Vodafone 2003 Annual Report Download - page 112

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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003
110
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Continued
27. Leased assets
Operating lease commitments
Commitments to non-cancellable operating lease payments are analysed as follows:
2003 2002
Land and Other Land and Other
buildings assets Total buildings assets Total
£m £m £m £m £m £m
In respect of leases expiring:
Within one year 77 36 113 15 60 75
Between two and five years 93 158 251 51 80 131
After five years 150 17 167 255 45 300
Payments due: within one year 320 211 531 321 185 506
In more than one year but less than two years 398 296
In more than two years but less than three years 321 256
In more than three years but less than four years 250 221
In more than four years but less than five years 217 166
Thereafter (more than five years) 989 545
2,706 1,990
Finance leases
Tangible fixed assets at 31 March 2003 include the following amounts in respect of finance leases:
Network
infrastructure and equipment
£m
Cost 791
Accumulated depreciation (413)
Net book value 378
31 March 2002
Net book value 473
Liabilities under leases for network infrastructure assets, with an original cost of £201m and net book value at 31 March 2003 of £135m, have been
unconditionally satisfied by call deposits and other assets, trust deed and set-off arrangements. Accordingly, lease liabilities and the corresponding financial
assets in respect of these network infrastructure assets are not included in the Group’s balance sheet.
28. Capital commitments
2003 2002
£m £m
Tangible and intangible fixed asset expenditure contracted for but not provided 1,014 816
In addition to the commitments above, the Group has granted France Telecom S.A. an option with respect to 43,561,703 shares in Vodafone Greece. The
Group is committed to pay, in cash, the excess of Vodafone Greece’s share price over 114.29 per share. This compares with a share price at 31 March
2003 of 15.02 per share. The option expires on 29 November 2004.