Annual Report – 31 March 1997 - Vodafone
Annual Report – 31 March 1997 - Vodafone
Annual Report – 31 March 1997 - Vodafone
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<strong>Vodafone</strong> Group Plc <strong>Annual</strong> <strong>Report</strong> & Accounts for the year ended <strong>31</strong> <strong>March</strong> <strong>1997</strong><br />
Funding and liquidity<br />
The Group has a strong financial position demonstrated by credit ratings of A-1/P-1 short term and A+/<br />
A2 long term from Standard and Poor's and Moody's respectively. At the year end substantial funds were<br />
available to the Group, including committed bank facilities and two £250m Eurobonds redeemable in<br />
November 2001 and <strong>March</strong> 2004 which were issued during the year. The funds mature as follows:<br />
Analysis by year of expiry Committed bank facilities Bonds Total<br />
£m £m £m<br />
Less than 1 year 103.0 - 103.0<br />
Between 1-2 years 140.0 - 140.0<br />
Between 2-5 years 596.0 250.0 846.0<br />
More than 5 years - 250.0 250.0<br />
839.0 500.0 1,339.0<br />
The Group has an uncommitted £500m Euro Commercial Paper programme which was activated in May<br />
1996. Additional uncommitted facilities are also available from banks. Any surplus funds are invested<br />
with counterparties who have high credit ratings.<br />
Foreign exchange and interest management<br />
Foreign currency exposures on known future transactions are hedged, including those resulting from<br />
repatriation of overseas dividends and loans. The effects of foreign currency movements on the translation<br />
of the results and net assets of overseas operations are not hedged, although such exposure is partly<br />
reduced by borrowing in foreign currency denominated debt.<br />
http://www.vodafone.com/download/investor/reports/annual97/3/4.htm (1 of 2)29/03/2007 22:35:23
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