The way ahead? - Vodafone

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126 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 24. Borrowings (continued) Maturity of borrowings The maturity profile of the anticipated future cash flows including interest in relation to the Group’s non-derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows: Redeemable Loans in fair Bank preference Commercial Other value hedge loans shares paper Bonds liabilities relationships Total £m £m £m £m £m £m £m Within one year 3,390 56 4,070 2,946 2,263 277 13,002 In one to two years 590 56 – 3,313 138 870 4,967 In two to three years 484 56 – 4,753 1,101 266 6,660 In three to four years 1,534 56 – 1,636 599 245 4,070 In four to five years 1,080 56 – 3,156 72 245 4,609 In more than five years 1,946 1,212 – 5,877 52 7,913 17,000 9,024 1,492 4,070 21,681 4,225 9,816 50,308 Effect of discount/financing rates (1,814) (137) (16) (3,850) (299) (2,795) (8,911) 31 March 2013 7,210 1,355 4,054 17,831 3,926 7,021 41,397 Within one year 684 56 2,283 2,000 1,044 199 6,266 In one to two years 2,983 56 – 2,828 771 199 6,837 In two to three years 567 56 – 3,197 – 762 4,582 In three to four years 1,316 56 – 3,536 1,235 191 6,334 In four to five years 1,574 56 – 1,541 726 169 4,066 In more than five years 1,466 1,214 – 6,780 69 4,465 13,994 8,590 1,494 2,283 19,882 3,845 5,985 42,079 Effect of discount/financing rates (1,331) (213) (11) (4,130) (366) (1,408) (7,459) 31 March 2012 7,259 1,281 2,272 15,752 3,479 4,577 34,620 The maturity profile of the Group’s financial derivatives (which include interest rate and foreign exchange swaps), using undiscounted cash flows, is as follows: 2013 2012 Payable Receivable Payable Receivable £m £m £m £m Within one year 10,671 11,020 14,357 14,498 In one to two years 1,014 1,214 675 786 In two to three years 1,308 1,495 561 678 In three to four years 2,803 3,087 540 641 In four to five years 581 780 402 520 In more than five years 3,579 4,454 2,533 3,566 19,956 22,050 19,068 20,689 The currency split of the Group’s foreign exchange derivatives is as follows: 2013 2012 Payable Receivable Payable Receivable £m £m £m £m Sterling 2,365 4,477 1,287 7,070 Euro 6,583 602 4,793 2,613 US dollar 348 6,130 4,415 2,445 Japanese yen 669 1,296 2,207 23 Other 3,945 1,768 962 1,552 13,910 14,273 13,664 13,703 Payables and receivables are stated separately in the table above as settlement is on a gross basis. The £363 million net receivable (2012: £39 million net receivable) in relation to foreign exchange financial instruments in the table above is split £44 million (2012: £89 million) within trade and other payables and £407 million (2012: £128 million) within trade and other receivables. The present value of minimum lease payments under finance lease arrangements under which the Group has leased certain of its equipment is analysed as follows: 2013 2012 £m £m Within one year 37 18 In two to five years 42 34 In more than five years 53 34
Overview Business review Performance Governance Financials Interest rate and currency of borrowings Additional information Total Floating rate Fixed rate Other borrowings borrowings borrowings 1 borrowings 2 Currency £m £m £m £m Sterling 2,915 955 1,951 9 Euro 10,810 5,271 5,539 – US dollar 20,991 8,019 12,866 106 Japanese yen 56 56 – – Other 6,625 3,835 1,891 899 31 March 2013 41,397 18,136 22,247 1,014 Sterling 2,838 912 1,926 – Euro 10,696 4,408 6,288 – US dollar 14,085 4,521 9,495 69 Japanese yen 23 23 – – Other 6,978 3,489 2,718 771 31 March 2012 34,620 13,353 20,427 840 Notes: 1 The weighted average interest rate for the Group’s sterling denominated fixed rate borrowings is 5.7% (2012: 5.7%). The weighted average time for which these rates are fixed is 3.5 years (2012: 4.5 years). The weighted average interest rate for the Group’s euro denominated fixed rate borrowings is 4.3% (2012: 4.2%). The weighted average time for which the rates are fixed is 2.4 years (2012: 2.8 years). The weighted average interest rate for the Group’s US dollar denominated fixed rate borrowings is 4.3% (2012: 5.1%). The weighted average time for which the rates are fixed is 6.3 years (2012: 10.0 years). The weighted average interest rate for the Group’s other currency fixed rate borrowings is 9.6% (2012: 10.1%). The weighted average time for which the rates are fixed is 1.5 years (2012: 2.7 years). 2 Other borrowings of £1,014 million (2012: £840 million) include liabilities arising under options over direct and indirect interests in Vodafone India. The figures shown in the tables above take into account interest rate swaps used to manage the interest rate profile of financial liabilities. Interest on floating rate borrowings is generally based on national LIBOR equivalents or government bond rates in the relevant currencies. Additional protection from euro and US dollar interest rate movements is provided by fixing interest rates or reduced by floating interest rates using interest rate swaps or interest rate futures 1 . 2013 2012 2013 2012 US$ fixing/(floating) 2 US$ fixing/(floating) 2 EUR fixing/(floating) 2 EUR fixing/(floating) 2 Interest rate Interest rate Interest rate Interest rate Interest rate Interest rate Interest rate Interest rate futures swaps futures swaps futures swaps futures swaps £m £m £m £m £m £m £m £m Within one year (4,722) 2,073 (4,153) 1,584 1,677 696 2,660 514 In one to two years (823) 1,703 (2,727) 1,894 3,164 696 1,858 685 In two to three years (1,940) 1,621 163 1,894 5,525 696 3,011 685 In three to four years 2,222 148 (865) 1,568 4,254 422 2,584 685 In four to five years 2,632 (247) 2,205 (17) 6,123 105 920 171 In more than five years – (329) – (327) – – – – 127 Vodafone Group Plc Annual Report 2013 Notes: 1 At 31 March 2012 sterling denominated interest rate instruments reduced fixed debt in the periods March 2012 to June 2012, December 2013 to March 2014, December 2016 to December 2017, and December 2017 to December 2018 by amounts of £7,289 million, £667 million, £1,050 million and £450 million respectively. At 31 March 2013 there were no equivalent instruments held. 2 Figures shown as “in more than five years” relate to the periods from March 2018 to December 2021 and March 2017 to December 2019, at March 2013 and March 2012 respectively.
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Vodafone Group Plc Annual Report fo
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The way ahead? - Vodafone

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