5 million through eVuna, MYFARMWEB and 
e-Vouchering solutions. In Tanzania, the 
M-Kulima agricultural platform, which is 
integrated with M-Pesa, has over 3.2 million 
registered farmers.
We believe supporting data affordability 
is a crucial component of ensuring digital 
inclusion. Primarily, we do this by providing 
customers with personalised offers that drive 
affordability tailored to their needs. South Africa 
sets the benchmark for our markets, with 
personalised bundles comprising more than 
60% of the total bundles sold in FY2023. Other 
initiatives, such as Just4YouTown and Vodacom 
NXT LVL, support affordability in targeted 
geographies and among the youth. In addition 
to increasing data affordability, ConnectU 
continues to provide zero-rated access to basic 
internet and essential services with more than 
29 million users.
Our support for inclusion goes beyond digital 
inclusion, as we expand initiatives that 
promote inclusion in other key areas. Our Code 
Like a Girl programme, for example, has trained 
more than 4 000 girls across our markets in 
coding to support the inclusion of women in 
technology, and the launch of our National 
Relay Service drives digital inclusion for 
persons with disabilities.
We are keenly aware that our ability to connect 
for a better future relies on the planet. As calls 
for a global response to the climate crisis 
intensify, we recognise the role we can play 
in managing our carbon emissions and how 
our platform and IoT solutions could reduce 
emissions beyond our operations. In South 
Africa, we fitted our Midrand campus with solar 
panels to reduce emissions, generating more 
than 10.8 GWh of clean energy. Further, we 
remain confident that the “virtual wheeling” 
pilot project that we are pioneering with 
Eskom, South Africa’s power utility company, 
will be signed off in the near-term and that this 
will have a significantly positive impact on the 
country’s power grid. These are important 
steps in our goal of reducing our emissions, 
and we continue to engage with private sector 
partners and governments in key OpCos 
to find solutions to reduce the impact 
of the grid power we rely on. 
Vodacom Group Limited Integrated report for the year ended 31 March 2023
18

“At the core of our 
strategy is our vision of 
becoming a leading 
African TechCo.”
Shameel Joosub
System of Advantage
Our powerful, multiproduct strategy – 
the System of Advantage – is our key 
differentiator and outlines how we create 
sustainable value. Our approach is outlined by 
three strategic ambitions, which are supported 
by 10 strategic pillars.
At the core of our strategy is our vision of 
becoming a leading African TechCo. This vision 
requires us to transition from a traditional 
TelCo to a fully fledged TechCo with diversified 
service revenue streams. Our new service 
revenue streams include financial services, 
digital services, IoT and fixed connectivity 
services. Throughout the year, we have seen 
the benefits of our expansion into these 
services as we grew and diversified our 
customer base and service revenue.
Ambition 1: Africa’s leading 
communications company
A key strategic milestone for the Group 
in FY2023 was finalising the acquisition of a 
55% shareholding in Vodafone Egypt. Despite 
concerns surrounding the impact of currency 
devaluation on this investment, we believe the 
transaction will enhance the Group’s growth 
and return profile in the long-term. This view is 
supported by strong leadership and capabilities 
within Vodafone Egypt and growth opportunities 
in its financial services, enterprise and fibre 
offerings. Vodafone Egypt has a clear network 
and spectrum advantage, which stands us 
in good stead from a mobile connectivity 
perspective. We are excited by the opportunities 
for further synergies that our strengthened 
footprint from Cape to Cairo presents.
Our participation as a minority investor in a 
Safaricom-led consortium has made us part  
of the ongoing rollout of Safaricom Ethiopia’s 
mobile telecommunications network. 
Safaricom Ethiopia’s network reached over  
2 million customers in 22 cities in FY2023. 
While currency devaluations may also impact 
the performance of this investment in the 
near-term, we believe the long-term prospects 
remain promising as the business is set to 
expand significantly in the next ten years.
Our market leadership in mobile across our 
OpCos has positioned us as the partner of choice 
for consumer and enterprise customers. As data 
adoption and volumes continue to grow within 
both customer segments, we must expand our 
mobile connectivity coverage and our fixed 
offering to provide network connectivity at the 
required scale. Expanding our network and 
maintaining connectivity is our priority across 
our OpCos. As a result, we invested over  
R16.5 billion in maintaining and increasing our 
network capacity and resilience in FY2023.
Our network expansion is supported by our 
spectrum acquisition in South Africa at the end 
of FY2022 and our spectrum transactions in 
Tanzania and Mozambique in FY2023. These 
transactions have positioned us for long-term 
growth as spectrum enables our network 
expansion, especially in our ability to roll out 
next-generation mobile infrastructure such as 
5G. In South Africa, we have already started 
using our spectrum investment to broaden 
coverage, increase speeds, enhance network 
quality and reduce the cost of communicating. 
We look forward to doing the same in Tanzania 
and Mozambique.
Ambition 2: Diversify and 
differentiate with our digital 
ecosystem
Our diverse and innovative products and 
solutions drive financial and digital inclusion 
through our digital ecosystem. Our digital 
ecosystem, in turn, is powered by Big Data, 
which accelerates our capabilities across CVM, 
loyalty and financial services.
We use our data capabilities to develop 
advanced digital and data-driven solutions that 
allow us to compete based on the value we 
offer customers and not only on price. Our 
360-degree customer view consists of more 
than 10 000 attributes powered by Big Data 
that enable us to tailor our digital and financial 
services offerings. While we have made 
significant progress in enhancing our customer 
experiences, as illustrated by our number one 
ranking in network NPS across all our markets, 
we acknowledge that we can do more. 
Consequently, we are improving the customer 
experience journey by simplifying our product 
offerings and policies.
19
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Our two super-apps, VodaPay and M-Pesa, are 
set to scale our financial services offerings in 
South Africa and our International markets, 
respectively. Our dual-sided ecosystem 
empowers our customers and merchants 
with comprehensive financial services, 
entertainment and e-Commerce capabilities 
that we believe will position us as Africa’s 
FinTech leader. Leveraging the knowledge and 
capabilities of Vodacom Financial Services and 
M-Pesa Africa, we build once and replicate 
across the portfolio to increase efficiencies 
and lower costs for our 70.6 million financial 
service customers1. The rapid expansion of 
our merchant proposition is testament to 
the scalability of our dual-sided approach, with 
merchants across our international markets 
up threefold in FY2023.
From an enterprise perspective, we support 
large enterprises, SMEs, governments and 
universities through mobile and fixed 
connectivity and our complementary digital 
and financial services. Public and private 
enterprises play an essential role in supporting 
economic growth, and we remain committed 
to providing them with innovative solutions 
enabled by technology and Big Data analytics 
to drive growth. Our digital services include IoT, 
cloud and hosting and managed security 
solutions. In IoT, we continued to pioneer 
enterprise-level applications and advanced 
solutions through 9.4 million IoT connections. 
In addition, enterprises using our cloud, 
hosting and domain, managed software and 
security services increased 18.8%, illustrating 
the growth potential of our digital services.
A key measure of our success in diversifying 
growth will be the contribution of new services, 
which include financial and digital services, IoT 
and fixed. In the medium-term, we aim to 
generate between 25% and 30% of the Group’s 
service revenue from new services, which 
reached 19.0% in FY2023 up from 17.9% in 
FY2022. Our financial services business is 
expected to remain the most significant 
component of this measure, already 
contributing 10.5% to service revenue.
Ambition 3: Optimised, future-ready 
TechCo
Our employees live our purpose through the 
Spirit of Vodacom. This year, we embarked 
on several initiatives to foster the Spirit of 
Vodacom – ensuring our employees remain 
engaged, boosting morale and cultivating a 
progressive and effective organisational 
culture. Our Spirit Beat survey measures how 
well the Spirit of Vodacom resonates with our 
employees, while also identifying areas for 
improvement. In FY2023, 90% of participating 
employees indicated that they identify with 
the Spirit of Vodacom. This four-percentage-
point improvement, compared to FY2022, 
shows that our employees increasingly 
resonate with the Spirit of Vodacom.
Digital skills scarcity remains a challenge 
across our OpCos. To address this, we invested 
R553 million in skills development and training 
to continue to develop our employees and 
ensure we have the appropriate digital skills 
and capabilities as we transition from a 
TelCo to a TechCo. We believe training and 
development allow employees to grow in their 
targeted role and support our organisational 
ambitions. Further, we expect Vodafone Egypt’s 
highly skilled and largely insourced talent will 
enhance the Group’s digital capabilities.
Our #1MoreSkill programme, for example, aims 
to increase certification and reskill employees 
across prioritised areas in line with the needs 
of a TechCo. Our effort to support our 
employees was again recognised through 
our certification as Africa’s Top Employer 
by the Top Employer Institute.
We explore infrastructure sharing and platform 
scaling opportunities across our operating 
markets to maximise the Group’s existing 
capital and operational efficiencies. In line with 
this, our proposed strategic investment with 
CIVH to acquire an up to 40% joint control of 
assets in MAZIV intends to scale our fibre 
offerings in South Africa to help bridge the 
digital divide. In October 2022, the joint 
venture received ICASA approval and now 
awaits confirmation from the Competition 
Commission. Whether it be fibre or rural 
connectivity, we are constantly looking for 
like-minded partners to drive digital and 
financial inclusion across our markets. In 
FY2023, we also made progress in separating 
our tower portfolio in South Africa into a 
dedicated TowerCo business, a move that will 
help us unlock new efficiencies.
We believe our success should not come at a 
cost to society or the environment. As a result, 
our commitment to operating responsibly and 
preserving our natural resource base remains 
steadfast, and we have the right resources to 
drive our ESG ambitions across the Group. In 
FY2023, we continued to use more carbon-
friendly energy sources where possible and 
invest in climate-smart networks and solutions 
to reduce our climate impact through increased 
efficiencies. This has resulted in an 39% 
reduction in GHG emissions per terabyte of data.
Our efforts to report transparently on our ESG 
ambitions and performance were once again 
recognised by leading ESG rating agencies. In 
FY2023, Vodacom remained an industry leader 
with Sustainalytics, while also retaining our 
ESG leader AAA rating from MSCI.
My appreciation and outlook
On the back of a year filled with strategic 
milestones, I would like to sincerely thank 
Vodacom’s leadership and employees, who 
have remained committed to our strategy and 
enabled its execution. I am also thankful for 
the support of our business partners, 
shareholders and other stakeholders. The 
internal and external commitment to deliver 
on our purpose continues to motivate us in the 
face of our evolving operating context.
In the coming financial year we will continue 
to execute our System of Advantage, as we 
evolve from a TelCo to a TechCo. Aligned with 
our first ambition, leadership in fixed and 
mobile, we intend to complete the MAZIV 
transaction, while also accelerating handset 
financing and fixed-wireless access (FWA) 
opportunities. To further diversify and scale our 
digital ecosystem, our second ambition, we will 
scale our tech for good solutions and 
super-apps across our markets and anticipate a 
successful launch of M-Pesa in Ethiopia. To 
deliver on our third ambition, an optimised and 
future-ready TechCo, we will partner to power 
our growth and drive infrastructure sharing to 
increase rural and fibre connectivity.
Looking into the longer term, and well beyond 
our current Vision 2025 targets we will 
relentlessly pursue our purpose of connecting 
people for a better future. I believe the 
continued execution of our strategy has the 
potential to create immense economic value 
in the markets where we operate, helping 
address inequality. By providing access to a 
smartphone, financial services, healthcare and 
education to every person across our markets 
we will fulfil our purpose.
Shameel Aziz Joosub
CEO
12 June 2023
CEO’s statement continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
20

Connecting for 
a better future 
Red loves 
green
Building a digitally 
inclusive society  
in Lesotho
Showcasing how we connect 
customers for a better future
Our strategy helps to deliver across our three purpose pillars; digital society, 
inclusion for all, and planet. While we cannot remedy all societal challenges on 
our own, we believe that by responsibly executing our strategy, which focuses 
on our core capabilities and the role of technology and connectivity in 
promoting equality, we can contribute to creating sustainable and inclusive 
value across our African footprint.
The United Nations Sustainable 
Development Goals (UN SDGs) 
represent a better and more 
sustainable future for all. Our 
strategy, which is driven by our 
purpose, supports and 
ultimately contributes towards 
the achievement of the SDGs. 
We believe digital technology is 
an essential component in 
progressing towards delivering 
the SDGs and we are committed 
to increasing the speed and 
scale of delivery across several 
SDGs through leveraging our 
technology and services and 
partnering with others. 
Our purpose 
enables 
inclusive and 
sustainable 
digital societies 
We positively impact the SDGs 
through our purpose and our 
commitment to operating 
responsibly.
ESG
Refer to our ESG report for 
more information on our 
contribution to the UN SDGs.
Rural 
coverage in 
the DRC
Just4You 
affordable 
bundles
Supporting 
customers with 
special needs
M-Pesa Lipa 
kwa Simu  
(pay by phone) 
digitising 
payments 
Solar 
powered 
rural 
coverage
Digital 
partner of 
choice to 
business
Principal 
Partner for 
COP27
Digitalising 
healthcare  
with 
m-mama
Supporting 
the WWF
Inclusion for all 
Digital society 
Planet
21
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Our approach to ESG
Vodacom exists to connect for a 
better future. We recognise that to 
deliver on this purpose, ESG must 
be integrated into what we do. ESG 
is not a distinct strategy or set of 
activities separate from our daily 
management of the business; it is 
embedded into Vodacom’s purpose-
led strategy, business model 
and activities through priority 
ESG initiatives.
Our strategy is underpinned by our purpose pillars, 
our Social Contract and our responsible business 
practices – all of which form our ESG framework. 
This enables us to manage ESG risks and deliver 
positive impact through ESG-related opportunities.
Our ESG approach reflects our operating context 
and considers ESG-related regulations, stakeholder 
expectations and developments in reporting 
standards. 
We have defined targeted ESG goals linked to 
local and global ambitions, such as local 
government development plans and United 
Nations Sustainable Development Goals (UN 
SDGs).  Through our progress on these goals, we 
demonstrate tangible value to stakeholders and 
fulfil evolving ESG regulations and standards in the 
business environment. This deep integration 
ensures our relevance and impact, cultivates 
trust with stakeholders and helps us deliver on 
our purpose.
Purpose pillars
Digital society 
Connecting people and things, and digitalising critical sectors
Digitalising 
business 
Providing products and services to support enterprises, 
particularly small and medium-sized enterprises (SMEs)
Digitalising 
critical sectors
Supporting the digitalisation of education, healthcare 
and agriculture with specific products and services
Digitalising 
government
Using our technology to amplify productivity 
and efficiencies, and enable better connectivity 
with citizens
Access for all
Finding new ways to extend our network and make 
connectivity more accessible to everyone
Propositions 
for equality
Providing relevant products and services to address 
societal challenges such as gender equality and 
financial inclusion
Workplace 
equality
Developing a diverse and inclusive workforce that 
reflects the customers and societies we serve
Inclusion for all 
Ensuring everyone has access to the benefits of a digital society
Responding to 
climate change 
Working to reduce our environmental impact and 
transition to a low-carbon future
Decreasing 
scope 1 and 2 
emissions
Pursuing energy efficiencies and sourcing renewable 
energy to reduce our carbon emissions
Managing 
scope 3 
emissions
Influencing our supply chain to reduce indirect 
emissions
Driving 
circularity
Driving action to reduce waste and progressing 
against our target to reduce consumption and reuse, 
resell and recycle 
Supporting 
biodiversity
Understanding and managing our biodiversity impact
Planet 
Reducing our environmental impact and helping society decarbonise
Vodacom Group Limited Integrated report for the year ended 31 March 2023
22

Connecting for a better future
To achieve our purpose, we aim to 
strengthen our reputation by safeguarding 
the trust of our stakeholders and ensuring 
that digital connectivity delivers on its full 
potential for responsible leadership and 
innovation. Our Social Contract is a pact to 
activate and accelerate our purpose 
initiatives to help strengthen trust across all 
stakeholder groups and maintain positive 
relationships. Our Social Contract is built on 
three core principles.
Our ESG activities are communicated through comprehensive disclosures. By effectively 
communicating how we manage ESG risks and opportunities, our stakeholders can make 
informed decisions on our ESG values and performance. We measure our ESG progress 
using mechanisms such as ESG ratings, reputation tracking and stakeholder feedback.
Transparency and measurement
Responsible business practices
Social Contract
Business integrity 
Ensuring that our business operates ethically, lawfully and with integrity wherever 
we operate
Tax and economic contribution
Contributing to the economies of the countries in which we operate as a major 
investor, taxpayer and employer
Anti-bribery and corruption
Holding a zero-tolerance policy on bribery, corruption and fraud
Protecting data 
Customers trust us with 
their data and maintaining 
this trust is critical
Data privacy
Respecting our 
customers’ privacy 
preferences and helping 
improve society by using 
data responsibly
Cyber security
Prioritising cyber and 
information security 
across everything we do
Protecting people 
Health and safety
Creating a safe working environment for 
everyone working for and on behalf of Vodacom
Masts, mobile phones and health
Operating our networks within national 
regulations
Human rights
Contributing to the protection and promotion 
of human rights and freedoms
Responsible supply chain
Managing relationships with our direct suppliers 
and evaluating their commitments to diversity, 
inclusion and the environment
Trust
Building trust with our customers 
through simplified and transparent 
pricing, customer-orientated 
solutions and reducing our 
environmental impact
Benchmarking our performance
We monitor the rapidly evolving developments in ESG and track our ESG progress through multiple mechanisms including direct 
stakeholder feedback, surveys, benchmarking to best practice and monitoring the outcomes of select local and global ESG ratings. 
Maintained
Constituent of the
Constituent of
ESG Risk rating  
12.2 low risk
Achieved
ESG score 71
Score of B 
Fairness
Ensuring fairness and promoting 
digital inclusivity through enhanced 
access to digital products, services 
and infrastructure
Leadership
Demonstrating responsible leadership 
through innovation in IoT and mobile 
financial services, leadership in 
convergence and solutions that 
benefit society
23
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Digital society
Connecting people and things to the internet
Inclusion for all
A digital future that is accessible to all
Planet
Reducing our 
environmental impact
Our approach to  
value creation
We are uniquely positioned to reach and empower millions of African consumers with our connectivity, and digital 
and financial solutions to connect for a better future. Our footprint across Africa provides us with the opportunity to 
play a significant role in the continent’s socio-economic development, particularly regarding inequality, 
unemployment and poverty.
The success of our  
business depends on our 
ability to respond and adapt 
to our operating context.
For more information refer to:
Our purpose pillars
Informs
Influences
Our context 
Our capital performance
Our System of Advantage
Our material matters 
encapsulate the factors that 
have the potential to affect 
the value we create over time.
Our execution of the System of 
Advantage draws from all six capitals. 
Our performance against the six capitals forms the basis 
of our performance review. 
Our capital 
performance
Our capitals are the resource 
and relationships we rely on.
Affects
Influences
Impacts
Draws from
Governance oversight and responsible business practices
Good governance, acting ethically, lawfully and with integrity, forms a critical part of sustainable value creation and our long-term success.
1
Africa’s leading 
communications company
2
Diversify and differentiate  
with our digital ecosystem
3
Optimised, future-ready 
TechCo
Why we exist
Connecting for a 
better future.
Our purpose
PG
Enables
Drives
Strategic 
ambition
10
For more information, refer to  
Our governance.
ESG
For more information on our responsible business 
practices, refer to page 23 and our ESG report.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
24
An outline of our strategic 
ambitions and the strategic 
pillars that support them 
Page 25 – 29.
36
Our principal risks and 
associated opportunities
42
“Hot topics” impacting 
our operating context
50
Our trade-offs
84
Our key relationships
48
For more information on our capital inputs and 
outputs, refer to our business model.
52
Refer to Our capital’s performance, 
for more information.
06
Our material matters

Our System of Advantage – strategic ambitions
Africa’s leading communications company 
Our legacy of leadership in mobile has positioned us well to further scale and diversify our market offerings into fixed, financial  
and digital lifestyle propositions through our System of Advantage. As we transition from a traditional TelCo into a leading African 
TechCo, we focus on building the best infrastructure for both mobile and fixed networks, ensuring affordable smartphone 
penetration and access to data, and leveraging behavioural insights to provide excellent consumer and enterprise propositions. 
Ultimately, this will support our ambition to reduce the digital divide in the countries where we operate.
1
Our powerful, multiproduct strategy – the System of Advantage – differentiates our Group in our 
selected markets and delivers superior returns to our stakeholders. 
1   Footprint strengthened
Supporting our purpose 
Supporting our purpose 
Our recent expansion into Ethiopia and Egypt has extended our 
market leadership position to cover more than 500 million 
people across the African continent. Our enhanced footprint 
provides us with a unique platform to scale our strategy while 
we also selectively partner with global tech to connect people 
for a better future.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 1
MM 3
MM 5
MM 6
MM 7
MM 8
FC  HC  SRC  MC  
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Integration of Vodafone Egypt.
 
z Extensive site expansion in Ethiopia.
 
z Launch mobile money in Ethiopia.
Medium-term priorities
Medium-term priorities
Ambitions for Ethiopia:
Ambitions for Ethiopia:
 
z US$1.5 billion to US$2.0 billion investment in capex over 
the next five years.
 
z Network rollout of 10 000 to 12 000 sites in the next  
10 years.
 
z Safaricom Ethiopia to reach EBITDA break-even in 
four years.
 
z EBITDA margin of 40% in 10 years.
Enablers
Enablers
 
z Aggressive network expansion.
 
z SIM card penetration.
 
z Mobile Money product launch.
Ambition
Our strategic ambitions
2   Secure leadership in mobile and fixed
Supporting our purpose 
Supporting our purpose 
As we invest to deepen the quality and penetration of mobile 
and fixed connectivity services across our footprint, we unlock 
the potential of a digital society and inclusion for all. This 
investment is complemented by data-led personalised pricing 
options and innovative smartphone financing solutions that 
support affordability. In this way, and by accelerating fibre reach 
in South Africa with our pending joint venture in MAZIV, we will 
foster economic development and help bridge South Africa’s 
digital divide.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 1
MM 2
MM 3
MM 5
MM 6
MM 7
MM 8
FC  IC  SRC  
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Secure 4G rural coverage financing partnerships, 
leveraging our existing relationships with global tech and 
developmental finance institutions.
 
z Accelerate our “future of home” initiative through fibre 
Independent Service Provider (ISP) propositions and 
beyond connectivity offerings such as security, consumer 
IoT and home support.
 
z Accelerate data network leadership in all markets, 
including 4G coverage, affordability and device 
penetration.
 
z Explore funding options for fibre across our International 
markets.
 
z Enhance our home and business fibre reach through our 
proposed joint venture in MAZIV. 
Medium-term priorities
Medium-term priorities
 
z Mid-single-digit Group service revenue.
 
z Democratise data and design compelling customer 
propositions.
 
z Make significant progress on our International 
Telecommunication Union Partner2Connect pledge to 
increase 4G population coverage by 70 million people  
by 2027.
25
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Diversify and differentiate with our digital ecosystem 
We strive to create diverse and innovative products and solutions that drive financial and 
digital inclusion. Key to this ambition is our digital ecosystem, which is powered by Big 
Data and builds on our connectivity leadership to diversify and differentiate our offerings. 
In doing so, we create a deeper customer engagement with a 360-degree view where we 
compete on value rather than price.
Our strategic ambitions continued
3   Scale financial and digital services
Supporting our purpose 
Supporting our purpose 
We develop and scale affordable and accessible digital financial 
solutions to promote inclusion and provide platforms for 
consumers and merchants to grow. Our super-apps, VodaPay and 
M-Pesa support this ambition in South Africa and our International 
markets respectively. These platforms enhance and improve the 
lifestyles of our customers, through innovative and cost-effective 
personal finance and business solutions in payments, savings, 
e-Commerce, investments, lending and insurance. 
We also leverage our technology capabilities to monetise data in 
both consumer and enterprise markets by growing our digital 
music, video, gaming and entertainment services platforms. We 
continue to encourage digital literacy and the development of 
digital communities with our various educational and informative 
platform offerings.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 1
MM 2
MM 3
MM 5
MM 6
MM 7
MM 8
FC  IC  MC
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Scale affordable financial services across lending, insurance, 
payments, savings and insurance offerings.
 
z Provide consumers and merchants with exceptional and 
personalised experiences driven by Big Data insights.
 
z Scale VodaPay and M-Pesa super-apps across our footprint. 
Medium-term priorities
Medium-term priorities
Combine the power of connectivity with financial and digital 
Combine the power of connectivity with financial and digital 
services to:
services to:
 
z >77 million Group customers using financial and services.
 
z >12% Financial services contribution to service revenue.
 
z Expand our e-Commerce capabilities to drive inclusion, 
promote SME growth and better serve our customers 
through digital channels.
 
z Partner with local and global service developers and brands 
to deliver a compelling ecosystem of third-party 
propositions.
 
z Enable a seamless system for customers to use their mobile 
phones to connect, access entertainment, pay bills, invest, 
lend and insure.
4   Digital partner of choice for enterprises
Supporting our purpose 
Supporting our purpose 
We partner with enterprises to accelerate their growth and 
transform their operations through digital technology. Our tailored 
service offerings enable large enterprises and SMEs – as well as 
governments and universities – to release productivity efficiencies 
through our flexible mobile, fixed, IoT, cloud and hosting, and 
managed security solutions. By enhancing enterprise growth and 
productivity, particularly among SMEs, we support livelihoods and 
help society connect for a better future.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 1
MM 2
MM 3
MM 6
MM 7
MM 8
SRC
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Scale IoT.nxt and IoT Centres of Excellence.
 
z Expand SME offerings in collaboration with financial services.
 
z Accelerate our cloud offerings.
 
z Together with CIVH, expand our broadband coverage to 
support further SME inclusion through investment in MAZIV.
 
z Expand our wholesale offering to empower more partners.
Medium-term priorities
Medium-term priorities
 
z >30% Contribution of new and digital services to Vodacom 
Business service revenue.
 
z Extend our SME propositions by delivering an online 
experience through our super-apps.
 
z Develop customer-centric propositions by leveraging Big 
Data insights.
 
z Continue to drive digital transformation to deliver a superior 
customer experience.
 
z Scale our fixed network and SD-WAN capabilities.
 
z Further build our end-to-end IoT solutions.
 
z Build our intelligent business and digital transformation 
capability to unlock cloud and hosting services.
 
z Platform expansion for education, health and agriculture 
across our footprint.
 
z Grow our managed services and partnerships to sell with,  
and sell through, to assist corporates with their digitisation.
2
Ambition
Vodacom Group Limited Integrated report for the year ended 31 March 2023
26

5   World-class loyalty and customer experience
Supporting our purpose 
Supporting our purpose 
In a connected world, customer-centricity is top of mind. Our 
purpose relies on maintaining and growing our customer base, 
ensuring they have positive interactions with Vodacom across our 
multiproduct ecosystem. We refine and evolve our customer 
experience strategy based on the current and future needs of our 
customers, striving to deliver a personalised omni-channel digital 
experience, and to promote inclusion and generate loyalty to 
our brand.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 3
MM 4
MM 6
MM 8
SRC  FC  MC  
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Leverage customer experience boards to understanding root 
causes to reduce escalations and customer pain points. 
 
z Extend VodaBucks to all customer segments across various 
platforms and business segments.
 
z Scale our VodaBucks (or equivalent) loyalty programme 
across all markets.
 
z Digitise, optimise and automate the end-to-end customer 
experience journey using robotic process automation (RPA) 
technology.
Medium-term priorities
Medium-term priorities
 
z Achieve #1 NPS in all markets.
 
z Support customer journey with predictive analytics using 
RPA and Africa Service Operations Centre (ASOC) capabilities.
 
z Explore end-to-end RPA for financial services customer 
service.
 
z Ensure every customer experience is unique, adding value 
by deploying RPA and smart routing technologies in our 
call centres.
6   Personalisation through CVM and Big Data
Supporting our purpose 
Supporting our purpose 
As a customer-centric and purpose-led business, we develop 
propositions for our various customer segments based on their 
unique needs. Over the past five years, we have invested 
significantly in world-class, flexible Big Data technology to enable 
deeper, textured layers of understanding of our customers – 
including their day-to-day behaviours, motivations and aspirations. 
By meeting specific needs we can segment, personalise and offer 
nano-sized connectivity offerings and financial services to 
promote accessibility and inclusion.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 1
MM 3
MM 5
MM 6
MM 7
MM 8
FC  IC  MC
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Leverage our advanced CVM capabilities across both our 
connectivity and financial services to increase our focus on 
segmentation and localisation, while also focusing on 
smaller “sachet” sizes to meet the challenges of rising 
inflation and pressure on consumer spend.
 
z Grow Big Data use cases and 360-degree customer 
attributes.
 
z Roll out Big Data capabilities in all markets and embed these 
in our super-apps.
 
z Mature Big Data sophistication in financial services.
 
z Humanise technology and simplify and transform the 
customer experience to achieve true convergence of our 
multiproduct offerings.
Medium-term priorities
Medium-term priorities
 
z 60% penetration of personalised offers through CVM across 
our markets. 
 
z Increase active days on the network and Big Data-led 
recommendations, including upgrades.
27
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Optimised, future-ready TechCo
As a leading connectivity player in Africa, we leverage the strength of our connectivity reach 
and digital ecosystem to promote financial inclusion and build trust with our stakeholders. 
While mindful of our ambition to optimise return on capital employed (ROCE) we are 
leveraging partnerships and sharing models to develop innovative and smart technology 
platforms and connectivity solutions that support our overall customer proposition. 
Furthermore, by embedding our agile employee culture – the Spirit of Vodacom – across 
the organisation and pioneering low-cost network technology across the continent, we can 
build one of Africa’s most trusted and loved brands.
3
Ambition
Our strategic ambitions continued
7   Optimise assets through sharing
Supporting our purpose 
Supporting our purpose 
To transform our business into a leading TechCo, we continue 
exploring ways to optimise our assets and create exceptional  
value for our stakeholders. As part of this, we look at sharing 
opportunities across our portfolio of assets to reduce the cost to 
communicate while also deepening our rural footprint.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 2
MM 3
MM 6
MM 8
FC  IC  MC  
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Realise efficiencies on TowerCo in South Africa.
 
z Develop a Group-wide data centre strategy.
 
z Explore further infrastructure partnership models with global 
technology companies and developmental finance 
institutions.
Medium-term priorities
Medium-term priorities
 
z Maintain CAPEX intensity between 13.0% to 14.5%.
 
z Establish African FiberCo and TowerCo with strategic partners 
to accelerate fibre coverage across our International markets.
 
z Leverage ASCO to evolve our architecture towards TelCo as a 
service, with a digital cloud-based ecosystem of network and 
IT capabilities, managed centrally and deployed regionally.
 
z Build software factories across the Africa region, with 
standardised tooling to develop and deliver scalable products 
and services across all markets.
8   Technology leadership in network and IT
Supporting our purpose 
Supporting our purpose 
We invest in modern digital systems to connect our customers for 
a better future while also leveraging our experience in the latest 
technologies to drive accessibility and inclusive growth. Our Big 
Data capabilities drive intelligent decision-making, solutions and 
operations. We explore alternative energy options in our move 
towards greater energy efficiency, while also expanding our 
coverage and platforms to connect more people for a better 
future.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 1
MM 2
MM 3
MM 4
MM 5
MM 6
MM 7
MM 8
FC  NC  MC  
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Retain the best network NPS in every market.
 
z Integrate MAZIV fibre assets post approval from regulatory 
bodies, and establish a model for expanding our fibre 
business across our international markets.
 
z Increase the resilience and quality of the network by 
leveraging newly acquired spectrum in Mozambique,  
South Africa and Tanzania.
 
z Achieve cyber security baseline score across markets.
Medium-term priorities
Medium-term priorities
 
z Retain best network in every market.
 
z Build new capabilities and develop new skills through 
insourcing and reskilling.
 
z Enable the evolution of mobile and fixed network access, 
transport network simplification and TelCo cloud, focusing on 
making the network smarter through automation and 
artificial intelligence (AI).
 
z Develop new capabilities across our network and IT 
platforms, including increased accessibility to Big Data 
and machine learning capabilities.
 
z Embed security and privacy in our projects, products 
and services throughout their life cycle.
 
z Increase the speed of delivery and leverage economies 
of scale to reduce our cost of delivery.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
28

10   Trusted brand and reputation
Supporting our purpose 
Supporting our purpose 
We aspire to be a purpose-led organisation, connecting for a better 
future by enabling a digital society, inclusive of all, with the least 
environmental impact. We embed these values into our culture 
and activities across the Group, and aim to enhance Vodacom’s 
reputation by demonstrating this purpose in our product 
development strategies and communicating it across customer 
experiences. Beyond our brand purpose, we recognise the need to 
earn and maintain trust, and are guided by our Social Contract to 
operate an ethical business that is responsive and transparent to 
a diverse group of stakeholders.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 1
MM 2
MM 3
MM 4
MM 5
MM 6
MM 8
NC  SRC  IC  
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Leverage tech for good platforms. 
 
z Ensure foundations proactively deliver on their mandates. 
 
z Accelerate the delivery of our purpose pillars – digital 
society, inclusion for all, and planet.
 
z Develop products and services with our purpose at the core.
 
z Improve communication on our purpose across all markets, 
ensuring appropriate investment in our Social Contract.
Medium-term priorities
Medium-term priorities
 
z Retain brand leadership in all markets.
 
z Continue to combine Vodacom’s technology with the 
potential of the human spirit.
 
z Develop innovative and smart technologies to reduce 
poverty.
 
z Provide access to essential services such as healthcare, 
financial inclusion and education while making the lives of 
our customers easier, healthier and smarter.
9   TechCo organisation and culture
Supporting our purpose 
Supporting our purpose 
We aim to build an organisation of the future underpinned by 
digital innovation and agility and develop a distinctively digital 
employee experience to motivate our customers to thrive. Above 
all, we value inclusivity and diversity, and embed a mindful 
organisational culture across our business to ensure every action 
is rooted in our purpose.
Related material  
Related material  
matters 
matters 
Primary capitals utilised  
Primary capitals utilised  
and impacted 
and impacted 
MM 3
MM 4
MM 6
IC  SRC  
Looking ahead
Looking ahead
Short-term priorities
Short-term priorities
 
z Leverage Vodafone Egypt skills hub.
 
z Continue to transform the skills profile of the organisation to 
enable our transition to a TechCo.
 
z Gender diversity progress by market.
Medium-term priorities
Medium-term priorities
 
z Embed a culture of inclusivity by promoting our commitment 
to workforce diversity and localisation.
 
z Promote skills development and youth empowerment.
 
z Drive the digital transformation agenda by embedding Agile 
structures and RPA.
 
z Differentiate the work environment through positive 
employee engagement.
 
z Ensure the physical and mental well-being of our employees.
 
z Identify requisite future skills and align our graduate and 
bursary programmes to attract these skills.
 
z Identify high-performing black females in the market to 
develop future skills and leadership through a female 
empowerment training programme.
29
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

How we measure success
Vision 2025 target 
(medium-term) 
before Egypt
1
Footprint strengthened 
Leading market share 
positions 
R
Market share leader in  
all markets
2
Secure leadership in 
mobile and fixed
Group service revenue growth 
R
Mid-single-digit
3
Scale financial and  
digital services 
Group customers using 
financial services1 
R
>70 million
Financial services contribution 
to service revenue
>12%
4
Digital partner of choice 
for enterprises
Contribution of new and digital 
services to Vodacom Business 
service
>30%
5
World-class loyalty and 
customer experience 
NPS
#1 
in all markets
6
Personalisation through 
CVM and Big Data
The penetration of 
personalised offers through 
CVM across our markets
60%
7
Optimise assets 
through sharing
CAPEX to sales/CAPEX 
intensity
R
Maintain CAPEX intensity 
between 13.0% and 14.5%
8
Technology leadership 
in network and IT
Network NPS
#1 
in all markets
9
TechCo organisation  
and culture
Employee engagement index
82%
Team Spirit index
75%
10
Trusted brand and 
reputation
Brand leadership
#1 
in all markets
Reputation survey
#1 
in all markets
Group, including 
Vodafone Egypt
Accelerating EBITDA growth 
rate improve/maintain ROCE
Measuring our 
value creation
In a year with several strategic milestones, we continue 
to accelerate our powerful, multiproduct 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.
1
Strategic ambition
Africa’s leading 
communications 
company
2
Strategic ambition
Diversify and 
differentiate  
with our digital 
ecosystem
3
Strategic ambition
Optimised, 
future-ready 
TechCo
1. Including Safaricom.
2. Target updated.
Our System of Advantage
Financial 
value 
created
Vodacom Group Limited Integrated report for the year ended 31 March 2023
30

Value 
created
Value 
sustained
Value 
eroded
Vodacom Group
FY2023 performance 
before Egypt
FY2022
FY2021
FY2020 
(baseline)
Vision 2025 target 
(medium-term)
after Egypt
All markets, except Ethiopia 
(recently launched)
Market share leader in  
all markets
3.5%*
Mid-to-high single-digit
65.2 million
>77 million2
10.5%
>12%
28.3%
>30%
#1 in all markets except South Africa  
and Mozambique 
#1 
in all markets
DRC 20.9% 
Lesotho 36.0% 
Mozambique 36.3% 
South Africa 65.0% 
Tanzania 54.7% 
60%
13.8%
Maintain CAPEX 
intensity between 13.0% 
and 14.5%
#1 in all markets except Lesotho
Co-lead in Lesotho
#1 
in all markets
75%
82%
80%
75%
#1 in South Africa, the DRC and Tanzania 
#2 in Lesotho and Mozambique
#1 
in all markets
#1 in the DRC, Lesotho and South Africa
#2 in Tanzania and Mozambique
#1 
in all markets
High single-digit Group 
EBITDA
ROCE 21.8%
13.0% – 14.5% of Group 
CAPEX as a % of Group 
revenue 
The System of Advantage is built on 10 strategic pillars of success which, together with our 
purpose, form the foundation of how we do business. Our evolution from a TelCo to a TechCo is 
well underway as we expand our ecosystem of products and deliver diversified, differentiated 
offerings to our customers – further strengthening and growing our relationships with them.
R
Link to executive directors’ remuneration
The acquisition of Vodafone Egypt is a potential value-creation accelerator
31
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

What we 
offer
We place customers at the centre 
of everything we do, offering 
products and services ranging 
from mobile and fixed 
connectivity, cloud and hosting, 
data security and IoT offerings to 
digital and financial services. We 
deliver personalised solutions to 
strengthen and grow our 
relationships with customers, 
focusing on their unique needs.
Contribution to Group service 
revenue per profit and loss 
segment
56.0%
 
 
FY2023 FY2022
 Mobile prepaid revenue 56.0% 
54.4%
 Mobile contract revenue 27.8% 
29.5%
 Other service revenue 
6.7% 
7.4%
 Fixed service revenue 
5.9% 
5.7%
 Mobile interconnect 
3.6% 
3.0%
  
 
 
80.7%
Contribution to Group service 
revenue by product
 
FY2023 FY2022
 Core mobile 
80.7% 
82.1%
 Financial services 
10.5% 
9.6%
 Fixed 
5.2% 
4.9%
 Digital lifestyle services 
2.0% 
1.7%
 IoT 
1.6% 
1.8%
Consumer
Vodacom Business
Enablers
Partners
Our products and services
VodaBucks
VodaBucks rewarding loyalty
Core
Accelerators
Opportunity
ConnectU
mHealth
e-School 
Mum & Baby 
Airtime Advance and 
Voucher Advance
Cash Advance
Short/long-term 
insurance
MyMuze
Handset financing
Unified 
communications
HealthX 
IoT
mAgriculture
VodaLend/ 
Business  
Advance
V-Accelerator
API Pulse
Cloud and hosting, 
and security
SME platform
Merchant point  
of sale (POS)
SD-WAN
V-Hub
Mobile and fixed
Just4You
M-Pesa
Africa and wholesale
Data as a service
Commercialising infrastructure assets
Mobile and fixed
M-Pesa
VodaPay and M-Pesa 
super-apps
Cyber security
Home tech
Smart home and IoT 
Lending
Investments
Peer-to-peer 
(P2P)
Scan to pay
Services and 
bill payments
Cash in and 
cash out
e-Commerce
Vodacom Group Limited Integrated report for the year ended 31 March 2023
32

33
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Our profit formula
Investment in our core mobile and fixed networks attracts and retains consumer and enterprise customers, forming 
the foundation of our revenue sources. To complement our communication capabilities, we scale financial and 
digital services through comprehensive lifestyle solutions. We differentiate ourselves from the competition by 
focusing on the quality of our network and infrastructure and developing innovative products and services. This 
approach is supported by strong market-specific distribution channels, our leadership position across our footprint, 
our ability to manage our cost base and direct investment to value-enhancing opportunities. 
Our revenue
Our costs
Our core mobile services – data and voice – remain our 
primary revenue generator and continue to be 
supported by the uptake of smart devices, expanded 
network coverage and data bundles becoming 
increasingly more affordable. Our core and new services, 
which include digital and financial services, fixed and IoT, 
are underpinned by our Big Data, loyalty and CVM 
capabilities. We intend to scale our new revenue services 
into formidable enterprises in line with our Vision 2025.
We have a demonstrated history of 
optimising expenses and converting 
revenue into cash flow. We 
successfully limited increases to our 
cost profile by implementing a 
fit-for-growth programme, driving 
efficiencies in employee expenses, 
optimising publicity spend and other 
operating expenses (OPEX) through 
an influential Group culture of cost 
containment. Furthermore, with the 
proposed acquisition of joint control 
in South Africa’s fibre assets, MAZIV, 
we intend to take a major step forward 
in diversifying our connectivity 
offering and optimising our assets 
through sharing costs. One of the 
opportunities looking forward is 
further optimisation via sharing.
This approach enables us to invest in 
new growth areas ahead of 
commercialisation, such as 5G.  
We are also embracing best-in-class 
technologies and, in many ways, 
leading the way for optimising costs 
through RPA, Big Data, AI and the 
implementation of a scaled agile 
framework (SAFe) to improve 
efficiencies. Because of this, our 
steady cash flow allows us to 
maintain a high level of capital 
reinvestment to protect our leading 
position in network coverage, call 
quality and data speed in our 
markets. In addition to investing in 
Vodacom’s future, cash generated 
from our activities allows us to 
maintain steady shareholder returns.
Key revenue differentiators 
 
z A clear and powerful purpose-led strategy, supported by 10 strategic 
pillars of success to deliver shareholder value.
 
z Our financial services business – the largest contributor to new services 
revenue and a clear strategic priority – positions Vodacom as the leading 
FinTech operator on the continent, enriched by our super-apps.
 
z Best-in-class customer service support systems. 
 
z Vertically integrated solutions for consumers and enterprises, acting as 
enablers of inclusion and economic growth.
 
z Leveraging our global enterprise relationships for pan-African service 
delivery and our relationship with Vodafone to drive global best practice.
 
z Loyalty programmes and segmented customer profiles to offer 
competitive, personalised and compelling solutions. 
 
z Customer-centric systems, people and processes.
 
z Unique Big Data insights we can leverage to improve our offerings to 
customers.
 
z A market-leading position serving as the platform to deploy our digital 
ecosystem, giving us scope to selectively partner with global tech giants 
and the scale to optimise returns. 
 
z Consistently high rankings in network quality and network NPS in the 
countries where we operate, supported by ongoing investment in 
infrastructure and rolling out 5G in South Africa and 4G across our 
markets to increase speed and capacity.
Key cost differentiators 
 
z Saved R2.2 billion through Fit-for-Growth initiatives. 
 
z Leveraging global best practice on cost optimisation, 
benefiting from and sharing best practice with Vodafone. 
 
z Ability to optimise costs through our leading use of RPA, 
Big Data and AI.
 
z Benefiting from the global purchasing power of 
Vodafone Procurement Company.
 
z Consistent investment in our network, delivering 
continued improvement in operating costs through 
more efficient technologies and network innovation.
 
z Robust governance processes in place to approve 
investments and review product, cost and investment 
decisions.
 
z Shared services and initiatives with Vodafone and across 
our own African footprint to optimise back-end costs.
 
z Optimal network deployment using AI.
 
z Optimising power utilisation across our buildings and 
sites using the IoT.nxt platform.
While our revenue mix is largely 
consumer-driven, Vodacom 
Business (including wholesale) 
contributes
of Group service revenue 
(FY2022: 25.2%).
23.4%
Vodacom Group Limited Integrated report for the year ended 31 March 2023
34
www
For more information, please visit https://www.vodacom.com/investor-relations.php.

