Vodafone 1997 Annual Report Download - page 30

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Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997
Assets acquired under finance leases which transfer substantially all the rights and obligations of
ownership are accounted for as though purchased outright. The fair value of the asset at the inception of
the lease is included in tangible fixed assets and the capital element of the leasing commitment included
in creditors. Finance charges are calculated on an actuarial basis and are allocated over each lease to
produce a constant rate of charge on the outstanding balance.
Lease obligations which are satisfied by cash and other assets deposited with third parties, are set-off
against those assets in the Group's balance sheet.
http://www.vodafone.com/download/investor/reports/annual97/4/9.htm (4 of 4)29/03/2007 22:37:11