Vodafone 2003 Annual Report Download - page 104

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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003
102
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Continued
21. Financial instruments 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 2002 105 (40) 65
Less: gains and losses arising in previous years that were recognised in the year 3 (23) (20)
Gains and losses arising before 1 April 2002 that were not recognised at 31 March 2003 102 (17) 85
Gains and losses arising in the year that were not recognised at 31 March 2003 619 (22) 597
Unrecognised gains and losses on hedges at 31 March 2003 721 (39) 682
Of which:
Gains and losses expected to be recognised in the year ended 31 March 2004 7 (3) 4
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 2003.
Short term debtors and creditors are not included in the analyses in notes 20 and 21.