Vodafone 2004 Annual Report Download - page 93

Annual Report 2004 Vodafone Group Plc
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19. Financial liabilities and assets
Net debt
2004 2003
£m £m
Liquid investments (4,381) (291)
Cash at bank and in hand (1,409) (475)
Debt due in one year or less, or on demand 2,054 1,430
Debt due after one year 12,224 13,175
8,488 13,839
Maturity of financial liabilities
The maturity profile of the Group’s borrowings at 31 March was as follows:
2004 2003
£m £m
Within one year 2,054 1,430
Between one to two years 419 2,169
Between two to three years 2,837 1,919
Between three to four years 922 1,795
Between four to five years 776 805
Between five to six years 3,298 1,019
Between six to seven years 416 3,584
Between seven to eight years 11 415
Between eight to nine years 12 –
Between nine to ten years 553 –
Between ten to eleven years 509 –
Between eleven to twelve years 345 251
Between fourteen to fifteen years 770 –
Between twenty one to twenty two years 246 –
Between twenty five to twenty six years 400 –
Between twenty six to twenty seven years –465
Between twenty eight to twenty nine years 710 –
Between twenty nine to thirty years –753
14,278 14,605
The maturities of the Group’s other financial liabilities at 31 March was as follows:
In more than one year but not more than two years 74
In more than two years but not more than five years –1
In more than five years –14
719
Borrowing facilities
At 31 March 2004, the Group’s most significant committed borrowing facilities comprised two bank facilities of $5,547 million (£3,018 million) and
$4,853 million (£2,641 million) expiring in less than one year and two to five years respectively (2003: one bank facility of $11,025 million (£6,975 million)),
and a ¥225 billion (£1,177 million, 2003: £1,200 million) term credit facility, which expires in more than two years but not more than five years. The bank
facilities remained undrawn throughout the year and the term credit facility was drawn down in full on 15 October 2002.
Under the terms and conditions of the $5,547 million and $4,853 million bank facilities, lenders would have the right, but not the obligation, to cancel their
commitment 30 days from the date of notification of a change of control of the Company and have outstanding advances repaid on the last day of the current
interest period. The facility agreement provides for certain structural changes that do not affect the obligations of the Company to be specifically excluded from
the definition of a change of control. This is in addition to the rights of lenders to cancel their commitment if the Company has committed an event of default.
Substantially the same terms and conditions apply in the case of Vodafone Finance K.K.’s ¥225 billion term credit facility, although the change of control
provision is applicable to any guarantor of borrowings under the term credit facility. As of 31 March 2004, the Company was the sole guarantor of the
¥225 billion term credit facility.
In addition to the above, certain of the Group’s subsidiaries had committed facilities at 31 March 2004 of £467 million (2003: £1,086 million) in aggregate, of
which £134 million (2003: £91 million) was undrawn. Of the total committed facilities, £69 million (2003: £415 million) expires in less than one year, £398
million (2003: £598 million) expires between two and five years, and £nil (2003: £73 million) expires in more than five years.