Operating profit

12 Months Ended

Mar. 31, 2023

Operating profit.

Operating profit

3. Operating profit

Detailed below are the key amounts recognised in arriving at our operating profit

		Re-presented1	Re-presented1
	2023	2022	2021
	€m	€m	€m
Amortisation of intangible assets (Note 10)	4,031	4,044	4,421
Depreciation of property, plant and equipment (Note 11):
Owned assets	5,627	5,857	5,766
Leased assets	3,960	3,944	3,914
Impairment loss (Note 4)	64	–	–
Staff costs (Note 24)	5,842	5,334	5,157
Amounts related to inventory included in cost of sales	5,950	5,671	5,160
Own costs capitalised attributable to the construction or acquisition of property, plant and equipment	(1,267)	(1,092)	(995)
Loss on disposal of Vodafone Hungary2 (Note 27)	69	–	–
Gain on disposal of Vodafone Ghana2 (Note 27)	(689)	–	–
Gain on disposal of Vantage Towers2 (Note 27)	(8,607)	–	–
Gain on disposal of Indus Towers Limited1,2	–	81	–
Pledge arrangements in respect of Indus Towers Limited2 (Note 29)	–	(15)	(429)
Net gain on formation of TPG Telecom2 (Note 12)	–	–	1,043
Net gain on formation of Indus Towers Limited2 (Note 12)	–	–	292
Settlement of tender offer to KDG shareholders2	–	–	(204)

Notes:

1 The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022, the gain on disposal of Indus Towers Limited has decreased by €29 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31 March 2021. See note 7 ‘Discontinued operations and assets held for sale’ for more information.

2 Included in other income in the consolidated income statement.

The total remuneration of the Group’s auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to the Group during the year ended 31 March 2023 is analysed below.

	2023	2022	2021
	€m	€m	€m
Parent company	5	4	3
Subsidiaries	22	19	18
Audit fees1	27	23	21
Audit-related2	3	2	–
Vantage Towers IPO3	–	–	11
Non-audit fees	3	2	11
Total fees	30	25	32

Notes:

1 Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to €1 million in each of the years presented.

2 Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year.

3 Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021.