Our 
investment 
case
Our purpose drives our powerful multiproduct strategy,  
the System of Advantage, enabling our business to thrive.  
The connectivity we provide coupled with our digital and 
financial services transforms lives and empowers enterprises as 
we connect people for a better future. Against this backdrop of 
positive societal impact, we see opportunities to accelerate our 
growth and enhance financial returns to support superior 
shareholder returns.
Priorities to enhance shareholder value
Execute  
on our System of Advantage
Accelerate  
and diversify returns
Enhance  
societal value
* ESG metrics included in management long-term incentives (LTIs). 
Supported by our System of Advantage
We are a market leader in the 
countries where we operate, 
with an attractive ROCE
 
z Access to 185.8 million customers. 
 
z ROCE of 21.8%, well above 
weighted average cost of capital.
 
z Strategic mindset to enhance 
value creation and leverage scale.
We are a responsible 
corporate citizen
 
z Purpose-led model.
 
z Recognised as an 
ESG leader.
We have a trusted 
management team
 
z Incentivised to create 
value and deliver on 
key ESG variables.
 
z Strong execution 
track record.
Meaningful growth opportunities 
across connectivity, digital and 
financial services
 
z Data and smartphone penetration upside.
 
z Building Africa’s largest FinTech, driven by the VodaPay and M-Pesa super-apps.
 
z Targeting high single-digit Group EBITDA growth over the next three years.
 
z Opportunity to accelerate growth and returns through the proposed South 
African fibre deal.
With our population reach 
exceeding 500 million people 
across Africa, connectivity is a 
clear growth path for Vodacom. 
This reach and our market- 
leading positions provide us 
with the platform to scale our 
digital ecosystems, expand our 
addressable market and create 
product diversification.
Leadership in fixed and mobile
Upgraded targets
Inclusion for all
Leadership in fixed and mobile
Attractive returns
Planet
Digital society
Disciplined capital  
allocation
Optimised TechCo
Complete M&A 
MAZIV (South 
African fibre)
Launch M-Pesa in 
Ethiopia, one-app 
strategy
Maintain/ 
improve ROCE
Reduce GHG 
emissions*
Drive financial 
inclusion*
Delever post M&A
Partner  
to power growth 
(rural, fibre)
Accelerate 
device financing, Fixed 
Wireless Access, active days
Medium-term service 
revenue and EBITDA 
acceleration
Increase female 
representation 
at management levels*
Scale 
tech for good 
platforms,  
super-apps
Drive sharing 
agenda across all 
markets
Simplify  
customer 
journeys
35
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Our principal risks and 
associated opportunities
Vodacom’s enterprise risk management framework is aligned to the ISO 3100 International Risk Management 
Standard and the requirements of King IV to ensure best practices in the governance of risk. Through enterprise risk 
management, we identify Vodacom’s key risks and provide ExCo and the Board with a robust assessment of the 
Group’s principal risks. An embedded enterprise risk management process supports the identification of these 
principal risks. The process adopts both a bottom-up and a top-down approach to identify and escalate risks across 
all levels of the organisation.
Group-level principal risks
Mitigating actions
Mitigation actions, to manage risk to acceptable levels, are discussed during the risk workshops with executives and during the risk deep 
dive sessions at local and Group Risk Management Committee meetings. This ensures an in-depth review of each principal risk.
Board-level review
The Board reviews and approves the risk appetite for each principal risk to enable informed, risk-based decision-making.
Top down
Identifies strategic level risks, 
cascading these downward
Periodic risk reviews with 
management and at Risk 
Management Committee level
Identified risks are assigned to 
an ExCo member or risk 
champion for evaluation 
management and reporting at 
the Risk Management 
Committee
Emerging risk 
review
An emerging risk assessment is 
conducted and reported at the 
different Risk Management 
Committees to identify any new 
or emerging threats and trends. 
These are allocated to risk 
owners to investigate and assess
Bottom-up 
approach
Identifies operational level risks, 
escalating these upward
Annual Group ExCo risk 
workshop identifies Group level 
principal risks
OpCo level principal risks are 
identified at OpCo executive 
level
Annual tactical risk 
assessments
Bi-annual operational risk 
assessments
The process outlined above guarantees that risk management is embedded across all levels of the organisation, leading to risk-based, informed 
decision-making with the appropriate levels of accountability. In order to ensure that all risks are effectively mitigated and managed we adopt a 
multiple line of defence model to provide assurance to our stakeholders.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
36

Risk
1
Cyber threats
2
Increased taxation, political and social pressures 
3
Unstable economic and market conditions (across all markets)
4
Vendor strategy
5
Adverse regulatory and compliance pressures 
6
Resilience of our financial services platform
7
Technology failures 
8
Market disruptions
9
Execution of strategic projects for future growth
10
Spectrum
The Group’s risk heatmap sets out the top ten principal risks identified through our 
risk management process. The heatmap depicts residual risk after considering 
mitigating risk factors. This is supported by the risk speed of impact diagram, which 
reflects the rate at which the Group will experience adverse impacts should the risk 
materialise. This allows the Group to develop effective risk mitigation plans with 
optimal allocation of resources for those risks that need immediate attention. 
Vodacom Group top risk rating FY2023  
(impact vs likelihood) 
1
3
4
2
Impact
Likelihood
Low
Medium
High
1
3
4
2
1
4
6
9
7
10
8
5
3
2
Vodacom speed of impact FY2023
Medium
Low
High
>12 Months
>6 <12 Months
>6 Months 
Risk rating
Speed of impact
External
Internal
Cyber threats 
Speed of impact
Very rapid
Strategic pillars
2
4
5
8
Six capitals
SRC
FC
Material matters
MM 2
MM 3
MM 7
Context and value impact
An external cyber attack, insider threat or supplier breach – whether malicious or 
accidental – could lead to service interruption and/or the breach of confidential 
data. This could negatively impact Vodacom’s customers, revenue and reputation 
and lead to costs associated with fraud and/or extortion.
Opportunity: Providing world-class data security as part of our growing 
product offerings in the enterprise space.
Mitigating actions 
 
z Commission world-class security vendors to enhance methods of detecting 
sophisticated attackers.
 
z Proactively assess and increase security measures and controls in place 
across projects, infrastructure and while storing and transmitting 
confidential information.
 
z Enhance our third-party security reviews through efficient, standardised, 
automated tooling and processes, which decreases third-party security risk, 
including the number and impact of third-party incidents.
 
z Monitor the Group’s cyber incident response and containment.
 
z Manage security risks by implementing continuous security improvement 
programmes and developing dynamic and responsive frameworks.
 
z Perform maturity assessments benchmarking exercises against global 
industry peers.
 
z Embed the Vodafone security risk, control and assurance framework across 
our business.
 
z Embed the sustainable cyber skills programme by attracting and retaining 
scarce cyber skills, as well as building further skills of our existing personnel.
(FY2022: 1)
1
5
4
1
2
3
10
9
8
6
7
37
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Our principal risks and associated opportunities continued
Increased taxation,  
political and social  
pressures
Speed of impact
Very rapid
Strategic pillars
5
10
Six capitals
SRC
HC
Material matters
MM 1
MM 5
MM 6
MM 7
Context and value impact
The mobile communications industry is often subject to 
unpredictable taxes, both direct and indirect. This, combined with 
the added pressure from consumers to reduce prices, creates a 
challenging operating environment. External factors, such as civil 
societal activism, could also directly influence our operations. If we 
do not act decisively or respond appropriately to important issues, 
we risk harming our reputation or damaging our brand.
Opportunity: As a significant tax contributor, highlighting the 
role we play as a partner to governments and citizens – 
especially as tax contributions enable governments to deliver 
their developmental agendas. 
Mitigating actions 
 
z Enhance our operating model, as we deliver on our Social 
Contract, accelerate the impact of our foundations and support 
enabling regulation.
 
z Regularly communicate Vodacom’s purpose through media 
statements and campaigns to educate Vodacom’s customers.
 
z Monitor changes to our political environments, including 
instances of social activism.
 
z Consult regularly with tax advisers to understand the impact of 
our current operating environment.
 
z Proactively understand tax pressures in all jurisdictions and 
engage with governments to minimise impacts on digital 
penetration, such as excessive smartphone duties.
 
z Improve technical skills around tax and regulatory-related issues 
across the Group. 
(FY2022: 2)
2
Vendor strategy
Speed of impact
Rapid
Strategic pillars
2
4
5
7
8
10
Six capitals
SRC
FC
HC
Material matters
MM 2
MM 4
MM 6
MM 8
Context and value impact
Geopolitical influences could potentially impact our IT and technology vendor 
strategy. Furthermore, the lack of supply from key vendors may negatively 
impact operational activities and our ability to deliver quality service to our 
customers. Where applicable, the implementation of a multivendor strategy is 
crucial to sustaining our operations.
Opportunity: Leveraging the purchasing power of Vodacom Procurement 
Company to capture opportunities from the original equipment 
manufacturers (OEMs).
Mitigating actions 
 
z Reduce dependency on single suppliers through risk profiling.
 
z Implement our multivendor strategy in critical categories and explore new 
network architecture options.
 
z Engage with governments, subject matter experts and vendors to manage 
potential supplier restrictions.
 
z Explore new technologies including OpenRan and satellite-based mobile 
networks. 
(FY2022: 3)
4
Unstable economic and  
market conditions (across all markets)
Speed of impact
Very rapid
Strategic pillars
3
6
10
Six capitals
FC
HC
Material matters
MM 6
Context and value impact
Volatile macroeconomic conditions such as fluctuating foreign exchange and 
inflation rates may weaken consumer spend and enterprise investment, thereby 
presenting risk to our revenue outlook. Inflationary pressures could impact the 
Group’s operating costs and CAPEX efficiency.
Opportunity: Realising the potential for innovation to address challenges 
at the base of the economic pyramid through, inter alia, segmented 
propositions and digital offerings in areas of education, health, agriculture 
and inclusive finance.
Mitigating actions 
 
z Continuously evaluate products and services to enhance our customer 
value proposition.
 
z Create and implement a comprehensive stakeholder relations strategy.
 
z Include contingencies in our business plans to provide for the negative 
operational impacts of lower economic growth and changes in interest, 
inflation and exchange rates.
 
z Implement a global cost-savings programme to combat the effects of 
inflationary pressure on costs.
 
z Use foreign exchange instruments to mitigate currency fluctuations.
 
z Ensure the best rates, including a balance between fixed and variable rates, 
by carefully managing loans.
(FY2022: 4)
3
Vodacom Group Limited Integrated report for the year ended 31 March 2023
38

Adverse regulatory and  
compliance pressures
Speed of impact
Rapid
Strategic pillars
5
8
10
Six capitals
FC
IC
HC
Material matters
MM 5
MM 7
Context and value impact
The introduction of stringent regulatory and compliance requirements 
will impact profitability, growth and service delivery. This exposes us to 
significant financial and reputational damage.
Opportunity: Proactively responding to the changing regulatory 
context provides opportunities for “first-mover advantage”.
Mitigating actions 
 
z Engage with governments and regulatory and public bodies through 
our Social Contract.
 
z Engage with local Communications Regulators and regional 
standard setting bodies to shape regulatory requirements and 
mitigate risk.
 
z Proactively engage with government and other key stakeholders to 
communicate key messages and proposals on how policy and 
regulatory decisions positively and negatively impact the sector.
 
z Participate in broader government objectives and public interest 
through national industry associations, the Global System for Mobile 
Communications Association and other influential organisations.
(FY2022: 7)
5
Resilience of our financial  
services platform
Speed of impact
Very rapid
Strategic pillars
3
9
10
Six capitals
SRC
FC
HC
Material matters
MM 1
MM 2
MM 3
MM 7
Context and value impact
Our financial service platforms – VodaPay and M-Pesa – are crucial for 
socio-economic growth while also acting as a gateway to the digital 
economy. We need to offer a reliable and dependable service to our 
mobile money customers, as any disruption to the platform could 
negatively affect our customers, revenue and reputation. A reliable 
platform will also ensure that we meet regulatory requirements across 
our markets.
Opportunity: Realising the potential for innovation to address 
challenges at the base of the economic pyramid through, inter alia, 
segmented propositions and digital offerings in areas such as 
education, health, agriculture and inclusive finance.
Mitigating actions 
 
z Partner with global and local technology leaders, including AliPay.
 
z Invest in ongoing maintenance and upgrades to our systems.
 
z Focus on comprehensive business continuity and disaster recovery 
plans.
 
z Drive consistent policy and system implementation across the Group.
(FY2022: 5) 6
39
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Our principal risks and associated opportunities continued
Technology failures
Speed of impact
Very rapid
Strategic pillars
1
4
5
8
10
Six capitals
FC
HC
Material matters
MM 2
Context and value impact
We base our customer value proposition on the reliability and availability of 
a high-quality network. A major failure affecting our network or IT assets 
and systems – brought on by, for example, natural disasters, failure to 
maintain infrastructure or cyber attacks – could profoundly impact our 
customers, revenue and reputation. In addition, the reliability of our 
network is eroded by an unreliable power supply, as well as theft and 
vandalism of network equipment. Furthermore, the risk of not being able to 
adapt fast enough to the introduction of new technologies that cater for 
digital business strategy, innovation, and enterprise change.
Opportunity: Our long-standing demonstrated leadership in networks 
and technology has been at the heart of our customer value 
proposition, and an important foundation for growth.
Mitigating actions 
 
z Invest, maintain and upgrade our systems continually.
 
z Develop and implement comprehensive business continuity and disaster 
recovery plans with failover, backup, transmission and power 
redundancies.
 
z Ensure comprehensive insurance policies are in place.
 
z Reduce reliance on external parties through self-provided transmission 
links on critical routes in our network.
 
z Establishment of a technology resilience governance board to track, 
manage and execute technology resilience initiatives.
 
z Accelerate a deployment of backup power in South Africa to address 
heightened power available issues. 
(FY2022: 6) 7
Market disruptions
Speed of impact
Rapid
Strategic pillars
5
6
8
10
Six capitals
FC
IC
HC
Material matters
MM 3
MM 8
Context and value impact
We segment market disruption into two categories, FinTech risk and 
disruption risk from the evolution of technology. Increased 
competition between mobile network operators, reductions in 
disposable income, new market entrants, growth in the number of 
FinTech players and new technology trends may reduce Vodacom’s 
market share and increase the likelihood of price wars. This may 
result in revenue loss. 
Opportunity: Leveraging our digital ecosystem to add more value 
for consumers and entrench ourselves in the lives of our 
customers.
Mitigating actions 
 
z Execute strategies to scale accelerator enterprises, including fixed, 
IT services, digital lifestyle services, financial services, IoT and 
cloud.
 
z Develop technical skills and capabilities to compete with 
disruptive market players.
 
z Utilise network and personal data assets by leveraging Big Data 
and real-time analytics to personalise customer services and offers 
including integrated service offerings.
 
z Adopt pricing strategies to counter declining traditional voice 
revenue and migrate voice to data.
 
z Align and position segmented customer offerings to improve 
understanding of customer behaviour and expectations.
 
z Integrate a superior customer service strategy across the business. 
 
z Partner with OTT and global technology firms for mutual benefit. 
(FY2022: 9)
8
Vodacom Group Limited Integrated report for the year ended 31 March 2023
40

Execution of strategic  
projects for future growth
Speed of impact
Rapid
Strategic pillars
1
2
3
4
5
6
7
8
9
10
Six capitals
FC
IC
NC
Material matters
MM 2
MM 3
MM 4
MM 8
Context and value impact
Our multiproduct strategy – the System of Advantage – will deliver diversified, 
differentiated offerings to our customers, further strengthening our 
relationships with them. Successful execution of our strategic projects is key  
to capturing growth opportunities. To remain competitive in an ever-changing 
market, M&A and projects relating to the rollout of fibre, IoT, IT, digital and 
financial services, as well as converged products, must be completed 
successfully and timeously. 
Opportunity: Accelerating the Group’s growth profile while simultaneously 
enhancing returns.
Mitigating actions 
 
z Develop a robust programme to monitor the strategic execution of our 
projects, proactively identify risks and mitigating actions, and capture 
new opportunities.
 
z Ensure the Group has the requisite skills, expertise and capacity to 
implement the strategy.
 
z Align the corporate structure to strategic priorities, for example, by the 
establishment of separate tower companies.
 
z Leverage our global network and establish strategic partnerships to enhance 
the value proposition and execution success of all key programmes within 
the System of Advantage, while retaining customer relationships and data.
(FY2022: 10) 9
Spectrum
Speed of impact
Slow
Strategic pillars
1
4
5
8
10
Six capitals
FC
IC
HC
Material matters
MM 1
MM 2
MM 3
MM 5
MM 8
Context and value impact
The failure to secure additional spectrum due to policy 
changes relating to the issuing of spectrum licences, 
non-renewal of existing licences and/or increased competition 
for access to spectrum would significantly impact our ability to 
increase capacity and deliver future network capabilities. 
Opportunity: Realising alternative opportunities for 
accessing spectrum through, inter alia, partnerships, and 
extending activities in fixed and fibre, to enable 
differentiation.
Mitigating actions 
 
z Engage government and regulatory bodies, highlighting 
efficient allocation and societal benefits of spectrum.
 
z Actively participate in licence renewal and spectrum 
allocation processes.
 
z Continue to evaluate and implement re-farming and 
optimisation strategies.
 
z Embrace a proactive spectrum strategy, including potential 
acquisitions and strategic partnerships under applicable 
regulations. 
 
z Explore other alternatives to acquire spectrum.
(FY2022: 8) 10
Our risk watchlist
In addition to the principal risks, we maintain a watchlist of risks that have the potential to cause significant disruptions to our strategic goals and 
ambitions. This is due to the velocity and volatility of these risks.
Risk name
Skill, capacity and talent  
challenges
Environmental, social and 
governance issues
Emerging technologies
Risk 
description
As we transition from a TelCo to a 
TechCo, the attraction and retention of 
skills becomes increasingly difficult due 
to attractive and competitive hybrid 
working positions available in the 
market. This increases the possibility  
of critical roles becoming vacant at all 
levels. These roles may not be filled 
before the vacancy, which would have  
a negative impact on key business 
deliverables and our strategy. The 
sourcing of key talent, with the correct 
mix of skills and experience, compounds 
this risk. 
The need to effectively manage ESG 
risks is increasing. These risks relate to 
climate change impacts, mitigation and 
adaptation, environmental management 
practices and duty of care, working 
conditions and safety awareness, respect 
for human rights, anti-bribery and 
corruption practices, and compliance 
with relevant laws and regulations. The 
loss of investor confidence, statutorily 
prescribed penalties and exclusions  
from tender processes as a result of 
non-compliance, is a risk.
Risks related to rapid developments in 
disruptive new technologies including 
cognitive, biotech, and AI technologies 
are increasing. These emerging 
technologies result in the need for an 
organisation to develop or acquire new 
skills in order to support the 
technologies and develop commercially 
viable solutions that can be integrated 
into the current technology stacks. 
Emerging technologies also lack clear 
regulations and industry standards that 
guide ethical and safe usage and 
interoperability across operators.
41
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Our presence in multiple markets exposes us to several global trends impacting our operating environment. The 
success of our business depends on how we respond and adapt under these circumstances. Our System of Advantage 
and purpose enables us to capture opportunities and mitigate risks, creating sustainable value for our stakeholders.
Forces shaping our macroenvironmental context
Volatile and 
complex 
macroeconomic 
conditions
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
2
3
4
2
3
4
8
MM 1
MM 3
MM 6
Context and key developments 
Inflation rates that spiked to multidecade highs have 
worsened the slow post-COVID economic recovery in 
several of our OpCos. In FY2023, central banks 
increased interest rates, increasing the cost of servicing 
debt. Economic uncertainty and volatility increase 
insecurity in global financial markets, leading to the 
dollar appreciating sharply against most currencies, 
prompting many investors to reduce their exposure to 
emerging market currencies and investments. 
The global economic environment weighs heavily on 
enterprises, particularly in developing economies, as 
they often face tighter financial conditions and 
increased taxation. This increased pressure on profit 
margins, which is intensified by weakened consumer 
demand. Within this context, governments seek 
alternative income streams to support the fiscus, 
leading to some governments implementing taxation 
levies on, for example, mobile money transactions.
Heightened geopolitical tensions have further 
intensified the volatility and complexity of our operating 
environment. The war in Ukraine, for example, has had 
spill over effects on trade routes, energy and food 
production. Polarisation has increased within regions, as 
well as political views within countries on key issues such 
as the need to balance climate and economic imperatives.
Our response
PG
Regularly reviewing key risks and opportunities  Page 36. 
Focusing on the strength of our financial position  Page 52.
Increasing the affordability of our products and services  Page 70 and 86.
Managing our supplier relationships proactively  Page 91.
Supporting of local enterprises and SMEs  Page 91.
ESG
For more information, 
refer to our ESG report.
Real GDP growth
Average Inflation
2022 Actuals
2023 forecast
2022 Actuals
2023 forecast
DRC
6.2%
6.1%
9.3%
13.8%
Egypt
6.6%
3.5%
13.9%
36.9%
Ethiopia
4.4%
6.0%
34.0%
28.0%
Kenya
4.8%
4.9%
7.6%
7.5%
Lesotho
2.1%
1.0%
8.3%
6.5%
Mozambique
4.1%
6.5%
9.9%
8.6%
South Africa
2.0%
0.2%
6.9%
5.9%
Tanzania
5.3%
5.7%
4.3%
4.1%
Source: Bureau of Economic Research, April 2023, for South Africa; Fitch Solutions OpCos, April 2023, for all OpCos. Real GDP and Average 
inflation as per calendar year.
Responding to
“Hot topics” impacting our 
operating context
“Hot topics” are top of mind in our conversations with our stakeholders. Our understanding of these hot topics informs 
our materiality process, helping us to articulate the key issues that affect our ability to create value over time.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
42

A global 
energy crisis
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
3
4
8
2
5
7
8
10
MM 2
MM 8
Context and key developments 
Energy availability is at risk globally from both an electricity and fuel supply perspective. Fuel price inflation, 
which spiked in the first half of the year, negatively impacted our cost base across our markets. In South Africa, 
this was exacerbated by loadshedding, which negatively impacted economic growth. The energy crisis has 
increased calls for the use of renewable energy and emphasised the need to reduce energy consumption across 
industries and households.
Our response
PG
Prioritising network resilience capital expenditure above network expansion  Page  50 and 70. 
Increasing our use of renewable energy  Page 97.
Increasing our energy efficiency  Page 97.
Calls for a 
global response 
to the climate 
crisis
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
2
4
5
2
8
10
MM 2
MM 5
MM 7
Context and key developments 
Pressure on governments, enterprises and individuals 
has increased, urging a global response to the climate 
crisis. The Swiss Re Institute1 estimates that the global 
economy could lose between 10% and 20% of 
economic value by 2050 due to climate and pollution-
related risks. This impact is expected to be greater in 
African economies. Beyond the economic impact of 
the climate crisis, the impact on societies from extreme 
weather events include large-scale population 
displacement, increased poverty and food insecurity.
Across our markets, we experienced several severe 
weather events in the financial year, notably the        
April 2022 floods in KwaZulu-Natal, South Africa, the 
 
December 2022 floods in DRC, and the February and 
March 2023 floods in Mozambique. These events 
created humanitarian crises, and sadly resulted in the 
loss of life. In KwaZulu-Natal, rainfall over a 24 hour 
period was equivalent to 75% of South Africa’s annual 
rainfall.
In response to climate change, governments are 
increasingly expected to set progressive climate 
policies, while enterprises are expected to set 
decarbonisation targets and report transparently on 
their progress against them. Increasingly, companies 
are using renewable energy including solar and wind to 
reach decarbonisation targets.
Our response
PG
Supporting of the communities in which we operate  Page 87. 
Reducing our emissions  Page 97.
ESG
ESG report: 
Participating in COP27  
1	 Source: https://www.swissre.com/institute/research/topics-and-risk-dialogues/climate-and-natural-catastrophe-risk/expertise-publication-economics-of-climate-change.html.
43
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Responding to “Hot topics” impacting our operating context continued
Accelerated 
adoption of 
digital 
technologies
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
1
2
6
2
3
4
6
MM 1
MM 3
Context and key developments 
The demand for digital solutions for education, work, 
health, financial and social-related challenges remain 
high, yet inherent inequality in access remains a global 
certainty. The need to accelerate digital solutions and 
facilitate access is greater than ever before. Our 
commitment to drive societal change can be 
accelerated through partnerships with government. 
The Hustler Fund in Kenya, for example, is funded by 
the Kenyan government and facilitated by M-Pesa, 
allowing citizens to borrow money via their mobile 
devices. Several critical sectors, including education, 
healthcare and agriculture also stand to benefit from 
digital solutions.
Technological developments related to 5G are 
accelerating while the complexity of 5G networks and 
services increase. AI continues to reshape industries and 
enable intelligent decision-making systems. Industries 
increasingly rely on AI and machine learning to predict 
user behaviour and services demand. 
Our response
PG
Executing our System of Advantage  Page 55.
Expanding our footprint  Page 67.
Developing customer-centric propositions  Page 74.
Scaling digital and financial services  Page 76.
Supporting of local enterprises and SME’s Page 91.
Context and key developments 
Supply chain disruptions are a common occurrence within the current operating environment characterised by 
heightened demand for goods, trade restrictions, factory closures and increased transport costs. Localisation has 
increased in many areas as materials are sourced from regional industrial zones, yet a lack in mature alternative 
supply chains remains. Material shortages have led to some countries implementing stringent trade protection 
policies. Ongoing geopolitical influences, including the war in Ukraine, continue to threaten the stability of global 
supply chains. 
Our response
PG
Reviewing of key risks and opportunities regularly  Page 36. 
Mitigating supply chain pressures by increasing our stock holding  Page 50.
Managing our supplier relationships proactively  Page 91.
Persistent 
supply chain 
disruptions 
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
3
4
2
4
5
7
8
10
MM 1
MM 2
MM 4
MM 6
MM 7
Context and key developments 
The prevailing macroeconomic conditions have led to a cost-of-living crisis. Inflation rates ranging from 7% to 34% in 
our OpCos have a significant impact on the disposable income and expenditure patterns among customers. The largest 
part of low-income households’ wallet is spent on energy and food. Rising food and energy costs spill over into higher, 
and more persistent, inflation for all goods. Within this environment, wage growth has not kept up with inflation. 
Declining economic growth, low living standards, joblessness, poverty, and hunger could cause devastating unrest. 
Our response
PG
Increasing the affordability of our products and services  Page 70 and 86.
Developing customer-centric propositions  Page 74. 
Scaling digital and financial services  Page 76.
Increased 
economic 
pressure on 
consumers
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
2
3
3
5
6
10
MM 1
MM 3
MM 8
Vodacom Group Limited Integrated report for the year ended 31 March 2023
44

The ICT sector faces various market dynamics 
that are influenced and accelerated by the need 
to increase connectivity. Technology solutions  
to develop digital societies at work and home  
are increasing faster than ever before. We 
continue to review the trends impacting our 
industry to position Vodacom for success in an 
evolving landscape. 
Forces shaping our 
industry context 
Network 
resilience 
headwinds in 
South Africa
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
1
6
2
4
5
8
MM 2
MM 3
MM 7
Context and key developments 
Demand for connectivity continues to rise while challenges related to maintaining network availability in South Africa 
continues to increase. These challenges included vandalism and battery and cable theft at base station sites. In South 
Africa, these challenges are amplified due to loadshedding, when backup batteries and generators are needed to 
minimise service disruption. Maintaining and improving network quality is a core differentiator in customer experience.
Our response
PG
Expanding our footprint  Page 67.
Expanding and enhancing our network  Page 69.
Investing in the resilience of our network  Page 70.
Competitive 
landscape
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
2
8
9
1
2
3
4
5
6
MM 3
MM 8
Context and key developments 
Changes in the mobile connectivity space continue to 
shift rapidly. Mobile virtual network operators, banks and 
other non-traditional competitors are enhancing their 
mobile offerings to strengthen their customer 
propositions and enter the voice and data space.
Advances in OTT services offering compete with core 
voice services offered by telecommunications companies. 
Fixed wireless and fibre competition is also increasing.  
 
In this competitive environment, data pricing strategies 
remain the focus to ensure short-term competitiveness. 
Financial service providers continue to innovate at a rapid 
pace. The financial services industry faces high levels of 
competition from both established financial institutions 
and tech-led start-ups. 
Our response
PG
Offering superior returns to shareholders  Page 35 and 55. 
Expanding our footprint  Page 67.
Developing customer-centric propositions  Page 74.
Developing of IoT, Big Data and AI capabilities  Page 75, 80 and 81.
45
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Responding to “Hot topics” impacting our operating context continued
Consumer 
privacy, data 
protection and 
cyber security
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
1
6
5
8
10
MM 2
MM 7
Context and key developments 
Through our operations we have access to and store 
information, including customer and employee names, 
contact information and banking details, as well as 
information on data usage and transactions collected 
through apps and engagement and loyalty programmes. 
Data protection and privacy concerns are, understandably, 
increasing, especially as the use of digital interfaces 
increases. Telecommunication is recognised as a critical 
national infrastructure, and governments are setting 
stronger legal and regulatory security requirements within 
the industry.
Our response
PG
Supporting good governance practices  Page 14. 
Maintaining data security and privacy  Page 81.
Complex tax 
environment
Affected stakeholders
Principal risks and 
associated 
opportunities
Strategic pillars
Material matters
4
5
10
1
8
10
MM 7
MM 5
Context and key developments 
Our purpose of connecting people for a better future is aligned with government and regulatory policy, across our 
markets. However, pressures on macroeconomic growth increases the risk of governments seeking alternative 
income streams to support the fiscus through taxation. The scale of the telecommunication sector poses an 
increased tax risk in some of our markets, discouraging investment within the industry.
Our response
PG
Supporting good governance practices  Page 14.
Meeting and exceeding regulatory requirements  Page 39.
www
For more information please see our Tax transparency report.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
46

FY2022 
Change
FY2023 Hot topics and additional information
PG
Challenging macroeconomic 
conditions
Volatile and complex macroeconomic conditions.
42
A global energy crisis.
43
Related report section: Driving energy efficiencies.
97
Calls for a global response to the climate crisis.
43
Accelerated adoption of digital 
technologies
Accelerated adoption of digital technologies.
44
Vendor risk and related sanctions
Persistent supply chain disruptions.
44
The affordability of our products 
and services1
Increased economic pressure on consumers.
44
Network quality and coverage
Network resilience headwinds in South Africa.
45
Competitive landscape
Competitive landscape.
45
Complex regulatory landscape
Complex tax environment. 
46
Related report section: Our principal risks and associated opportunities – 
adverse regulatory and compliance pressures.
39
Trust and transparency around 
data consumption
We believe the Consumer privacy, data protection and cyber security 
“hot topic” sufficiently addresses trust and transparency around data 
consumption. 
46
Consumer privacy, data 
protection and cyber security
Consumer privacy, data protection and cyber security. 
46
Related report section: Our principal risks and associated opportunities – 
cyber threats.
37
B-BBEE results for Vodacom  
South Africa
We are a Level 1 B-BBEE Contributor as evidenced by our “Vodacom South 
Africa BEE Certificate”. We no longer consider achieving this result as a “hot 
topic”. Maintaining this status now forms part our the regulatory landscape.
104
Facilitating economic recovery 
during COVID-19
The war in Ukraine followed hard on the heels of the COVID-19 pandemic. 
The residual impact of the pandemic on the broader macroenvironmental 
context is included in the “hot topic” Volatile and complex 
macroeconomic conditions.
42
Balancing short-term returns 
with sustainable growth
We have expanded on how we manage trade-offs that balance short-term 
returns with sustainable growth in a dedicated section.
Investing in spectrum to ensure 
long-term success
Our extensive investment in spectrum in recent years has reduced the need 
to include investment in spectrum as a “hot topic”. 
76
The Please Call Me matter
Vodacom launched an application for leave to appeal on 25 February 2022 
against the judgment and order of the High Court. The application for leave 
to appeal was granted by the High Court on 11 April 2022. As a result, the 
order of the High Court is suspended. The Group’s appeal against the 
judgment and order of the High Court was heard on 9 May 2023 in the 
Supreme Court of Appeal (SCA). The judgment and decision of the SCA 
on the matter will be delivered in due course.
The table below provides our stakeholders with a summary of changes in the trajectory of “Hot topics” 
included in FY2022, compared to FY2023. 
Summary of changes in trajectory
1	 Considered as part of company context in FY2022.
New	
Impact mitigated/no longer considered a “hot topic”              Stable           Increased complexity
Macroenvironmental
Industry context
Company context
47
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Why we exist
Connecting 
for a better 
future.
Our purpose
W
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Our business model
Our business model is designed to deliver on our purpose – to connect for a better future. We aim to create sustainable value by delivering on our 
System of Advantage. Accordingly, we need to ensure we effectively manage the resources and relationships available to our business –                       
the six capitals, as referred to in the integrated reporting framework.
Our key inputs
The resources and relationships we rely on:
Our 
business 
activities
Human Capital
Our high-performing, customer-focused, engaged leaders and 
people.
 
z Permanent employees: 7 946 (FY2022: 8 132). Contractors: 4 263 
(FY2022: 3 154).
 
z Investment in employees through development programmes (Discover 
Graduate programmes, Women in Leadership programmes, #1MoreSkill).
 
z R553 million invested in employee training and leadership (FY2022:  
R493 million).
 
z An innovative and agile company culture, called the Spirit of Vodacom.
 
z Leading remuneration and reward practices.
 
z Experienced and diverse leadership team and strong Board.
Social and relationship capital
The quality and strength of our relationships with a diverse group 
of stakeholders.
 
z Our Social Contract with communities and governments.
 
z Served 185.8 million customers across the Group (FY2022: 129.6 million).
 
z Improved investor confidence.
 
z Positive supplier relationships.
Financial capital
Vodacom’s strong capital base, supported by long-term investors.
 
z R254 billion market capitalisation (FY2022: R294 billion).
 
z Flexible balance sheet with net debt to EBITDA at 1.1x (FY2022: 0.9x) on a 
pro-forma basis, including Vodafone Egypt at 0.8x.
HC
SRC
FC
Natural capital
The natural resources the Group uses during the 
normal course of business1.
 
z Radio spectrum (700, 800, 900, 1 800, 2 600, 3 500 MHz 
bands).
 
z Consumed 1 194 GWh total energy (FY2022: 1159 GWh).
 
z Used 170 megalitres of water (FY2022: 153.6 megalitres). 
 
z Used 45 million litres of fuel (FY2022: 40.5 million litres).
Intellectual capital
Our brand, reputation and investment in the latest 
technologies and modern digital systems. 
 
z A clear and powerful strategy with implementation timelines.
 
z Brand refresh with new tagline, Further Together.
 
z Intelligent decision-making driven by Big Data capabilities.
 
z Transparent governance systems.
IC
Manufactured capital
Vodacom’s network footprint across Africa, including 
base stations and masts, fibre and microwave 
distribution channels.
 
z 42 650 network sites (FY2022: 23 492).
 
z Self-provided fibre and microwave connections:
	– 98.3% South Africa (FY2022: 98.3%).
	– 92.2% International (FY2022: 88.0%).
 
z R16.5 billion invested in network (FY2022: R14.6 billion).
 
z 803 000 active M-Pesa merchants.
 
z 9 109 retail stores in South Africa and 240 065 retail stores 
in International business
MC
NC
Our business activities are 
guided by our strategy – 
the System of Advantage 
– which consists of three 
ambitions and ten pillars 
that ensure we grow, 
diversify and differentiate 
our business.
O
u
r 
m
ar
k
e
ts
Ke
y 
dif
fe
re
n
ti
a
t
or
s
1.	 Data for Egypt will be reported in FY2024.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
48
PG
Who we are  Page 04.
PG
Refer to Page 25 for more details 
on our System of Advantage.
PG
Our profit formula Page 34.
PG
Where we operate  Page 04.

