Cash flow

Consolidated statement of cash flows
for the years ended 31 March

2021 2020 2019
Note €m €m €m

Inflow from operating activities 18 17,215 17,379 12,980

Cash flows from investing activities
Purchase of interests in subsidiaries, net of cash acquired 27 (136) (10,295) (87)
Purchase of interests in associates and joint ventures 12 (13) (1,424) –
Purchase of intangible assets (3,227) (2,423) (3,098)
Purchase of property, plant and equipment (5,413) (5,182) (5,053)
Purchase of investments 13 (3,726) (1,832) (3,629)
Disposal of interests in subsidiaries, net of cash disposed 27 157 4,427 (412)
Disposal of interests in associates and joint ventures 420 – –
Disposal of property, plant and equipment and intangible assets 43 61 45
Disposal of investments 1,704 7,792 2,269
Dividends received from associates and joint ventures 628 417 498
Interest received 301 371 622
Cash flows from discontinued operations – – (372)
Outflow from investing activities (9,262) (8,088) (9,217)

Cash flows from financing activities
Proceeds from issue of long-term borrowings 4,359 9,933 14,681
Repayment of borrowings (12,237) (16,028) (6,180)
Net movement in short-term borrowings (2,791) 2,488 (497)
Net movement in derivatives 279 98 (44)
Interest paid1 (2,152) (2,284) (1,297)
Payments for settlement of written put options2 (1,482) – –
Purchase of treasury shares (62) (821) (475)
Issue of ordinary share capital and reissue of treasury shares 17 5 7 7
Issue of subordinated mandatory convertible bonds3 – – 3,848
Equity dividends paid 9 (2,427) (2,296) (4,064)
Dividends paid to non-controlling shareholders in subsidiaries (391) (348) (584)
Other transactions with non-controlling shareholders in subsidiaries 27 1,663 (160) (221)
Other movements with associates and joint ventures 40 59 42
Cash flows from discontinued operations – – (779)
(Outflow)/inflow from financing activities (15,196) (9,352) 4,437

Net cash (outflow)/inflow (7,243) (61) 8,200

Cash and cash equivalents at beginning of the financial year 19 13,288 13,605 5,394
Exchange (loss)/gain on cash and cash equivalents (255) (256) 11
Cash and cash equivalents at end of the financial year 19 5,790 13,288 13,605

Notes:
1 Amount for 2021 includes €9 million (2020: €273 million outflow; 2019: €131 million outflow) of cash inflow on derivative financial instruments for the share buyback related to maturing tranches

of mandatory convertible bonds.
2 Reflects the settlement of a tender offer made to other shareholders of Kabel Deutschland Holding AG.
3 See note 21 “Borrowings” for further details.

Governance Financials Other information124 Vodafone Group Plc
Annual Report 2021 Strategic report