Vodafone 2000 Annual Report Download - page 51

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Vodafone AirTouch Plc Annual Report & Accounts for the year ended 31 March 2000 49
Notes to the Consolidated Financial Statements continued
22 Leased assets
Operating leases
Commitments to non-cancellable operating lease payments within one year are as follows:
2000 1999
Land and Other Land and Other
buildings assets buildings assets
In respect of leases expiring: £m £m £m £m
Within one year 29 145 7 16
Between two and five years 71 60 19 121
After five years 118 35 40 39
–––––––– –––––––– –––––––– ––––––––
218 240 66 176
–––––––– –––––––– –––––––– ––––––––
Finance leases
Tangible fixed assets at 31 March 2000 include the following amounts in respect of finance leases:
Network
Plant and Fixtures infra-
machinery and fittings structure Total
£m £m £m £m
Cost 19 4 250 273
Accumulated depreciation (16) (4) (106) (126)
–––––––– –––––––– –––––––– ––––––––
Net book value 3 – 144 147
–––––––– –––––––– –––––––– ––––––––
31 March 1999
Net book value 2 3 171 176
–––––––– –––––––– –––––––– ––––––––
Liabilities under leases for network infrastructure assets have been unconditionally satisfied by call deposits and other assets, trust deed
and set-off arrangements. Accordingly, neither these lease liabilities nor the corresponding financial assets are included in the Group’s
balance sheet.
23 Capital commitments
2000 1999
£m £m
Contracted for but not provided 442 161
–––––––– ––––––––
24 Contingent liabilities
2000 1999
£m £m
Guarantees and indemnities of bank or other facilities including those in respect
of the Group’s joint ventures, associated undertakings and investments 1,155 175
–––––––– ––––––––
Guarantees and indemnities include £978m in respect of a letter of indemnity provided, in September 1999, to a co-investor in certain
operating companies in which Vodafone AirTouch has equity interests. The co-investor has provided the lending institutions to the operating
companies with certain credit support documents, which are not legally binding obligations on the co-investor. Prior to Vodafone AirTouch
indemnifying the co-investor from any loss it may suffer as a result of the credit support documents, the co-investor has agreed to request
other shareholders in the operating companies to make equity contributions in order that the operating companies may discharge their
liabilities and, in the event that the co-investor discharges, under the credit support documents, more than 40 per cent of the operating
companies’ indebtedness, the co-investor will use its efforts to cause the operating companies to refinance (if practicable) the remaining debt.