Our outcomes
FC
MC
SRC
IC
NC
HC
 
z Remuneration and benefits paid
	– Permanent employees: R7.7 billion (FY2022: R7.3 billion and
	– Contractors: R533 million (FY2022: R499.5 million).
 
z 80% black board members and 50% female representation on the 
board in Vodacom South Africa (FY2022: 80% black and 50% female).
 
z Received a Gold Tier ranking in the South African Workplace 
Equality Index.
 
z Employees increased to 13 605, including  
5 659 employees in Vodafone Egypt.
 
z 10.5% voluntary staff turnover (FY2022: 6.8%).
 
z Recognised as the third top employer in Africa, having 
been certified in the DRC, Lesotho, Mozambique, 
Tanzania and South Africa.
 
z 82 262 online training programmes completed.
 
z Acquired 110 MHz of spectrum in Tanzania, and secured additional 
spectrum in Mozambique.
 
z Accelerated investment in Big Data and Analytics to power our digital 
ecosystem, with >65% of bundles sold in South Africa personalised to 
the segment of one.
 
z Trusted brand and reputation.
 
z Maintained our lead in the IT for Customers (IT4C) 
independent benchmark exercise.
 
z Vodacom Business became an Amazon Web Services 
(AWS) Outpost partner.
 
z Added 8.5 million customers to serve a total of 185.8 million 
customers across Africa.
 
z 70.6 million financial services customers (FY2022: 60.6 million).
 
z 5.7 million downloads and 3.3 million registered VodaPay users in 
South Africa.
 
z Processed US$364.8 billion M-Pesa transactions, including Safaricom, 
up 13.0% (FY2022: US$324.6 billion).
 
z Government levies on M-Pesa withdrawals and P2P payments in 
Tanzania reduced, positively scaling financial inclusion.
 
z R57 billion in SMEs procurement spent R2.2 billion in early payment.
 
z >29 million ConnectU (zero-rated access) platform unique users.
 
z >4 000 girls trained in #CodeLikeaGirl programme in South Africa, 
Tanzania, Mozambique and Lesotho
 
z 5 million farmers registered on our smart agriculture 
platforms, with 4.6 million farmers registered on 
e-vouchering. 
 
z >1.4 million registered e-School users in South Africa, 
with 185 000 Instant School users in Tanzania and 
200 000 in the DRC.
 
z R25.4 billion contributed to public finances  
(FY2022: R22.1 billion).
 
z Ranked second telecommunications company 
globally in the Sustainalytics ESG Risk Ranking, 
maintained our MSCI AAA ESG rating and improved 
our ISS ESG rating to Prime.
 
z Leading in network NPS across all our markets and Co-Lead in Lesotho.
 
z Our markets cover a population of over 500 million people (including 
Safaricom at 100%) (FY2022: 300 million people).
 
z 35.5% data traffic growth in the year (FY2022: 22.8%),  
SA 36.6% and IB 33.1%, respectively.
 
z 2 352 new 4G sites added across the Group (FY2022: 1 410).
 
z 919 new 5G sites launched in South Africa  
(FY2022: 434).
 
z 6 996 rural sites, with 384  rural sites added in the 
year (FY2022: 6 612).
 
z 165 000 fibre end points passed (FY2021: 155 903). 
 
z R18.1 million in new revenue streams (fixed, IoT and 
cloud), comprising 19.3% of Group service revenue.
 
z Revenue up 16.0% to R119.2 billion (FY2022: R102.7 billion).
 
z EBITDA up 13.2% to R45.1 billion (FY2022: R39.9 billion).
 
z Cash generated from operations totalled R48.3 billion  
(FY2022: R41.2 billion).
 
z R5.0 billion paid to debt funders in interest (FY2022: R4.2 billion).
 
z Dividend per share declared of 670 cents 
(FY2022: 850 cents).
 
z HEPS of 948 cents (FY2022: 1 013 cents).
 
z ROCE of 21.8% (FY2022: 23.4%).
 
z Reduced our scope 1 and scope 2 market-based carbon emissions 
by 16% 
 
z Scored B in the Carbon Disclosure Project (CDP) environmental 
disclosure. 
 
z 0.4 mtCO2e GHG emissions per terabyte of data 
(FY2022: 0.6 mtCO2e)
 
z Leading global ESG ratings with Sustainalytics 
and MSCI.
 
z 1 088 solar-powered sites across our markets.
 
z 100% of network waste (excluding hazardous waste) 
reused or recycled (FY2022: 96%).
tonnes GHG emissions
(FY2022: 715 mtCO2e)
599 million
Waste
Our waste outputs include our emissions 
and electronic waste. 
Products and services
 
z mobile and fixed connectivity
 
z cloud and hosting
 
z data security and 
IoT offerings
 
z digital services
 
z financial services
Our outputs include the products and services we offer 
aimed at individual consumers and enterprises. These 
products and services range from
Our 
outputs
49
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration
PG
Refer to Page 32 for a detailed breakdown of what we offer. 
PG
Refer to Page 98 for a detailed 
breakdown of our waste.

Our trade-offs
Interdependencies exist between the capitals we rely on. The decisions we make, therefore, inevitably 
result in trade-offs between the capitals which affect our ability to create, preserve and erode value. 
Trade-offs are carefully considered to manage the availability, quality, and affordability of capitals in the 
short, medium and long-term.
Trade-offs
Prioritising network 
resilience capital 
expenditure above 
network expansion
Using Big Data insights 
to differentiate our 
offering 
Mitigating supply chain 
pressures by increasing 
our stock holding
In South Africa, maintaining network 
availability despite loadshedding has 
required significant investment in 
battery capacity and onsite generation 
capacity. Vandalism and theft further 
increase the capital expenditure 
required. Prioritising capital 
expenditure to ensure network 
availability reduces capital 
expenditure available for network 
expansion.  
We use data to proactively provide 
customers with tailored offers that 
deepen customer relationships and 
support growth. In using customer data 
to differentiate our offering, we respect 
our customers’ privacy, use data 
responsibly and prioritise cyber and 
information security. We adhere to local 
data privacy laws and General Data 
Protection Regulation. While potentially 
lucrative, we do not sell customer data.
In order to mitigate the risk of supply 
chain disruptions and constraints, 
we allocated capital toward building 
stock in key areas. Chipset shortages 
prompted us to increase the handset 
and sim card stock, negatively 
impacting our inventory days, 
particularly in the first half of the 
year. In addition, we carried more 
stock of network equipment through 
the year. While this has required us 
to tie up capital that could have 
been used elsewhere, we have been 
able to secure the resilience of our 
networks and also continue to 
support device penetration.
Key outcome
Investing in the resilience of our 
network to retain leadership
Leveraging Big Data for 
personalisation and growth
Leveraging our supply chain 
management capabilities
Maintaining data security and privacy 
to maintain technology leadership
Affected  
stakeholders
Capitals  
impacted
FC
SRC
MC
SRC
FC
SRC
FC
Principal risks  
and associated 
opportunities
3
7
1
5
9
3
4
Strategic  
pillars
1
2
8
5
6
10
5
10
Material  
matters
MM 1
MM 2
MM 7
MM 8
MM 1
MM 3
MM 6
Vodacom Group Limited Integrated report for the year ended 31 March 2023
50
PG
Page 70
PG
Page 80
PG
Page 81
PG
Page 91

Implementing a hiring 
freeze despite the impact 
on skills and diversity 
goals
Systematically addressing 
consumer concerns areas
Growing through 
partnerships
The war in Ukraine resulted in increased 
inflationary pressures across food and fuel  
in particular, adding to existing consumer 
pressures. This was exacerbated by energy 
supply challenges in South Africa and 
necessitated incremental cost 
containment initiatives in supply chain 
management and payroll, and in 
discretionary areas like travel and events. 
The payroll containment impacted the 
rate of new hires across the Group and 
with it, the appointment of new people to 
transform our business in line with our 
gender and racial diversity goals. It has 
also affected our ability to develop scarce 
skill sets in technology and ESG.
Our multiproduct strategy drives 
ongoing innovation into new products 
and services that can support our 
customers. As we develop new products 
we also need to streamline the customer 
journey related to that product and this 
can take time to mature. Our customer 
experience boards help us identify 
opportunities for improvement, and in 
this financial year incremental focus was 
put into our fibre journeys.
Connectivity is our business, whether from space, 
on land or through the airwaves, we connect people 
across our markets for a better future. Our strict 
capital allocation framework provides guardrails  
for this vision, as we do not have sufficient capital  
to invest in all the opportunities available to us. We 
are therefore focused on scaling within our existing 
footprint, and partnering where synergies exist. We 
see exciting partnership opportunities in fibre and 
rural connectivity. In the fibre space, we are working 
on co-investment models to accelerate rollouts 
across our International markets. We have made 
inroads utilising innovative new financing models  
to accelerate our rural penetration. In addition, our  
satellite partnership with AST SpaceMobile has the 
potential to support increased rural coverage in  
the long-term.
Accelerating skills development
Transforming our customers’ 
experience to a world-class standard
Bridging South Africa’s digital 
divide with a strategic fibre deal
FC
HC
IC
SRC
IC
SRC
FC
9
9
9
9
5
10
1
2
MM 4
MM 8
MM 3
Value 
created
Value 
sustained
Value 
eroded
51
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration
PG
Page 103
PG
Page 74
PG
Page 68

FC Financial 
capital
Vodacom’s strong capital base is supported by long-term 
investors, including a 65.1% controlling stake by Vodafone, one 
of the world’s largest communications companies, enabling us 
to advance our ambition to accelerate growth and enhance 
returns as we scale our existing products and services.
Our investment decisions accelerate our System of 
Advantage by providing the financial resources needed to 
pursue our strategic ambitions. Opportunities to deploy our 
financial resources are carefully considered since they have  
a significant impact on our return profile and the strategic 
direction of our business in the short-, medium-, and long-term.  
What financial 
capital means 
to Vodacom
How financial 
capital supports 
our System of 
Advantage
Dear stakeholders
It gives me great pleasure to present satisfactory financial 
results despite having experienced a year defined by global 
macroeconomic challenges and inflationary pressures. 
This uncertain context was largely fuelled by fragmented 
economic recovery after the COVID-19 pandemic and 
new challenges such as the war in Ukraine. The power 
crisis in South Africa, higher interest costs, start-up 
losses in Ethiopia, M&A costs, and higher inflation 
across our markets contributed to muted net 
profit growth of 2.1%.
Raisibe Morathi, CFO
Vodacom Group Limited Integrated report for the year ended 31 March 2023
52

Our financial capital at a glance
Our key focus areas
Key FY2023 achievements
Strategic pillar 
affected
Diversifying and differentiating 
our offering to support revenue 
growth
Recording positive revenue growth, impacted by Vodafone Egypt acquisition 
and rand depreciation against international currencies basket 
 
z Group revenue increased 16.0% (8.0%^, 4.9%*) to R119.2 billion  
(FY2022: R102.7 billion)
Growing service revenue through financial services
 
z Group service revenue grew by 17.2% to R93.7 billion  
(FY2022: R79.9 billion)
 
z Financial services revenue increased 29.2% (14.3%*) to R9.9 billion, 
contributing 10.5% to Group service revenue 
3
1
2
6
4
5
Optimising our operations to 
support profitability
Clear improvement in second-half profitability
 
z Group EBITDA increased by 13.2% (6.0%^, 3.6%*)
 
z Free cash flow up 18.3%
7  
9
8
Investing in technology and 
network infrastructure to 
maintain our trusted brand
Sustaining our manufactured and intellectual capital investments
 
z CAPEX reached R16.5 billion, with a 13.8% CAPEX intensity
 
z Invested in additional spectrum in Mozambique, South Africa and Tanzania
4
2
10
8
Executing the System  
of Advantage to deliver 
shareholder returns
Declaring dividends consistent with our new policy 
 
z Total dividend of 670cps, down 21.2% in line with the Group’s 
revised dividend policy to pay dividends of at least 75% of the Group’s 
headline earnings
2
1
4
3
5
7
6
9
8
10
Looking ahead to meet our 
strategic targets
Updating and upgrading our medium-term targets
2
1
4
3
5
7
6
9
8
10
*	 Indicates normalised growth.
^	 Excluding Vodafone Egypt.
The value we create, preserve and erode
We are committed to employing our financial capital within a disciplined framework that enhances our revenue generation opportunities while 
maintaining our return on invested capital. Ultimately, this enhances customer experience and shareholder returns.  
Key financial results 
Rm
FY2023 
FY2022 
Reported 
% change
Reported excluding
Vodafone Egypt
Normalised* 
% change
Revenue
119 170
102 736
16.0
8.0%
4.9
Service revenue
93 650
79 936
17.2
7.2%
3.5
EBITDA
45 144
39 888
13.2
6.0%
3.6
Operating profit
29 252
28 236
3.6
(0.9)
Operating profit – South Africa
20 881
21 133
(1.2)
(0.9)
Operating profit – International
4 541
4 352
4.3
(1.6)
Operating profit – Safaricom
2 815
3 122
(9.8)
9.3
HEPS (cps)
948
1 013
(6.4)
Dividends (cps)
670
850
(21.2%)
5
53
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration
PG
For additional financial information, refer to Page 128.

Financial capital continued
In FY2023, Group revenue increased by 16.0% (8.0% ^, 4.9%*) to  
R119.2 billion (FY2022: R102.7 billion) while Group service revenue grew 
by 17.2% (7.2% ^, 3.5%*) to R93.7 billion (FY2022: R79.9 billion), positively 
impacted by the Vodafone Egypt acquisition and rand depreciation 
against our basket of international currencies. On a normalised basis, 
adjusting for foreign exchange rate fluctuations and the impact of 
Vodafone Egypt, service revenue growth was 3.5%*. This result was 
underpinned by mobile prepaid revenue in South Africa, data revenue 
across our International markets and Group growth in new services. 
Financial services delivered growth of 29.2% as we continued to scale 
user adoption as well as new products and services. In aggregate our 
new services, which includes digital and financial, fixed and IoT, 
generated R18.1 billion (FY2022: R14.3 billion) and contributed 19.3% 
to Group service revenue. We continue to target a new service revenue 
contribution, including Vodafone Egypt, of 25% to 30% of Group service 
revenue over the medium-term. 
In FY2023, Group EBITDA increased by 13.2%, 6.0%^ to R45.1 billion 
(FY2022: R39.9 billion) with Vodafone Egypt contributing R2.9 billion 
since acquisition. On a normalised basis, EBITDA grew by 3.6%*, 
supported by an improvement to 8.1%* growth in the second half of 
the financial year. In South Africa, higher network and energy costs were 
managed through accelerated cost initiatives including supply chain 
management renegotiations and an incremental focus on discretionary 
spend and payroll costs.
Group operating profit was up by 3.6% to R29.3 billion (FY2022: R28.2 billion), 
supported by EBITDA growth but impacted by the expected start-up 
losses in Ethiopia. On a normalised basis, and adjusting for Ethiopia’s 
start-up losses, operating profit fell by 0.9%*. HEPS declined by 6.4% to 
948cps (FY2022: 1 013cps). The decline was attributable to higher 
number of shares in issue, start-up losses in Ethiopia and higher net 
finance charges. 
Net finance charges increased by 15.7% to R4.2 billion due to higher 
net debt and the higher average cost of debt associated with a sharp 
increase in South African Reserve Bank interest rates. The average cost 
of debt (including leases) increased from 7.7% to 8.6% during the year, 
2.6% lower than SARB’s 11.2% prime rate.
Diversifying and 
differentiating our offering to 
support revenue growth 
Optimising our operations 
to support profitability
Growing financial services remains a key priority for the Group. In South 
Africa, growth was fuelled by our insurance business, which posted 
revenue growth of 13.3% and sustained Airtime Advance revenue growth 
in the financial year. Normalised M-Pesa revenue grew by 15.9%* in the 
year and accelerated to 20.9%* in the fourth quarter as Tanzania lapped 
mobile money levies imposed in July 2021 and our new financial 
services continued to scale. Our merchant base across the International 
business was up threefold to 196 000. This growth helps expand our 
addressable commission pool beyond peer-to-peer payments and 
withdrawals into both online and offline commerce. 
Our two super-apps (VodaPay and M-Pesa) integrate our own products 
and services with our partners’ best offerings. In South Africa, VodaPay 
was integral in our Summer campaign achieving 5.7 million downloads. 
Our M-Pesa platform, including Safaricom, processed US$364.8 billion of 
transaction value over the past 12 months – an increase of 13.0%.
In South Africa, service revenue increased by 2.6% to 
(FY2022: R58.5 billion), supported by resilient 
prepaid performance and growth in new services. 
R60.0 billion
Our International business reported service revenue 
growth of 18.8% to 
(FY2022: R22.2 billion). Normalised growth of 
5.3%* was supported by M-Pesa and data revenue.
R26.4 billion
Group free cash flow
Rm
FY2023 
FY2022 
Reported 
% change
Operating free cash flow 
(OFCF)
25 111
22 693
10.7
CAPEX
(16 490)
(14 642)
(12.6)
Free cash flow
18 524
15 660
18.3
Net debt
(48 310)
(35 180)
(37.3)
Net debt to EBITDA (times)
1.1
0.9
We generated OFCF of R25.1 billion (FY2022: R22.7 billion), up by 10.7%, 
having invested R16.5 billion in CAPEX (excluding costs of acquiring 
spectrum), a further R5.0 billion applied to lease payments and R0.9 billion 
released from working capital. Free cash flow increased 18.3% as a result 
of higher OFCF and the timing of Safaricom’s interim dividend. We received 
Safaricom’s interim dividend for FY2022 in April 2022 and the interim 
dividend for the FY2023 in March 2023. The interim dividend received in 
March amounted to R1.0 billion.  
Net debt increased by R13.1 billion reflects the R10.7 billion debt 
funding component for the Vodafone Egypt transaction and spectrum 
costs. Our reported net debt to EBITDA ratio remained unchanged from 
the first half of the year at 1.1 times, as strong free cash flow generation 
offset the funding of the Vodafone Egypt transaction1. 
1.	 On a pro-forma basis, with Vodafone Egypt included for the full year, our leverage ratio reduced from 1.1 times to 0.8 times, based on pro-forma Vodafone Egypt EBITDA 
of R12.5 billion in FY2023.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
54

The Board set out a new simplified dividend policy when we announced 
the Vodafone Egypt transaction and the South African fibre joint venture 
with CIVH in November 2021. The simplified policy of paying at least 
75% of headline earnings was implemented with our interim dividend in 
November 2022 and also applied to the final dividend this financial year. 
On this basis, the Board declared a final FY2023 dividend of 330cps 
(FY2022: 430cps) and a total dividend per share for the year of 670cps 
(FY2022: 850cps).
Notwithstanding the change in dividend policy, the Group retains one of 
the highest dividend pay-out policies among JSE-listed companies. 
Additionally, the policy provides scope for the Group to invest within our 
13.0% to 14.5% capital intensity target, and delever and accommodate 
the upstreaming and dividend pay-out profiles of Safaricom and 
Vodafone Egypt.
Executing the System of 
Advantage to deliver 
shareholder returns
The Group remains committed to spending 13% to 14.5% of revenue on 
CAPEX that ultimately results in an enhanced customer experience 
through sustained investments in technology and network 
infrastructure. 
In FY2023, CAPEX reached R16.5 billion representing CAPEX intensity of 
13.8%. CAPEX increased by 12.6%, or 4.3% excluding Egypt, as we 
accelerated investment into network performance. We also invested in 
additional spectrum in Mozambique, South Africa and Tanzania.
Investing in technology and 
network infrastructure to 
maintain our trusted brand
Looking ahead to meet our 
strategic targets
Our evolution from a telecommunication to a technology company is 
well on track as we expand our ecosystem of products. Our multiproduct 
strategy, called the System of Advantage, aims to deliver diversified, 
differentiated offerings to our customers, further strengthening and 
growing our relationships with them. Looking ahead, our controlling 
shareholding in Egypt’s telecom market leader, Vodafone Egypt, is 
expected to enhance Vodacom’s growth and return potential. We have, 
therefore, updated and upgraded our medium-term targets as follows:
 
z From mid-single-digit Group service revenue growth to mid-to-high 
single-digit growth;
 
z From mid-to-high single-digit Group EBITDA growth to high-single 
digit growth; and
 
z Unchanged Group CAPEX of 13.0% to 14.5% as a percentage of Group 
revenue.
On average, over the next three years, on a normalised basis in constant 
currency, these targets are based on prevailing economic conditions, 
including Vodafone Egypt but excluding spectrum purchases, 
exceptional items and the acquisition of a joint-control stake in MAZIV.
Appreciation
Supported by our resilient strategy and track record of adapting quickly 
to changes across our operating environments, we continue to uphold 
management excellence with commitment to the needs of our 
stakeholders. For this, I owe a debt of gratitude to my colleagues for their 
endurance and tenacity in connecting people for a better future. 
Raisibe Morathi
Chief Financial Officer (CFO)
12 June 2023
55
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Service revenue 
R60 038 
million
(FY2022: R58 526 million)
EBITDA 
R32 569 
million
(FY2022: R31 747 million)
Operating profit 
R20 881 
million
(FY2022: R21 133 million)
CAPEX
R11 171 
million
(FY2022: R11 149 million)
 % change reported
2.6
2.6
(1.2)
0.2
Year ended 31 March 2023 
Segment performance
In South Africa, service revenue grew by 2.6% to R60.0 billion  
(FY2022: R58.5 billion), supported by network investment in resilience 
and capacity coupled with our Big Data-led CVM-powered personalised 
offers. New services such as financial and digital services, fixed and IoT 
were up by 9.7% and contributed R9.2 billion (FY2022: R8.4 billion) or 
15.3% to South Africa’s service revenue. In the fourth quarter, service 
revenue growth was 1.3% as ongoing strength in prepaid was offset by a 
tough comparative in Vodacom Business associated with some lower 
margin project revenue in the prior year. Revenue reached R84.7 billion 
(FY2022: R80.8 billion), up 4.8%, driven by strong equipment sales as our 
36-month contracts enabled customers to affordably upgrade handsets.
Mobile contract customer revenue increased by 2.8% to R22.6 billion 
(FY2022: R22 billion), supported by improved growth in our consumer 
segment. The consumer segment performance benefited from contract 
price increases of 3% to 5% implemented in the first quarter of the 
financial year. Mobile contract ARPU of R297 (FY2022: R301) was down 
by 1.3% with price increases offset by repricing pressure associated with 
the government contract for mobile services (RT15) within Vodacom 
Business. We added 193 000 contract customers in the financial year, 
increasing our reach by 3.0% to a base of 6.7 million.
Prepaid mobile customer revenue increased by 3.1% to R25.9 billion 
(FY2022: R25.2 billion) and accelerated to 4.1% in the fourth quarter.  
Set against a depressed macroenvironment and inflationary pressures 
on customers, this resilient performance was supported by market share 
gains. We used our world-class CVM capabilities to drive higher customer 
engagement and increase active days on the network, resulting in 
prepaid ARPU growth of 3.6% to R58 (FY2022: R56). Subscriber growth 
for the year was impacted by a clean-up of 1.5 million customers in the 
third quarter.  
Data traffic increased by 36.6% in the year and accelerated to 45.4% in 
the fourth quarter. We added 2.0 million data customers to reach  
25.5 million – an increase of 8.7%. Smart devices were up by 11.1% to 
29.3 million while 4G and 5G devices increased by 18.6% to 21.2 million. 
The average usage per smart device increased by 29.1% to 3GB per 
month. Prepaid data revenue increased by 12.9% to R11.4 billion 
(FY2022: R10.0 billion) with growth accelerating to 17.4% in the fourth 
quarter. This improvement reflected our network availability and the 
success of our data-led propositions focused on providing affordable 
offers to the most price-sensitive, lower-income customers.
Fixed service revenue was up by 7.2%, excluding wholesale transit.  
This result was supported by good customer adoption of fibre with 
connected homes and enterprises reaching 164 348 (including 
Bitstream, which refers to where we act as an internet service provider  
to fibre wholesalers). In the period, we churned some low-value fibre 
connections with an immaterial impact on fixed-line revenue. Our own 
fibre passed 165 000 homes and enterprises. 
Service revenue generated from financial services was up by 10.8%  
to R3.0 billion (FY2022: R2.7 billion). Insurance revenue increased by 
13.3%, supported by growth in policies of 6.8% to 2.6 million. We 
advanced R12.8 billion (FY2022: R13.0 billion) in airtime during the year, 
representing 44.7% of total prepaid recharges. VodaPay continues to 
gain traction with 3.3 million registered users. We have over 100 
mini-apps registered on the platform while we consistently add 
merchants as we scale the apps and grow transaction volumes. In the 
coming year, we plan to scale our lending, insurance and payment 
products, including cash in and cash out, while creating new business 
cases for remittances and wealth management.
Vodacom Business service revenue declined by 1.7% to R17.4 billion 
(FY2022: R17.7 billion), impacted by a decline in wholesale revenue as 
we lapped a strong prior-year comparative, as well as repricing pressures 
associated with the RT15 government contract. IoT remains an 
important new service growth driver with connections up by 13.6% to 
7.5 million, and a new deal with Eskom signed in the fourth quarter.
EBITDA grew by 2.6% for the year and growth accelerated to 5.8% in the 
second half of the year. This improvement was supported by accelerated 
cost initiatives to mitigate the impact of higher energy costs and 
inflationary pressures. The cost initiatives included supply chain 
management re-negotiations and an incremental focus on discretionary 
spend and payroll costs. The EBITDA margin moderated by 0.9ppts 
to 38.4% for the full year, impacted by strong growth in low-margin 
equipment revenue and higher network and energy costs. The EBITDA 
margin in the second half of the financial year was 38.6% (up by 0.4ppts).
We invested R11.2 billion (FY2022: R11.1 billion) in our network, broadly 
flat year-on-year, to support network resilience, add network capacity 
and enhance our IT platforms to maintain our competitive edge, 
resulting in network NPS leadership being maintained. We will leverage 
our newly acquired spectrum assets in South Africa to improve 4G 
services and invest incrementally in 5G infrastructure.
Financial capital continued
South Africa
Vodacom Group Limited Integrated report for the year ended 31 March 2023
56

Service revenue 
R7 976 
million
EBITDA 
R2 859 
million
Operating profit 
R1 710 
million
CAPEX 
R1 225 
million
Service revenue 
EGP39 073 
million
(FY2022: EGP32 107 million)
EBITDA 
EGP16 020 
million
(FY2022: EGP14 647 million)
Operating profit 
EGP9 493 
million
(FY2022: EGP9 045 million)
CAPEX 
EGP5 953 
million
(FY2022: EGP5 185 million)
 % change reported
21.7
9.4
5.0
14.8
R29 378  
million
R12 045 
million
R7 138  
million
R4 476  
million
Period ended 31 March 2023 (from 8 December 2022)
EGP rand value equivalent
Pro-forma information
Year ended 31 March 2023
Vodafone Egypt contributed service revenue of R8.0 billion for the period 
of consolidation from 8 December 2022 to 31 March 2023. In the fourth 
quarter, service revenue was up by 25.8% in local currency, supported by 
strong growth in data revenue and enhanced customer engagement due 
to a new loyalty programme, “Shokran”. Growth was also supported by 
Vodafone Cash and fixed-line services. Vodafone Egypt ended the financial 
year with 45.5 million customers. ARPU growth of 19.3% reflected strong 
commercial traction in the quarter supported by our “The Network is Now 
Doubled” campaign, good traction with our Flex pricing package, its 
associated entertainment proposition, and the new loyalty programme. 
The network campaign highlighted the significant investment into the 
network and spectrum over the past two years.
Data metrics were strongly supported by network investment. Data 
traffic was up by 44.0% in the quarter with data customer growth of 
11.4% to 26.3 million. Smart devices on the network were up by 37.5% 
to 30.9 million.
Growing financial services is a key priority for the Group and Vodafone 
Egypt. Financial services revenue for Vodafone Egypt was R398 million 
for the period of consolidation, accounting for 5.0% of service revenue. 
Vodafone Egypt
On a full-year, pro-forma basis, Vodafone Egypt generated financial 
services revenue of EGP1.6 billion (R1.2 billion), up by 123.1%, 
accounting for 4.0% of service revenue. Service revenue growth was 
supported by new use cases, wider distribution and customer growth  
of 54.5% to 5.4 million.
Vodafone Egypt contributed R2.9 billion to EBITDA for the period of 
consolidation. The reported EBITDA margin of 34.6% was impacted by 
foreign exchange losses on working capital balances as the Egyptian 
pound depreciated against major currencies. On a normalised basis, the 
EBITDA margin for the period of consolidation was 42.1%. On a full-year, 
pro-forma basis, Vodafone Egypt generated EBITDA of EGP16.0 billion 
(R12.5 billion), representing an EBITDA margin of 39.7%. Excluding foreign 
exchange losses, the full-year pro-forma EBITDA margin was 43.7%.
Capital investment for the period of consolidation was R1.2 billion. On  
a full-year, pro-forma basis, Vodafone Egypt’s capital investment was  
EGP6.0 billion (R4.6 billion), representing a capital intensity ratio of 14.8%.
57
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Service revenue 
R26 395 
million
(FY2022: R22 213 million)
EBITDA 
R10 145 
million
(FY2022: R8 504 million)
Operating profit 
R4 541 
million
(FY2022: R4 352 million)
CAPEX
R4 067 
million
(FY2022: R3 486 million)
 % change reported
18.8
19.3
4.3
16.7
 % change normalised
5.3
6.6
(1.6)
Period ended 31 March 2023
Financial capital continued
Segment performance continued
To grow and diversify the M-Pesa ecosystem, we also accelerated our 
merchant strategy and more than doubled the number of active 
merchants to 196 000. 
International EBITDA was R10.1 billion with growth of 19.3% (6.6% on a 
normalised basis) reflecting foreign exchange translation tailwinds and 
cost containment initiatives. Despite new regulatory fees in the DRC, in 
the second half of the year, normalised EBITDA growth recovered into 
the double digits as we lapped the impact of a prior year lease contract 
separation.
We increased CAPEX by 16.7% to R4.1 billion (FY2022: R3.5 billion) as we 
accelerated investment in 4G coverage and performance. From a coverage 
perspective, we added 1 222 4G sites during the year, increasing our 4G site 
count by 27.0%. We also continued to invest in our transmission networks 
to enhance our network lead in all our markets. We will leverage our newly 
acquired spectrum assets in Tanzania and Mozambique to extend coverage 
and enhance customer experience.
Service revenue for our International business increased by 18.8% to 
R26.4 billion (FY2022: R22.2 billion), supported by strong growth in  
data, a recovery in M-Pesa and foreign exchange translation tailwinds. 
Normalised growth of 5.3% was underpinned by our purpose-led focus 
on digital and financial inclusion with local currency data revenue 
growth of 18.2% and M-Pesa revenue growth of 15.9% on a normalised 
basis. The M-Pesa growth was supported by ongoing customer service 
adoption and new products. In the fourth quarter, normalised service 
growth of 5.4% was impacted by a humanitarian crisis in Mozambique 
associated with cyclone Freddy. In response to the cyclone, Vodacom 
Mozambique free-rated services, donated food and essential items, and 
used the scale of M-Pesa to drive donations.
We added 8.5 million customers in the financial year, up by 20.4% to 
50.2 million, supported by price transformation and strong commercial 
execution. In the fourth quarter, we added 2.1 million customers, driven 
by CVM initiatives. While the economies across our International 
business are recovering, constraints on consumer spending remain 
evident in the voice segment where revenue has declined by 6.1% on  
a normalised basis.
Data services remain a key driver of growth and our commitment  
to connect for a better future. Data revenue was R6.1 billion  
(FY2022: R4.6 billion), up by 33.2% on a reported basis, and contributed 
23.1% of International service revenue. We added 1.3 million data 
customers and reached 22.5 million customers by the end of the 
financial year. Data traffic growth of 33.1% was supported by 16.3% 
smartphone user growth to reach penetration of 32.9%. We continue to 
drive the adoption of smartphones, leveraging our strategic partnerships 
and implementing innovative financing options to provide affordable 
devices to our customers.
International M-Pesa revenue was up by 31.1% (15.9% on a normalised 
basis) to R6.5 billion (FY2022: R5.0 billion), contributing 24.6% of service 
revenue. Growth was supported by strong performance in the DRC and 
Tanzania’s performance recovering since lapping the impact of levies on 
mobile money. The underlying momentum of M-Pesa reflects our 
ongoing product enhancements in the consumer and merchant 
segments, supported by M-Pesa Africa. In the consumer segment, we 
launched new insurance, term loan and group savings products, scaled 
international money transfer and enhanced our M-Pesa app during the 
year. In Tanzania, loans facilitated via our lending product, “Songesha”, 
more than doubled to R8.2 billion (FY2022: R3.3 billion) in the year.  
International business 
Vodacom Group Limited Integrated report for the year ended 31 March 2023
58

Service revenue 
R41 503 
million
(FY2022: 37 715 million)
EBITDA 
R19 635 
million
(FY2022: 19 989 million)
CAPEX 
R13 477 
million
(FY2022: 6 655 million)
 % change reported
10.0
(1.8)
102.5
Service revenue 
KShs295 692 
million
(FY2022: 281 107 million)
EBITDA 
KShs139 862 
million
(FY2022: 149 062 million)
CAPEX 
KShs96 132 
million
(FY2022: 49 779 million)
 % change reported
5.2
(6.2)
93.1
Year ended 31 March 2023 
Year ended 31 March 2023 
Safaricom delivered good results, given the challenging macroeconomic 
backdrop and the mobile termination rate reduction in Kenya. Service 
revenue increased by 5.2%, supported by excellent growth in the fixed 
business and improved M-Pesa revenue in the second half of the year. 
Safaricom also accelerated its digital financial inclusion agenda, and 
focused on increasing customer service and satisfaction as part of its 
“Tuinuane” campaign. 
M-Pesa revenue grew by 8.8% in the year with fourth quarter growth 
accelerating into double digits, supported by strong platform growth and 
return to charging for bank-to-wallet and wallet-to-bank transactions 
from January 2023. Total M-Pesa transaction values grew by 21.4% to 
KShs35.9 trillion (FY2022: KShs29.6 trillion) while the volume of 
transactions grew by 33.5% to KShs21.0 billion. This equates to a 
transaction value of US$296.6 billion (FY2022: US$266.5 billion) 
processed in the year. Safaricom, together with M-Pesa Africa, continued 
to leverage technological innovation to enhance access to financial 
services for consumers and enterprise customers.
Voice revenue in Kenya declined by 2.8%, impacted by the soft 
macroeconomic backdrop. Mobile data revenue grew by 10.6%, 
accelerating from the prior year’s growth rate as price transformation 
supported strong usage growth. Fixed service and wholesale transit 
revenue grew by 20.1% to KShs13.5 billion (FY2022: KShs11.2 billion), 
supported by 21.4% growth in fixed enterprise revenue to KShs8.6 billion 
(FY2022: KShs7.1 billion) and 17.9% growth in fixed consumer revenue 
to KShs4.9 billion (FY2022: KShs4.2 billion). Fibre to the home customers 
www
For more information on Safaricom’s strategy, visit www.safaricom.co.ke, and results announcements at  
www.safaricom.co.ke/investor-relation/financials/reports/financial-results.
grew by 17.9% to 195 741. The mobile data and fixed growth were 
supported by CAPEX in Kenya of KShs40.4 billion (FY2022: KShs39.3 billion), 
equating to a 13.1% capital intensity ratio. Including the greenfield 
mobile rollout in Ethiopia, CAPEX for Safaricom was KShs96.1 billion.
EBITDA for the Kenyan operations was up by 4.0% with margins broadly 
flat year on year at 51.9%. Foreign exchange pressures and higher 
energy costs impacted the cost base. Safaricom’s overall EBITDA, 
including Ethiopia, declined by 6.2%, reflecting start-up losses 
associated with the Ethiopian rollout. While the net profit of the Kenyan 
operations grew by 3.0%, Safaricom’s overall net profit attributable to 
equity shareholders declined by 10.6% due to start-up financing and 
operating costs in Ethiopia.
In October 2022, after significant investment in the country, Safaricom 
Ethiopia commercially launched mobile operations and received a 
mobile financial services licence. These milestones align with our 
ambition to transform lives in the country as we seek to connect every 
Ethiopian to the global digital economy. Safaricom Ethiopia’s 2G, 3G and 
4G mobile services are available in 22 cities, covering 24% of the 
population and serving 2.1 million customers. 
On a rand-reported basis, Safaricom contributed R2.8 billion  
(FY2022: R3.1 billion) to the Group’s operating profit – a decline of 9.8% 
year-on-year attributable to foreign exchange rate movements and 
Ethiopia’s start-up losses. On a normalised basis, Safaricom’s contribution 
to our operating profit increased by 9.3%. 
Safaricom
59
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Financial capital continued
Rm
20231
2022
Revenue
119 170
102 736
Direct expenses
(45 942)
(38 624)
Staff expenses
(7 746)
(7 266)
Publicity expenses
(1 936)
(1 886)
Net credit losses on financial assets
(864)
(704)
Other operating expenses
(18 069)
(14 419)
Depreciation and amortisation
(17 968)
(14 657)
Net profit from associates and joint ventures
2 607
3 056
Operating profit
29 252
28 236
Net gain on disposal of subsidiaries
4
–
Finance income
857
554
Finance costs
(5 569)
(4 229)
Net gain on remeasurement and disposal 
of financial instruments
464
2
Profit before tax
25 008
24 563
Taxation
(6 897)
(6 829)
Net profit
18 111
17 734
Attributable to:
Equity shareholders
16 767
17 163
Non-controlling interests
1 344
571
18 111
17 734
Note:
1.	 The results of Vodafone Egypt have been consolidated from the acquisition date of 8 December 2022. 
Acquisition-related costs of R260 million were recognised in other operating expenses. 
Cents
2023
2022
Basic earnings per share
948
1 013
Diluted earnings per share
921
984
Condensed consolidated income statement
for the year ended 31 March
Total Group expenses increased 
18.5% to R74.6 billion. Excluding 
Vodafone Egypt, Group total expenses 
increased 9.9% (6.5 %*). In South 
Africa, expenses increased 6.3% 
to R52.2 billion, reflecting higher 
equipment costs of sales associated 
with the higher equipment revenue. 
International expenses increased 
19.4% (5.2%*) to R17.2 billion, as 
incremental cost initiatives were 
implemented to manage costs 
below the rates of inflation.
Group service revenue grew 17.2% to 
R93.7 billion, positively impacted by 
the acquisition of Vodafone Egypt and 
rand depreciation against our basket of 
International currencies. Excluding 
Vodafone Egypt, service revenue 
growth of 7.2% (3.5%*) was 
underpinned by mobile prepaid 
revenue in South Africa, data revenue 
across our International markets and 
Group growth in new services.
Net profit from associates and 
joint ventures declined by 14.7% 
to R2.6 billion, negatively impacted 
by start-up costs related to Ethiopia 
and the foreign exchange 
translation headwinds.
Net finance charges increased 15.7% 
to R4.2 billion, as a result of higher net 
debt and higher average cost of debt 
associated a sharp increase in South 
Africa Reserve Bank interest rates. 
In addition to investment in spectrum, 
20% of the Vodafone Egypt 
consideration was settled through 
new debt, contributing to a 37.3% net 
debt increase.
The tax expense of R6.9 billion was 
1.0% higher than the prior year due to 
higher taxable profits. The effective tax 
rate was 27.6%, slightly lower than 
the prior year due to the recognition 
of a deferred tax asset in Tanzania.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
60

Condensed consolidated statement of comprehensive income
for the year ended 31 March
Rm
20231
2022
Net profit
18 111
17 734
Other comprehensive income 
Foreign currency translation differences, net of tax2,3
2 985
(3 025)
Share of foreign currency translation differences, net of tax, of associates and joint ventures accounted for using 
the equity method2,3
565
(343)
Mark-to-market of financial assets held at fair value through other comprehensive income, net of tax2
216
271
Mark-to-market gains recognised through profit or loss on disposal of financial assets held at fair value through 
other comprehensive income, net of tax2
(276)
(271)
Total comprehensive income
21 601
14 366
Attributable to:
Equity shareholders
21 207
14 167
Non-controlling interests
394
199
21 601
14 366
Notes:
1.	 The results of Vodafone Egypt have been consolidated from the acquisition date of 8 December 2022.
2.	 Other comprehensive income can subsequently be recognised in profit or loss on the disposal of foreign operations or financial assets held at fair value through other 
comprehensive income.
3.	 Share of foreign currency translation differences, net of tax, of associates and joint ventures accounted for using the equity method line item previously reported as part of foreign 
currency translation differences, net of tax line item are now being reported separately. The reclassification had no impact on any reported totals, HEPS or on any amounts presented 
in the statement of financial position.
61
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Financial capital continued
Rm
20231
2022
Assets
Non-current assets
162 527
127 448
Property, plant and equipment
74 241
59 273
Intangible assets
27 643
14 054
Financial assets
800
783
Investment in associates and joint ventures
52 573
47 429
Trade and other receivables
3 700
2 763
Finance receivables
2 348
2 374
Tax receivable
674
647
Deferred tax
548
125
Current assets
65 788
50 519
Financial assets
958
612
Mobile financial deposits
9 832
6 386
Inventory
2 156
1 787
Trade and other receivables
27 992
21 230
Finance receivables
2 508
2 554
Tax receivable
288
234
Bank and cash balances
22 054
17 716
Total assets
228 315
177 967
Equity and liabilities
Fully paid share capital
89 918
57 073
Treasury shares
(17 055)
(17 019)
Retained earnings
43 524
39 885
Other reserves
(30 441)
(502)
Equity attributable to owners of the parent
85 946
79 437
Non-controlling interests
11 481
6 029
Total equity
97 427
85 466
Non-current liabilities
66 502
34 834
Borrowings
60 687
29 347
Trade and other payables
552
541
Provisions
1 406
1 581
Deferred tax
3 857
3 365
Current liabilities
64 386
57 667
Borrowings
8 327
22 061
Trade and other payables
41 392
26 632
Mobile financial payables
9 832
6 386
Provisions
830
341
Tax payable
2 665
1 178
Dividends payable
17
11
Bank overdraft 
1 323
1 058
Total equity and liabilities
228 315
177 967
Note:
1.	 Vodafone Egypt has been consolidated from the acquisition date of 8 December 2022.
Condensed consolidated statement of financial position
as at 31 March
PPE increased R15.0 billion to  
R74.2 billion and intangible assets 
increased R13.6 billion to R27.6 billion. 
The consolidation of Vodafone Egypt 
accounted for R12.1 billion of the 
increase in property, plant and 
equipment and R10.9 billion of the 
increase in intangibles, respectively.
Safaricom profits were impacted by 
start-up losses in Ethiopia. Our 
proportionate investment into 
the mobile licence in Ethiopia and our 
attributable share of Safaricom profits 
were offset by dividends received and 
foreign currency translation difference 
movements related to Safaricom.
The movement largely relates to the 
acquisition of a controlling stake in 
Vodafone Egypt and a resultant 
common control reserve.
Higher net debt of R48.3 billion 
reflects the R10.7 billion debt funding 
component for the Vodafone Egypt 
transaction and spectrum costs. Our 
reported net debt to EBITDA ratio 
increased to 1.1 times, as a result of 
the timing of the Vodafone Egypt 
transaction. On a pro-forma basis, with 
Vodafone Egypt consolidated for the 
full financial year, net debt to EBITDA 
was 0.8 times.
Current borrowings decreased as a 
result of successful refinancing.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
62

