Vodafone 2003 Annual Report Download - page 121
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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 119
Movement in deficit during the year
UK Germany Japan Other Total
£m £m £m £m £m
Deficit in schemes before deferred tax at 1 April 2002 72 131 115 52 370
Current service cost 24 21 12 40 97
Cash contributions (106) (100) (36) (31) (273)
Past service cost ––516
Losses on curtailments ––10 1 11
Financial costs/(income) (3) 9 2 3 11
Actuarial losses 132 5 17 18 172
Exchange rate movements – 111416
Other movements –(4) ––(4)
Deficit in schemes before deferred tax at 31 March 2003 119 73 126 88 406
Group net assets and profit and loss account reserves
Under SSAP 24 Under FRS 17
(as adopted) (for information only)
2003 2002 2003 2002
£m £m £m £m
Net assets excluding pension scheme liabilities 131,569 133,527 131,569 133,527
Net pension scheme liabilities (net of deferred tax) (35) (99) (257) (228)
Net assets including pension scheme liabilities 131,534 133,428 131,312 133,299
Profit and loss reserve excluding pension scheme liabilities (27,412) (25,507) (27,412) (25,507)
Net pension scheme liabilities (net of deferred tax) (35) (99) (257) (228)
Profit and loss reserve including pension scheme liabilities (27,447) (25,606) (27,669) (25,735)
35. Subsequent events
On 1 April 2003, the Group announced a cash tender offer to purchase $1.1 billion of US dollar bonds and DEM 400m bonds issued by its wholly owned
subsidiary Vodafone Americas Inc. (previously AirTouch Communications, Inc.) and guaranteed by the Company. On 17 April 2003, the Group announced
that, pursuant to these offers, it had purchased bonds in the principal amounts of $569,987,000 and DEM 308,360,000.