Vodafone 2005 Annual Report Download - page 117

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Financials |115
29.Analysis of net debt
Other non-
cash changes
1 April Cash and exchange 31 March
2004 flow movements 2005
£m £m £m £m
Liquid investments 4,381 (3,563) (2) 816
Cash at bank and in hand 1,409 1,408 33 2,850
Bank overdrafts (42) (3) (2) (47)
1,367 1,405 31 2,803
Debt due within one year (2,000) 1,997 (329) (332)
Debt due after one year (12,100) 161 439 (11,500)
Finance leases (136) 12 (2) (126)
(14,236) 2,170 108 (11,958)
(8,488) 12 137 (8,339)
Cash flows in respect of the Commercial Paper programme are shown net within debt-related cash flows.
Debt includes secured debt of £90 million (2004: £132 million) in respect of Vodafone Egypt (£50 million, 2004: £132 million) and Vodafone Albania (£40 million, 2004: £nil).
Further information on guarantees can be found in note 27.
30.Directors
Aggregate emoluments of the directors of the Company were as follows:
2005 2004 2003
£’000 £’000 £’000
Salaries and fees 5,806 6,752 5,457
Incentive schemes 4,218 5,418 5,738
Benefits 582 1,371 709
10,606 13,541 11,904
The aggregate gross pre-tax gain made on the exercise of share options in the year to 31 March 2005 by serving directors was £3,076,200 (2004: £1,904,000; 2003:
£226,873) and by former directors was £2,507,477 (2004: £nil, 2003: £nil).
Further details of directors’ emoluments can be found in “Board’s Report to Shareholders on Directors’ Remuneration – Remuneration for the year to 31 March 2005”.