Rm
Equity 
attributable
to owners of
the parent
Non-
controlling 
interests
Total equity
31 March 2022
79 437
6 029
85 466
Adoption of IAS 29 by associate entity
1 953
212
2 165
1 April 2022
81 390
6 241
87 631
Total comprehensive income
21 207
394
21 601
Dividends
(13 127)
(569)
(13 696)
Shares issued on acquisition of subsidiary1
32 845
–
32 845
Acquisition of subsidiary under common control
(36 137)
5 105
(31 032)
Repurchase and sale of shares
(377)
–
(377)
Share-based payments
438
–
438
Proceeds on subsidiary share issue2
–
242
242
Changes in subsidiary holdings3
(293)
68
(225)
31 March 2023 
85 946
11 481
97 427
31 March 2021
79 370
6 320
85 690
Total comprehensive income
14 167
199
14 366
Dividends
(14 162)
(502)
(14 664)
Repurchase and sale of shares
(433)
–
(433)
Share-based payments
495
–
495
Changes in subsidiary holdings
–
12
12
31 March 2022
79 437
6 029
85 466
Notes:
1.	 Net of share issue costs of R3 million.
2.	 Non-controlling interests’ share of proportionate additional share capital contributions into 10T Holdings (Pty) Limited.
3.	 Changes in subsidiary holdings includes the acquisition of an additional 14% equity interest in each of IoT.nxt B.V and 10T Holdings (Pty) Limited, increasing the Group’s effective 
shareholding in each of the subsidiary entities to 65%, as well as the unwinding of the B-BBEE deal for Storage Technology Services (Pty) Limited trading as Nexio (Stortech), a 
subsidiary of the Group. The unwinding of the B-BBEE deal led to the Group’s effective interest in Stortech reducing from 95% to 51%. Also included is the buy-out of certain 
minority shareholders subsequent to the acquisition of Vodafone Egypt.
Condensed consolidated statement of changes in equity
for the year ended 31 March
63
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Financial capital continued
Rm
2023
2022
Cash flows from operating activities
Cash generated from operations
48 312
41 152
Tax paid
(7 361)
(7 124)
Net cash flows from operating activities
40 951
34 028
Cash flows from investing activities
Additions to property, plant and equipment and intangible assets
(20 175)
(13 843)
Proceeds from disposal of property, plant and equipment and intangible assets
89
61
Acquisition of subsidiary (net of cash and cash equivalents acquired)
(9 221)
–
Acquisition of associate
(321)
(874)
Loan to joint venture
(116)
(234)
Dividends received from associate
4 390
2 911
Finance income received
871
545
Net movement in mobile financial deposits1
(2 353)
(500)
Other investing activities1
132
(30)
Net cash flows utilised in investing activities
(26 704)
(11 964)
Cash flows from financing activities
Borrowings incurred
19 662
8 570
Borrowings repaid
(11 935)
(9 717)
Finance costs paid
(5 341)
(4 312)
Dividends paid – equity shareholders
(13 136)
(14 170)
Dividends paid – non-controlling interests
(569)
(502)
Repurchase of shares
(510)
(517)
Proceeds on sale of shares
133
84
Proceeds on subsidiary share issue2
242
–
Changes in subsidiary holdings3
(273)
–
Net cash flows utilised in financing activities
(11 727)
(20 564)
Net increase in cash and cash equivalents
2 520
1 500
Cash and cash equivalents at the beginning of the year
16 658
15 209
Effect of foreign exchange rate changes
1 553
(51)
Cash and cash equivalents at the end of the year
20 731
16 658
Notes:
1.	 Net movements in restricted cash deposits from M-Pesa customers previously reported as part of other investing activities are now being reported separately. The reclassification 
had no impact on any reported totals, HEPS or on any amounts presented in the statement of financial position.
2.	 Non-controlling interests’ share of proportionate additional share capital contributions into 10T Holdings (Pty) Limited.
3.	 Cash consideration of R258 million for the acquisition of an additional 14% equity interest in two subsidiary entities, being IoT.nxt B.V and 10T Holdings (Pty) Limited, increasing 
the Group’s effective shareholding in each of the subsidiary entities to 65%, and cash consideration paid for the buy-out of certain minorities subsequent to the acquisition of 
Vodafone Egypt of R15 million. 
Condensed consolidated statement of cash flows
for the year ended 31 March
Vodacom Group Limited Integrated report for the year ended 31 March 2023
64

65
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Manufactured 
capital
We have built our manufactured capital to a sizable portfolio across the African continent. 
Our manufactured capital extends from Cape to Cairo, reaching rural villages, capital cities, 
entrepreneurs, multinational organisations and millions of individual customers. 
We define our manufactured capital as Vodacom’s network 
footprint across Africa, including base stations and masts,  
fibre and microwave distribution channels. This includes our 
hardware, undersea capacity, site infrastructure and 
professional services to deploy new physical sites, upgrades to 
both hardware and software to increase the overall network 
capacity, new technologies to develop system compatibility, 
and our investments relating to maintenance and reliability. 
We actively pursue partnerships and joint ventures to expand  
our manufactured capital. Our retail presence, point-of-sale 
terminals and M-Pesa agents further extend our manufactured 
capital footprint to merchants and individual customers.
Our manufactured capital forms the backbone of our 
operations, enabling us to provide connectivity across our 
footprint, and powering our System of Advantage. We are 
committed to building the best infrastructure for mobile and 
fixed in support of our strategic ambition of becoming Africa’s 
leading communications company. Building our 
manufactured capital provides further opportunities to scale 
our intellectual capital as we create diverse and innovative 
products and solutions, that rely on manufactured capital. We 
have invested R70.5 billion in total over the last five years to 
extend our network, maintain market share leadership and 
achieve leadership in network NPS in all markets.
What 
manufactured 
capital means 
to Vodacom
How 
manufactured 
capital supports 
our System of 
Advantage
MC
Vodacom Group Limited Integrated report for the year ended 31 March 2023
66

Our manufactured capital at a glance
Our key focus areas
Key FY2023 achievements
Strategic 
pillar affected
Expanding our footprint selectively 
to strengthen our presence in Africa
 
z Acquired a majority share in Vodafone Egypt 
 
z Launched commercial operations in Ethiopia, through 
Safaricom in October
2
1
Expanding and enhancing our 
network to retain leadership
 
z Vodacom Group sites added:
	– 5G sites: 1 150 (FY2022: 434)
	– 4G sites: 2 352 (FY2022: 1 410)
	– 3G sites: 1 136 (FY2022: 519)
	– 2G sites: 1 037 (FY2022: 441)
 
z Vodacom Fibre passed 165 000 homes and enterprises in South 
Africa (FY2022: 155 903)
2
1
 8
Investing in the resilience of our 
network to retain leadership
 
z R16.5 billion capital investment in network capacity and resilience 
(FY2022: R14.6 billion) 
 
z To achieve network NPS leadership across our markets
5
2
8
Accelerating our digital services 
infrastructure to become the 
enterprise digital partner of choice
 
z Vodacom Group has 50 data centres 
 
z First TelCo to attain the MEF 3.0 SD-WAN certification
4
2
Enhancing our retail and agent 
presence to support our digital 
ecosystem
 
z Increased our retail store footprint to 9 109 retail stores in South Africa
 
z Increased our M-Pesa agents to 552 612 (FY2022: 510 000) 
5
4
The value we create, preserve and erode
By implementing our strategy – the System of Advantage – we have engaged in landmark transactions to expand our footprint. These transactions 
included acquisitions, joint ventures, partnership agreements and infrastructure separation that have been tailored to the context of the operating 
countries in which they took place. This nuanced approach is essential to ensure success on a continent as diverse as Africa.  
Growing our footprint from Cape to Cairo
	 In December 2022, we received final regulatory approvals and 
announced the completion of the Group’s binding agreement to acquire 
a controlling 55% shareholding in Vodafone Egypt in a transformational 
R43.6 billion deal. The finalisation of the Egypt transaction cements our 
position as a leading pan-African communications company in addition 
to diversifying our geographic presence and accelerating our growth 
profile. Our population reach has increased to over half a billion people 
across Africa.
Vodafone Egypt is the largest mobile network operator in Egypt in terms 
of revenue mobile market shares of 44%. Vodafone Egypt provides a 
range of integrated telecommunication services, including mobile and 
Expanding our footprint selectively to strengthen our presence  
in Africa 
fixed voice, SMS, data and mobile money to 45 million consumers and 
enterprise customers. The transaction has added attractive tower assets 
to our portfolio which now reaches from Cape to Cairo.
Vodacom Group contributes significant value to Egypt with our 
multiproduct strategy and financial service platforms, global 
partnerships and best practices. In addition to financial services, 
Vodacom Group sees attractive synergy potential from combining 
Vodafone Egypt’s software factory with Vodacom Group’s existing Big 
Data capabilities, closer cooperation in scaling pan-African enterprise 
and IoT solutions, enabling the proliferation of digital services through 
our platform approach, and talent sharing.
PG
For more information on how the Egypt transaction contributes to our 
intellectual capital, see Page 75.
67
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Manufactured capital continued
1.	 The Group, excluding its indirect interest via its shareholding in Safaricom, has an effective direct interest of 6.2% in the consortium. In addition, the Group has indirect exposure 
through Safaricom’s 55.7% effective interest in the consortium.
Improving customers’ fibre 
experience in South Africa
Although Vodacom strives to deliver a world-class customer 
experience, we still receive customer complaints. Despite good 
customer adoption of fibre, fibre-related complaints remain a 
concern. In FY2022, we observed a significant increase in 
fibre-related complaints in South Africa as our fixed services, 
such as fibre, expanded. In FY2023, we seized the opportunity to 
learn from these complaints and improve customer experience, 
recognising that the customer journey for a fibre connection is 
much more complex than a mobile connection. 
Our newly established customer experience board in South 
Africa identified several pain points within the fibre customer 
journey. We reviewed each of these pain points in order to 
eradicate them and improve our customer’s overall fibre 
experience. Successes this year include the simplification of the 
application process, where we ramped up and simplified the 
on-boarding digital journey, resulting in a 9% increase in online 
connections during the year. We improved our time to connect a 
customer from order to connection resulting in 68% of all orders 
now connected within seven days. We increased our service 
hours to assist customers after hours. Through all of these 
initiatives and continued improvement, we saw our call centre 
volumes reduce by more than 2 000 calls in the second half of 
the year. 
We recognise that we have progress to make in the customer 
journey, but we are proud of the decrease in escalations 
compared to the prior year. Looking forward, we intend to 
continue improving the various processes for our customers’ 
fibre journey and overall find end-to-end solutions that improve 
the overall customer experience related to fibre. 
Case study
Rolling out a world-class network and services  
in Ethiopia
	 Having officially secured a telecommunications licence granted by 
Ethiopia’s government in July 2021, Safaricom Ethiopia1, a Safaricom-led 
consortium, switched on its mobile telecommunications network and 
services in Addis Ababa in October 2022 and held a ceremony to mark 
its national launch. Our subsequent network rollout reached 2.1 million 
customers in 22 cities across the country. Our ambition is to rollout a 
network of 10 000 to 12 000 sites in the next ten years.
www
https://www.safaricom.co.ke/images/calendars/FY23-Investor-
Presentation-11-May-2023.pdf
Bridging South Africa’s digital divide with a 
strategic fibre deal 
	 In November 2021, Vodacom announced the proposed acquisition 
of an initial 30% stake in MAZIV (previously InfraCo), a joint venture that 
will house the fibre assets of Vodacom South Africa and CIVH. The joint 
venture is a major step forward in scaling our fibre offering in South 
Africa as we will gain exposure to highly attractive and fast-growing 
operating companies within MAZIV, including Vumatel and Dark Fibre 
Africa. We have the option to increase our stake in MAZIV to 40% and 
with our capital injection and strategic support we will further accelerate 
the growth trajectory of these fibre assets.
In October 2022, the joint venture received ICASA approval and is 
awaiting confirmation from the competition authorities in South Africa, 
following which Vodacom will transfer its fibre assets to MAZIV. Through 
this strategic deal, Vodacom has the opportunity to emerge as the 
leader in the wholesale fibre market. 
In FY2023, Vodacom fibre passed 165 000 homes and enterprises in 
South Africa (FY2022: 155 903).
The MAZIV transaction is expected to narrow the digital divide in South 
Africa by enabling affordable access to connectivity in some of the most 
vulnerable parts of the country through an ambitious fibre rollout 
programme. The contribution of Vodacom South Africa’s wholesale fibre 
to the home, fibre to the business and business-to-business (B2B) 
transmission access fibre network infrastructure further scales and 
enhances our fibre footprint.
Separating our South African tower portfolio
	 We have separated our South African tower portfolio into a stand-
alone TowerCo business. The separation forms part of our strategy, which 
seeks to optimise assets and is driven by new technologies, radio access 
network technology constraints and the increased use of sharing models, 
among others. We have established a separate legal entity that will be 
owned by Vodacom Group. The TowerCo includes our towers, rooftops and 
other network sites. The TowerCo will allow Vodacom to benefit from cost 
efficiencies, increase its ability to monetise assets, alignment with the 
evolution of technology, maximise tenancies, power resilience sharing 
opportunities and unlock alternative financing opportunities.
The value we create, preserve and erode continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
68

Value 
created
Value 
sustained
Value 
eroded
Vodacom is committed to delivering the most advanced communication 
technology across all our markets to enable people to communicate, 
transact and interact with each other, information and things. In FY2023, 
we invested R16.5 billion in our network (FY2022: R14.6 billion). 
Expanding and developing our network, whether it be through mobile, 
fibre or from space enables us to accelerate economic growth through 
the provision of accessible and affordable products and services and the 
promotion of digital inclusion for all.
PG
Refer to Page 32 to read more about our products and services and 
Page 22 to read more about how we support inclusion for all.
Increasing our network coverage in South Africa 
	 During FY2023, we continued to roll out 3G, 4G and 5G network 
sites to increase our population coverage. Acquiring additional spectrum 
at auction resolved many of the challenges we faced in building our 5G 
capacity in South Africa. Our 5G base grew by a significant 143% 
year-on-year, to reach 44.2 million customers. The number of 5G 
capable devices on our network increased to 1 804. We plan to add 750 
additional 5G sites in FY2024, to reach 32% 5G population coverage.
Population coverage
Network sites
	
2023 	
2022 	
2023 	
2022
3G
	
99.4%
99.9%
14 686
14 631
4G
	
98.5%
97.9%
14 534
13 991
5G
	
17.9%
0.0%
1 543
624
PG
For more details on our coverage and smartphone penetration related to 
Where we operate, see Page 04.
Advancing rural coverage
	 We are focused on scaling within our existing footprint and see 
particularly exciting partnership opportunities in rural connectivity 
where we have ambitious aspirations to accelerate deep rural access. We 
have made good inroads on innovative new financing models for rural 
base stations and aim to unlock the benefits through these partnerships 
in the near future.
In South Africa the number of rural network sites reached 2 892 
(FY2022: 2 783).
	 We continue to focus on providing rural coverage in our 
International markets as this plays an important role in connecting 
customers across the African continent. We have reached 4 104 rural 
sites across our International markets over a four-year period.
Expanding and enhancing our network to retain leadership 
DRC Rural Coverage
SA Rural coverage
In FY2023, the DRC accelerated 4G capacity expansion to cater for extra 
traffic in Kinshasa on 268 sites and in Kivu on 65 sites; new rollout of 
2G-3G-4G live on 52 sites; and new 2G-3G rural coverage in 52 villages.
5G was launched in Tanzania in FY2022, and 231 sites have been 
deployed in FY2023 which contribute to the growth of SMEs across the 
country.
PG
For more information on our super-apps 
refer to intellectual capital on Page 76.
Increasing our network coverage in our 
international markets
	 In the International business we continue to focus on accelerating 
4G coverage, in line with our Tech2025 strategic goal. We are, however, 
proud of the 5G launch in Tanzania and Kenya which drives business 
connectivity.
Our efforts to increase coverage and offer competitive products and 
services has grown our data customers by 6.2% to reach 22.5 million 
(FY2022: 21.2 million).
Network sites
	
2023 	
2022
2G
8 819
8 487
3G
7 169
6 832
4G – Tanzania
2 353
2 122
4G – Mozambique
1 970
1 749
4G – Lesotho
255
226
4G – DRC
1 165
1 018
5G – Tanzania
231
63
PG
For more details on our population coverage in our international 
markets, see Where we operate on Page 04.
	 Vodacom’s partner, AST SpaceMobile is building the first space-
based mobile broadband network accessible directly by standard mobile 
phones. AST SpaceMobile’s BlueWalker 3 satellite underwent basic 
functionality testing in 2022, prior to a formal trial in the second quarter 
of 2023, in partnership with Vodacom and Safaricom in Kenya. 
After successful completion of the trial, AST SpaceMobile will scale up 
their satellite deployments in partnership with Vodacom to provide 
ubiquitous communications to 4G devices across African and beyond. 
This capability will enable Vodacom to provide coverage in rural areas 
where it is challenging to provide connectivity through traditional 
terrestrial communications solutions. 
ESG
ESG report
69
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Manufactured capital continued
Ensuring network continuity is critical to our market leadership position. 
Across our OpCos we face various challenges to network resilience 
including the availability of grid-based power, theft and vandalism and 
extreme weather events. We have accelerated technology-related 
operating expenditure and capital investment to manage these 
challenges and keep our customers connected.
Maintaining technology resilience 
	 Our technology resilience programme ensures all technical 
recovery plans are periodically reviewed and maintained as needed. All 
critical systems are tested to provide auditable proof of recovery 
capabilities, while also ensuring the right plans – including georesilient 
architectures and capabilities – are in place to meet the prescribed 
recovery time and recovery point objectives. 
	 In South Africa, we aim to provide reliable connectivity in the face 
of increased frequency and duration of loadshedding. We invested  
R4.0 billion in our Energiser project over the past three years, which 
provides backup power to drive improved network availability during 
loadshedding. We consistently achieved network availability between 
94% to 99% ahead of competition during periods of heightened 
loadshedding when grid-based power availability fell to 60%.
Investing in the resilience of our network to retain leadership 
The value we create, preserve and erode continued
Digital inclusion driven by innovative handset 
financing
To drive digital inclusion through device penetration, Vodacom facilitates 
access to affordable smart devices. We bring entry smart devices to our 
customers through partnerships with device manufacturers and 
distributors, device subsidies for network locked devices, device 
financing, device affordability programmes with OTT partners and data 
bundle attachment with 5G smartphone offers.
	 In South Africa, smartphone penetration is at 64.5%, and across the 
International business, smartphone penetration increased to 32.9%.
	 Thanks to partnerships with open-market players, the DRC has 
connected more than 500 000 smartphones over the last two years, 
driving the smartphone penetration to 19%. In Tanzania, we have 
connected an additional 1 million smartphones, driving penetration 
from 30% to 35%.
	 We continued the subsidisation model for new 4G devices in 
Lesotho. Our OpCo worked closely with the trade partners to sell 4G 
devices. This, combined with more 4G coverage and significant upgrades 
in high-capacity areas, resulted in 4G device penetration increasing 11%, 
reaching total smartphone penetration of 66.3%.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
70

Value 
created
Value 
sustained
Value 
eroded
Providing enterprises with digital services they need requires increased 
manufactured capital capacity. Increasing our digital services 
infrastructure capacity through our data centres and SD-WAN 
connections supports us in becoming digital partner of choice for 
enterprises.  
Increasing capacity in cloud and hosting services
	 Enterprise customers increasingly use hybrid cloud technology 
strategies, including multicloud deployment models to take advantage 
of the scalability and flexibility of the cloud-based technologies offer.  
We accelerate business connectivity through cloud and hosting services 
in South Africa through our seven data centres, covering an area of 
7 000 m2. In FY2023, we grew our data centre footprint by 19%. 
Our other OpCos provide cloud and hosting services through 23 
data centres.
Accelerating our digital services infrastructure to become  
the enterprise digital partner of choice
Our retail presence and the presence of our agents across our footprint 
are the closest point of contact our manufactured capital has to our 
customers. The experience Vodacom branded stores and M-Pesa 
merchants create, play an important role in supporting world-class 
loyalty and customer experience.
Transforming our retail presence
	 In FY2023, we opened three new retail stores in South Africa, two in 
Gauteng and one in KwaZulu-Natal, that represent our interpretation of 
the store of the future. Store 2.0 is a co-created future-ready store, that 
bridges the gap between physical and digital retail. Our brick-and-mortar 
stores are complimented by technology, creating empowered customer 
experiences and engagements through seamless, paperless and 
Enhancing our retail and agent presence to support our  
digital ecosystem
Increases in our built capacity and service offering has increased our 
cloud-based revenue from R388.8 million in FY2022 to R462.4 million in 
FY2023. Enterprise customers opting for a hybrid cloud technology 
strategy represent 71% of our customer base. Customers using the 
Vodacom Enterprise solution represent 29% of our customer base.
PG
For details on the products and services that leverage cloud capabilities, 
see intellectual capital from Page 81.
Increasing our SD-WAN connection capacity
	 SD-WAN offers intelligent connectivity, along with high-speed 
dedicated or broadband connection, with greater efficiencies and 
control, through a management portal that provides complete network 
visibility. We were the first African TelCo to attain the MEF 3.0 SD-WAN 
certification. SD-WAN connections for the year increased to 14 971 from 
7 854 in FY2022.
frictionless transactions. Customer experience is the central focus of the 
store’s modular, flexible, digitally inclusive, and environmentally friendly 
design. The Store 2.0 model aims to meet the needs of individual 
consumers, enterprises and SMEs, providing access to core and 
accelerator products and services. Learnings from this rollout will inform 
our future retail transformation plan in the short to medium-term.  
Supporting M-Pesa agents to scale financial  
and digital services
	 M-Pesa and Vodafone Cash provides financial and digital services to 
55.8 million customers and 803 000 merchants in Kenya, Tanzania, the 
DRC, Mozambique, Lesotho and Egypt through 552 612 agents (FY2022: 
510 000).  
71
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

IC
Intellectual 
capital
Evolving from a TelCo to a TechCo requires that we invest in our intellectual capital to 
create products and services that reinforce our brand and meet the evolving needs of 
our customers.
We define our intellectual capital as our brand and reputation, 
our investment in the latest, modern digital technologies and 
skills, our ability to transform our customers’ experience 
through personalisation, and the integrated digital and 
financial services that we offer. 
Underpinned by our leading and trusted brand in 
connectivity, the build out of our digital ecosystem creates 
deeper customer engagement and differentiation where 
we compete on value rather than just price. Our digital 
ecosystem is powered by intellectual capital and spans 
financial services, digital services, IoT, behavioural loyalty and 
data-led personalised offers. Through optimised investment 
into our brand, spectrum, Big Data, technology and skills we 
expect to enhance our growth and returns potential. 
What 
intellectual 
capital means 
to Vodacom
How intellectual 
capital supports 
our System of 
Advantage
Vodacom Group Limited Integrated report for the year ended 31 March 2023
72

Our intellectual capital at a glance
Our key focus areas
Key FY2023 achievements
Strategic 
pillar affected
Transforming our customers’ 
experience to a world-class 
standard
 
z Digitising our service channels with MyVodacom and TOBi
 
z Our digital workforce is now 54% larger than our call centres
 
z 74% of our calls are handled via AI, with a 97% journey utilisation
6
5
 10
7
Strengthening our footprint to 
enhance our digital capabilities
 
z Vodafone Egypt provides access to highly skilled talent with >90% of IT 
insourced
9
1
Acquiring and managing spectrum 
to secure our leadership 
 
z Acquired 110 MHz of spectrum in Tanzania 
 
z Additional spectrum purchased finalised in Mozambique
 
z Leveraging the 110 MHz of spectrum in South Africa
 
z Through Vodafone Egypt, acquired the leading spectrum position 
in the market
2
Providing digital and financial 
services to build our digital 
ecosystem
 
z Advancing the Group’s dual-sided financial services ecosystem
 
z Strengthening our position as Africa’s leading FinTech player
 
z Developing VodaPay and other financial services in South Africa
 
z Developing M-Pesa and other financial services internationally
 
z Over 70.6 million (FY2022: 60.6 million) financial services customers
 
z Alipay partnership
 
z Over 100 mini-apps registered on VodaPay
Leveraging Big Data for 
personalisation and growth 
 
z CVM personalised offers make up >65% of total bundles sold 
in South Africa
6
5
Extending our capabilities to 
provide key enterprise services
 
z Supported 9.4 million IoT connections
 
z 19% increase in enterprises using our cloud, hosting and domain, 
managed software and security services 
4
3
Maintaining data security and 
privacy to maintain technology 
leadership
 
z Extensive set of cyber security baseline and super controls
Building our trusted brand and 
strong reputation to differentiate 
 
z Serving 185.8 million customers across the Group including 
Safaricom (FY2022: 129.6 million)
 
z Number 1 in four of our OpCos in terms of NPS
 
z Launched new “Shokran” loyalty programme in Egypt
 
z Ranked first for developmental impact within South Africa according to 
Trialogue’s Corporate Development Impact rating
10
5
8
5
3
7
6
4
8
8
10
73
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Intellectual capital continued
Customer needs:
A small number of simple products  
to select from.
Services that are easy to understand, 
easy to use and easy to pay for.
A seamless experience.
A selection of convenient channels to 
communicate and resolve any issues.
Issues resolved quickly with no  
need to contact again.
Our customer experience strategy considers customer needs and aims to create a seamless 
experience throughout the customer life cycle, supported by an integrated expert resolution hub 
to ensure prompt resolution of any queries. We have established a Design Centre of Excellence to 
provide support and guidance for product and journey designs and launched an SME Experience 
Centre in FY2023.
The value we create, preserve and erode
Vodacom is a customer-centric business, and 
we understand that market differentiation and 
business sustainability depend on maintaining 
and growing our existing customer base 
through positive experiences. Our core purpose 
of connecting for a better future is intrinsically 
linked to ensuring that each customer has the 
best possible experience when engaging with 
our products and services. 
Transforming our customers’ experience to a 
world-class standard 
Focusing on improving customer 
experience at Group and OpCo level
We strive to deliver a personalised omni-channel digital 
experience to all our customers. Delivering high-quality customer 
journeys requires continually refining and developing our 
customer experience strategy and journeys based on the evolving 
needs of our customers. Our customer experience boards at ExCo 
level in each of our OpCos, are dedicated to understanding and 
continuously improving customer experience journeys.
The customer experience boards focus on the biggest customer 
journey pain points, the process that contributes to them and 
the necessary actions to address them. Within these boards, 
leaders from multiple business units collaborate to unpack the 
root cause of pain points and find solutions. These meetings and 
regular market visits provide Vodacom leadership with insights 
into the changing needs and preferences of customers within 
each market. This holistic approach ensures all aspects of a 
customer’s journey are considered to develop end-to-end 
solutions. Once an issue is resolved, we review how processes 
can be improved to simplify customer experience. 
OpCo customer experience boards report to the Group customer 
experience board. Group-level support ensures that crucial 
learnings to improve customer experience are shared across the 
Group. At an operational level, employees participate in 
developing and implementing solutions through regular Spirit 
of Vodacom events. The Spirit of Vodacom includes “earn 
customer loyalty” as one of its four pillars, encouraging 
employees to get involved in improving customer experience.
Case study
 Our customer experience strategy  
is built on three primary pillars
Streamline and  
simplify the journey
Provide digital-first 
touchpoints
Integrate targeted 
expert resolution
 
z Digital-first and experience-
led products that are easy 
to use and understand
 
z Eradicate any pain points in 
customer journeys
 
z Use of RPA to speed up 
processes
 
z Self-service channels via 
voice or chat
 
z 24/7 effortless digital 
resolution
 
z Proactive care before the 
customer is aware
 
z Complex issues or 
value-driven calls
 
z Smart routing to 
multiskilled agents 
and experts
 
z Problem resolutions and 
potential cross or upsells
Postpaid consumer churn 
reduced to 13.6%  
in South Africa
86% of social media 
queries resolved in less than 
10 minutes in Lesotho
64% call reduction for 
M-Pesa and 60% 
reduction for bundle 
depletion calls in Tanzania
FY2023 highlights
Vodacom Group Limited Integrated report for the year ended 31 March 2023
74

Digitising our service channels in South Africa
	 We aim to enhance the customer experience and service quality by 
offering a personalised omni-channel digital experience. While we offer 
digital touchpoints first, customers have the option to speak to an agent 
at every point of our interactive voice response process. In FY2023, we 
scaled our self-serve portal with additional digital journeys, enhanced 
our reporting capabilities, and conducted continuous user experience 
improvements. 
	 The My Vodacom app continues to provide our customers a 
world-class experience seen through a consistent touchpoint NPS (tNPS) 
over 53.1 and a 4.4-star Google Play store rating. The app has 
maintained its high user engagement and seen significant growth, 
generating over R2.6 billion in annual revenue (FY2022: R2 billion), with 
6.2 million active customers (FY2022: 5 million). Bundle revenue growth 
driven by the app is 30%, with 90% of contract customers, 17% of 
prepaid customers, and 75% of hybrid customers using it. 
	 We are seeing an exponential growth in the adoption of TOBi, our 
chatbot, coupled with high rates of customer satisfaction. In FY2023, we 
incorporated TOBi into our VodaPay super-app. We further tailored the 
customer experience by expanding the voice capability of TOBi, with the 
launch of our TOBi Zulu. We are in the process of developing TOBi 
capabilities in other languages in line with our OpCo needs.
Vodafone Egypt provides the Group with access to highly skilled 
resources to diversity and differentiate our digital ecosystem. Vodafone 
Egypt leverages these skills to develop class-leading and secure IT 
platforms, which support high levels of automation, efficiency and 
customer excellence.
Enhancing our digital capabilities
	 Vodafone Egypt has developed its own public cloud, CVM, Big Data, 
entertainment and digital payment capabilities. With more than 800 IT 
skills insourced, Vodafone Egypt IT efficiency spend of 2.3% compares 
favourably with an industry benchmark of 4.3%. 
Strengthening our footprint  
to enhance our digital 
capabilities
Value 
created
Value 
sustained
Value 
eroded
Resolving VodaPay queries 
through digital channels
Since the launch of VodaPay, our super-app in South Africa, 
we have focused on creating a seamless digital experience 
for our customers within the app. In line with our strategy 
to offer our customers a high-quality omni-channel 
customer experience, we embarked on a journey for Tobi, 
our chatbot, to manage the majority of customer queries 
and reduce the contact with our call centre agents. 
Referrals from Tobi to our call centre employees are 
reviewed regularly for customer journey enhancements 
and we continually “teach” Tobi to improve digital 
resolution. For example, we reduced heavy text in customer 
journeys with more rich media and use emojis and GIFs, 
which customers seem to prefer. We reviewed various 
customer journeys to simplify each process.  
This year, we reduced the number of agents supporting the 
product, despite growing our VodaPay customer base. We 
resolved 87% of customer queries digitally through Tobi. 
Automation of journeys and high-quality digital processes 
allow us to reassign agents to new areas where demand 
has increased, and provides opportunities to reskilling 
agents to work in other areas of our business. 
Our ambition is to achieve a 90% success rate of customer 
queries digitally resolved though Tobi. The remaining 10% 
of the queries, which are more complex, will continue to 
receive support from our agents. We are on track to achieve 
this target.
Case study
	 In addition to TOBi, which provides direct customer support, we 
created a single front-end digital interface called TOBi Assist to support 
our front-line operators to service customers. TOBi Assist is powered by 
Big Data, CVM, and predictive models and is enhanced with the latest 
technology stack. TOBi Assist has handled 9.4 million calls since launch 
in January 2021 and has achieved 28.8 million transactions (FY2022: 
13.3 million). Overall customer service impact has reduced by 11.8% to 
11.5 million (FY2022: 13.3 million) in call volumes with a 5% First Call 
Resolution improvement. 
	 Vodacom maintained the leadership position, for the fourth 
consecutive year by more than 150 points, in the Gartner IT4C report  
on Digital Channels and Experiences. The report ranks the four big 
telecommunications providers in South Africa, benchmarked globally 
across browsing, buying and self-service journeys. 
Managing customer complaints
	 While Vodacom strives to deliver a world-class customer experience, 
we do receive customer complaints. Fibre-related complaints in South 
Africa, for example, remained high in FY2023. We see complaints as an 
opportunity to address our customer experience, but nevertheless 
recognise that customer frustration is a source of value erosion.
PG
Refer to Page 68 for a case study on how we are improving customers’ 
fibre experience in South Africa. 
	 In FY2022, we transformed how we resolve queries for our postpaid 
customer base through smart routing. In partnership with an external 
service provider, we built a resolution hub aimed at reducing or 
eliminating multiple handover points to different agents or departments. 
In FY2023, we rolled out the Expert Resolution Hub with 630 agents in 
live production and will continue to scale how we resolve queries around 
the rest of our postpaid services.
75
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Intellectual capital continued
We have built a formidable financial services business across our existing 
markets, with products that cut across consumers and markets. Our 
financial services diversify and materially enhance the Group’s growth 
and returns profile and unlocks strategic opportunities with our key 
partners. As a differentiator for the Group, we leverage global technology 
partnerships and our Centres of Excellence to deliver attractive returns 
for our shareholders while creating exciting propositions for our 
customers.
We continue to develop customer-centric solutions to enhance the user 
experience and digital journey across our markets. At the same time, we 
continue to expand our digital lifestyle services by enhancing our 
existing portfolio and introducing new products – with our super-apps 
serving as catalysts for growth in this space.
Advancing the Group’s dual-sided financial services 
strategy
Our financial services strategy is supported by a dual-sided ecosystem 
across consumers and merchants, bringing these segments together 
through exceptional and personalised experiences relating to 
entertainment, e-Commerce, payments, savings, investments, lending 
and insurance services. As key drivers of this strategy, our two super-
apps – VodaPay and M-Pesa – integrate our own, Vodacom-built 
products and services with the best offerings from our partners.
Providing digital and financial 
services to build our digital 
ecosystem
The value we create, preserve and erode continued
Strengthening our position as Africa’s leading FinTech player
Our financial services business is integral to our purpose-led business model as it is the largest component of our new services revenue and a clear 
strategic priority. The VodaPay and M-Pesa super-apps, strategic partnerships and African expansion are key enablers to scaling our financial services 
and building a pan-African FinTech ecosystem that supports e-Commerce, banking and financial services that offer a single customer experience.
Li
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e 
s
u
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-a
p
p
Consumer to business (C2B)
Microloans, overdraft, Airtime Advance
Insurance
Investment and savings
e-Commerce
Money transfer and basic services
a
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E
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 i
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s
CONSUMER PROPOSITION
Trusted platform and brand, 
personalised offers, access to 
affordable financial services
Loan facilitation and invoice financing
Insurance
Investment and savings
Enterprise resource 
Online/offline payments
Business to consumer (B2C), B2B and e-Commerce
MERCHANT PROPOSITION
Large footprint, low set-up 
costs, personal targeting, low 
customer acquisition costs
As demand for connectivity increases, we continue to work to secure 
spectrum leadership in our OpCos. Maintaining and expanding our 
mobile network capacity relies on our ability to renew and secure 
adequate broadband spectrum. Once we secure spectrum through 
engagement with relevant authorities in spectrum auctions, we manage 
it effectively to provide our customers with increased coverage and 
improved network quality and speeds.
	 In March 2022, we acquired 110 MHz of spectrum in South Africa 
for R5.4 billion. The spectrum has a licence period of 20 years enabling a 
more sustainable investment path and industry. In FY2023, we started  
to use the spectrum to accelerate 4G and 5G network coverage and 
capacity across the country and improve service quality to promote 
digital inclusion. 
	 Following Egypt’s 2.6 GHz spectrum auction in November 2020, 
Vodafone Egypt has the leading spectrum position in the market. This 
spectrum portfolio and Vodafone Egypt’s extensive 4G rollout provides 
an excellent network foundation. 
	 New spectrum implementation is one of our strategic priorities  
for our International business. In Tanzania, we acquired an additional 
110 MHz of spectrum in the financial year. In Mozambique, we invested 
in additional 900, 1 800 and 2 100 MHz spectrum. In April 2023, 
subsequent to the financial year, we acquired additional spectrum 
in the DRC.  
Acquiring and managing 
spectrum to secure our 
leadership 
Vodacom Group Limited Integrated report for the year ended 31 March 2023
76

High-growth and scalable financial services model with attractive returns 
Expanding our product set to 
capture growth opportunities
Merchant services
 
z Online (e-Commerce) and offline POS 
payments
 
z B2B
 
z B2C (e.g. salaries)
 
z Enterprise resource planning
 
z Invoice financing
 
z SME lending
Multiple  
revenue 
drivers
Fee per 
transaction
(P2P, cash out, 
C2B, B2B, B2C 
and e-Commerce)
Service fee
(content, loan 
facilitated)
Commissions
(investment 
products, 
third-party 
services)
Platform  
hosting fees
Advertising  
fees
Scalable 
platform
Super-apps  
(VodaPay and 
M-Pesa)
FinTech  
marketplace
Entertainment  
and content
Personalised  
offers
Digital mall
Behavioural 
loyalty
Payments and e-Commerce
 
z International money 
transfer (IMT)
 
z C2B
 
z e-Commerce payments
 
z Services and bill 
payments
 
z P2P transfers
 
z Scan to pay
Airtime Advance and lending
 
z Airtime Advance
Lending
 
z Prepaid handset 
finance
 
z Voucher Advance
 
z Microloans
 
z Overdraft facility
 
z Instant/virtual 
credit card
 
z Instalments
Insurance
Short-term 
� Device	
� 
Home and road assist
Long-term 
� Life and funeral
� Group schemes
� Contract cover
Third-party 
� Car	
� Home
Savings and investments
 
z Fractional ownership  
of shares and 
commodities 
 
z Savings
 
z Unit trusts
 
z Money market
Attractive margins  
and returns
PBT margin > TelCo Margin
with further opportunities, 
including digitalising inflows 
and outflows, and increased 
use of shared services
Maintain low
CAPEX intensity
as we leverage global tech 
partnerships (i.e. Alipay) 
and Centres of Excellence 
(i.e. M-Pesa Africa) to deliver 
highly attractive ROCE
77
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Intellectual capital continued
The value we create, preserve and erode  |  Providing digital and financial services to build our digital 
ecosystem continued
Across our markets, we are working to ensure all markets are at the same level of product offering, 
payments and lending ecosystem.
Financial services 
Customers (millions)
2022
 South Africa
 Egypt
 M-Pesa international business
 M-Pesa Safaricom
30.5
2023
16.5
13.5
32.1
19.2
5.4
13.9
Financial services 
Revenue (Rbn)
2022
 South Africa
 Egypt
 M-Pesa international business
 M-Pesa Safaricom
14.5
2023
5.0
2.7
16.4
6.5
3.0
 
 
 
Annual M-Pesa 
transactions value (USbn)
 M-Pesa (international business
      and Safaricom)
2022
324.6
2023
364.8
The Group has 
70.6 million 
customers 
Strong underlying 
growth in financial 
services revenue 
Vodacom 
14.3%* growth
Safaricom 
8.8%* growth
Annual 
M-Pesa 
transactions 
increased by 
12.4%
Tanzania
DRC
Mozambique
Lesotho
Egypt
Kenya
Money 
transfer 
and basic 
services
Cash in/cash out (including ATM)
P2P
GSM service top-up
Bank transfer
International money transfer
Consumer 
payments 
and 
enterprise  
services
C2B, e.g. bill payments
B2C, e.g. disbursements
B2B, e.g. cashless distribution
Financial  
services
Microloans and overdraft
Insurance
Investments and savings
Super-app mini apps
Merchant  
payments
In-store merchants payments
E-Commerce/online payments
*	 Normalised growth presents performance on a comparable basis. 
Vodacom Group Limited Integrated report for the year ended 31 March 2023
78

