**Exhibit 7**

 

UNAUDITED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

 
| ** **                                                           | ** ** | **2017**    | ** ** | **Restated   2016** | ** ** | **Restated   2015** | ** ** | **Restated   2014** | ** ** | **Restated   2013** | ** ** |
|----------------------------------------------------------------------|------------|-------------|------------|---------------------|------------|---------------------|------------|---------------------|------------|---------------------|------------|
| ** **                                                           | ** ** | **€m** | ** ** | **€m**         | ** ** | **€m**         | ** ** | **€m**         | ** ** | **€m**         | ** ** |
|                                                                 |       |        |       |                |       |                |       |                |       |                |       |
| Financing costs per   consolidated income statement(2)               |       | 1,406       |       | 2,046               |       | 1,399               |       | 1,418               |       | 1,423               |       |
| Financing costs —   discontinued operations                     |       | —      |       | —              |       | —              |       | —              |       | —              |       |
| One third of rental   expense                                        |       | 1,358       |       | 821                 |       | 792                 |       | 764                 |       | 892                 |       |
| Interest capitalized                                                 |       | —      |       | 1                   |       | 3                   |       | 3                   |       | 6                   |       |
| **Fixed   charges**                                                  | ** ** | **2,764**   | ** ** | **2,868**           | ** ** | **2,194**           | ** ** | **2,185**           | ** ** | **2,321**           | ** ** |
|                                                                 |       |        |       |                |       |                |       |                |       |                |       |
| Loss/(profit) before   taxation from continuing operations           |       | 2,792       |       | (190                | )          | 1,734               |       | (5,960              | )          | (3,913              | )          |
| Share of results of   equity accounted associates and joint ventures |       | (47         | )          | (60                 | )          | 78                  |       | (327                | )          | (708                | )          |
| Fixed charges                                                        |       | 2,764       |       | 2,868               |       | 2,194               |       | 2,185               |       | 2,321               |       |
| Dividends received   from associates and joint ventures              |       | 433         |       | 92                  |       | 732                 |       | 5,805               |       | 6,806               |       |
| Interest capitalized                                                 |       | —      |       | (1                  | )          | (3                  | )          | (3                  | )          | (6                  | )          |
| **Earnings**                                                         | ** ** | **5,942**   | ** ** | **2,709**           | ** ** | **4,735**           | ** ** | **1,700**           | ** ** | **4,500**           | ** ** |
| **Ratio   of earnings to fixed charges**                             | ** ** | **2.1**     | ** ** | **—**          | ** ** | **2.2**             | ** ** | **—**          | ** ** | **1.9**             | ** ** |
| **Deficiency   between fixed charges and earnings**                  |       | —      | ** ** | **159**             | ** ** | **—**          | ** ** | **485**             | ** ** | **—**          | ** ** |

 

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Notes:

(1)         All of the financial information presented in this exhibit is unaudited. With effect from 1 April 2016, the Group’s presentation currency was changed from pounds sterling to the euro to better align with the geographic split of the Group’s operations. The results for the year ended 31 March 2016, 2015, 2014 and 2013 have been restated into euros and include the results of Vodafone India as discontinued operations following the agreement to combine with Idea Cellular.

(2)         Fixed charges include (1) interest expensed (2) interest capitalized (3) amortisation of premiums, discounts and capitalised expenses related to indebtedness, and (4) an estimate of the interest within rental expense. These include the financing costs of subsidiaries.  Fixed charges include net foreign exchange gains arising from net foreign exchange movements on certain intercompany loans of €28 million for the year ended 31 March 2017 (2016: €573 million loss, 2015: €614 million gain, 2014: €25 million gain, 2013: €112 million loss), interest charge on settlement of tax issues of €47 million for the year ended 31 March 2017 (2016: €19 million charge, 2015: €1 million credit, 2014: €18 million credit, 2013: €112 million credit) and equity put rights and similar arrangements of €nil for the year ended 31 March 2017 (2016: €nil, 2015: €12 million, 2014: €170 million, 2013: €167 million).

 

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