Vodafone 2005 Annual Report Download - page 104

Notes to the Consolidated Financial Statements continued
102 |Financials
19.Financial liabilities and assets
Net debt
2005 2004
£m £m
Liquid investments (816) (4,381)
Cash at bank and in hand (2,850) (1,409)
Debt due in one year or less, or on demand 392 2,054
Debt due after one year 11,613 12,224
8,339 8,488
Maturity of financial liabilities
The maturity profile of the Group’s borrowings at 31 March was as follows:
2005 2004
£m £m
Within one year 392 2,054
Between one and two years 2,745 419
Between two and three years 870 2,837
Between three and four years 711 922
Between four and five years 3,314 776
Between five and six years 390 3,298
Between six and seven years 8416
Between seven and eight years 511
Between eight and nine years 526 12
Between nine and ten years 510 553
Between ten and eleven years 381 509
Between eleven and twelve years 36 345
Between twelve and thirteen years 2–
Between thirteen and fourteen years 776 –
Between fourteen and fifteen years –770
Between twenty and twenty one years 246 –
Between twenty one and twenty two years –246
Between twenty four and twenty five years 390 –
Between twenty five and twenty six years –400
Between twenty seven and twenty eight years 703 –
Between twenty eight and twenty nine years –710
12,005 14,278
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 47
In more than five years 8–
12 7
Borrowing facilities
At 31 March 2005, the Group’s most significant committed borrowing facilities comprised two bank facilities of $5,525 million (£2,926 million) and $4,853 million (£2,570
million) expiring between two and five years and between one and two years, respectively (2004: two bank facilities of $5,547 million (£3,018 million) and $4,853 million
(£2,641 million)), and a ¥225 billion (£1,112 million, 2004: £1,177 million) term credit facility, which expires between one and two 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 $5,525 million and $4,853 million bank facilities, lenders 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 2005, 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 2005 of £168 million (2004: £467 million) in aggregate, of which £77
million (2004: £134 million) was undrawn. Of the total committed facilities, £28 million (2004: £69 million) expires in less than one year, £100 million (2004: £398 million)
expires between two and five years, and £40 million (2004: £nil) which expires in more than five years.