Value 
created
Value 
sustained
Value 
eroded
Developing VodaPay and other financial services in 
South Africa
VodaPay super-app 
	 In FY2023, VodaPay app downloads reached 5.7 million, with  
3.3 million registered users with VodaPay wallets and 2.2 million active 
users. We continue to grow our e-Commerce and partner offering by 
reaching more than 100 partners on the super-app to provide VodaPay 
users with a comprehensive lifestyle and shopping experience across 
various categories and services. In addition to buying products like 
airtime and paying for bills through VodaPay, customers can access 
lending, insurance and payment products and services. During the year, 
VodaPay launched new products and functionality including a real-time 
configurable home page, our integrated Summer campaign, the ability 
to convert VodaBucks to cash in VodaPay wallets, and other customer 
growth focused features and campaigns. 
Payments processing services 
	 We provide more than 9 500 merchants with digital and physical 
payment processing services. Vodacom processes over R5.0 billion in 
payments annually through these devices. Our acquiring solutions 
enable merchants to process debit and credit card transactions across 
our Android and mobile POS devices. We also offer merchants the 
e-Commerce and m-commerce processing capability through our online 
payment gateway.
Beyond helping merchants acquire payments, our enterprise financial 
services solutions enable merchants to provide a wide range of 
value-added services. Our solutions are targeted at the SME merchant 
segment, where we believe we can provide innovative financial 
solutions. The financial services ecosystem for enterprise is supported 
by comprehensive capabilities across our supporting operations as well 
as innovative digital channels for self-service engagement. This includes 
merchant reporting and applications for new products and services via 
the online merchant portal as well as through the VodaPay app.
Airtime Advance 
	 In FY2023, our Airtime Advance product facilitated an additional 
1.7 billion of airtime advances to more than 14 million customers, to the 
value of R12.8 billion. Airtime Advance represented 44.7% of total 
prepaid recharges during the year.
Lending 
 
	 During the year, we launched Cash Advance, a product focused  
on supporting financial inclusion by facilitating short-term loans of up to 
R500, accessed through VodaPay. Cash Advance loans are up to 400% 
cheaper than the informal lenders.
	 Our Voucher Advance products provides customers with access 
to a low-value buy-now pay-later offering, which allows them to buy 
meals and other consumer products ranging from R75 to R500, with 
no interest or hidden fees when repaid on time. Our Voucher Advance 
platform has over 35 partners, including some of South Africa’s 
biggest brands.
	 Our SME-focused lending solution – VodaLend Business Cash 
Advance – provides finance to small and medium enterprises in need of 
quick access to short-term cash advances of up to R1.5 million. In 
FY2023, the solution continued to grow, facilitating credit to more than 
1 000 small enterprises. VodaLend Business Cash Advance uses 
innovative credit assessment capabilities based on the information 
obtained from the merchants’ Vodacom POS devices to determine 
creditworthiness. 
	 Our Supply Chain Finance product, which is available in South 
Africa, is designed to facilitate short-term financing support to Vodacom 
suppliers. In FY2023, we provided R7.5 billion in financing. 
Insurance
	 Through VodaSure, we provide our customers life, funeral and 
various short-term insurance. Our aim is to become the preferred 
connected lifestyle insurer that delivers on-demand, one-click insurance 
for everyone. In FY2023, VodaSure issued 2.6 million policies and 
increased revenue by 13.5% to R1 190 million due to the continued 
growth in device insurance, contract cover and funeral cover, as well as the 
launch of the new theft cover-only product. Our device insurance 
attachment ratio has grown from 6% to 30%. Our device insurance, funeral 
and life cover products are also available on the VodaPay platform.
Developing financial services including M-Pesa 
internationally
M-Pesa
	 The financial services offered through M-Pesa is a key driver of 
socio-economic growth and a gateway to the digital economy. M-Pesa, 
which was launched in 2007, has evolved into a payments platform that 
offers access to life-enhancing personal services and e-Commerce in 
four of our OpCos, as well as Kenya. Our M-Pesa super-app incorporates 
mini-app capabilities to create an intelligent, cloud-based platform as a 
single point of integration between consumers and merchants.
In FY2023, M-Pesa and Vodafone Egypt cash served more than 55.8 million 
customers (including Safaricom) and processed over US$364.8 billion 
in transactions in (FY2022: 47 million customers and US$324.6 billion 
in transactions). Revenue from M-Pesa increased 18.2% to R23.0 billion 
(FY2022: R19.4 billion), including Safaricom. Our International markets 
contributed R6.5 billion (FY2022: R5.0 billion) of this revenue. Including 
Safaricom, M-Pesa is used by more than 2.6 million enterprises to collect 
and disburse payments, and over 800 000 retail and online merchants 
accept M-Pesa.
	 Across our International business, an increase in merchants using 
M-Pesa is driving digital payments. There is an acceleration in new 
merchants and customers adopting digital payments at various points 
with merchant sign-ups increasing three-fold in the year across our 
OpCos accepting M-Pesa payments, and customer growth reaching 16.4%.
Insurance
	 We continue to enable access to microinsurance products with 
VodaBima in partnership with insurance companies in Tanzania. 
VodaBima enables Vodacom customers to choose the insurer and type 
of insurance they want (either motor vehicle or health) and purchase, 
make claims, or even cancel the insurance through their phone. In 
FY2023, VodaBima provided cover to 167 000 customers.
79
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Intellectual capital continued
The value we create, preserve and erode continued
Big Data is the engine that powers our digital ecosystem and underpins 
our CVM, loyalty and financial services capabilities. Big Data and 
analytics have expanded our customer view to over 10 000 attributes. 
These insights allow us to personalise our offerings, drive customer 
loyalty and increase active days. Big Data analytics also generates 
automated decision-making across our business units, including those 
related to fraud on our network, improving our controls. 
Personalising our offering
	 Just4U, our flagship personalised offering, continues to be a key 
differentiator as our customers benefit from unique and personalised 
deals on airtime, data and text messages. Through this platform, the 
discounts offered are determined by the location, income levels and 
available network capacity of a specific customer base. Our customer 
participation on the Just4U platform reached 54.7% in Tanzania, 20.9% 
in the DRC, 36.3% in Mozambique, 36.0% in Lesotho.
	 Our Big Data and CVM capabilities are deeply integrated into our 
behavioural loyalty programme, VodaBucks. By leveraging these 
capabilities, our VodaBucks programme increased active customer days 
on our network by two days in South Africa, reflecting enhanced 
customer engagement and more frequent purchases. 
PG
For more information on our offerings, refer to page 32 and 74.
Leveraging Big Data for 
personalisation and growth
Lending and consumer
	 In Tanzania, products and services driving financial services include 
M-Koba – a group savings solution to support women, young 
entrepreneurs, family and friends saving money through M-Pesa. Since 
launch, the number of groups formed in M-Koba have grown with over 
TZS173 billion saved. Credit and savings products such as Overdraft and 
M-Pawa have also shown growth in Tanzania, with TZS1 trillion in loans 
facilitated and TZS156 billion saved through M-Pawa in FY2023.
	 Our Ntlatse overdraft facility continues to serve our M-Pesa 
customers, having facilitated the disbursement over LSL80 million in 
overdraft. We have also launched a term loans facility, Nkalime, which 
allows customers the ability to take microloans over a longer period 
via M-Pesa. 
Lending agents
	 The agent base in Tanzania remained resilient as we lapped mobile 
money levies imposed in July 2021, reaching an M-Pesa revenue growth 
of 8.0%. Additional services such as agent loans through Wezesha (our 
agent overdraft facility in partnership with Tanzania Postal Bank) has 
improved agent liquidity and availability to our customers.
International money transfers
	 In FY2023, International money transfer value reached US$3.9 billion, 
including Safaricom. We launched a variety of new corridors across 
Tanzania and Kenya, giving our customers access to a wider network of 
countries to conduct transactions with.
Expanding our portfolio of digital lifestyle services
	 Our digital lifestyle services deliver digital content through our 
platform and partnership approach across key verticals including video, 
music, gaming, education and lifestyle services. Our customers are 
adopting a culture of anytime, anywhere, on-demand entertainment and 
value high-quality, relevant content. During FY2023, we enhanced our 
portfolio by developing scalable digital content partnerships that provide 
relevant, engaging and gamified content that can be monetised through 
data consumption, advertising, subscription or transactional models. 
We continue to expand and enhance existing propositions by re-
imagining the customer experience and incorporating gamification 
mechanics across the portfolio. VodaPay offers opportunities to diversify 
our digital ecosystem to further scale our propositions in the mass 
market. This is supported by bite-sized offerings, data bundling and 
creating engagement on VodaPay through freemium models.
Impacting society through our “tech for good” 
platforms
	 Our “tech for good” platforms help diversify our revenues and 
drive societal benefit. We actively contribute to creating a digital society 
by developing solutions across critical verticals, including agriculture, 
education and healthcare. Mezzanine, a Vodacom subsidiary, is a key 
enabler of our “tech for good” solutions in these industries, partnering 
with Group and external companies to deliver its platform-as-a-service 
(Paas) and software-as-a-service (Saas) solutions.
ESG
Refer to our ESG report for more information on how our “tech for good” 
platforms are digitalising critical sectors.
 
z Our agricultural platforms span across the value chain from small-scale 
farmers in Africa to precision commercial farms in Europe, the US and 
Australia. These platforms provide farmers with the benefits of digital 
agricultural services, including communication within the industry, 
financial services, market information, key agriculture data and 
weather forecasts. Our agricultural platforms have 4.9 million 
active registered users in South Africa, Tanzania and the DRC 
(FY2022: 1.4 million).
PG
Refer to Pages 93 for more information on how we connect farmers  
in the agriculture sector through Connected Farmer, MYFARMWEB™ 
and M-Kulima.
 
z In the education sector, we support more than 1.4 million users on 
educational platforms, including our e-School platform and VodaEdu.
 
z We support the health sector through our m-mama programme, stock 
visibility solutions, digitisation of laboratory process, Mpilo, our 
zero-rated health app and our HealthX platform, which enabled the 
vaccination of 2.3 million adults in South Africa.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
80

We provide enterprises with reliable mobile and fixed connectivity and 
increasingly we are extending our capabilities to include IoT, cloud, 
hosting and managed security services. We offer these services to a 
variety of enterprises, from small enterprise and entrepreneurs through 
to large public and private enterprises as they navigate their digital 
transformation journeys. 
Scaling our IoT offering
	 We have unique scale and capabilities in the IoT segment, 
supported by Vodafone – the global leader in IoT – as well as the global 
reach of Vodacom’s local solutions. Vodacom IoT revenue increased to 
R1 553 million in FY2023, from R1 442 million in FY2022, an increase 
of 7.7%. This represents a total of 9.4 million IoT connections 
(FY2022: 6.8 million) and growth of 38.2% from the previous 
financial year.
	 IoT.nxt, a Vodacom subsidiary, is a global IoT company offering a 
dynamic application enablement platform comprising of software, 
middleware, hardware and analytics services. Our solutions have been 
implemented globally in 11 verticals. As part of the Vodafone family,   
IoT.nxt continues to pioneer industrial enterprise-level applications and 
advanced solutions that are powered by the IoT, digital twins, and 
machine learning. Our award-winning technology is geared toward 
driving digital transformation. 
Providing cloud, hosting and managed security 
services
	 The number of customers using Vodacom’s Enterprise Cloud 
– Microsoft Cloud, Office 365, Modern Workplace and Azure – hosting 
and domain services, managed software services and security services 
has increased 19% in FY2023.
	 As more enterprises demand higher bandwidth, there is also a 
proportionate increase in potential cyber attacks. Our managed 
security services continue to protect large enterprises and SMEs, with 
our solutions encompassing secure networks to protect customers’ 
online trading and e-Commerce.
Our managed cyber security services grew double digits year-on-year, 
particularly in the area of security incident and event monitoring and 
security operations centre management – a capability which we have 
matured to move beyond point solutions to offer end-to-end cyber 
security proactive threat mitigation given the rising threat landscape.
Leveraging software to enhance our connectivity 
offerings
	 Our business connectivity infrastructure provides a resilient 
platform for enterprises. Our access point name solution offers 
enterprise customers a sustainable gateway to keep their workforce 
connected. The solution allows employees to access an organisation’s 
network, key applications and information in a convenient and secure 
way from virtually anywhere in the world.
Extending our capabilities  
to provide key enterprise 
services
	 SD-WAN offers intelligent connectivity, along with high-speed 
dedicated or broadband connection, with greater efficiencies and 
control, through a management portal that provides complete network 
visibility. We were the first African TelCo to attain the MEF 3.0 SD-WAN 
certification. SD-WAN connection for the year increased to 14 971 from 
7 854 in FY2022.
Partnering to amplify our capabilities
	 In FY2021, we established Digital Co-X, a disruptive business-to-
business digital transformation capability within Vodacom Business. 
Digital Co-X focuses on transforming the process through which 
companies embed digital technologies across their enterprises to drive 
fundamental change. Digital Co-X leverages Vodacom and partner 
ecosystems to define and shape innovative solutions. Harnessing the 
collective knowledge of partnerships, industry experience and creative 
skills, Digital Co-X collaborates and pursues solutions that leverage the 
strengths across these ecosystems and optimises value for enterprises 
we collaborate with. 
Value 
created
Value 
sustained
Value 
eroded
Cyber risks are on the rise and we are increasing our efforts to manage 
this risk and educating our stakeholders, including our employees and 
customers accordingly.
	 Vodacom has an extensive set of cyber security baseline and super 
controls in place, which are consistently measured and monitored to 
ensure they remain effective and efficient. Furthermore, the Group’s 
incident detection and response capabilities are continually enhanced 
through security orchestration, data visibility, endpoint detection and 
response capabilities.
	 We are implementing a strategy to introduce next-generation 
security technologies across the Group, which will enhance our current 
prevention and detection capabilities, provide data insights for real-time 
detection and response, and introduce a more secure and frictionless 
employee experience.
	 We strictly adhere to secure-by-design principles and processes as 
we develop products and services annually.
	 We evaluate third-party risks to ensure our vendors and suppliers 
adhere to Vodacom’s minimum security requirements.
Maintaining data security 
and privacy to maintain 
technology leadership 
81
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

South Africa
Tanzania
DRC
Mozambique
Lesotho
Egypt
FY2023 FY2022
FY2023 FY2022
FY2023 FY2022
FY2023
FY2022
FY2023
FY2022
FY2023
FY2022
Our reputation 
index 
performance
66.2
65.4
78.6
66.2
1
71.4
1
75.1
68.6
72.6
73.2
64.4
Relative to 
competitors
1st
1st
1st
2nd
1
1st
1
2nd
2nd
1st
1st
2nd
Intellectual capital continued
The value we create, preserve and erode continued
Executing brand and marketing campaigns
	 Connecting for a better future remains at the heart of what we do. 
To enhance this, we have evolved the narrative to include the human 
spirit in the drive and do things better. Our brand campaign “Further 
Together” celebrates this spirit and serves as a rallying call for our 
employees, partners and customers, and communicates Vodacom’s 
commitment to Africa. In FY2023, we invested R603.5 million to create 
brand awareness across our OpCos. 
	 VodaBucks, our loyalty programme, recognised as one of the 
most popular loyalty programmes has attracted over 11.2 million 
(FY2022: 8.9 million) active rewards customers, who earn, bank and 
spend their VodaBucks via our My Vodacom app. Our Unlock Summer 
campaign, generated over 802 million plays in FY2023, rewarding loyalty 
through VodaBucks. During the year our VodaBucks programme has 
seen 4.8 billion Vodabucks earned, of which 1.6 billion have been 
redeemed. In FY2023, more than 84.2 million personalised behavioural 
goals were completed by customers.
In March 2023, Vodafone Egypt launched a new loyalty programme, 
“Shokran”. The programme recognises and rewards the top contacts 
in customer’s lives, while leveraging the Vodafone cash platform. 
Measuring the quality of our customer 
experiences
	 NPS measures how likely a customer is to recommend Vodacom to 
a friend, family member or colleague. Gains in Vodacom’s NPS reading 
are driven by improvements in the network and value-price. NPS ended 
the financial year at 60, maintaining its second place, due to 
improvements in all attributes – particularly, price and network 
perceptions. Network resilience during loadshedding kept network 
perceptions positive.
PG
Refer to Page 05 for a summary of our NPS performance across our markets.
	 We use touchpoint NPS (tNPS) to assess the quality of our 
customers’ experiences at different points of interaction. Our overall tNPS 
score, which represents a combined total of retail, call centre, digital and 
self-service, increased to 60.74 in FY2023 (FY2022: 50).
TOBi, our chatbot, has a tNPS of 53.1, which is comparable to our live 
agents. Our resolution rates have reached 71.7% for first-contact 
resolution. In FY2023, TOBi Zulu had a tNPS score of 71.4, the highest of 
all our TOBi channels.
PG
Refer to Human capital on Page 100 to see how our focus on our people 
is enhancing our customers’ experience.
Receiving recognition
	 Vodacom was once again recognised as the second most valuable 
brand by Brand Finance and was ranked as the third most valuable 
brand in South Africa by Kantar’s BrandZ list. 
	 Vodacom was ranked first by companies for having the biggest 
developmental impact within South Africa according to Trialogue’s 
Corporate Development Impact 2022 rating for the sixth consecutive 
year. We have been ranked in the top five overall by companies and 
non-profit organisations (NPOs) since 2012. The Vodacom Foundation was 
also featured in the Trialogue Business in Society Handbook 2022, 
representing our thought leadership and initiatives towards transforming 
South Africa’s education system.
Our purpose of connecting for a better future is embedded into our Group, our people and the way we do business. Building our trusted brand and 
upholding our strong reputation ensures that we are able to deliver on our purpose. As a purpose-led TechCo, we are focused on creating innovative, 
easy-to-use products and services through a customer experience that generates loyalty. We are cognisant of customer need for affordable products 
and services, and as such, offering value for money remains one of our top priorities. Our brand is one of the most trusted in the countries where 
we operate. 
We measure Vodacom’s reputation and the levels of trust from our stakeholders through various methods, and regularly engage with stakeholders to 
ascertain their interests and implement various initiatives to build mutual trust. 
Building our trusted brand and strong reputation to differentiate 
1.	 Results not available at time of reporting. 
Vodacom Group Limited Integrated report for the year ended 31 March 2023
82
PG
For more information on our stakeholders, refer to Page 84.

83
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

SRC Social and 
relationship capital
Our purpose-led operating model aims to foster socio-economic progress and 
inclusive growth through a wide range of initiatives in the markets where we operate. 
This approach assists us in managing stakeholder relations, creating an environment 
conducive to business growth.
We define our social and relationship capital as the quality  
and strength of our relationships with a diverse group of 
stakeholders. These stakeholders include communities, 
governments, regulators, customers, employees, investors, 
shareholders, suppliers, media and our business partners.
Our operating context creates a structural growth 
opportunity for Vodacom to create value. This operating 
context is shaped by our internal and external stakeholders 
and how we engage with them. Guided by our Social 
Contract, we aim to build relationships of trust that enable 
us to execute on our strategy and deliver on our growth 
potential. 
What social and 
relationship  
capital means 
to Vodacom
How social and 
relationship  
capital supports 
our System of 
Advantage
Our Social Contract with stakeholders
At the centre of our purpose journey is our Social Contract – the vehicle 
through which we foster and renew our stakeholders’ trust by demonstrating 
fairness in our operations, show leadership in innovation to uplift the 
communities in which we operate, and bolster our reputation as a purpose-led 
organisation. The Vodacom Foundation is one of the ways we deliver on our 
Social Contract. The Foundation supports sustainable programmes and 
initiatives that make a positive impact in our communities where we operate. 
Vodacom Group Limited Integrated report for the year ended 31 March 2023
84

Our social and relationship capital at a glance
Our key focus areas
Key FY2023 achievements
Strategic pillar 
affected
Customers
 
z Invested R16.5 billion in our networks, to improve availability and coverage.
 
z Accelerated financial inclusion, supported by our VodaPay and M-Pesa super-apps.
 
z Launched the NRS to drive digital inclusion for persons with disabilities.
2
1
4
3
5
10
6
Communities 
 
z Democratising the internet through platforms like ConnectU with more than  
29 million users.
 
z Comprehensive approach to education, supported by the Vodacom Foundation.
 
z Expansion of e-Health services, including m-mama.
 
z Expansion of our gender-based violence and femicide (GBVF) ecosystem.
 
z Clear energy goals, and reduced wastage.
2
1
10
3
Employees
 
z Paid R7.7 billion in salaries and benefits.
 
z Invested R553 million in skills development for employees.
 
z Committed to fair pay across all markets. 
 
z Strong Spirit Beat results.
9
Investors and 
shareholders
 
z Hosted an investor briefing event in Egypt. 
 
z Ranked fourth-best investor relations team in the Intellidex Top Best Investor Relations 
among the top 40 listed companies in South Africa. 
2
1
4
3
5
7
6
9
8
10
Governments and 
regulators
 
z Accelerated support through e-Health initiatives, including m-mama.
 
z Zero rating of national departments of health, home affairs and education.
 
z Supporting Government efficiency with technology, including the enablement of Stats 
SA to achieve real-time visibility.
 
z R25.4 billion in total tax contributions to governments across our markets.
10
4
Suppliers
 
z Gartner 2023 Power of the Profession Supply Chain Awards for Social Impact of the Year.
 
z R57.1 billion total procurement spend, of which R18.6 billion was spent on 51%  
black-owned enterprises.
 
z Spent R2.2 billion in early payments.
8
7
Media
 
z Strategic brand positioning in key media titles as we transition from TelCo to TechCo 
as a purpose-led organisation. 
 
z Industry-thought leadership through Group leadership in Africa. 
 
z Connected campaign that addresses the continent’s digital divide.
 
z Earned publicity around our tech for good and Hero project initiatives.
10
Business partners
 
z Expansion of financial services products, including agent and merchant loans 
and working capital facilities.  
 
z Two green stores launched.
8
3
4
85
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Social and relationship capital continued
The value we create, preserve and erode
Vodacom’s ability to create sustainable value 
depends on quality engagements with our 
stakeholders based on mutual trust, respect 
and transparency. We aim to build, maintain 
and strengthen these relationships by 
understanding and addressing a range of 
social, economic and environment-related 
issues to align stakeholders with our purpose-
led journey.
Our self-assessment of the strength of our relationships with stakeholders
Non-existent 
relationship, or 
fractured 
relationship that 
requires significant 
effort to overcome 
challenges.
An established 
relationship that 
requires further 
work to improve 
its quality.
Good-quality 
relationship, 
with room for 
further 
improvement.
Very strong 
relationship, 
based on 
mutual trust 
and shared 
benefit.
Customers
Quality of 
relationship
Basis of assessment: NPS
Improving network availability and coverage
	 In an effort to continuously improve our network availability and 
coverage, we invested R16.5 billion across the Group.
Accelerate financial inclusion
	 In FY2023, the VodaPay app downloads reached 5.7 million, with  
3.3 million registered users with VodaPay wallets and 2.7 million 90-day 
active users.
	 Including Kenya, we have >4 million active monthly users on the 
M-Pesa super-app. 
Enhancing the experience of customers with 
special needs
	 In November 2022, Vodacom South Africa announced the launch of  
a NRS to drive digital inclusion for persons with disabilities. The Specific 
Needs and NRS Centre offers an inclusive technology solution that 
advances our goal of empowering all South Africans and ensuring no one is 
left behind in the digitalisation journey. The NRS enables individuals who 
are deaf or speech-impaired to effortlessly communicate with hearing 
individuals in real-time, enabling them to maintain their independence. 
The NRS is free of charge for customers using a Vodacom SIM.
	 One of our key purpose-led interventions in the year was to 
improve access to our services for people with special needs, consistent 
with our “inclusion for all” objective. Through inclusive care initiatives, 
Vodacom Tanzania made structural changes to improve access across 
almost 100 of our Vodacom shops, introducing dedicated counters for 
special needs customers in our flagship shops and specialised agents 
with basic sign language knowledge in key service channels, including 
WhatsApp video. These initiatives reflect our passion of putting our 
customers first in everything we do.
Supporting data access and affordability
	 Just4YouTown provides geographically targeted offers and 
campaigns to improve the usage of under-utilised network resources. 
The customer base in a given area, their income levels and available 
network capacity informs the discounts that are offered. In FY2023, 
customers receive an average discount through Just4YouTown of 60%. 
Why we 
engage
Our customers purchase our 
products and services, participate 
on our platforms and provide the 
primary source of our revenue.
How we 
engage
 
z Through research via unstructured supplementary service data, apps, 
SMS, focus groups, online panels, face-to-face, customer immersions.
 
z At our retail stores and service centres.
 
z Gathering NPS feedback through interviews and focus groups.
 
z Interactions on our social media channels. 
 
z Targeted marketing messaging.
 
z Complaints management system.
Material 
stakeholder 
interests and 
expectations
 
z Providing easily accessible, affordable and quality products, including credit and savings products, to improve financial inclusion.
 
z Ensuring widespread agent network and float availability, especially during COVID-19 lockdowns.
 
z Providing a reliable and fast network connection, including expanded rural coverage. Enabling access to a wide network of 
payment partners.
 
z Securing data and protecting personal information.
 
z Providing swift customer service and resolving service-related issues promptly.
Value creation for stakeholders
Vodacom Group Limited Integrated report for the year ended 31 March 2023
86

We support data affordability across our markets by leveraging our 
innovative CVM capabilities to deliver contextualised and personalised 
“bite-sized” offers to keep customers connected. 
	 Vodacom NXT LVL, our flagship youth proposition, aimed at 
customers between the ages of 18 to 25, provides approximately  
4 million youth customers with personalised and affordable connectivity, 
opportunities to find employment, and enhance their skills to equip 
them for a better future. In FY2023, NXT LVL continued to provide the 
best value for under 25s. During Youth month, we launched a new 
product portfolio, including eight new bundles, offering greater variety 
and value across voice and data. To address the challenge of youth 
unemployment, NXT LVL launched Get-a-Gig in FY2023, a zero-rated 
jobs portal. Get-a-Gig is available through the ConnectU platform, under 
the jobs pillar, as well as on My Vodacom App and VodaPay.
Communities
Quality of 
relationship
Basis of assessment: Kantar stakeholder assessment
Why we 
engage
Our relationships with the 
communities in which we operate 
can impact our brand and reputation. 
We therefore aim to be a responsible 
business and understand the impact 
of our activities on these 
communities.
How we 
engage
 
z Through sustainability and Vodacom Foundation partnerships.
 
z Community crisis support, such as food security support.
 
z Partnerships with NPOs.
 
z Psychosocial support in schools.
 
z Green early childhood development (ECD) centre programme. 
 
z Online GBVF prevention tools and platforms.
Material 
stakeholder 
interests and 
expectations
 
z Addressing the profound socio-economic impact of COVID-19. 
 
z Support through our HealthX platform.
 
z Managing and reducing our environmental footprint.
 
z Supporting the fight against GBVF.
 
z Providing affordable access to educational resources.
 
z Zero-rating access to government, employment and empowerment solutions through ConnectU.
Value creation for stakeholders
Supporting zero-rated access to essential 
services 
	 ConnectU provides zero-rated access to basic internet and 
essential services, including free online resources, access to job sites, 
educational content, and news and weather. The platform now has over 
29 million unique users (FY2022: 22 million), with over 12.9 million 
sessions initiated per month. ConnectU is available in South Africa and 
the DRC. We plan to roll out the platform to the remaining International 
markets.
Education ecosystem
	 We believe everyone should have the chance at a better future and 
continue to leverage the power of technology to promote access to 
education, particularly for women and youth. Across our markets, we have 
prioritised education as a Hero campaign. We strive to make an impact 
across the education ecosystem, including connectivity, schools of 
excellence, teacher development, training centres, youth academies, 
partnerships with NPOs and learnings materials.
	 In South Africa, our Vodacom e-School platform has over 
1.4 million registered learners accessing digital education content to 
increase their digital literacy. During the year we gained 36 331 learners.
	 Across our international footprint, we deliver education-related 
projects and set goals for each OpCo:
 
z In the DRC we launched the market’s first digital e-learning platform, 
VodaEduc, which helps improve the quality of education by using our 
technology. The platform has close to 201 000 active users.
 
z In Mozambique, Vodacom Faz Crescer is available in 55 schools 
throughout the country, providing computer labs and free 
connectivity to over 200 000 students and teachers.
 
z In Lesotho, we launched a new ICT teacher training project with 
Vodafone support. Five districts have been identified and assessed for 
readiness. This includes 41 schools, 667 teachers, 12 weeks to train 
and 16 facilitators across the board.
	 Code Like a Girl provides ICT training to young women across 
Africa to enhance female representation in a predominantly male sector.
PG
For information on our Code Like a Girl programme and other Vodacom 
employee gender empowerment initiatives, see our human capital,  
from Page 104.
PG
For more information on our overall coverage across markets, refer  
to Page 05.
For more information on our super-apps refer to intellectual capital on Page 76.
Value 
created
Value 
sustained
Value 
eroded
87
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Social and relationship capital continued
The value we create, preserve and erode continued
	 As part of the education ecosystem, 13 Schools of Excellence 
have been established across South Africa to offer quality education 
through the use of technology. More than R26 million has been invested 
to upgrade infrastructure, improve sanitation, increase security and 
install fully equipped ICT labs and training educators at these schools.  
In addition, Vodacom provided discounted data to pupils to ensure 
online teaching and learning continued uninterrupted, reaching over  
500 000 pupils in South Africa (FY2022: 500 000).
Gender empowerment
	 m-mama is our mobile-based maternal and neonatal emergency 
transportation system programme, which supports governments with 
emergency referrals. To date, m-mama has supported more than 19 000 
maternal and neonatal emergencies, resulting in an estimated 686 lives 
saved.
	 We support expecting mothers through our zero-rated mobile 
health platform Mum & Baby which provides mothers with regular 
information on maternal, neonatal and child health and nutrition.  
Mum & Baby is currently available in five languages – isiZulu, Sesotho, 
isiXhosa, English and Afrikaans – to ensure the service is relevant and 
accessible to a broad audience.
PG
For information on rural coverage refer to manufactured capital Page 66. 
For more information on Inclusion for all refer to intellectual capital on Page 72.
For information on clean energy and waste management refer to natural capital 
on Page 94.
ESG
For more information, refer to our ESG report.
Mum & Baby users
 
z South Africa: over 2.3 million (FY2022: 1.9 million).
 
z In Tanzania, the Healthy Pregnancy Healthy Baby platform – locally 
known as Wazazi – provides maternal health information  
to 1.5 million registered users (FY2022: 1.3 million).
 
z DRC: 195 000 (FY2022: 150 000 users).
 
z Mozambique: 203 215 (FY2022: 196 558). 
	 In South Africa, Vodacom donated R10 million to fund the private 
sector-led, multisectoral GBVF Response Fund 1 to support the 
implementation of the National Strategic Plan and the wider GBVF 
response in the country. 
Employees
Quality of 
relationship
Basis of assessment: Employee engagement index
	 Paid R7.7 billion in salaries and benefits. 
	 Invested R553 million in skills development for employees in 
South Africa.
	 Our total reward framework is underpinned by our commitment to 
fair pay. It encourages and rewards our Spirit, which is essential for our 
digital transformation.
	 We achieved a Spirit Beat index score of 76%, resulting in Vodacom 
being ranked second place among 129 companies on the continent, up 
from last year’s third position as a Top Employer. 
Achievement based on the markets that we operate in: 
 
z A Top Employer certification in our operating markets, South Africa, 
Tanzania, the DRC, Mozambique, Lesotho and Kenya. 
 
z Third place ranking in the overall country rankings, with Kenya having 
earned their first Top Employer’s Africa badge last year, and second 
place ranking in the overall country rankings in South Africa, up from 
last year’s third position.
Why we 
engage
Our employees 
drive our strategy 
with their ideas, 
skills, experience 
and productivity.
How we 
engage
 
z Internal communication campaigns.
 
z Big Conversation moments and fireside chats.
 
z Internal website and Vodacom Engage app.
 
z Training and development programmes, such as #1MoreSkill and Women in Leadership.
 
z Through a dedicated employee hotline and employee network forums.
 
z Leadership roadshows.
 
z Pulse surveys.
 
z We Connect sessions with Vodafone markets.
Material 
stakeholder 
interests and 
expectations
 
z Providing a safe, healthy and inclusive working environment.
 
z Ensuring job security and business sustainability given the macroeconomic environment. 
 
z Creating opportunities for digital skills development to promote agility.
 
z Hosting connect sessions for coaching and mentoring.
 
z Facilitating communication and knowledge sharing across Vodacom.
 
z Providing competitive remuneration and equal pay.
 
z Driving transformation and localisation.
Value creation for stakeholders
PG
Human capital, Page 100.
ESG
For more information, refer to our 
ESG report.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
88

Value 
created
Value 
sustained
Value 
eroded
Investors and shareholders
Quality of 
relationship
Basis of assessment: Investor relations survey
 
z Increased free cash flow by 18.3%.
 
z Grew net profit by 2.1% despite supply chain pressure, FX volatility, 
higher interest and inflation rates and start-up losses in Ethiopia.
 
z Showcased Vodafone Egypt to investors and analysts in Cairo.
 
z 	We are committed to meeting the needs of our shareholders, as 
evidenced by our ranking as the fourth-best investor relations team 
in the Intellidex Top 10 Best Investor Relations Team.
Why we 
engage
Our investors and shareholders 
provide the financial capital we 
need for long-term growth and 
they expect good returns based 
on sustainable and ethical 
business practices.
How we 
engage
 
z In-person and virtual meetings, roadshows and conferences.
 
z Investor briefing on the digital ecosystem. 
 
z Chairman roadshow.
 
z Interim and annual results announcements. 
 
z Quarterly trading updates.
 
z Annual and interim reports.
 
z SENS announcements.
 
z Monthly and quarterly reviews with Vodafone. 
 
z Investor relations page on our website.
 
z Notice of Annual General Meeting. 
 
z Integrated report.
Material 
stakeholder 
interests and 
expectations
 
z Maintaining first-class strategic execution given the acceleration in Vodacom’s strategy. 
 
z Aligning the strategy with capital structure and returns.
 
z Balancing enhanced growth prospects with an updated dividend policy.
 
z Engaging on executive remuneration.
 
z Driving societal and enterprise value creation.
 
z Revenue diversification strategy.
 
z Managing and mitigating risk.
Value creation for stakeholders
PG
Financial capital, Page 52.
Share information, Page 130.
www
Consolidated financial 
statements
ESG
For more information, refer to 
our ESG report.
89
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Social and relationship capital continued
The value we create, preserve and erode continued
Governments and regulators
Quality of 
relationship
Basis of assessment: RepTrak survey
	 Accelerated support through e-Health and e-Education initiatives.
Supporting digital transformation in government
	 Ekurhuleni municipality is one of South Africa’s eight big 
metropolitan municipalities where we support hybrid-work with reliable, 
high-quality, always-on connectivity. Vodacom’s coverage has proven to 
deliver a seamless experience for users and ensures that services, from 
water supply to refuse removal, healthcare and more, can be efficiently 
delivered to residents. Our solution provided to Ekurhuleni municipality 
includes access point name connectivity, which is bundled with Vodacom’s 
security services to ensure that data on municipal residents is not 
compromised and that only authorised municipal staff can access it.
	 The Emfuleni local municipality, which is situated in Gauteng’s 
Sedibeng District, is also benefitting from Vodacom’s connectivity. 
Emfuleni opted to streamline operations through Vodacom’s cloud-
based solutions, consisting of our voice over internet protocol offering 
and Hosted Call and Contact Centre services. Both these secure 
cloud-based services offer robust connectivity for municipal staff 
communicating with residents and city contractors. When Emfuleni 
municipality’s agents are out in the field addressing essential services, 
Vodacom’s Push-to-Talk services keeps them connected to office-based 
staff. This reliable on-demand flexibility has helped the municipality 
improve service delivery to communities.
Providing digitally enabled support in the 
healthcare sector
	 Mezzanine, a subsidiary of the Vodacom Group, is an African tech 
start-up with the support and scale offered by Vodacom and Vodafone 
aimed at creating productive societies across Africa. Their healthcare 
platform HealthX (previously called mVacciNation) has supported the 
South African Government’s national COVID-19 vaccination programme.  
During the year, 38.8 million vaccination events have been supported, 
with over 22.7 million individuals vaccinated.  
	 Through our Stock Visibility Solution platform, 4 995 public health 
facilities have made 15.6 million stock updates in South Africa, Kenya 
and Zambia, further enhancing our contribution to a digital society.
	 R25.4 billion in total tax contributions to governments across 
our markets.
Why we 
engage
Governments and regulators allocate 
spectrum and operating licences and 
impose regulatory measures with cost 
implications for the Group. We continue 
to engage with these stakeholders in a 
way that builds trust and ethically 
influences policy positions across 
government departments.
How we 
engage
 
z Directly or by participating in public forums.
 
z Taking part in the drafting process of new regulations and bills.
 
z Having discussions with industry consultative bodies. 
 
z Partnering to implement social programmes.
 
z Engaging with international bodies to foster cooperation. 
 
z Hosting workshops to enhance understanding of the industry.
 
z Delivering on our Social Contract.
Material 
stakeholder 
interests and 
expectations
 
z Complying with regulatory requirements relating to, among others, mobile termination rates, pricing, security, safety, health 
and environmental performance.
 
z Protecting personal information and customer data in line with regulatory requirements.
 
z Contributing to the tax base and other revenue streams of governments in our operating countries.
 
z Managing the supply of spectrum to satisfy increased demand during COVID-19 lockdowns.
 
z Partnering to achieve the objectives of the UN SDGs.
 
z Expanding 5G network in South Africa and 4G across our markets in Africa.
 
z Maintaining and enhancing our licence to operate across our footprint.
 
z Creating employment opportunities and facilitating socio-economic development.
Value creation for stakeholders
www
For more information on our tax contribution, refer to our 
Tax transparency report.
PG
Our governance, Page 12 
“Hot topics” impacting our operating context, Page 42. 
Human capital, Page 100.
ESG
For more information on our purpose pillars, 
refer to Page 22 and our ESG report.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
90

Value 
created
Value 
sustained
Value 
eroded
Suppliers
Quality of 
relationship
Basis of assessment: Kantar stakeholder assessment
Why we 
engage
Our suppliers provide cost-
effective, quality products and 
services to support our value 
proposition to customers, 
employees and other 
stakeholders.
How we 
engage
 
z Supplier development programmes.
 
z Supplier forums and portals.
 
z Regular site visits.
 
z Tenders.
 
z Supplier audits and assessments.
 
z Supplier product evolution and service levels. 
 
z Latest supplier developments and roadmaps consisting of improvements 
in requests of proposals, request of interest and requests for quotations.
Material 
stakeholder 
interests and 
expectations
 
z Providing growth opportunities and access to funding for SMEs.
 
z Ensuring timely payments of accounts to enhance supplier cash flow and liquidity. 
 
z Addressing COVID-19 health and safety concerns.
 
z Promoting environmental solutions.
 
z Driving supplier and product innovation.
 
z Complying with B-BBEE requirements, including preferential payment terms for B-BBEE suppliers.
 
z Promoting black female-owned suppliers.
Value creation for stakeholders
Leveraging our supply chain management 
capabilities
	 The Group focus is on the customer, and we are in the process of 
building a single FinTech platform to standardise and streamline scaling 
and to create a central Centre of Excellence for the customer experience. 
Our supply chain management team played a critical role in supporting 
the launch in Ethiopia, and we made a supply chain decision to award 
Alipay a platform in Egypt to scale FinTech on the continent.
	 We partnered with Zyl Labs in South Africa to create more AI 
intelligence on our customer care platforms. We also work with Talk Map 
to give us insight in how best to manage customer complaints.
	 Vodacom was awarded the Gartner 2023 Power of the Profession 
Supply Chain Awards for Social Impact of the Year. This was based on our 
logistics execution of around 3 000 cold chain units supplied to more 
than 500 vaccination sites across the Group footprint. 
We leveraged our internal supply chain expertise to coordinate and track 
the successful delivery of equipment, with the rapid establishment of a 
dedicated cold chain logistics control tower solution to oversee 
operations.
Enabling the transformation of our supply chain
	 Our code of ethical purchasing has been developed in consultation 
with employees, suppliers, investors and non-governmental organisations. 
It sets out the standards we wish to see achieved by our suppliers over 
time. We continue to support local suppliers in each market and we also 
ensure that our suppliers live up to our health and safety standards as set 
out in the code.  
	 We measure our suppliers on a balanced scorecard approach, and 
conduct sustainable and inclusive sourcing of our suppliers through our 
questionnaires and our sourcing tool called Ariba. Our B-BBEE scorecard 
element for enterprise and supplier development reached 48.1 in 
FY2023 (FY2022: 48.5) against our target of 50.
	 We spent R18.6 billion in enterprise development and preferential 
procurement in South Africa. Invested R410 million towards the 
development and support of close to 200 black-owned SMME and youth 
entrepreneurs operating in the broader ICT sector.
	 We invest R20 million annually in South Africa through our 
Vodacom Supplier Development Fund to drive development of small 
enterprises in terms of teaching balance sheet management, preparing 
for bids and finding partners. We also help them with brand building and 
social media management. We are in the process of initiating supplier 
development plans for our other markets.
91
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Social and relationship capital continued
The value we create, preserve and erode continued
PG
“Hot topics” impacting our operating context, Page 42.
Our trade-offs, Page 50.
ESG
For more information, refer to our ESG 
addendum.
	 We support 147 SMEs with supplier development through the 
Innovator Trust, with 60 SMEs benefiting from the Ithuba initiative,  
79 SMEs benefiting from the Voucher initiative and 48 SMEs trained on 
health and safety in FY2023.
Scoring element
Target
points
Achieved 
points FY2023
Achieved 
points FY2022
Achieved 
points FY2021
Achieved 
points FY2020
Enterprise and supplier development
50
48.12
48.55 
47.98 
49.29 
Procurement
25
22.80
23.07 
22.05 
21.29 
Supplier development
10
8.32
8.48 
8.93 
11.00 
Enterprise development
15
17.00
17.00 
17.00 
17.00 
Socio-economic development
12
12.00
12.00
12.00
12.00
Media
Quality of 
relationship
Basis of assessment: Kantar stakeholder assessment
Why we 
engage
We engage to manage our brand 
and reputation while increasing 
customer product and service 
awareness.
How we 
engage
 
z In person, virtually or through telephonic engagements.
 
