Vodafone 2002 Annual Report Download - page 108

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Vodafone Group Plc Annual Report & Accounts and Form 20-F Notes to the Consolidated Financial Statements106
Notes to the Consolidated Financial Statements continued
Hedges
The Group’s policy is to use derivative instruments to hedge against exposure to movements in interest rates and exchange rates. Changes in the fair value
of instruments used for hedging are not recognised in the financial statements until the hedged exposure is itself recognised. Unrecognised gains and losses
on instruments used for hedging are set out below:
Total net
Gains Losses gains/(losses)
£m £m £m
Unrecognised gains and losses on hedges at 1 April 2001 6 (5) 1
Less: gains and losses arising in previous years that were recognised in the year (6) 5 (1)
Gains and losses arising before 1 April 2001 that were not recognised at 31 March 2002 –––
Gains and losses arising in the year that were not recognised at 31 March 2002 105 (40) 65
Unrecognised gains and losses on hedges at 31 March 2002 105 (40) 65
Of which:
Gains and losses expected to be recognised in 2002 3 (23) (20)
Currency exposures
Taking into account the effect of forward contracts and other derivative instruments, the Group did not have a material financial exposure to foreign exchange
gains or losses on monetary assets and monetary liabilities denominated in foreign currencies at 31 March 2002.
Short-term debtors and creditors have been omitted from the analyses in notes 20 and 21.