Vodafone 2001 Annual Report Download - page 56

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54
Vodafone Group Plc
Annual Report & Accounts
for the year ended
31 March 2001
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
27 An alysis of net debt
Other non-cash
Acquisitions changes
1 April (excluding cash & exchange 31 March
2000 Cash flow & overdrafts) movements 2001
£m £m £m £m £m
Liquid investments 30 7,541 – 22 7,593
––––––– ––––––– –––––––– –––––––– ––––––––
Cash at bank and in hand 159 (98) – 7 68
Bank overdrafts (43) 43 – (5) (5)
––––––– ––––––– –––––––– –––––––– ––––––––
116 (55) – 2 63
––––––– ––––––– –––––––– –––––––– ––––––––
Debt due within one year (other than bank overdrafts) (751) 4,765 (7,167) (443) (3,596)
Debt due after one year (6,038) 2,026 (6,406) (212) (10,630)
Finance leases – 9 (153) (8) (152)
––––––– ––––––– –––––––– –––––––– ––––––––
(6,789) 6,800 (13,726) (663) (14,378)
––––––– ––––––– –––––––– –––––––– ––––––––
(6,643) 14,286 (13,726) (639) (6,722)
––––––– ––––––– –––––––– –––––––– ––––––––
Cash flows in respect of the Commercial Paper programme are shown net within cash outflows from debt financing.
28 Directors
Aggregate emoluments of the directors of the Company were as follows:
2001 2000
£000 £000
Salaries and fees 4,332 3,422
Bonuses 11,000 695
Incentive schemes 2,402 2,468
Other benefits 558 194
Compensation for loss of office 10,272 –
–––––––– ––––––––
28,564 6,779
–––––––– ––––––––
Aggregate gains on the exercise of share options in the year to 31 March 2001 by serving directors were £6,330,000
(2000 – £93,910,000) and by former directors were £1,999,000 (2000 – £Nil).
More detailed information concerning directors’ remuneration, compensation for loss of office, payments to former directors, pension
benefits, incentive schemes, share options and interests in shares is shown in the Board’s Report to Shareholders on Directors’
Remuneration on pages 14 to 22.
Following approval by the Board, on 19 June 2000 Vodafone Americas Asia Inc. (formerly AirTouch Communications, Inc.), a subsidiary
undertaking of the Company, entered into an agreement for the sale of a Gulfstream III aircraft to Salt Aire Associates, LLC and Mill
Creek Systems, LLC. The price agreed by the Board for the sale of the aircraft was $10m based on three independent market
valuations at the time of sale. The sole member of Salt Aire Associates, LLC is the Ginn 1985 Family Trust and Sam Ginn, who was
Chairman of the Company until his resignation on 23 May 2000, is a trustee and beneficiary of the Trust. There were no other material
transactions during the year involving directors or former directors of the Company.
29 Employees
The average number of persons employed 2001 2000
by the Group during the year was: Number Number
Operations 13,963 9,058
Selling and distribution 10,642 5,484
Administration 28,720 14,923
–––––––– ––––––––
53,325 29,465
–––––––– ––––––––
The cost incurred in respect of these 2001 2000
employees (including directors) was: £m £m
Wages and salaries 1,408 774
Social security costs 113 65
Other pension costs 47 42
–––––––– ––––––––
1,568 881
–––––––– ––––––––