z CEO and key executive interviews and other speaking engagements. 
 
z Round table discussions.
 
z Through product and service launches.
 
z Media press releases.
 
z Strategic social media content.
 
z Thought leadership articles.
 
z Engaging with government departments and non-governmental 
organisations (NGOs).
Material 
stakeholder 
interests and 
expectations
 
z Engaging with brand ambassadors.
 
z Providing timely and transparent access to key 
information, activities and offerings. 
 
z Ensuring transparency around Group performance.
Value creation for stakeholders
ESG
For more information, refer to 
our ESG report.
www
Integrated report.
Consolidated financial statements
 
z 	Strategic brand positioning in key media titles as we transition 
from TelCo to TechCo as a purpose-led organisation. 
 
z Industry thought leadership through Group leadership in Africa.
 
z Connected campaign that addresses the continent’s digital 
divide.
 
z Earned publicity around our tech for good and Hero project 
initiatives.
	 The transformative initiatives described above have contributed 
significantly to our ability to maintain the highest B-BBEE contributor 
status of Level 1 for the fourth consecutive year. 
PG
For more information on how our human capital contributed to this status, 
refer to Page 100.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
92

Value 
created
Value 
sustained
Value 
eroded
Business partners
Quality of 
relationship
Basis of assessment: Kantar stakeholder assessment
Why we 
engage
Our business partners – 
franchisees, retailers, 
wholesalers, freelancers, agents, 
merchants, aggregators and 
banks – are custodians of our 
reputation and a critical 
extension of our brand.
How we 
engage
 
z Regular interaction and collaboration sessions with regional trade 
representatives.
 
z One-on-one business sessions.
 
z Regular training sessions and roadshows on products and services.
 
z Through agent outlets, stores and retail visits.
 
z Long-term sustainable partnerships with channels.
 
z Credit support to enterprises.
Material 
stakeholder 
interests and 
expectations
 
z Providing overdraft and loan facilities for agents to manage cash flow.
 
z Ensuring widespread agent network and float availability.
 
z Driving engagement and feedback between management and key trade partners.
 
z Making it quicker and easier to work with M-Pesa and VodaPay.
Value creation for stakeholders
Supporting the education sector
	 The University of South Africa (UNISA) chose Vodacom to drive 
their digital transformation in 2022 and 2023. Our solutions being 
implemented include reverse billed data, which offers students free 
access to its website, online content, applications and data services. 
This is an innovative pricing model that gives users access to data paid 
for by the institution. 
UNISA also benefits from the Connected Digital Education Platform, 
developed by Vodacom and Microsoft South Africa. Through this 
platform, UNISA’s students and staff have free access to several 
Microsoft Office 365 virtual communication and collaboration tools. 
Additionally, lecturers can access the platform’s planning software to 
prepare lessons and content ahead of time and automate admin-
intensive tasks, further enriching the teaching and learning experience.
	 In South Africa, our Change the World programme addresses 
bullying and aims to influence the well-being of learners. The 
programme has contributed to improving the lives of individual learners 
and highlights the need for continued psychosocial support in schools 
to address the complex challenges faced.
Supporting the transformation of SMEs
	 Vodacom spent R57 billion on SME procurement, of which 
R2.2 billion was paid in early payments (within three days) to help South 
African SMEs with their cash flow. 
	 To enhance SME success, we launched V-Hub in 2022, an online 
resource portal designed to help SMEs unlock their full potential as they 
embark on a digital transformation journey. To further support SMEs on 
their learning journey, we added a smart search function on V-Hub, 
providing simple explanations of digital tools and terms to help build 
their digital knowledge. Over 25 000 SMEs have leveraged this platform 
to date.
Connecting farmers in the agriculture sector
	 Our subsidiary, Mezzanine, is scaling smart agriculture platforms. 
Connected Farmer is a digital platform that improves productivity, 
revenue and resilience for small-scale farmers by connecting them to 
information, inputs, credit and buyers at scale. More than 5 million farmers 
use the agriculture platform in Tanzania, Kenya, Uganda and Zambia 
(FY2022: 1.4 million). In addition, MyFarmWeb supports commercial 
farms which adopt precision agriculture practices, leveraging IoT to 
enhance data-driven decision-making.
	 Mezzanine supported the South African Department of Agriculture, 
Land Reform and Rural Development and the Solidarity Fund to disburse 
subsidies to smallholder farmers through e-Vouchering. The e-Voucher 
mobile and web-based solution enabled cashless value distribution to 
these farmers, who redeemed vouchers worth more than R9.0 million 
in FY2023.
	 In Tanzania, we are accelerating the rollout of M-Kulima, our 
easy-to-use system for agriculture that enables communication and 
transactions between companies, the government and farmers. 
Currently 3.2 million farmers have registered on the platform through 
which they will receive access to loans and insurance advisory services. 
PG
For more information on our digital platforms for business partners and credit 
support to enterprises refer to intellectual capital on Page 72.
93
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Natural  
capital 
We are committed to reducing our environmental impact and helping to decarbonise 
society is a part of our purpose. Digital technology is key to saving energy, using natural 
resources efficiently, and creating a more circular economy to reduce waste. We believe 
our digital networks and technologies can contribute to mitigating the effects of 
climate change.
We define our natural capital as the natural resources the 
Group uses during the normal course of business. The  
life cycle of our manufactured capital affects natural  
capital resources when we establish and decommission  
the infrastructure our network relies on. Day-to-day, our 
operations rely on various energy sources to support 
network connectivity which also affects natural capital. 
Natural capital forms the basis of resources needed to 
implement our System of Advantage. While we must use 
natural capital to operate, we are committed to reducing 
the impact of our business activities. We recognise that 
climate change poses significant physical and transitional 
risks to our strategy, while also presenting several 
opportunities. We actively manage climate-related risks 
through the Group’s enterprise risk management framework. 
What natural 
capital means 
to Vodacom
How natural 
capital supports 
our System of 
Advantage
NC
Vodacom Group Limited Integrated report for the year ended 31 March 2023
94

Our natural capital at a glance
Our key focus areas
Key FY2023 achievements
Strategic 
pillar affected
Responding to climate change to 
help build a sustainable future
 
z Principal sponsor of COP27 with Vodafone and Vodafone Egypt.
 
z Issued the Group’s first TCFD report.
 
z Supported flood victims in South Africa, DRC and Mozambique.
10
Decreasing scope 1 and scope 2 
emissions to reduce our 
contribution to climate change¹
 
z We established a new agreement with the Egyptian government to gain 
access to renewable power, offsetting a large percentage of our fossil-fuel 
based electricity supply. 
 
z In South Africa, we have co-developed a novel solution with the national 
energy provider, Eskom, which in the near term would allow us to procure 
and wheel renewable power from utility-scale independent power producers.
 
z 0.4 mtCO2e GHG emissions per terabyte of data, down 39%.
 
z 0.8 energy intensity (Total MWh per terabyte of data) (FY2022: 1.0).
 
z Leveraged best practice from Safaricom’s more than 1 400 solar-powered 
base stations and rolled out more than 200 new solar-powered base 
stations across our International markets.
10
2
8
Managing scope 3 emissions to 
support our customers and 
suppliers²
 
z Produced the Group’s first comprehensive scope 3 disclosure.
 
z 1.0 mtCO2e avoided emissions2 (FY2022: 1.6 mtCO2e).
 
z Developed IoT solutions to save energy, create cleaner and more efficient 
communities.
10
Driving circularity to optimise our 
operations
 
z 516.1 tonnes equipment recycled (FY2022: 310.5 tonnes).
 
z 36.4 tonnes of equipment redeployed in the network  
(FY2022: 38.3 tonnes).
 
z 37 RedLovesGreen repair centres.
10
Supporting biodiversity to 
understand our impact and 
implement new technologies
South Africa continued to manage our biodiversity dependencies and impacts 
by influencing the behaviour of our suppliers and subsidising IT solutions to 
help biodiversity conservation.
10
1	 Planet data excludes Egypt. This data is in the ESG addendum.
2	 South Africa.
95
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Natural capital continued
The value we create, preserve and erode
The UN Climate Change Conference COP27 highlighted this decade as 
critical for climate action. Actions include implementing decarbonisation 
measures and accountability from governments, sectors, enterprises and 
institutions to address the harshest impacts of climate change. 
Advocating for climate change action
	 Vodacom, Vodafone and Vodafone Egypt reaffirmed their 
commitment to climate leadership through a headline sponsorship 
of COP27 in Sharm El Sheikh in November 2022. Our presence 
demonstrated our resolve for business to take an active role in bringing 
about the green digital transition. We provided essential digital 
connectivity services for the conference and its delegates. Vodacom 
showcased examples of innovative green digital solutions that can help 
optimise resource efficiency – such as our MYFARMWEB™, eVuna and 
e-Vouchering, which support over 4.9 million farmers across Africa to 
minimise agricultural inputs like fuel, water and chemicals, while 
maintaining crop yields.
Vodacom’s TCFD programme
	 Published the Group’s first Task Force on Climate-related Financial 
Disclosures (TCFD) report and progressed the Group’s response to the 
TCFD recommendations including initial work on the Group’s net zero 
plans, as well as enhanced target setting and reporting processes.
www
For more information, refer to our TCFD report.
Responding to climate change to help build a sustainable future 
Supporting those affected by severe weather
	 Climate change-related weather events are escalating, with 
cyclones and flooding impacting areas of southern Africa in the past 
year. During the year, Vodacom supported flood victims in South Africa, 
the DRC and Mozambique. 
ESG
For more information, refer to our ESG report.
Supporting partnerships and collaboration
	 Partnerships are essential to addressing the climate and nature 
crises and reducing environmental impact. We work with global and 
local partners to deliver on planet strategy initiatives. These include 
sponsoring the COP27 UN Climate Change Conference, becoming a 
signatory of the UN Global Compact’s African Business Leaders 
Coalition’s climate statement and our partnership with the World Wide 
Fund for Nature (WWF) in South Africa and Tanzania. WWF’s impactful 
environment projects, Vodacom’s reach, and digital technology 
capabilities will showcase how technology can help overcome 
sustainability and conservation challenges.
Uniting through RedLovesGreen
	 Our RedLovesGreen journey aims to unite Vodacom, our customers 
and our partners to create environmental awareness and encourage 
action towards a more sustainable future. Through this, we 
communicate and educate for a positive impact on climate change.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
96

As a subsidiary of the Vodafone Group, Vodacom Group plays a notable 
role in contributing to Vodafone’s achievement of its net zero targets. 
Our activities to reduce scope 1 and scope 2 emissions focus on driving 
energy efficiency across our mobile and fixed-line networks, phasing out 
the use of fossil fuels and increasing renewable sources of energy. 
We execute the Vodacom energy strategy and decarbonisation plan, 
approved in FY2022, through our Group Energy Centre of Excellence. Each 
OpCo’s energy lead coordinates the localised energy and decarbonisation 
strategies in accordance with the Group energy strategy.
Our goals are to reach a 50% reduction in our scope 1 and 2 GHG 
emissions and procure 100% of our electricity from renewable sources 
by 2025.
GHG emissions (thousand mtCO2e)
Scope 1
 FY2023           FY2022           FY2021
Scope 2
569
605
468
114
120
132
Driving energy efficiencies
	 Vodacom’s primary source of carbon emissions is our electricity 
consumption. Our energy powers our access network of base stations 
(84%), technology centres (13%), buildings (offices and warehouses) 
(3%) and some of our retail stores.
We spent R3 billion on electricity, a 21% year-on-year increase driven 
by increased electricity tariffs due to post-COVID-19 economic recovery 
and the war in Ukraine, and increased diesel use due to unreliable or 
unavailable grid power.
We invested R33 million in energy efficiency projects, with the potential 
to deliver annual energy savings of 3.4 GWh (FY2022: R50.5 million, to 
deliver 9.1 GWh savings). The projects focus on our base station sites 
and data centres, which account for 96% of our total energy 
consumption. Egypt has an ISO 50001, with all other markets being 
certification-ready, with full certification targeted in early FY2024.
 
z 1.0 energy intensity (MWh per terabyte of data) (FY2022: 1.5 energy 
intensity).
 
z Energy consumption increased by 3.0% to 1 194 GWh  
(FY2022: 1 159 GWh).
Decreasing scope 1 and scope 2 emissions to reduce our 
contribution to climate change
Switching to renewables
	 Our footprint of towers or masts is spread across multiple 
geographies. As such, onsite solar can be challenging due to limited 
physical space, site accessibility, theft and vandalism. Despite these 
constraints, we rolled out more than 200 solar-powered sites in our 
International markets in the year under review. Onsite renewable 
electricity is currently 8% (FY2022: 1%) of our overall renewable energy 
consumption (including renewable energy certificates); however this is 
expected to shift on the conclusion of various projects outlined below.
	 We are partnering with Eskom to source electricity from independent 
renewable power producers. The programme is underpinned by an 
innovative virtual wheeling platform developed by Mezzanine, a Vodacom 
subsidiary. This will contribute renewable power to the national grid, closely 
matching our energy consumption profile, to offset our emissions from 
electricity. Our virtual wheeling solution presents an opportunity for 
companies with a similar distributed nature of operations to follow suit. 
Through this initiative, we believe the private sector can help solve South 
Africa’s energy crisis.
	 In South Africa, we have completed the first phase of our Midrand 
campus solar project with the installation of solar panels. This 6 MWp 
solar installation is designed to yield of 10.8 GWh/year of renewable 
energy, saving 11 448 mtCO2e.
	 We established a new agreement with the Egyptian government 
to gain access to renewable power, offsetting a large percentage of our 
fossil-fuel-based electricity supply. 
	 We are collaborating with partners to develop new innovative 
solutions for renewable generation, developing proof-of-concept 
mini-grid solutions in Mozambique and the DRC.
	 A portion of our electricity consumption is matched with renewable 
electricity certificates.
ESG
For more information, refer to our ESG report.
Managing diesel use
	 We used 45 million litres of diesel (FY2022: 40 million litres) mainly 
to fuel generators at off-grid sites or sites without reliable grid electricity 
supply. Increased diesel consumption was driven by constrained 
grid-supplied electricity, particularly in South Africa (impacted by 
loadshedding) and the DRC.
In the long term, we seek alternatives to diesel including connecting 
offgrid sites to the grid where possible, fuel cell technology trials and 
small-scale onsite renewables.
PG
For more information on the impact of loadshedding on our 
manufactured capital, see Page 66.
Value 
created
Value 
sustained
Value 
eroded
97
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Natural capital continued
Circularity is a key enabler of our planet strategy. It considers the full  
life cycle of a resource and aims to eliminate waste – reducing 
environmental impact. We aim to use resources for as long as possible  
to maximise the ROCE and recover and reuse materials responsibly. 
e-Waste is our second most material environmental issue. Our waste 
management policy prioritises safe and responsible reuse and recycling, 
and our waste hierarchy embeds sustainable practices throughout our 
operations and supply chain activities.
Our approach aims to ensure we maximise value from our equipment, 
keeping resources for as long as possible. We reuse, recover, resell and 
recycle obsolete equipment responsibly. We further support our 
customers’ efforts in managing e-waste responsibly. 
Our electronic waste goals are to reuse, resell or recycle 100% of our 
network waste by 2025. In our own operations, our goal is to reduce 
single-use plastic waste by 80%, recycle 100% of paper waste in offices 
and convert 90% of food waste to compost by 20251.
The value we create, preserve and erode continued
Working with partners to reduce scope 3 emissions
	 We focused on our reporting to ensure our scope 3 reporting aligns 
with the GHG protocol and we have published a full scope 3 disclosure 
for the first time. Scope 3 emissions are indirect GHG emissions that we 
cannot control but could influence. Our scope 3 emissions were 1.12 
mtCO2e. Purchased goods and services, capital goods and fuel and 
energy-related activities account for over 80% of our scope 3 
emissions. 
To reduce the impact of our upstream supply chain emissions, working 
with Vodafone, we engage with top suppliers in the procurement process 
on energy efficiency improvements in hardware and software solutions. 
Our supplier evaluation request for quotation processes includes a 20% 
weighting for environmental and social criteria. The supplier 
performance management programme covers environmental factors, 
and suppliers’ GHG performance is one of the factors considered. 
Vodacom uses Vodafone’s key global supplier benchmarks. Global 
suppliers provide details of their GHG emissions and management 
programmes through the Carbon Disclosure Project (CDP), a global 
disclosure system that helps companies measure and report their 
environmental impacts. 
1	 South Africa; against a 2017 baseline.
Managing scope 3 emissions to support our customers 
and suppliers
Driving circularity to optimise our operations
Enabling our customers to reduce their emissions
	 We develop digital technologies and services that enable our 
customers (enterprises and governments) to reduce their environmental 
footprint. We began by using green digital solutions to tackle climate 
change and help decarbonise society. 
Our IoT services, including logistics and fleet management and smart 
metering, are underpinned by a strong commercial rationale with three 
main opportunities for customers.
 
z Increased efficiency and reduced wastage.
 
z Using IoT to deliver cost efficiency.
 
z Changing customer behaviour to promote long-term sustainability.
During the year, we supported 1.0 mtCO2e avoided emissions 
(FY2022: 1.6 mtCO2e). This is equivalent to 50 million trees growing for 
one year.
Circularity of network waste
	 Our resource efficiency and waste disposal management 
programmes minimise environmental impacts from network and IT 
equipment waste. When reuse (either through resale or redeployment) 
options are exhausted, we recycle obsolete equipment responsibly using 
approved recycling agencies. Network waste is never sent to landfill 
sites. We use certified local service providers to dispose of our 
telecommunication equipment when the useful life is exhausted. 
Obsolete batteries, classified as hazardous waste, go to a licensed facility 
for incineration.
 
z 516.1 tonnes equipment recycled (FY2022: 310.5 tonnes).
 
z 36.4 tonnes of equipment redeployed in the network 
(FY2022: 38.3 tonnes).
Vodacom Group Limited Integrated report for the year ended 31 March 2023
98

Value 
created
Value 
sustained
Value 
eroded
Although our impact on biodiversity is low, we aim to understand how 
our value chain activities impact biodiversity and minimise the 
environmental and visual impact of our infrastructure.
Outside of our managing our impact, we work with conservation 
agencies to explore how technology can minimise biodiversity loss. 
Through our partnership with the WWF, for example, we leverage 
technology to support various conservation efforts.
Understanding and managing our impact on 
biodiversity
	 Vodacom is increasingly seeking to understand our impact, the 
risks of biodiversity loss, and opportunities to partner with stakeholders 
to prevent further harm. Using tools such as the biodiversity 
mainstreaming readiness assessment conducted by the Endangered 
Wildlife Trust, we are shaping our response to managing our land use 
impacts, and in influencing the behaviour of our suppliers. We will 
expand this work by engaging with emerging frameworks such as the 
Task Force on Nature-related Financial Disclosures in the coming years.
Supporting biodiversity protection through new 
technologies
	 Technology can help minimise the impact of human activity and 
we partner with various organisations to protect biodiversity on land and 
at sea. We continue to support sustainable fishing in South Africa, 
reforestation efforts in Tanzania and partner to protect endangered 
wildlife species. 
ESG
For more information on these initiatives, refer to 
our ESG report.
Supporting biodiversity to 
understand our impact and 
implement new technologies
Circularity of devices and extending the lifetime 
of devices
	 We support customers in extending the lifetime of their device 
through repair or recycle. Our RedLovesGreen campaign encourages 
customers to return their devices to any of our 37 repair centres in 
South Africa. Depending on the make, model and condition of a returned 
device, it may be repaired, refurbished, resold or sent for recycling.
We also encourage customers to consider buying second-life devices. 
Refurbished devices are either repackaged, certified Good as New and 
sold with a six-month warranty, or donated to a Vodacom-supported 
school. If the device is not in suitable condition it is sent to a Vodacom-
approved recycling agency. 
 
z 369 739 consumer devices repaired, refurbished or recycled 
(FY2022: 372 391).
Vodacom also provides 36-month contracts to make high-quality 
devices more affordable and encourage customers to extend the 
lifetime of devices.
Improving customer awareness of product 
sustainability
	 Through the Eco Rating initiative, we continue to help consumers 
identify and compare the most sustainable mobile phones on the 
market, while encouraging suppliers to reduce the environmental 
impact of devices. 
Eco Rating labelling on devices helps customers make more conscious 
and sustainable purchases. Following a detailed assessment, each 
handset receives an overall Eco Rating score out of a maximum of 100 
to represent its environmental performance across its entire life cycle. 
The Eco Rating label highlights five key aspects of mobile device 
sustainability – durability, repairability, recyclability, climate efficiency 
and resource efficiency.
Eco Rating is available in South Africa with rollout to additional markets 
being assessed.
Reducing virgin plastic use in our SIM cards
	 Vodacom initially introduced the half-sized SIM card, to reduce 
virgin plastic waste by reducing the plastic and packaging materials 
used. We also launched our Eco-SIM, which is a half-sized SIM card made 
of recycled plastic. The introduction of Eco-SIM cards is dependent on 
regulatory approval and consideration of the market penetration of 
devices that support these SIMs. Other initiatives involve reducing SIM 
card churn. More than 500 tonnes of paper and 300 tonnes of plastic 
have been saved by the Eco-SIM cards initiative.
Managing general waste
	 Our general waste management programmes involve reviewing our 
consumption choices, making more sustainable decisions and working 
with suppliers to reduce environmental waste. Waste management at 
our operations primarily focus on reducing paper consumption and 
single-use plastics; using eco-friendly products and managing waste 
through paper recycling and food waste composting.
We responsibly manage the waste streams involved in delivering our 
products by digitalising branch processes towards being completely 
paperless, pursuing green lease agreements for stores including water, 
waste and electricity management target, and reducing our plastic usage.
Using water responsibly
	 While we are not a water-intensive business, we operate in some of 
the driest countries in the world. We aim to reduce our consumption and 
support a sustainable earth. Water-saving measures include waterless 
urinals, chemical toilet flushing, waterless hand sanitising stations and 
aeration taps with reduced water flow, efficient use of borehole water, 
rainwater harvesting and water-wise gardens. For our employees, we 
promote responsible water consumption through targeted campaigns 
such as World Water Week. 
We enable our government and businesses’ customers to manage their 
water consumption through our digital solutions and IoT capabilities. 
These solutions help local municipalities monitor and manage water 
leaks through early detection.
99
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Human  
capital 
Our people enable us to transform Vodacom from a TelCo to a data-driven TechCo.  
We embed the Spirit of Vodacom across our business to support this transformation.  
We define our human capital as Vodacom’s team of 
high-performing, customer-focused, engaged leaders 
who work together in our diverse and inclusive 
organisational culture. 
Our success depends on the skills and expertise of 
our people as they firstly develop a strategy aligned 
to our purpose and secondly enable Vodacom to 
deliver on it. Our people live our inclusive 
organisational culture and enable us to innovate to 
become a leading African TechCo. 
What human 
capital means 
to Vodacom
How intellectual 
capital supports 
our System of 
Advantage
HC
High-performing
Our people work to create an 
optimised future for all, in 
one of Africa’s top places of 
employment. We equip our 
people to transform our 
company into a data-driven 
TechCo through technical 
skills development in a 
digitally agile and flexible 
working environment.
Customer-focused
We encourage all employees 
to take a customer-centred 
appreciation approach by 
accelerating their customer-
focus skills development 
and measuring, tracking and 
remunerating accordingly.
Engaged
Our people embrace the 
Spirit of Vodacom and we 
optimise the employee 
experience with connected 
digital apps, rewards and 
events. We empower our 
people to realise their full 
potential by nurturing talent 
and facilitating development 
paths.
#FurtherTogether
Diverse and inclusive 
culture
We foster inclusivity and 
diversity, with a focus on 
actively promoting gender 
empowerment and the 
development of the youth 
and those with disabilities.
#InclusionForAll  
Vodacom Group Limited Integrated report for the year ended 31 March 2023
100

Our human capital at a glance
Our key focus areas
Key FY2023 achievements
Strategic 
pillar affected
Embedding the Spirit of Vodacom 
across our business to live our 
purpose
 
z Creating an environment where our employees can thrive:
	– Spirit index score: 80% (FY2022: 76%) 
	– Employee engagement index score: 75% (FY2022: 77%)
	– Engage app: 7 164 active users (FY2022: 6 107 users)
 
z Reaffirming our customer focus
5
9
Accelerating skills development 
as we evolve towards a TechCo
 
z Providing innovative resources for growth:
	– Invested R553 million in employee skills development across all 
our markets (FY2022: R493 million)
	– Invested R312 million in skills development for black employees in 
South Africa, with R222.5 million invested in black female employees 
and R18.5 million in black youth with disabilities
 
z Vodafone Egypt acquisition providing access to a highly skilled talent 
factory
9
10
Fostering diversity and inclusivity 
to support our purpose-led 
culture
 
z Increasing gender diversity and equality in Vodacom South Africa:
	– 79% of our employees are black (FY2022: 78%) 
	– 80% of our board members are black (FY2022: 80%) 
	– 50% black female representation on the board (FY2022: 50%) 
 
z Encouraging diversity in Vodacom South Africa, including subsidiaries:
	– 75% of our employees are black (FY2022: 75%)
	– 50% of our board members are black (FY2022: 42%)
	– 25% black female representation on the board (FY2022: 17%)
 
z Supporting the youth
 
z Providing opportunities for people living with disabilities
 
z Supporting LGBTQIA+ employees
9
10
Supporting employee health  
and safety to safeguard our 
reputation
 
z Increasing compliance with health and safety plans
 
z Developing our employee well-being programme:
	– 7 062 people attended Vodacom-hosted counselling and parental 
guidance sessions (FY2022: 7 800)
9
10
Remunerating to reward value 
creation
Paid R7.7 billion to 7 946 employees, (FY2022: R7.3 billion to 8 132 
employees)
9
101
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Human capital continued
The value we create, preserve and erode
Several initiatives support the Spirit of Vodacom to keep employees 
engaged, boost staff morale, and create a progressive and conducive 
organisational culture. Our Spirit of Vodacom meeting-free events 
provide space and time for our employees to focus on living up to our 
values, personal growth, well-being and connection. We hosted our first 
Spirit of Vodacom day in FY2022 and have continued to host them 
every quarter in FY2023. 
We support our Spirit journey through our Spirited Leader series – 
designed to drive high-impact actions, leadership standards and 
well-being to prepare our leaders to develop a future-ready Vodacom. 
Playbooks, action toolkits and best practices from the series are shared 
with leaders across the Group to facilitate peer support.
Listening to our employees helps us to continually strive for excellence. 
We focus on listening to employees at various stages of the employee 
life cycle, providing us with organic feedback at moments that matter. 
Our Employee Spirit Beat surveys form part of this strategy and 
monitor how well the Spirit of Vodacom resonates with our employees, 
and allows us to measure, track and improve performance based on our 
four behavioural pillars. We conduct the surveys bi-annually and 
recorded a participation rate of 90% in our most recent survey. As we 
adapt to a changing world of work, we benchmarked against industry 
standards and adjusted our rating and scaling methodology. The data 
from our last survey reflects the following scores and insights:
We run regular Spirit clinics where we engage all people leaders and team members alike to ensure a constant connection, high engagement and to 
drive the associated Spirit behaviours.
The Spirit  
of Vodacom is 
embedded in four 
pillars. 
Earn customer loyalty
Create the future
Experiment, learn fast
Get it done, together
Embedding the Spirit of Vodacom across our business  
to live our purpose
Employee index of 
75%
Purpose index of 
92%
Spirit index of 
80%
Positive themes from surveys
 
z New employees resonate strongly with our 
purpose
 
z Satisfaction with a hybrid working model
 
z Learning new skills and abilities
Improvement areas from survey
 
z Growth and advancement opportunities
 
z Increased focus on robust and regular 
feedback
 
z Working effectively across the Group to find 
the best solutions for customers
Vodacom Group Limited Integrated report for the year ended 31 March 2023
102

Value 
created
Value 
sustained
Value 
eroded
Creating an environment where our employees 
can thrive
	 In FY2023, Vodacom Group was certified as one of Africa’s Top 
Employers across all markets, advancing in the overall ranking to the 
top two in Africa, up from third position last year. After receiving its first 
Top Employer certification in FY2022, Safaricom Kenya ranked third in 
the overall country ratings in Kenya. In South Africa, we ranked second 
out of 129 participating South African companies in FY2023, up from 
third place in FY2022 and certified as Top Employer for the seventh 
consecutive year. Certification in our various markets and being ranked 
second on the continent is a great accolade that underscores our 
continued commitment to creating exceptional employee experiences.
	 Our internal recognition scheme, Vodafone Stars, allows for  
in-the-moment recognition for employees who display Spirit behaviours, 
comprising either cash awards or peer-to-peer recognition. In FY2023, 
over 6 000 (FY2022: 5 000) employees were recognised through the 
Vodafone Stars programme. 
	 In 2023, we launched Rewards for You in South Africa, a digital 
platform allowing employees access to different benefits which is 
available 24/7.
	 We continue to accelerate our digital transformation journey and 
unlock new opportunities. Our mobile employee engagement platform, 
Vodacom Engage, is used extensively as the primary communication 
gateway for the business, offering users a seamless and connected 
experience across most markets. The platform is available in multiple 
languages, including English, Portuguese and French to support 
inclusivity. The app has allowed us to continue to manage risks within 
the business and has evolved to support our organisational culture as  
we shift to hybrid working. Employees can access all company-related 
information and tools to facilitate working from anywhere.  
Further education and awareness related to the company strategy, cyber 
security risks and tools, hybrid working, and health and safety tools to 
enable seamless working for all employees have been a key focus during 
the year. The app has 7 164 active users from across the Group.
	 We continue to embed hybrid ways of working through a dynamic 
policy that allows our people to work between the office and home. Over 
the last year, we have seen more than 50% occupancy of staff across our 
workspaces, with teams coming together to collaborate and engage.
	 In FY2024, we will reposition our people performance management 
system towards impact and growth, with the performance management 
process, rebranded to Grow My Impact. 
PG
See more in our Remunerating to reward value 
creation on Page 108.
Reaffirming our customer focus
	 Earning customer loyalty is integral to our business strategy. As a 
result, we have increased the customer loyalty and growth component 
measure for variable pay and short-term incentives (STIs) across the 
organisation. Customer loyalty is also one of our Spirit Beat measures, in 
which we ask employees to provide feedback on their behaviour 
regarding customer commitment. Line managers are able to draw from 
survey insights and incorporate learnings into the working environment. 
This enables us to measure, track and improve our behaviour. In addition, 
we have launched a programme, Moments that matter, to empower 
our front-line employees around the customer experience.
	 TOBi Zulu, one of our chatbots, is an example of successful 
employee collaboration to improve customer experiences. Employees 
collaborated to develop appropriate phrases for TOBi Zulu to improve 
the customer experience. We intend to expand this successful chatbot 
feature development approach across more languages in the Group. 
103
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Human capital continued
We build our organisational culture around working together and as 
such, our human capital strategy fosters tolerance and embraces 
diversity. We respect and appreciate our employees’ different viewpoints, 
backgrounds, ethnicity, ages and genders. Our initiatives and forums to 
support this include the Disability Forum, LGBTQIA+ Network, National 
Consultative Committee, Women’s Network Forum and Youth ExCo.
Increasing diversity and equality
	 Several awards recognise our efforts to support diversity and equality.
 
z The Gender Mainstreaming Awards celebrate achievements in 
creating and promoting a more equitable workplace, and Vodacom 
was awarded silver at the 10th Annual Gender Mainstreaming Awards 
in four categories. 
 
z Vodacom Tanzania received an award at the Rising Woman Initiative 
in Tanzania for our 40% leaders and our women focused succession 
plan. 
 
z Safaricom Kenya was recognised for driving economic empowerment 
for persons living with disabilities where we received the Most 
Inclusive Listed Company in Kenya at the Diversity and Inclusion 
Awards and Recognition awards. 
 
z Vodability, a job shadowing programme to bring people living with 
disabilities into Vodacom Mozambique, was recognised by the 
Mozambican Association of People with Disabilities at the 
Disabilities and Human Rights conference.
Fostering diversity and 
inclusivity to support  
our purpose-led culture
The value we create, preserve and erode continued
As we accelerate our transformation into a new-generation connectivity 
and digital services provider, we aim to build the right capabilities to 
execute our strategy. At Vodacom Group, growing never stops, and 
learning is integral to every role. We are committed to supporting our 
employees by providing simple and innovative resources that enable 
them to plan their development and future growth. During FY2023,  
we invested R553 million in employee skills development across all our 
markets (FY2022: R493 million). As Vodacom Group evolves from a 
TelCo to a TechCo, access to skilled talent is critical, with Vodafone Egypt 
being an excellent source.
Providing innovative resources for growth
	 In FY2023, we replaced Vodafone University with a new AI-driven 
learning platform, Grow with Vodacom, which integrates skills, 
capability development and learning in a single interface. The platform 
allows employees to determine their professional development and 
career direction by delivering personalised recommendations. Across 
the Group, 8 042 employees have completed at least one online 
training programme, equating to a utilisation rate of 62%. A total of  
82 262 courses, requiring a total of 202 033 learning hours, were 
completed in FY2023. On average each employee spend 15.9 hours  
on the programme. 
Beyond learning, the Grow with Vodacom platform integrates career 
management capabilities, giving employees the power to determine 
their professional development and career direction. The platform 
provides learning and career recommendations based on unique skills 
profiles to help employees achieve individual career goals.
	 In FY2023, our #1MoreSkill programme accelerated and expanded 
across all Vodacom markets through an increased focus on aligning 
budget spend, vendor optimisation and skills training for all. The 
programme aims to increase certification and reskill employees across 
prioritised areas, including software engineering, Big Data, cyber security, 
cloud computing, agile and 5G. During the year, 2 910 employees 
completed 144 courses, to the value of R3 688 200.  
	 Our Skills Labs further enhance our digital transformation, which 
aims to accelerate the reskilling of employees. By partnering with 
leading vendors, we have launched 16 Skills Labs focusing on cyber 
security, cloud computing, RPA and software engineering.
Vodafone Egypt acquisition providing access to  
a highly skilled talent factory
	 Vodafone Egypt’s software engineers (as a percentage of its overall 
IT staff) increased from 67% to 90% in the financial year. This reflects 
the success of its Software Engineering Academy, which provides 
accreditation for software developer, software architect, cloud and data 
science and machine learning skills.
Accelerating skills 
development as we  
evolve towards a TechCo
Vodacom Group Limited Integrated report for the year ended 31 March 2023
104

Code Like a Girl, launched in 2017, provides girls from Grade 10 
onwards with the ICT skills and tools to flourish in a relatively male-
dominant career. Across our operating markets, we have trained over  
4 000 girls in FY2023. Code Like a Girl alumni across Africa are now 
entering bursary foundation schemes.
	 Our parental leave policy includes four months of fully paid leave 
for all non-birthing employees who adopt a child, become a parent 
through surrogacy or whose partner is having a child. Since the policy 
was launched Group-wide in September 2020, 410 employees have 
used this benefit.
	 Our ability to become more demographically representative is 
limited by a hiring freeze currently implemented within the Group.  
Supporting the youth
	 We hosted an integrated Vodacom Discover graduate 
programme, which equips future Vodacom Group leaders with the tools 
and skills for business excellence. Our first summit for over 100 
graduates, representing all Vodacom markets, took place in FY2023. 
	 Several awards recognise our efforts to support the youth through 
graduate programmes.
 
z In FY2023, Vodacom South Africa won the South African Graduate 
Employers Association Employer of Choice Award in the 
telecommunications sector for its flagship Vodacom Discover 
graduate programme.
 
z The Vodacom Discover graduate programme was awarded bronze and 
recognised internationally at the Brandon Hall Group Excellence 
Awards in the Best Advance in Competencies and Skills Development 
category. The Excellence Awards recognises organisations that 
successfully established programmes, systems and tools that achieve 
measurable results.  
 
z Vodacom South Africa achieved first place in the GradStar Students’ 
Choice Award, under the Telecommunications sector category. 
GradStar recognises the Top 100 students across the country based 
on leadership qualities and work readiness.
	 WeThinkCode is a learning institution based in South Africa, 
offering a tuition-free, two-year coding course to train Africa’s next 
generation of top tech talent. The programme helps to drive the 
digitisation of African enterprises. Vodacom collaborates by sponsoring 
students annually as they complete the National Qualifications 
Framework, investing a total of R2.2 million in FY2023.
Value 
created
Value 
sustained
Value 
eroded
Encouraging diversity in South Africa
	 In FY2023, Vodacom South Africa achieved the highest B-BBEE 
contributor status of Level 1 for the third consecutive year, a clear 
demonstration of our unwavering commitment to transformation in 
South Africa. This status and the results below are the accumulation of 
several initiatives that support racial and gender diversity.
 
z Vodacom South Africa, including subsidiaries’ board achieved an 
impressive black representation of 50% from 42%, with 25% black 
females on the board. 
 
z Vodacom South Africa maintained 80% black board representation 
and 50% female representation.
 
z Developed skills of historically disadvantaged people, investing 
R312 million in black employees – R222.5 million in black women 
– across our South African workforce.
 
z Supported the development of black women in the technology 
industry through our female leadership programme.
Scoring element
Target 
points
Achieved 
points FY2023
Achieved points 
FY2022
Achieved points 
FY2021
Achieved points 
FY2020
Ownership
25
24.20
25.00 
23.23 
22.75 
Management control
23 
16.88
15.99 
18.23 
15.90 
Board representation
8
8.00
6.83 
6.83 
4.67 
Top management representation
5
2.17
2.73 
4.90 
4.82 
Employment equity
10
6.71
6.44 
6.50 
6.41 
Skills development
20
21.56
23.04 
21.97 
20.90 
105
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Human capital continued
The value we create, preserve and erode continued
Providing opportunities for people living with 
disabilities
	 Our external bursary programme aims to create a skilled talent 
pipeline of people living with disabilities who have the potential to 
become part of Vodacom’s workforce. Vodacom South Africa supports 24 
students living with disabilities on the People With Disabilities External 
Bursary Programme as they study towards an academic qualification.
Supporting LGBTQIA+ employees
	 Vodacom was recognised for the support we provide to LGBTQIA+ 
employees being one of three companies in South Africa that achieved 
South African Workplace Equality Index Gold status. This is a key 
milestone following the silver status achieved previously. South African 
Workplace Equality Index aims to rank South African companies on how 
well they implement best practice for LGBTQIA+ equality in the workplace.
Supporting women in technology throughout schooling and career stages
Vodacom Foundation’s education ecosystem (including 15 ECD centres, 13 schools of excellence and nine youth academies) 
supports quality education through six pillars, across all levels of education, from early childhood development (ECD) to adult 
education. This model comprehensively supports learners, teachers, parents and communities within the education ecosystem. 
Within this ecosystem, women and girls are supported to gain the skills needed to use technology to their advantage at every 
schooling and career stage.
Vodacom supports reaching gender parity in the ICT sector throughout the education ecosystem and our operations.
Case study
ESG
Refer to our ESG report for more information on the Vodacom 
Foundation education ecosystem in South Africa.
Vodacom’s support of women and girls in technology 
Our women’s network forum is a platform where women 
can mobilise, connect, network and be empowered to 
perform at their best; it also serves as a platform to 
champion gender equality within Vodacom
As part of our international women’s week celebrations 
in 2023, Vodacom hosted the first LIFT Women in Tech 
Summit in collaboration with IBM and Sky
girls trained in Code Like a Girl 
programme. Code Like a Girl 
inspires more girls to explore 
careers that require coding 
skills to help them enter the 
STEM fields and industries
4 370
of the 70 graduates 
in Vodacom South 
Africa’s discover 
graduate programme 
are women
38
black female 
representation 
on the board in 
South Africa
50%
We invested 
in skills development for 
black employees in South 
Africa, with R222.5 million 
invested in black female 
employees
R312.8 million
Vodacom Group Limited Integrated report for the year ended 31 March 2023
106

The health, safety and well-being of all who work for us across our 
markets, including their families and suppliers, is important to Vodacom. 
Our health and safety plans aim to achieve a 100% Home Safe culture by 
managing and monitoring our top risks. Looking ahead we plan to 
engage the communities in which we operate to improve and promote 
general safety awareness.
Increasing compliance with health and safety 
plans
	 We continually improve our compliance with our approved project 
health and safety plans, ensuring full compliance with approved project 
health and safety plans and monitoring and measuring our performance 
accordingly. In FY2023, we focused on visible and accountable 
leadership through various initiatives, including fireside chats and safety 
moments, conducting senior leadership tours across in-field operations 
and high-risk suppliers, assigning senior leadership champions, and 
expanding the functions of safety governance councils across all our 
markets. During the year, we conducted 500 senior leadership tours and 
130 safety moments.
	 We continue to focus on reducing road risk and improving our 
driver behaviour across the Group. The number of speeding events 
across the Group has steadily reduced to 3.08 events per 100 km which 
is within risk appetite limit of five events per 100 km. To improve 
planning for high-risk trips, we have implemented a digital journey 
management mobile application, resulting in improved monitoring of 
compliance. We have installed 965 on-board cameras in our fleet and 
Supporting employee health and safety to  
safeguard our reputation
841 in our supplier base across all markets, and we conduct defensive 
driving and anti-hijacking training. Our efforts yielded 238 248 safe 
journeys while travelling more than 15 million kilometres, during which 
our drivers spent 610 709 hours on the road. We are particularly proud of 
our Tanzanian OpCo which celebrated 10 years of being fatality-free.
	 Another element of our Health and Safety reinvigoration plan 
covers our supplier management and engagement. We upscaled our 
high-risk supplier management with various engagement platforms for 
all markets to ensure open lines of communication between Vodacom 
and supplier teams. In 2023, Vodacom South Africa hosted the annual 
Global Supplier Forum to enhance our joint effort in managing risks 
suppliers are exposed to. Markets across Africa also hosted local supplier 
engagement forums in 2023, reaching over 339 tier 1 and 2 suppliers.
Developing our employee well-being programme
	  As part of our employee wellness priorities in 2023, we crafted an 
employee well-being programme with a comprehensive menu of 
initiatives and activities supporting optimum well-being – including 
stress management, mental health support, physical fitness and 
financial management. We also offer free health screenings for 
employees and long COVID assessments across all markets. We continue 
to drive employee support across the Group through our employee 
assistance programme, counsellors and employee ambassadors, who 
assist employees with coping strategies, stress management, 
communication, grief counselling and parental guidance. In FY2023,  
we hosted 10 sessions in South Africa, attended by 2 235 people.
Value 
created
Value 
sustained
Value 
eroded
107
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Global business uncertainty is still higher than what we had 
hoped following the return to normal after the COVID-19 
pandemic. Despite this, our remuneration structures remain 
stable and consistent with our pay for performance principles  
and commitment to alignment with shareholder value creation.
Our global footprint continues to expand, with the 
incorporation of Vodafone’s Egypt business into our portfolio 
and our advances in FinTech. Our Group executives’ roles thus 
continue to expand and become more valuable. This growth 
comes with the concomitant retention risks to our senior 
executives and technical experts, and we need to be a strong 
competitor in the global market for talent. We made 
commensurate adjustments to our CEO’s guaranteed package 
to ensure it aligns with this market.
Consistent with previous years, we enjoyed great support from 
shareholders with high voting percentages on our FY2022 
remuneration policy and implementation report. We continue 
to enhance and monitor institutional investor and stakeholder 
requirements. Our shareholders supported the following 
proactive updates to our remuneration policy:
 
z Consistent with the CEO, the full award of shares to our  
CFO are now 100% subject to performance conditions.
 
z We updated the share plan so that dividends on the “stretch” 
portion are only settled if and to the extent that performance 
above target is achieved, and all share plan settlements are 
implemented using market purchase.
The remuneration policy’s structure remained stable this year. 
We adjusted the performance conditions for the FY2024 STI  
to ensure executives and employees are better incentivised 
through growth and customer loyalty. This allows the business 
to prioritise:
 
z The customer; and 
 
z Growth.
Dear stakeholders
On behalf of the Board, I am pleased  
to present Vodacom Group’s FY2023 
remuneration report. This report 
includes our remuneration philosophy 
and policy for executive directors and 
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
RemCo Chairman
New STI framework
Customer
Growth
NPS
20%
Churn
10%
Service  
revenue
20%
Revenue 
market share
10%
EBIT
20%
Free 
cash flow
20%
Global focus on sustainability and its role relating to remuneration has increased significantly over the year. Our decision to include ESG measures in 
our LTI performance conditions aligns with this emerging trend. We carefully selected these measures to align with our purpose pillars, and we 
enhanced our disclosure of performance measures this year. We provided specific, stretching and measurable targets for GHG reduction, women in 
management and financial services customers.
We are cognisant of fair pay and equity. As such, we noted the proposals in the draft Companies Amendment Bill which were circulated for public 
comment in October 2021. The proposals included disclosures of: 
 
z Statistics regarding the highest and lowest paid employees; and 
 
z An overall pay gap measure determined as the average total remuneration of the top 5% highest versus 5% lowest paid employees. 
Remunerating to reward value creation
Vodacom Group Limited Integrated report for the year ended 31 March 2023
108

Background statement
Vodacom’s purpose, to connect for a better future, is brought to life by our employees 
and enabled by our multiproduct strategy – the System of Advantage. Our 
remuneration practices reflect this integration to ensure we:
 
z Attract and retain high-calibre talent;
 
z Reward employees for living the Spirit of Vodacom;
 
z Remunerate employees fairly;
 
z Act ethically; and
 
z Motivate our employees to execute our strategy and live our purpose.
We reward Spirit behaviours as we believe they closely align with our purpose. Our Spirit 
behaviours are based on four pillars:
Our purpose shapes 
remuneration 
practices and the  
Spirit of Vodacom
Our Board, assisted by our RemCo, is responsible for overseeing the implementation and execution of Vodacom’s remuneration policy, as well as ensuring 
we achieve the objectives contained therein. RemCo operates according to its Board-approved charter, which is reviewed annually. The RemCo Chairman 
provides feedback to the Board after each RemCo meeting, including relevant discussions and key decisions made.
RemCo contracted Bowman Gilfillan Inc (Bowman) to provide independent external advice and is satisfied with its independence and objectivity. 
Bowman is represented by Martin Hopkins, who is head of reward advisory services at Bowman. 
Bowman provided advice on local and international market practice and executive remuneration and the advice provided to RemCo is considered to 
be objective and unbiased. 
Remuneration governance
Earn customer 
loyalty
Create the  
future
Experiment,  
learn fast
Get it done,  
together
It starts and ends with the 
customer. We aspire to be a 
brand our customers love,  
by earning their trust and 
providing brilliant experiences. 
We work hard to simplify 
things for our customers and 
deliver what they want and 
need, every day.
We think big and take risks  
to break new ground. We ask 
“what if?” to build amazing 
products and services for  
our customers. We are 
courageous in creating a 
better future for all.
We are always learning.  
We try things, measure our 
success, keep the best and 
learn from the rest. This is 
how we move rapidly to 
grow ourselves and our 
business.
We give and take ownership 
to make the most of our 
many talents. We trust 
others to get things done. 
It is up to each of us to 
make it happen.
We are monitoring ongoing discussion and research on ratios, such as 
the Gini coefficient, the Palma ratio and other descriptive statistics. We 
will disclose the required statutory pay gap ratios once determined. 
As debates continue regarding the disclosure of the “vertical pay gap” 
between the highest and lowest paid employees, we are monitoring 
the “horizontal pay gap” between the pay of colleagues delivering 
equal value of work for some time. The remuneration policy section 
provides more details, and we intervene promptly to address any 
anomalies that arise. Our independent advisers reviewed the pay gaps 
within the Group, and we are comfortable that this detailed analysis 
confirms that our pay practices are within accepted norms.
Our FY2023 STI performance was below target, whilst our LTI was 
above target. The STI performance outcomes below 100% for year 
resulted in commensurate decrease in the total remuneration of 
our executives this year, as disclosed in the remuneration report.
Together with enhancements to keep pace with best practice, 
RemCo is satisfied that our remuneration policy remains relevant, 
fit for purpose, supports the King IV principles and meets policy 
objectives. We are committed to maintaining a strong relationship 
with our shareholders, built on trust and a clear understanding of 
our remuneration policy and the practices that have been 
implemented.  
Phuthi Mahanyele-Dabengwa 
RemCo Chairman
109
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Human capital continued
Remunerating to reward value creation  continued
RemCo’s key decisions 
RemCo held four normal meetings and one special 
meeting in FY2023, during which the following key 
decisions were made:
 
z Approved the annual increase budget for ExCO, 
senior management and employees as informed by 
external benchmarking; 
 
z Approved individual increases for the ExCo;
 
z Reviewed the metrics of the variable STI plan and the 
variable LTI, making changes where appropriate;
 
z Approved STIs for executives, senior management 
and employees;
 
z Evaluated the LTI vesting conditions for the FY2020 
awards and approved the final vesting percentages;
 
z Approved the participation of eligible employees in 
Vodafone Egypt in the Vodacom share schemes;
 
z Approved the RemCo charter;
 
z Noted the feedback from the internal audit review of 
the committee’s compliance with its charter;
 
z Recommended increases in NED fees to the Board 
for shareholder approval;
 
z Approved the new reward structure linked to the STI 
aligned to our performance management 
programme – “Grow my Impact”;  
 
z Approved a new STI framework for FY2024 to 
support and deliver the company strategy focused 
on two strategic priorities, namely Growth and 
Customers by ensuring that executives and 
employees are more strongly incentivised through 
growth and customer loyalty, which allows the 
business to focus on these two strategic priorities;
 
z Reviewing the structure of the STI plan, we will 
ensure that these priorities are embedded and will 
incentivise the right behaviours and send a clear 
message to employees on what is important for 
our future success;
 
z The structure of the FY2024 STI plan retains the 
same performance used under the current plan, 
albeit rebalanced and repositioned for alignment 
with our strategic priorities; and
 
z Approved the measures for the LTI scheme for 2023 
share allocations including operating free cash flow 
(OFCF), total shareholder’s returns (TSR) and ESG 
measures.
RemCo’s role and responsibilities 
RemCo assists the Board to discharge its responsibilities by:
 
z Monitoring salary movements for Senior Leadership Team (SLT) and 
ensuring that remuneration practices keep pace with the market;
 
z Setting the parameters for short and long term incentives and monitoring 
and approving their achievement;
 
z Determining and agreeing on the remuneration and overall compensation 
package for the CEO and CFO who are appointed to the board and 
executive directors; 
 
z Determining, agreeing and developing the Group’s remuneration policy in 
line with the requirements of applicable laws, JSE Listings Requirements 
and King IV to align with the Board’s direction on fair, responsible and 
transparent remuneration;
 
z Overseeing the implementation and execution of the Group’s 
remuneration policy to achieve its objectives;
 
z Reviewing and recommending to the Board the criteria necessary to 
measure the EXCO’s performance in discharging its functions and 
responsibilities;
 
z Ensuring remuneration is disclosed in an annual remuneration report;
 
z Reviewing the fairness and reasonableness of executive remuneration in 
the context of overall employee remuneration; 
 
z Making recommendations on how executive remuneration should be 
addressed and disclosed in the annual remuneration report;
 
z Developing, implementing and disclosing a remuneration philosophy to 
enable a reasonable assessment of reward practices and governance 
process by stakeholders;
 
z Considering other special benefits or arrangements of a substantive 
financial nature;
 
z Reviewing the relevant human resources policies in terms of the 
delegation of authority;
 
z Ensuring compliance with applicable laws and codes, including King IV 
and the JSE Listings Requirements;
 
z Appointing external remuneration consultants to benchmark 
remuneration trends; 
 
z Ensuring the remuneration policy and implementation report are put to a 
non-binding advisory vote at the AGM in accordance with the JSE Listings 
Requirements;
 
z Reviewing and setting the direction for the Group’s engagement 
with investors in the event that Vodacom does not achieve the required 
number of votes on the non-binding advisory resolutions tabled at its 
AGM for either the remuneration policy or implementation report, or 
both, and ensuring the remuneration policy details the steps the Board 
will take in such circumstances to engage with shareholders; and 
 
z Determining and recommending to the Board the non-executive directors 
(NED) fees to be proposed to the shareholders for approval.
 
z Reviewing and approving STI targets and achievement for each operating 
company and major subsidiaries; and
 
z Reviewing and approving salary increases for all staff in major subsidiaries 
across the Group.
The FY2024 STI plan design is below:
New STI framework
Customer
Growth
NPS
20%
Churn
10%
Service  
revenue
20%
Revenue 
market share
10%
EBIT
20%
Free 
cash flow
20%
Vodacom Group Limited Integrated report for the year ended 31 March 2023
110

Shareholder voting
At the Group’s AGM in July 2023, shareholders will vote on:
 
z A binding vote on NED fees;
 
z A non-binding advisory vote on the remuneration policy; and 
 
z A non-binding advisory vote on the implementation report.
www
Details can be found in the notice of AGM, available online at  
https://vodacom-reports.co.za/integrated-reports/ir-2023/. 
Should either non-binding advisory vote receive 25% or more votes 
against it:
 
z We will invite shareholders to engage with Vodacom regarding their 
dissatisfaction through collective and/or individual engagements to 
discuss and record their concerns and objections; and
 
z RemCo will deliberate the concerns and provide shareholders with a 
formal response articulating the concerns raised and the changes to 
be implemented in response, along with detailed responses to 
concerns where Vodacom, despite shareholder feedback, believes its 
current policy and/or implementation is adequate.
Looking ahead
RemCo constantly assesses remuneration trends and governance 
frameworks and, in FY2024, will focus on:
 
z STI measures and achievement;
 
z LTI performance conditions – measures and achievement;
 
z Remuneration matters related to the acquisition of Vodafone Egypt; and 
 
z Fair and responsible pay.
Our remuneration policy
The principles that guide our remuneration approach
Dynamic approach to ensure competitive pay
We regularly review our approach to remuneration to ensure it aligns 
with Vodacom’s purpose, market trends and the legislative and 
regulatory environment of the countries in which we operate. We are 
committed to competitive remuneration and undertake localised 
benchmarking of GP and target total cash (GP plus STI) at least every 
second year. We benchmark and consider LTI schemes and trends. We 
strive to set remuneration trends across our operating companies 
(OpCos), for example, in Vodacom DRC we moved from a self-insured 
healthcare arrangement to a plan insured via an insurance company 
which is a preferred option in the market. 
Pay for strategy execution
We structure remuneration around the execution of our strategy, which 
is measured by performance objectives. We pay for performance, and the 
different components of our reward structures recognise, support and 
reward collective and individual performance. We employ a robust 
performance management system to implement incentives (page 110). 
As part of our vision to remain a leading employer, we assess if our 
remuneration is fit for purpose. Part of this process includes making the 
following changes to our performance management system and the 
reward structure which will be implemented in FY2024: 
 
z Repositioning our people performance management system towards 
impact and growth, with the performance management process, 
rebranded to “Grow my Impact”; 
 
z The performance differentiation labels will change to: “Outstanding”, 
“Well done” and “More Impact Needed;”
 
z A goal-setting framework centred on four goals:
	– Three impact goals framed around each person’s impact on the 
team, business growth and customer outcomes, based on the three 
company goals cascaded by the market CEO or function lead
	– One growth goal focused on growing self or team, underpinned by 
our Spirit behaviours 
 
z Set the minimum performance standard to be eligible for the STI 
(bonus); 
 
z A new performance rating that addresses underperformance and aids 
performance differentiation, resulting in a lower STI pay-out; 
 
z Impact on reward by rating:
Outstanding
	– Enhanced rewards for top performers will be paid in cash 
	– The STI pay-out will increase to 125% of target for top performers 
across all employee levels
Well Done 
	– STI pay-outs for performers will be differentiated by enabling 
managers to flex the pay-out at 90%, 100% or 110% of target
More Impact Needed
	– STI pay-outs will be either 0% or 75% of target
 
z Two formalised checkpoints, during which managers will submit 
impact ratings: 
	– Set impact goals – March/April
	– Personal growth and development and review impact goals – 
September/October  
 
z Delivering a comprehensive programme for all people managers to 
fully embed the performance changes, reset role expectations and 
upskill them with performance management skills.
Shareholder votes
99.82%
July 2022
NEDs fees
(July 2021: 99.91%)
(July 2020: 99.97%)
98.15%
July 2022
Approval of the 
remuneration policy 
(July 2021: 97.43%)
(July 2020: 98.90%)
98.63%
July 2022
Implementation of the 
remuneration policy
(July 2021: 98.33%)
(July 2020: 98.86%)
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Our governance
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Our capitals performance
Additional financial information
Administration

Remunerating to reward value creation  continued
Human capital continued
Performance management context 
An extensive performance management review was conducted in the current financial year, involving ExCo, employees and external benchmarking. 
This was done to better understand the areas of strength and weakness of the existing performance development system. As a result, the Group 
adopted a new performance management programme – “Grow my Impact” – for the coming financial year. This approach will help us better set 
expectations, provide clarity on the things that matter, recognise outstanding achievements and provide the tools to support continuous feedback, 
coaching and development. 
From
To
Name
Performance development
Grow My Impact
Impact Goals
Ad hoc system cascade
Goals not visible
Cascaded: x3 priorities from leader
Employee: set x3 impact goals plus 1 Grow Goal
Goals visible to line/matrix leader/peers/direct reports
Differentiation
Top Performer (100%)
Performer (100%)
Mover (0%) – not currently a formal category
Outstanding (125%)
Well Done (110%, 100%, 90%)
More Impact Needed (0% or 75%)
Effective for STI payment in June 2024
Share Awards
Deferred share award for top performers 
(25% of target)
Enhanced global STI plan for ALL outstanding performers, in the form 
of cash.
Star Awards
Top performance recognised through enhanced 
Vodafone Stars for eligible employees
Enhanced Vodafone Stars removed
Reviews
Annual review
Quarterly reviews encouraged
March/April-set/review goals
September/October – performance development mid-year check in
Performance assessed/feedback collected at both points
Feedback
Feedback format given is discretionary
Feedback embedded – 3 questions
Upward feedback to managers
Relevant and sustainable
We manage the total cost of employment and ensure we provide 
benefits that are relevant, affordable and sustainable. We also apply 
malus and clawback provisions to disincentivise inappropriate behaviour 
for senior leaders in the business.
Communication
We are committed to providing transparent and understandable 
information to employees regarding our reward programmes, policies 
and processes. We communicate clearly and effectively on the total 
reward package to ensure our employees understand what they receive, 
why, when they receive it and how their performance can influence  
what they receive. This communication is delivered through digital 
platforms for employees to access anywhere, anytime.
Fair and responsible remuneration
Our total reward framework is underpinned by our commitment to fair pay. 
By applying the principle of equal remuneration for work of equal value, 
Vodacom seeks to eliminate discriminatory remuneration – whether 
direct or indirect – based on gender, age, disability, gender identity and 
expression, sexual orientation, race, ethnicity, cultural heritage, religion 
or belief. We pay competitive salaries, rewarding individuals based on 
their skills, experience and external market positioning.  
We review our internal pay ranges annually and apply them consistently 
throughout the organisation. Our OpCos conduct an annual fair pay 
analysis to identify any possible instances where pay requires attention 
and remedial action is implemented. The fair pay analysis focuses on the 
elements below. The outcome of the fair pay review conducted in FY2023 
shows that Vodacom markets are aligned to the fair pay principles. 
We believe our reward decisions are based on merit and do not 
discriminate.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
112

Pay gap  
Pay gaps are receiving increased focus 
globally as pay gap reporting promotes fair 
remuneration. During FY2023, RemCo was 
briefed by Bowman on four possible measures, 
namely the Gini coefficient, the Palma ratio, 
the new 5:5 ratio proposed by the draft 
Companies Bill in October 2021, and the ratio 
of the highest to the lowest paid employee for 
all full-time employees. The RemCo will be 
guided by legislative requirements on the 
best approach for Vodacom.
Benchmarking
Consistent with our remuneration policy, our 
employees’ remuneration is informed by 
benchmarking. Key inputs in determining 
remuneration include:
 
z The Willis Towers Watson Global Grading 
System 
 
z Job-specific competence and skills, 
including their marketability and scarcity
 
z Industry knowledge and experience
 
z Contribution to achieving the Group’s 
strategy
 
z For executive remuneration, we consider 
the following additional inputs for 
benchmarking purposes:
	– Outcomes of the relevant executive 
remuneration surveys
	– Peer group data from the JSE 
telecommunications sector and other 
listed companies with similar market 
capitalisation and revenue  
	– In market salary comparisons from similar 
sized companies.  
Benchmarking for executive directors is 
completed for all elements of remuneration – 
GP, target STI and target LTI – and we target 
the 75th percentile of the market for total 
target cash, which is GP plus STI. For our CEO 
and CFO, RemCo follows a similar approach to 
the executive cohort, by benchmarking pay to 
industry-specific comparators, information 
disclosed by our peer group and Mercer’s 
executive remuneration survey.  
3. Provide a good standard of living
4. Share in our successes
5. Provide benefits for all
6. Open and transparent
Pay reflects an individual’s skills, roles and functions, 
and the external market.
We annually review each employee’s pay and 
actively manage any who fall below the market 
competitive range.
Pay should not be affected by gender, age, disability, 
gender identity and expression, sexual orientation, 
race, ethnicity, cultural heritage, religion or belief.
We annually compare the average position of our men 
and women against their market benchmark, grade 
and function to identify and understand any 
differences and take action if necessary. 
We work with an independent organisation, the Fair 
Wage Network, to assess how our pay compares to the 
“living wage” in each of our markets, because we are 
committed to providing a good standard of living for 
our people and their families.
All our people should have the opportunity to share in 
our successes by being eligible to receive some form 
of performance-related pay, such as a bonus, shares or 
a sales incentive.
Our global standard is to offer all our people life 
insurance, parental leave and access to either 
company or state-provided healthcare and 
pension provision.
We ensure our people understand their pay through 
user-friendly guides, web pages and an annual reward 
statement, which explain our employees’ pay and 
outline the value of their core reward package. They 
also receive monthly or weekly payslips and a 
payment schedule.
1. Market competitive
2. Free from discrimination
Fair pay principles
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Our business
Our capitals performance
Additional financial information
Administration

Human capital continued
Our remuneration structure
Strategic intent
Description
Eligibility
Guaranteed 
pay (GP)
Forms the basis for competitive 
remuneration to attract and retain the best 
talent (page 120). It reflects:
 
z Job-specific competence and skills, 
including their marketability and scarcity 
 
z Industry knowledge and experience 
 
z Contribution to achieving the strategy
Across our markets, this component varies 
from an approach of guaranteed total cost 
of employment to basic pay plus market-
related cash allowances and cost of 
benefits. This is determined by local market   
legislation, market benchmarking and 
best practice.
All employees
Benefits
 
z Support retention and remain 
competitive in the markets in which we 
operate
 
z Provide financial security when needed 
by employees
Benefits reflect best practice and the results 
of local market benchmarking exercises, 
comply with legislation and complement 
our broader employee value proposition 
(EVP) and minimum benefits standards.
All employees
STI
Designed to motivate employees and 
incentivise the delivery of performance 
against set business targets, comprising 
measures that will drive our strategic intent 
of Growth and Customers.
Business measures of the STI are reviewed 
annually to ensure they support our 
strategy and drive the right behaviour. The 
STI is paid in cash in June each year for 
performance against the previous year’s 
targets.
All employees, excluding 
employees on commission or 
quarterly incentive plans.
LTI1
 
z Motivate and incentivise delivery of 
sustained performance over the long 
term
 
z Encourage ownership and loyalty by 
aligning the interests of participants with 
those of the Group and our shareholders 
Variable in the form of Vodacom shares, 
which vest over three years.
We annually review the LTI measures and 
weightings to ensure that they drive the 
right behaviours and support the business’s 
strategy.
Executive directors, members of 
the SLT and senior management, 
and roles directly influencing 
strategy delivery, or without 
whom there is a risk to execution.
Support employee retention
Vodacom has two share plans: 
1.	Forfeitable share plan (FSP) which is a 
combination of forfeitable performance 
shares and forfeitable retention shares. 
2.	Conditional share plan (CSP) with shares 
allocated as a combination of conditional 
and forfeitable Vodacom shares.
Awards to the CEO and CFO are 
allocated under the CSP and are a 
combination of conditional and 
forfeitable shares to ensure that 
dividends above the on-target 
value of the awards are only 
settled to the extent that 
performance is above target. 
Newly hired SLT members and 
promotions to the SLT will also 
participate in the CSP and receive 
a combination of forfeitable and 
conditional shares.
Other 
programmes
Continually position Vodacom as an 
employer of choice 
Access to lifestyle benefits, including 
employee discounts: 
 
z Cellphone, data and fibre benefits, which 
are based on local OpCo requirements 
 
z Maternity leave and parental leave for 
non birthing partners 
 
z Annual executive health checks 
All employees
Recognition
Recognises individuals for their 
contribution to Vodacom
Vodafone Stars, Global Heroes and Thank 
You recognition programmes are used to 
recognise individual performance and 
reinforce the Spirit behaviours through “in 
the moment” financial and non-financial 
recognition. 
Employees as defined by policy
1.	 Vodafone retention and performance CSP awards. Details regarding performance conditions of and vesting periods for the Vodafone awards can be found in Vodafone’s FY2023 
annual report on https://investors.vodafone.com/reports-information/results-reports-presentations   
Remunerating to reward value creation  continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
114

STI
All employees, except for those on commission 
or quarterly or other bonus structures, 
participate in the annual STI. STI payments  
are discretionary and are based on achieving 
financial and strategic measures. Payments are 
made in cash in June each year.
For FY2024, 100% of the on-target STI is 
payable on the full achievement of annual 
targets. If the targets are exceeded, the STI is 
capped at 200% of the target. If the targets 
are not achieved in full, a reduced STI is 
payable. If performance is below threshold,  
no STI is payable.
The on-target and maximum STI percentages 
for our executive directors are set out below:
Role
On target 
% of GP 
FY2024
Maximum 
% of GP 
FY2024
CEO
100%
200%
CFO
75%
187.5%
For FY2024, the STI will be based on business 
performance and is capped at 200% of 
target, which is the maximum business 
multiplier. The performance differentiator, of 
which the minimum is 0% and the maximum 
of 125%, is applicable to all eligible 
employees except for the CEO.
EVP pillars
Opportunity
Embrace a world of 
experiences that will 
challenge you and help you 
thrive
Innovation
Think big, take risks to break 
new ground, enjoy an agile 
environment and create the 
future
People
Be yourself, belong, feel 
secure and be inspired 
Impact
Make a difference to people, 
our business, our 
customers, communities 
and the planet 
Vodacom’s employee value proposition (EVP)
Our purpose: Connect for a better future
Together, we can create a better future. Vodacom is passionate about making the world more connected, inclusive and sustainable. 
The Group’s human spirit, with the help of technology, enables us to achieve this. 
Competitive pay and benefits
Flexible ways of working
Care for your well-being
Our Spirit behaviours inform all of the above
Retirement funding
In South Africa, Lesotho and Egypt, we have 
private retirement funds. In South Africa, 
the Vodacom Group Pension Fund – a 
defined contribution pension scheme – is 
compulsory for all permanent employees. 
Senior management employees must also 
participate in the Vodacom Group Provident 
Fund, a defined contribution scheme. Other 
employees can join the Vodacom Group 
Provident Fund on a voluntary basis. 
Vodacom Lesotho’s provident fund is 
compulsory for all permanent employees. 
Vodafone Egypt provides its employees 
with a private and non-contributory 
pension plan where the company invests 
10% of the employee’s annual salary in July 
of each year. In the other OpCos in 
Vodacom Group, namely the DRC, 
Mozambique and Tanzania, employees 
participate in the government-run social 
security fund as required by legislation. 
Benefits
Our OpCos across the Group provide benefits in line with local market practice and legislative requirements. 
Risk insurance
All Vodacom markets offer risk benefits 
to employees, including life and disability 
cover based on local market practice.
Medical cover
The plans available within Vodacom Group 
were selected to address the needs of the 
diverse Vodacom workforce with benefits 
designed as applicable for each country. 
We review the medical cover plans annually 
to assess their appropriateness for our 
employees. We do not offer post-retirement 
medical benefits.
Pay mix
The ratio of GP versus variable pay differs 
for each employee band, with the 
weighting on variable performance-based 
pay higher at executive and senior levels,  
in line with our principle of paying for 
performance and encouraging and 
rewarding behaviours that support our 
Spirit.
RemCo reviews the targets and on-target 
values for each pay element annually to 
ensure these remain relevant and 
competitive, drive the right behaviours and 
enhance overall shareholder value.
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Our governance
Our business
Our capitals performance
Additional financial information
Administration

Element
Service revenue
EBIT
OFCF
Customer appreciation
Weighting 
25%
25%
25%
25%
FY2023 (FY2022)
(25%)
(25%)
(25%)
(25%)
Description of 
metrics and 
range
All revenue for ongoing 
services, including monthly 
access charges, airtime 
usage, financial and digital 
services, fixed and fibre 
services, roaming, incoming 
and outgoing network usage 
by non-Vodacom customers, 
and interconnect charges for 
incoming calls, among others
Earnings before interest, 
taxation, impairment 
losses and profit/loss 
from associates and joint 
ventures
Cash generated from 
operations less additions 
to property, plant and 
equipment, intangible 
assets, and proceeds 
on disposal of property, 
plant and equipment and 
intangible assets
Assessment of the following 
metrics:
 
z NPS
 
z Active base
 
z Churn
 
z Revenue market share
NPS measures the extent to 
which our customers would 
recommend us. Active base 
measures customer activity 
on the network. Churn is 
the average number of 
monthly customers divided 
by the annualised number 
of disconnections during 
the period
Threshold 
95%
-2.5% 
of service revenue target
-2.5%
of service revenue target
Target
100%
100%
100%
Above target
105%
+2.5% 
of service revenue target
+2.5% 
of service revenue target
The Vodacom Group business multiplier is used for the CEO, CFO and other members of ExCo. For ExCo members responsible for an operating 
business, the business multiplier is based on a weighted average of the business performance split between the relevant OpCo (70%) and 
Vodacom Group (30%).
STI calculation
The changes to the STI effective FY2024 will affect the calculation of the STI for the CFO. There is no change to the STI calculation for the CEO.
Measurement 
The measures, bonus levels and weightings are reviewed annually to ensure a continued link to strategy and management’s direct influence. The 
financial measures are typically determined based on budgets.   
The measurement methodology for each component of the STI metrics is set out below. The aggregate outcome of this measurement sets our 
business performance multiplier, which ranges from 0% to 200%.
GP
Target
incentive
100%
Business
performance 
0% to 200%
GP
Target
incentive
75%
Business
performance 
0% to 200%
Performance 
differentiator
0% to 125%
The formula for 
determining the CFO’s 
cash bonus is:
The formula for 
determining the CEO’s 
cash bonus is:
Human capital continued
Remunerating to reward value creation  continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
116

The vesting of Vodacom CSP is based on the following scale:
OFCF
TSR relative to peer group
Threshold 40%
Three-year 
plan -20%
At 50th percentile of the index
Target 100%
Three-year 
plan
Average of the 50th and 75th 
percentile of the index
Maximum 200%
Three-year 
plan +20%
75th percentile of the index
LTI TSR peer group metric
No changes were made to the TSR peer group in June 2023. Vodacom 
uses the Indi25 index as the most representative list of companies 
when considering industry competitors, labour market and company 
size. LTI awards made during June 2022 used the following peer group 
companies for the LTI TSR vesting condition:
 
z MTN Group Limited
 
z Aspen Pharmacare Holdings 
Limited
 
z Truworths International 
Limited
 
z Richemont SECS 
 
z Woolworths Holdings Limited
 
z The Foschini Group Limited
 
z Shoprite Holdings Limited
 
z Life Healthcare Group 
Holdings
 
z Telkom SA SOC Limited
 
z Mr Price Group Limited
 
z Bidvest Group Limited
 
z Bidcorp Limited 
 
z Netcare Limited
 
z Clicks Group Limited
 
z AVI Limited
 
z Mondi Plc
 
z Pick n Pay Limited
 
z Spar Group Limited
 
z MultiChoice Group Limited
 
z Tiger Brands Limited
ESG measures^
This component comprises targets across our purpose pillars and 
accounts for a 10% weighting of LTI with each measure equally 
weighted. ESG targets that extend over the next three years to FY2025 
was set by the RemCo.
LTI
LTIs aim is to retain key skills and motivate executives and select 
employees over the long term, which is essential for sustainable 
performance. We use operating free cash flow as the principal 
performance measure to ensure we apply prudent cash management 
and rigorous capital discipline to our investment decisions. TSR, along 
with a performance period of no shorter than three years, means we 
focus on the long-term interests of our shareholders. ESG components 
support an even closer alignment with our purpose.
With effect from June 2022 on the LTI allocation under the CSP, certain 
changes have been made to reflect developments in local and global 
best practice.
The most material changes are;
 
z Dividends will only be paid on the “stretch” portion of awards if, and 
to the extent that, performance is above target, and
 
z The updated plan reflects the actual Group practice to only use 
shares purchased in the market to settle awards. The issue of new 
shares and the use of treasury shares is no longer permitted. 
The on-target and maximum LTI, and the split of awards for the CEO 
and CFO are set out below. This has remained unchanged from the 
previous financial year:
CEO
CFO
On target % of GP
225
135
Maximum % of GP
433
270
On-target awards are split
Vodacom CSP retention 
–
–
Vodacom CSP performance 
77.78%
75.00%
Vodafone CSP retention 
–
–
Vodafone CSP performance
22.22%
25.00%
The CEO and CFO are allocated shares with performance conditions 
under the Vodacom CSP and the Vodafone share plan.  
LTI performance conditions
Metric
Weighting 
award FY2021 
Vesting 
FY2024
Weighting 
award FY2020 
Vesting 
FY2023
Weighting 
award FY2019 
Vesting 
FY2022
OFCF
60%
60%
70%
TSR relative to a  
peer group
30%
30%
30%
ESG target
10%  
10%
n/a
LTI metric
We determine the targets for OFCF according to the achievement of 
the three-year budget plan. TSR achievement is calculated based on 
the position in the selected TSR peer group.
reach 73 million 
financial services customers 
by 31 March 2025.
Digital 
society
drive 40%  representation of 
women in senior management by 
31 March 2025.
Inclusion 
for all
50%  reduction in scope 1 and 
2 emissions from FY2017 baseline  
by 31 March 2025.
Planet
^	 Targets exclude Vodafone Egypt.
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Additional financial information
Administration

Malus and clawback
Our malus and clawback policy allows 
Vodacom, through its Board, to reduce or claw 
back certain elements of an executive 
employee’s remuneration in circumstances 
where a trigger event has occurred.
Clawback means the recoupment during the 
clawback period of all or a portion of the 
clawback amount from an executive after 
vesting or payment. Malus refers to reducing 
unvested or unpaid awards before the end of 
the vesting period (LTI) or before payment (STI).
The Board adopted this policy to further align 
the interests of our executives and senior 
management with the long-term interests of 
the Group. The policy ensures excessive or 
inappropriate risk-taking is not rewarded, 
stipulates that any errors can be corrected and 
ensures a fair outcome when variable 
remuneration is awarded.
The policy sets out the circumstances where 
the Board, following the advice of RemCo, may 
apply its discretion to reduce or clawback 
incentive awards (in whole or in part) in line 
with the policy. Currently, Vodacom’s executive 
directors and SLT will be subject to the 
provisions of this policy. This limited scope of 
application will be reviewed from time to time 
to ensure it is appropriate and in line with 
market practice for South African listed 
companies. This policy applies to variable 
remuneration – STIs and LTIs.
Vodacom Siyanda Employee 
Trust
Established in 2019, the Vodacom Siyanda 
Employee Trust holds an equity investment in 
the Group through its interest in YeboYethu. At 
the time of the establishment of Siyanda 
employees were allocated units (Siyanda units) 
in the trust based on a varying percentage of 
their GP, depending on their employment 
bands, race and gender. Each share is 
equivalent to one unit, with the unit 
representing vested rights to the underlying 
YeboYethu ordinary shares. The service 
condition will lift in three equal tranches at the 
end of years three, four and five, and will only 
become fully tradeable in the black economic 
empowerment (BEE) segment of the JSE in 
three equal tranches over three years starting 
from the end of the fifth year (i.e. years six, 
seven and eight). In March 2022, the first 
tranche was transferred to employees, and in 
March 2023 the second tranche was 
transferred with the final third tranche to be 
transferred in March 2024. 
Executive contracts and policies
Members of senior management are permanent employees and must serve a notice 
period of six months. The notice periods for the CEO and CFO are 12 months and six 
months, respectively.
Payments for termination of office
The maximum termination benefit potentially payable is limited to six months. These 
benefits do not apply to a normal voluntary resignation or retirement.
Termination benefits
There are no contractual entitlements to payment on termination, except regarding 
payment for the notice period and accrued leave balances. STIs and LTIs will be dealt 
with based on the nature of the termination. Malus and clawback provisions apply to 
STI and LTI arrangements:
STI
LTI
Voluntary 
termination 
Not eligible for STI 
payment
The right to receive share 
awards will be forfeited with 
immediate effect.
Involuntary 
termination  
(death, retirement, 
retrenchment, 
ill-health, injury 
or disability and 
participant’s employer 
company ceasing to 
be a member of the 
Group)
STI cash payments 
will be pro-rated 
for the financial 
year till the exit 
date
LTI will vest in line with the 
scheme rules and once 
the achievement of the 
performance conditions is 
approved. 
Mutual separation
Managed in line with respective scheme rules and 
subject to RemCo approval.
Human capital continued
Remunerating to reward value creation  continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
118

In terms of the current Vodacom policy, the CEO and CFO would be entitled to the following on termination of office, on a good-leaver basis:
Minimum shareholding 
requirement
Members of the ExCo are required to build 
up minimum levels of personal 
shareholding in the Group as a tangible 
demonstration of their commitment to the 
Group and to align with shareholders’ 
interests. Vodacom introduced the 
following minimum shareholding 
requirements:
 
z CEO: 300% or three times his GP, 
comprising 200% Vodacom shares and 
100% Vodafone shares. Should the CEO 
not meet this requirement at the time of 
the LTI awards, the levels of the 
Vodacom and Vodafone awards will be 
reduced below the target award levels 
indicated.
 
z Other members of ExCo: 50% of GP.
CEO
 
z Up to a maximum of six 
months’ gratuity if departure is 
on a good-leaver basis (RemCo 
discretion)
 
z In general, pension, accrued 
leave and any medical aid 
benefit will continue to apply 
until termination date
CFO
 
z Up to a maximum of six 
months’ gratuity if departure is 
on a good-leaver basis (RemCo 
discretion)
 
z In general, pension, accrued 
leave and any medical aid 
benefit will continue to apply 
until termination date
LTI
 
z The LTI will vest in line with scheme rules and, once the achievement of the 
performance conditions is approved, pro-rated for the proportion of the 
vesting period that elapsed from date of allocation to the date of cessation 
of employment.
 
z RemCo has the discretion to vary the level of vesting as deemed appropriate 
and, particularly, to determine that awards should not vest for reasons which 
may include, at their absolute discretion, departure in the case of poor 
performance, departure without the agreement of the Board or detrimental 
competitive activity.
 
z All unvested shares will be forfeited in the event of a standard resignation.
STI
 
z STI would be pro-rated for the period of service during the financial year  
and will reflect the extent to which Vodacom’s performance was achieved.
 
z RemCo has the discretion to reduce the entitlement of the STI plan to 
reflect the individual’s performance and circumstances of termination.
 
z No STI is payable in the event of a standard resignation.
NED remuneration
Vodacom believes that NEDs‘ duties and fiduciary responsibilities extend beyond meeting 
attendance. For this reason, fees are set as single retainer amounts. Non-executive directors do 
not receive any short-term cash awards or long-term share awards.
We benchmark our NED fees against those published by peer group companies in their most 
recent notices of AGM. This peer group is different from the TSR peer group, as NEDs‘ skills come 
from a pool of more appropriately sized companies. 
Our peer group of companies included:
 
z MultiChoice group Limited
 
z Woolworths Holdings Limited
 
z Sibanye Stillwater
 
z Anglo Gold Ashanti
 
z Shoprite Holdings Limited
 
z Bidcorp Limited
 
z Gold Fields
 
z Sasol
 
z MTN Group Limited
 
z Standard Bank
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Additional financial information
Administration

Implementation report
This implementation report details the outcomes of implementing the approved remuneration policy, 
including executive directors and NEDs.
Fair and reasonable pay 
GP
We conduct benchmarking annually given the heightened competition 
for technology-related skills and talent. The detail of salary increases by 
market are as indicated below:
Country
FY2023 salary 
increase granted
FY2022 salary 
increase granted
South Africa
5.0%
5.0%
Tanzania
4.5%
3.0% 
DRC
3.0%
3.0%
Mozambique
5.0%
6.5%
Lesotho
5.0%
4.5%
Executive director
FY2023
R
FY2022
R
%
increase
MSA Joosub
16 637 906
13 310 325 
 25.0%
RK Morathi
10 236 150
9 675 000
5.8%
The GP figures above include contributions to pension and provident 
funds, medical aid and a company benefit.
With the expanded role of the CEO and to ensure that his remuneration 
is competitive compared to executives with similar international scope,  
a detailed benchmarking process was conducted to compare his 
remuneration to a comparator group of JSE listed companies with 
substantial interests outside South Africa, but who retain their head 
office in South Africa. In order to align his guaranteed package and STI to 
our policy market positioning within this competitor group a 25% 
increase was indicated. The CEO’s LTI awards remain very competitive, 
noting that his current award eligibility reflects his substantial co-
investment in Vodacom shares since his appointment as CEO (he 
currently holds 1 033 290 Vodacom shares, amounting to a personal 
investment of over R110 million).
Vodacom benchmarks its executive remuneration through comparisons 
using:
 
z An appropriate premium and/or discount to the individual incumbents 
of direct competitors;
 
z A portfolio of similarly sized companies, where sizing is based on a 
combination of market capitalisation, number of employees, total 
assets and turnover; and
 
z A grade-based approach to a local executive remuneration survey.
Given the analysis of all three of these benchmarking approaches, and in 
analysing both guaranteed and total remuneration (total including STI 
and LTI), RemCo also approved a 5.8% increase for CFO.
Human capital continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
120

Metric 
Weight 
Threshold
0%
Target
100%
Maximum
200%
Weighted 
result
The overall achievement  
of target is 
84.3% 
The comparable Group STI 
achievement for FY2022 was 125.8%.
Service revenue
25%
16.3%
EBIT
25%
16.2%
OFCF
25%
17.8%
Customer appreciation
25%
34.0%
65.1%
64.7%
71.4%
136.0%
FY2023 STI performance 
The graphic below shows the extent the Group’s targets were met for the year ended 31 March 2023.
FY2023 LTI performance 
Achievement of the FY2023 LTI represents the final vesting percentage for awards made in June 2020, where the three-year performance period 
concluded on 31 March 2023. These shares will vest in June 2023 and will be disclosed in the table of single total figure of remuneration using the 
closest practicable share price of R110.37 for Vodacom shares as at 31 May 2023.
Based on a combination of Group and individual performance (as detailed in the remuneration 
policy), the resultant STI awards for the CEO and CFO were:
Executive director
FY2023
R
FY2022
R
%
decrease
MSA Joosub
14 025 755
16 744 389
(16%)
RK Morathi
6 471 806
9 128 363
(29%)
Metric 
Weight 
Threshold
40%
Target
100%
Maximum
200%
Weighted 
result of
 maximum1
The overall achievement of 
target is 
121.8% 
The comparable Group LTI 
achievement for FY2022 was 125.0%.
OFCF
60%
81.4%
TSR
30%
20.4%
ESG
10%
20.0%
1.	 The awards made represent a maximum achievement award of 200%. The above achievement percentages represent the amount of this award which will vest.
135.7%
68.0%
200%
121
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

z The maximum STI for Shameel is twice the target. This is the maximum business performance multiplier as no personal 
multiplier is applicable.
 
z Similarly to the STI, Shameel does not have an individual performance multiplier on LTI. Therefore, the maximum represents 
the potential maximum of shares that could vest, whereas on target represents the number of shares that are anticipated  
to vest.
 
z Dividends are received in cash on all outstanding unvested scheme awards at each dividend declaration date. Since the 
dividend varies from period to period, it has not been included in the pay mix indicated above.
Shameel Joosub (CEO)
Tables of single 
total figure of 
remuneration
The following tables were prepared in 
line with King IV and relevant practice 
notes, and include an LTI amount. 
The LTI shares vesting in June 2023 
are valued as at 31 May 2023, the 
closest practicable date at a share 
price of R110.37 for Vodacom shares 
and GBP0.76 for Vodafone shares 
based on an exchange rate of 
R24.41 as at 31 May 2023.
Minimum
100%
On target
100%
100%
225%
Maximum
433%
100%
200%
 ■ 
■ 
   
GTCE
STI
LTI
MS Aziz Joosub
FY2023 
FY2022 
% 
increase 
Currency
GP1 
 16 637 906 
 13 151 869 
26.5%
ZAR
Other2 
 4 800 
 4 800 
0.0%
ZAR
STI3 
 14 025 755 
 16 744 389 
(16.2%)
ZAR
LTI4
 26 188 906 
 29 474 569 
(11.1%)
ZAR
FSP
 22 207 811 
 25 215 094 
(11.9%)
ZAR
Vodafone shares
 3 981 096 
 4 259 475 
(6.5%)
ZAR
Dividends5 
 7 478 913 
 8 136 250 
(8.1%)
ZAR
Total (pre-tax) 
 64 336 280 
 67 511 877 
(4.7%)
ZAR
Total (post-tax)6
 35 384 954 
 37 131 532 
(4.7%)
ZAR
1.	 Salary increase effective 1 July each year. 
2.	 This includes the Vodacom cellphone benefit.
3.	 These amounts relate to the STI payable in June 2023, derived from performance for the year ended  
31 March 2023.
4.	 LTI awards made in June 2020 vesting in June 2023.
5.	 Dividends are the total of cash receipts during the financial year based on unvested share awards, as well as 
dividends received on Siyanda units.
6.	 Post-tax values are indicative using a 45% taxation rate applied to the gross amount. 
Human capital continued
Implementation report continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
122

Outstanding share awards (value of shares)
In the tables below, the value at award represents the face value of shares at the time of award. The value at year end, after adjusting for share 
price movements and the targeted vesting level, thus represents the current estimate of value likely to accrue to participants.
The column indicated by “settled in the year” represents the cash value of all awards that were settled per King IV’s disclosure requirements. 
Similarly, the column indicated by “forfeited in the year” represents the cash value forfeited by participants in the year.
Financial 
year  
awarded
Date
awarded
Value at
award date
Estimated
 effect of 
share price1
Estimated 
effect of
 performance
 targets2
Forfeited 
in the year3
Settled in 
the year3
Value at 
year end4
Currency
Conditional benefit – restricted shares
2014
May 2013
23 669 391
(645 106) 
–
–
–
 23 024 286 
ZAR
Vodacom FSP – with company performance vesting conditions	
	
	
	
2020
Jun 2019
32 200 093
4 546 017 
–
 (13 779 691) 
 (22 966 419)
–
ZAR
2021
Jun 2020
42 866 299
(6 400 272) 
(18 233 014) 
–
–
 18 233 014 
ZAR
2022
Jun 2021
44 367 781
(6 941 424) 
(18 713 178)
–
–
 18 713 178 
ZAR
Vodacom Conditional Shares	
2023
Jun 2022
29 116 277
(6 966 342)
 22 149 935 
ZAR
Vodafone Conditional Shares
2020
Jun 2019
316 238
6 580 
–
 (112 180) 
(210 638) 
–
 GBP 
2021
Nov 2020
305 589
(121 584) 
–
–
–
 184 004 
 GBP 
2022
Aug 2021
317 080
(109 485) 
–
–
–
 207 595 
 GBP 
2022
Jul 2022
408 135
(153 067) 
–
–
–
 255 068 
 GBP 
Siyanda units
2019
Mar 2019
700 690
461 430 
–
–
–
 1 162 120 
 ZAR 
2020
Jun 2019
22 481
13 831 
–
–
–
 36 312 
 ZAR 
2020
Nov 2019
7 120
4 984 
–
–
–
 12 104 
 ZAR 
2022
Mar 2021
 6 536 
 (1 368) 
–
–
–
 5 168 
ZAR
1.	 The estimated effect of share price is based on the share price movement between the date of award and the closing price on 31 May 2023.
2.	 The estimated effect of performance targets is based on the targeted 50% vesting being applied.
3.	 Shares settled and forfeited in the year at a share price of R133.89 for Vodacom and GBP1.27 for Vodafone on the vesting date.
4.	 Value has been calculated using the closest practicable share price, as at 31 May 2023, being R110.37 for the Vodacom share price, GBP0.76 for the Vodafone share price 
at an exchange rate of R24.41 and R34.00 for the Siyanda units.
Outstanding share awards (number of shares)
Financial year  
awarded
Date
awarded
Date 
vesting
Opening
 balance
Granted in 
the year
Forfeited 
in the year
Settled in 
the year
Closing
 balance
Conditional benefit – restricted shares	
2014
May 2013
N/A
208 610
–
–
–
208 610
Vodacom FSP – with company performance vesting conditions	
2020
Jun 2019
Jun 2022
274 450
–
 (102 918)
 (171 532)
–
2021
Jun 2020
Jun 2023
330 398
–
–
 330 398 
2022
Jun 2021
Jun 2024
339 099
–
–
–
 339 099 
Vodacom Conditional Shares	 	
	
2023
Jun 2022
Jun 2025
200 688
 200 688 
Vodafone Conditional Shares
2020
Jun 2019
Jun 2022
 254 540 
–
 (88 453) 
 (166 087) 
–
2021
Nov 2020
Aug 2023
 240 623 
–
–
–
 240 623 
2022
Aug 2021
Aug 2024
 271 473 
–
–
–
 271 473 
2023
Jul 2022
Jul 2025
 333 553 
–
–
 333 553 
Siyanda units	
	
2019
Mar 2019
 34 180 
–
–
–
 34 180 
2020
Jun 2019
 1 068 
–
–
–
 1 068 
2020
Nov 2019
356
–
–
–
 356 
2022
Mar 2021
152
–
–
–
 152 
123
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

z The maximum STI for Raisibe is twice the target. This is the maximum business performance multiplier. 
 
z Similarly to the STI, Raisibe does not have an individual performance multiplier on LTI. Therefore, the maximum represents 
the potential maximum of shares that could vest, whereas on target represents the number of shares that are anticipated 
to vest.
 
z Dividends are received in cash on all outstanding unvested scheme awards at each dividend declaration date. Since the 
dividend varies from period to period, it was not included in the pay mix above.
Raisibe Morathi (CFO)
Tables of single 
total figure of 
remuneration
The following tables were prepared in 
line with King IV and relevant practice 
notes, and include an LTI amount. 
The LTI shares vesting in June 2023 
are valued as at 31 May 2023, the 
closest practicable date at a share 
price of R110.37 for Vodacom shares 
and GBP0.76 for Vodafone shares 
based on an exchange rate of 
R24.41as at 31 May 2023.
Minimum
100%
On target
100%
75%
135%
Maximum
270%
100%
187.5%
 ■ 
■ 
   
GTCE
STI
LTI
RK Morathi
FY2023 
FY2022 
% 
increase 
Currency
GP1 
 10 095 863 
 9 506 250 
6.2%
ZAR
Other2 
 6 235 
 1 606 720 
(99.6%)
ZAR
STI3 
 6 471 806 
 9 128 363 
(29.1%)
ZAR
LTI4
 10 354 251 
 7 030 716 
47.3%
ZAR
FSP
 10 354 251 
 7 030 716 
47.3%
ZAR
Vodafone shares
ZAR
Dividends5 
 1 432 885 
 1 194 671 
19.9%
ZAR
Total (pre-tax) 
 28 361 040 
 28 466 720 
(0.4%)
ZAR
Total (post-tax)6
 15 598 572 
 15 656 696 
(0.4%)
ZAR
1.	 Salary increase effective 1 July each year.
2.	 This includes the Vodacom cellphone benefit and a cash payment for bonus loss from previous employer.
3.	 These amounts relate to the STI payable in June 2023, derived from performance for the year ended  
31 March 2023.
4.	 Sign-on share awards are expected to vest in November 2023.
5.	 Dividends are the total of cash receipts during the financial year based on unvested share awards, as well as 
dividends received on Siyanda units.
6.	 Post-tax values are indicative using a 45% taxation rate applied to the gross amount.
Human capital continued
Implementation report continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
124

Outstanding share awards (value of shares)
In the tables below, the value at award represents the face value of shares at the time of award. The value at year end, after adjusting for share 
price movements and the targeted vesting level, thus represents the current estimate of value likely to accrue to participants.
The column indicated by “settled in the year” represents the cash value of all awards that were settled per King IV’s disclosure requirements. 
Similarly, the column indicated by “forfeited in the year” represents the cash value forfeited by participants in the year.
Financial 
year  
awarded
Date
awarded
Value at
award date
Estimated
 effect of 
share price1
Estimated 
effect of
 performance
 targets2
Forfeited 
in the year3
Settled in 
the year3
Value at 
year end4
Currency
Vodacom FSP – without company performance vesting conditions	
2021
Nov 2020
5 999 960
(27 200) 
–
–
 (5 972 761) 
–
ZAR
2021
Nov 2020
5 999 960
(721 184) 
–
–
–
 5 278 776 
ZAR
2022
Jun 2021
4 499 980
(704 025)
–
–
–
 3 795 955 
ZAR
2022
Nov 2021
1 600 097
(320 578) 
–
–
–
 1 279 519 
ZAR
Vodacom FSP – with company performance vesting conditions	
	
	
2022
Jun 2021
4 499 980
(704 025) 
(1 897 978) 
–
–
 1 897 978 
ZAR
Vodacom Conditional shares
2023
Jun 2022
9 795 812
(2 343 740) 
–
–
–
 7 452 072 
ZAR
Vodafone Conditional Shares	 	
	
	
	
	
	
2022
Jun 2021
113 756
(44 331) 
–
–
–
 69 425 
 GBP 
2023
Jun 2021
160 202
(60 082) 
–
 100 120 
 GBP 
Siyanda units	
	
	
	
	
	
	
2021
Nov 2020
1 123 268
60 953 
–
–
–
 1 184 220 
 ZAR 
2022
Mar 2021
 6 536 
(1 368) 
–
–
–
 5 168 
ZAR
Outstanding share awards (number of shares)
Financial year  
awarded
Date
awarded
Date 
vesting
Opening
 balance
Granted in 
the year
Forfeited 
in the year
Settled in 
the year
Closing
 balance
Vodacom FSP – without company performance vesting conditions	
	
	
	
	
2021
Nov 2020
Nov 2022
47 828
–
–
 (47 828) 
–
2021
Nov 2020
Nov 2023
47 828
–
–
–
 47 828 
2022
Jun 2021
Jun 2024
34 393
–
–
–
 34 393 
2022
Nov 2021
Nov 2023
11 593
–
–
–
 11 593 
Vodacom FSP – with company performance vesting conditions	
2022
Jun 2021
Jun 2024
34 393
–
–
 34 393 
Vodacom Conditional shares	 	
	
2023
Jun 2022
Jun 2025
67 519
–
–
 67 519 
Vodafone Conditional Shares	 	
	
2022
Jun 2021
Jun 2024
 90 787 
 90 787 
2023
Jun 2022
Jun 2025
130 927
 130 927 
Siyanda units	
	
2021
Nov 2020
 34 830
 
–
–
 34 830 
2021
Mar 2021
 152
 
–
–
 152 
www
Details of the beneficial interests of directors in Vodacom’s ordinary shares 
(excluding interests in the LTI) are set out in the directors’ report in the 
consolidated AFS, available online on https://vodacom-reports.co.za/
integrated-reports/ir-2023/.
Termination of office payments
No termination of employment payment for executive directors was 
made in FY2023.
Shareholding
Policy compliance
The disclosure presented in this report is based on awards to 
qualifying employees. All remuneration decisions were made in 
total compliance with the remuneration policy as previously 
approved by shareholders. There were no known deviations from 
the policy in FY2023.
1.	 The estimated effect of the share price is based on the share price movement between the date of award and the closing 
price on 31 May 2023.
2.	 The estimated effect of performance targets is based on the targeted 50% vesting being applied.
3.	 Shares settled and forfeited in the year at a share price of R133.89 for Vodacom and GBP1.27 for Vodafone on the vesting date.
4.	 The value was calculated using the closest practicable share price as at 31 May 2023, R110.37 for the Vodacom share price, 
GBP0.76 for the Vodafone share price at an exchange rate of R24.41 and R34.00 for the Siyanda units.
www
Funding of share plans and dilution 
details of the shares used for 
the scheme are included in the 
Group’s consolidated AFS and 
directors’ report, available on  
https://vodacom-reports.co.za/
integrated-reports/ir-2023/.
125
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

NED payments
PG
NED fees are benchmarked against a peer group of similarly sized companies as outlined on page 119.
FY2023 fees
Name
Director 
fee 
R
ARCC 
Chairman 
R
ARCC 
member 
R
RemCo 
Chairman 
R
RemCo 
member 
R
Nomination 
Committee
R
Social and
Ethics 
Chairman 
R
Social and
Ethics
 Committee
 R
Other 
Committees 
R
Total
R
SJ Macozoma3,4
3 502 922
–
–
–
–
–
–
–
–
3 502 922
DH Brown3
182 023
103 030
–
–
40 710
–
–
–
–
325 763
F Bianco1
551 181
–
–
–
168 267
144 229
–
–
–
863 677
P Klotz1
551 181
–
–
–
–
–
–
–
12 213
563 394
P Mahanyele-
Dabengwa3,4 
551 181
–
–
320 595
–
144 229
–
–
–
1 016 005
NC Nqweni4
551 181
–
232 124
–
–
–
–
144 229
–
927 534
A O’Leary1
249 365
–
–
–
–
–
–
–
249 365
A Dimitrova
301 817
–
–
–
–
–
–
–
301 817
JWL Otty1
551 181
–
–
–
–
–
–
–
12 213
563 394
KL Shuenyane3,4
691 688
–
232 124
–
–
128 095
252 401
–
21 373
1 325 681
S Sood1
551 181
–
–
–
–
–
–
–
551 181
CB Thomson3,4
551 181
322 829
56 159
–
127 557
–
–
12 213
1 069 939
LS Wood1
551 181
–
–
–
168 267
144 229
–
144 229
–
1 007 906
9 337 263
425 859
520 407
320 595
504 801
560 782
252 401
288 458
58 012
12 268 578
1. 	Fees paid to Vodafone and not the individual director.	
	
	
	
	
	
	
2. 	Fees for a portion of the year.	
	
	
	
	
	
 	
3. 	Fees excluding VAT paid. 	
	
	
	
	
	
	
4. 	Excludes an amount of R2 000 paid in September 2022, for incidental expenses while travelling to Board meetings in Kenya.	
	
	
	
	
	
	
FY2022 fees
Name
Director 
fee 
R
ARCC 
Chairman 
R
ARCC 
member 
R
RemCo 
Chairman 
R
RemCo 
member 
R
Nomination 
Committee
R
Social and
Ethics 
Chairman 
R
Social and
Ethics
 Committee
 R
Other 
committees3 
R
Total
R
SJ Macozoma2
 3 336 116 
–
–
–
–
–
–
–
–
 3 336 116 
DH Brown2
 716 535 
 405 555 
–
–
 160 255 
–
–
–
 303 387 
 1 585 732 
F Bianco1
 524 933 
–
–
–
 199 026 
 166 901 
–
–
–
 890 860 
P Klotz1
 524 933 
–
–
–
–
–
–
–
 104 128 
 629 061 
P Mahanyele-
Dabengwa2 
 524 933 
–
–
 293 800 
–
 135 251 
–
–
 69 234 
 1 023 218 
NC Nqweni2 
 524 933 
–
 221 071 
–
–
–
–
 137 361 
 89 234 
 972 599 
A O’Leary1
 524 933 
–
–
–
–
–
–
–
–
 524 933 
JWL Otty1
 524 933 
–
–
–
–
–
–
–
 104 128 
 629 061 
KL Shuenyane2
 524 933 
–
 219 288 
–
–
–
 240 383 
–
 173 362 
 1 157 966 
S Sood1
 524 933 
–
–
–
–
–
–
–
–
 524 933 
CB Thomson2
 524 933 
–
 219 288 
–
–
–
–
–
 69 234 
 813 455 
LS Wood1
 524 933 
–
–
–
160 255 
 135 251 
–
 170 594 
–
 991 033 
 9 301 981 
 405 555  659 647 
 293 800 
 519 536 
 437 403 
 240 383 
 307 955 
 912 707  13 078 967 
Notes:
1.	 Fees paid to Vodafone and not the individual director.
2.	 Fees excluding VAT paid. 
3.	 Ad hoc committee fees made in accordance with the fees approved by shareholders at the AGM on 19 July 2021. FY2022 ad hoc committee fees relate to the investment 
committee which deliberated various transactions undertaken by Vodacom. Fees also relate to the independent committee of the board constituted to deliberate 
the acquisition of the 55% stake in Vodafone Egypt.
Human capital continued
Implementation report continued
Vodacom Group Limited Integrated report for the year ended 31 March 2023
126

127
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Five-year historic review
2023
2022
2021
2020
2019
Compound
 growth (%)
Summarised income statement (Rm)
Service revenue
93 650
79 936
77 574
73 354
69 867
7.6
Revenue
119 170
102 736
98 302
90 746
86 627
8.3
Operating profit
29 252
28 236
27 652
27 711
24 490
4.5
Net finance charges
 (4 712)
 (3 675)
 (3 800)
 (3 834)
 (2 401)
18.4
Profit before tax
25 008
24 563
23 781
23 058
22 089
3.2
Taxation
 (6 897)
 (6 829)
 (6 710)
 (6 414)
 (6 557)
1.3
Net profit
18 111
17 734
17 071
16 644
15 532
3.9
Non-controlling interest
 (1 344)
 (571)
 (490)
 (700)
 (710)
n/a
EBITDA
45 144
39 888
39 299
37 610
33 714
7.6
Summarised statement of financial position (Rm)
Non-current assets
162 527
127 448
125 670
142 395
113 897
9.3
Current assets
65 788
50 519
46 309
47 828
39 746
13.4
Equity and reserves
97 427
85 466
85 690
100 070
86 388
3.1
Non-current liabilities
66 502
34 834
44 219
53 403
29 084
23.0
Current liabilities
64 386
57 667
42 070
36 750
38 171
14.0
Net debt
48 310
35 181
34 248
35 180
23 354
19.9
Capital expenditure
16 490
14 642
13 307
13 218
12 957
6.2
Summarised statement of cash flows (Rm)
Operating free cash flow
25 111
22 693
22 338
21 782
21 643
3.8
Free cash flow
18 524
15 660
14 974
16 284
14 865
5.7
Cash generated from operations
48 312
41 152
41 097
39 251
34 575
8.7
Tax paid
 (7 361)
 (7 124)
 (7 736)
 (6 417)
 (6 535)
3.0
Net cash flows from operating activities
40 951
34 028
33 361
32 834
28 040
9.9
Net cash flows utilised in investing activities
 (26 704)
 (11 964)
 (8 997)
 (9 164)
 (11 188)
24.3
Net cash flows utilised in financing activities
 (11 727)
 (20 564)
 (23 588)
 (19 847)
 (19 377)
(11.8)
Net increase/(decrease) in cash and cash equivalents
2 520
1 500
776
3 823
 (2 525)
n/a
Cash and cash equivalents at end of the year
20 731
16 658
15 209
16 191
11 066
17.0
Performance per ordinary share (cents)
Basic earnings per share
948
1 013
978
939
872
2.1
Headline earnings per share
948
1 013
980
945
868
2.2
Diluted headline earnings per share
921
984
957
928
852
2.0
Net asset value per share
4 688
4 655
4 667
5 450
4 704
(0.1)
Dividends per share1
670
850
825
845
795
(4.2)
Profitability and returns (%)
EBITDA margin
37.9%
38.8%
40.0%
41.4%
38.9%
Operating profit margin
24.5%
27.5%
28.1%
30.5%
28.3%
Effective tax rate
27.6%
27.8%
28.2%
27.8%
29.7%
Net profit margin
15.2%
17.3%
17.4%
18.3%
17.9%
Return on equity2
20.3%
21.6%
19.4%
18.8%
20.3%
Return on capital employed3
21.8%
23.4%
22.0%
22.7%
24.6%
Liquidity and debt leverage (times)
Interest cover4
5.3
6.8
6.6
5.9
8.1
Net debt to EBITDA
1.1
0.9
0.9
0.9
0.7
Current ratio5
1.0
0.9
1.1
1.3
1.0
Quick ratio6
1.0
0.8
1.1
1.3
1.0
Notes:
1.	 Total dividend declared for the financial year	
	
	
	
	
	
2. 	Return on equity is calculated by dividing net profit attributable to equity shareholders by shareholders’ equity. 	
			
	
	
3. 	Return on capital employed (before tax) is calculated by dividing adjusted statutory operating profit by the average of total assets less current liabilities.	
	
4. 	Interest cover ratio is calculated by dividing earnings before interest and tax for the year by finance costs for the year.	
	
	
	
5. 	The current ratio is calculated by dividing current assets by current liabilities.	
	
	
	
		
6. T	he quick ratio is calculated by dividing current assets, excluding inventory, by current liabilities.	
	
			
	
Vodacom Group Limited Integrated report for the year ended 31 March 2023
128

Five-year historic review
per segment
2023
2022
2021
2020
2019
Compound
growth (%)
South Africa
Revenue (Rm)
84 715
80 828
76 737
69 593
67 887
5.7
EBITDA (Rm)
32 569
31 747
30 745
29 094
27 741
4.1
Capital expenditure (Rm)
11 171
11 149
10 076
9 860
9 577
3.9
EBITDA margin (%)
38.4%
39.3%
40.1%
41.8%
40.9%
Capex intensity (%)
13.2%
13.8%
13.1%
14.2%
14.1%
Customers (000)1
44 230
45 459
44 061
41 312
43 166
0.6
Number of employees
5 401
5 583
5 493
5 403
5 197
1.0
Total ARPU (rand per month)2
93
90
95
86
87
1.7
International
Revenue (Rm)
27 165
22 888
22 746
22 492
19 981
8.0
EBITDA (Rm)
10 145
8 504
8 784
8 679
6 252
12.9
Capital expenditure (Rm)
4 067
3 486
3 226
3 358
3 376
4.8
EBITDA margin (%)
37.3%
37.2%
38.6%
38.6%
31.3%
Capex intensity (%)
14.9%
15.2%
14.2%
14.9%
16.9%
Customers (000)1
50 228
41 715
39 751
38 595
34 620
9.8
Number of employees
2 244
2 247
2 149
2 054
2 357
(1.2)
Total ARPU (rand per month)2
Tanzania
39
33
37
36
36
2.0
DRC
48
42
45
46
41
4.0
Mozambique
53
59
57
59
55
(0.9)
Lesotho
51
52
59
69
66
(6.2)
Total ARPU (local currency per month)2
Tanzania (TZS)
5 328
5 132
5 259
5 616
6 010
(3.0)
DRC (US$)
2.8
2.8
2.8
3.1
3.0
(1.7)
Mozambique (MZN)
199
249
250
252
244
(5.0)
Notes:
1.	 Customers are based on the total number of mobile customers using any service during the last three months. This includes customers paying a monthly fee that entitles them 
to use the service even if they do not actually use the service and those customers who are active while roaming. 	 			
	
	
	
2. 	Total ARPU is calculated by dividing the average monthly service revenue by the average monthly active customers during the period. 	
	
	
	
	
	
	
129
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Share information
Source: JP Morgan Cazenove.
31.3
Shareholding | Top 10 institutional shareholders,
excluding GEPF
Number of shares (m)
As at 31 March 2023
BlackRock Advisors, LLC (US)
The Vanguard Group, Inc. (US)
GIC Asset Management Pte, Limited (SG)
Lazard Asset Management, LLC (US)
Coronation Asset Management Pty (Ltd) (ZA)
State Street Global Advisors (SSgA) (US)
J.P. Morgan Asset Management (UK), Limited (UK)
Sanlam Investment Management (Pty) Limited (ZA)
Old Mutual Investment Group (South Africa) (Pty) Limited  (ZA)
23.4
11.3
10.8
10.4
8.6
8.4
7.6
7.4
7.1
 
Legal & General Investment Management, LTD
120
110
100
90
80
70
60
50
40
Mar
2023
Feb
2023
Jan
2023
Dec
2022
Nov
2022
Oct
2022
Sep
2022
Aug
2022
Jul
2022
Jun
2022
May
2022
― Vodacom          ― MTN          ― Telkom          ― Safaricom          ― MultiChoice
Apr
2022
Rebased
share price (R)
Share price | Relative to peers
Source: FactSet. Date range1 April 2022 to 31 March 2023.
Group shareholders 
As at 31 March 2023
Number 
of shares
% of shares
 in issue
Vodafone Group Plc1 
1 352 606 124
65.10%
Government Employees Pension Fund 
256 922 510
12.36%
YeboYethu Investment Company (Pty) Limited 
114 451 180
5.51%
Wheatfield Investments 276 (Pty) Limited (treasury shares)
15 421 231
0.74%
Institutional investors 
288 257 705
13.87%
Retail positions 
45 834 809
2.21%
Other2  
4 347 645
0.21%
Total
2 077 841 204
100.00%
1	 Directly held by Vodafone Investments SA (Pty) Limited and Vodafone International Holdings B.V. 
2	 Balance of remaining holdings.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
130

Declared dividend per share (cps)
FY2021
FY2022
FY2023
420
430
415
410
340
    Interim dividend      ■ Final dividend 
330
Geographical institutional shareholding,  
excluding GEPF (%)
FY2023
FY2022
United States of America
 41.8
39.5
South Africa
 24.0
23.9
United Kingdom
 15.3
16.1
Europe
9.5
9.6
Asia
8.7
10.8
Rest of world
0.7
0.1
Our listed companies – market cap 
As at 31 March
FY2023
(R billion)
FY2022
(R billion)
Vodacom Group Limited
253.6
293.7
Vodacom Tanzania Limited
 13.1 
10.9
Safaricom Plc
 97.1 
173.9
Price: earnings analysis  
As at 31 March FY2023	
Times
Vodacom Group
12.63
Vodacom Group, excluding Safaricom
13.03
2023 Investor 
relations calendar
Integrated report: 15 June 2023
Quarter one results: 21 July 2023
Vodacom Group AGM: 20 July 2023
Interim results: 13 November 2023
Ticker symbol
ADR code
Stock exchange
Number of shares in issue
Free float
Transfer agent
VOD
VDMCY
JSE Limited
2 077 841 204
17.6%
Computershare
New shares issued 
242 million
issued to Vodafone to fund 80% 
of Vodafone Egypt transaction.
Vodacom share prices closed at 
R122.04
on 31 March 2023.
131
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Disclaimer
Non-International 
Financial Reporting 
Standards (IFRS) 
information
This report contains certain non-IFRS financial 
measures which have not been reviewed or 
reported on by the Group’s auditors. The 
Group’s management believes these measures 
provide valuable additional information in 
understanding the performance of the Group 
or the Group’s businesses, because they 
provide measures used by the Group to assess 
performance. However, this additional 
information presented is not uniformly defined 
by all companies, including those in the 
Group’s industry. Accordingly, it may not be 
comparable with similarly titled measures and 
disclosures by other companies. Additionally, 
although these measures are important in the 
management of the business, they should not 
be viewed in isolation or as replacements for or 
alternatives to the comparable IFRS measures, 
but rather complementary to them.
Normalised growth
All amounts in this integrated report marked 
with a * represent normalised growth, which 
presents performance on a comparable basis. 
This adjusts for trading foreign exchange, 
foreign currency fluctuation on a constant 
currency basis (using the current year as base) 
and excludes the impact of M&A and disposal 
activities, at a constant currency basis where 
applicable, to show a like-for-like comparison 
of results. We believe that normalised growth, 
which is not intended to be a substitute for or 
superior to reported growth, provides useful 
and necessary information to investors and 
other interested parties for the following 
reasons:
 
z It provides additional information on 
underlying growth of the business without 
the effect of certain factors unrelated to the 
operating performance of the business;
 
z It is used for internal performance analysis; 
and
 
z It facilitates comparability of underlying 
growth with other companies, although the 
term normalised is not a defined term under 
IFRS and may not, therefore, be comparable 
with similarly titled measures reported by 
other companies.
Trademarks 
Vodafone, the Vodafone logo, M-Pesa, Connected Farmer, Vodafone Supernet, Vodafone Mobile 
Broadband, Vodafone WebBox, Vodafone Passport, Vodafone live!, Power to You, Vodacom, 
Vodacom 4 Less and Vodacom Change the World are trademarks of Vodafone Group Plc (or have 
applications pending). Other product and company names mentioned herein may be the 
trademarks of their respective owners.
Forward-looking statements
This remuneration report, which sets out the annual remuneration for Vodacom Group Limited for 
the year ended 31 March 2023, contains “forward-looking statements” which have not been 
reviewed or reported on by the Group’s auditors, in respect of the Group’s financial condition, 
results of operations and businesses and certain of the Group’s plans and objectives. In particular, 
such forward-looking statements include, but are not limited to, statements in respect of: 
expectations regarding the Group’s financial condition or results of operations, including the 
confirmation of the Group’s targets and expectations for the Group’s future performance generally; 
expectations regarding the operating environment and market conditions and trends; intentions 
and expectations regarding the development, launch and expansion of products, services and 
technologies; growth in customers and usage; expectations regarding spectrum licence 
acquisitions; expectations regarding adjusted EBITDA, capital additions, free cash flow and foreign 
exchange rate movements; and expectations regarding the integration or performance of current 
and future investments, associates, joint ventures, non-controlled interests and newly acquired 
businesses.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the 
future or such words as “will”, “anticipates”, “aims”, “could”, “may”, “should”, “expects”, “believes”, 
“intends”, “plans” or “targets” (including in their negative form). By their nature, forward-looking 
statements are inherently predictive and speculative, and involve risk and uncertainty because they 
relate to events and depend on circumstances that may or may not occur in the future. There are a 
number of factors that could cause actual results and developments to differ materially from those 
expressed or implied by these forward-looking statements. These factors include, but are not 
limited to, the following: changes in economic or political conditions in markets served by 
operations of the Group; greater than anticipated competitive activity; higher than expected costs 
or capital expenditures; slower than expected customer growth and reduced customer retention; 
changes in the spending patterns of new and existing customers; the Group’s ability to expand its 
spectrum position or renew or obtain necessary licences; the Group’s ability to achieve cost savings; 
the Group’s ability to execute its strategy in fibre deployment, network expansion, new product and 
service rollouts, mobile data, enterprise and broadband; changes in foreign exchange rates, as well 
as changes in interest rates; the Group’s ability to realise benefits from entering into partnerships or 
joint ventures and entering into service franchising and brand licensing; unfavourable 
consequences to the Group of making and integrating acquisitions or disposals; changes to the 
regulatory framework in which the Group operates; the impact of legal or other proceedings; loss of 
suppliers or disruption of supply chains; developments in the Group’s financial condition, earnings 
and distributable funds and other factors that the Board takes into account when determining 
levels of dividends; the Group’s ability to satisfy working capital and other requirements; changes in 
statutory tax rates or profit mix; and/or changes in tax legislation or final resolution of open tax 
issues; and changes resulting directly or indirectly from the COVID-19 pandemic.
All subsequent written or oral forward-looking statements attributable to Vodacom, to any 
member of the Group or to any persons acting on their behalf, are expressly qualified in their 
entirety by the factors referred to above. No assurances can be given that the forward-looking 
statements in this document will be realised. Subject to compliance with applicable laws and 
regulations, Vodacom does not intend to update these forward-looking statements and does not 
undertake any obligation to do so.
Vodacom Group Limited Integrated report for the year ended 31 March 2023
132

Glossary
*
All amounts in this Integrated report marked with a * represent normalised growth, which presents performance on a 
comparable basis. This adjusts for trading foreign exchange, foreign currency fluctuation on a constant currency basis (using 
the current year as a base) and excludes the impact of merger, acquisition and disposal activities, at a constant currency basis 
where applicable, to show a like-for-like comparison of results.
^
Vodacom Group information excluding Vodafone Egypt 
#
Information pertaining to Vodacom South Africa only.
2G
2G networks are operated using global system for mobile (GSM) technology which offers services such as voice, text messaging 
and basic data. In addition, the entire Group’s controlled networks support general packet radio services (GPRS), often referred 
to as 2.5G. GPRS allows mobile devices to access internet protocol (IP) based data services such as the internet and email.
3G
A cellular technology based on wideband code division multiple access (CDMA) delivering voice and data services.
4G
Technology that offers even faster data transfer speeds than 3G/HSPA.
5G
Fifth-generation wireless is the latest iteration of cellular technology, engineered to greatly increase the speed and 
responsiveness of wireless networks.
B-BBEE
Broad-based black economic empowerment.
BEE
Black economic empowerment is a programme launched by the South African government to redress inequalities by giving 
previously disadvantaged groups opportunities previously not available to them. It includes measures such as employment 
equity, skills development, ownership, management, socioeconomic development and preferential procurement.
CDP
Carbon Disclosure Project.
Churn
Churn is calculated by dividing the annualised number of disconnections during the period by the average number of monthly 
customers during the period.
Consumer 
A customer in their individual capacity accessing mobile and/or fixed products and services.
COP27
27th annual Conference of the Parties.
CSP
Conditional share plan.
CVM
Customer Value Management.
EBITDA
Earnings before interest; taxation; depreciation and amortisation; impairment losses; profit/loss on disposal of investments, 
property, plant and equipment and intangible assets; and profit/loss from associate and joint ventures, restructuring costs and 
BEE income/charges.
Enterprise 
A customer that is a business or company accessing mobile and/or fixed products and services.
ESG
Environmental, social and governance.
EVP
Employee Value Proposition
FSP
Forfeitable share plan.
FTTx
The number of fixed-line connections in South Africa, which includes fibre to the home and fibre to the business.
GHG
Greenhouse Gas.
International 
business (IB)
International business comprises the segment information relating to the non-South Africa-based cellular networks in 
Tanzania, the Democratic Republic of Congo, Mozambique and Lesotho, as well as the operations of Vodacom International 
Limited and Vodacom Business Africa.
LTI
Long-term incentives.
n/a
Not applicable.
n/m
Not measured.
NPS
Net Promoter Score
NRS
National Relay Service.
OFCF
Operating Free Cash Flow.
Smart devices
Smart devices include smartphones, tablets and modems.
STI
Short-term incentives.
TCFD
Task Force on Climate-related Financial Disclosures.
tNPS
touchpoint Net Promoter Score.
TSR
Total shareholder returns consist of the aggregate share price appreciation and dividend yield.
Vodacom  
South Africa
Vodacom South Africa is commonly referred to as South Africa in the integrated report. It relates to Vodacom (Pty) Limited, a 
private limited liability company duly incorporated in accordance with the laws of South Africa and its subsidiaries, joint 
ventures and SPVs
133
Introduction
Our governance
Our business
Our capitals performance
Additional financial information
Administration

Vodacom Group Limited
(Incorporated in the Republic of South Africa) (Registration number 1993/005461/06)  
(ISIN: ZAE000132577 Share code: VOD)
(ISIN: US92858D2009 ADR code: VDMCY)
(Vodacom)
Secretary and registered office of Vodacom Group Limited
Karen Robinson
Vodacom Corporate Park 
082 Vodacom Boulevard 
Midrand 1685, South Africa
(Private Bag X9904, Sandton 2146, South Africa) 
Telephone: +27 11 653 5000
Email: companysecretary@vodacom.co.za
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
(Registration number: 1951/000009/06)
3rd Floor, Block F
135 Rivonia Campus
135 Rivonia Road
Sandown, Sandton, 2196, South Africa
Auditors
Ernst & Young Inc.
102 Rivonia Road 
Sandton
South Africa
(Private Bag X14, Sandton 2146, South Africa)
ADR depository bank
Deutsche Bank Trust Company Americas
American Stock Transfer & Trust Company
Operations Center
6201 15th Avenue
Brooklyn, New York, 11219
Transfer secretaries
Computershare Investor Services (Pty) Limited
(Registration number 2004/003647/07)
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
South Africa
(Private Bag X9000, Saxonwold, 2132)
Group investor relations
Telephone: +27 11 653 5000
Email: vodacomIR@vodacom.co.za
Website: www.vodacom.com
Group media relations
Telephone: +27 11 653 5000
Email: mediarelations@vodacom.co.za
Website: www.vodacom.com
Corporate information
Vodacom Group Limited Integrated report for the year ended 31 March 2023
134