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98 Vodafone Group Plc Annual Report 2006
Notes to the Consolidated Financial Statements
continued
17. Trade and other receivables continued
Included within “Derivative financial instruments” is the following: 2006 2005
£m £m
Fair value through the income statement:
Interest rate swaps 19 –
Foreign exchange swaps 30 42
Option contracts 1–
Other derivatives –1
50 43
Fair value hedges:
Interest rate swaps 260 365
310 408
The fair values of these financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest and foreign currency rates
prevailing at the year end.
18. Cash and cash equivalents 2006 2005
£m £m
Cash at bank and in hand 948 343
Money market funds 1,841 2,708
Repurchase agreements –206
Commercial paper –512
Cash and cash equivalents as presented in the balance sheet 2,789 3,769
Bank overdrafts (18) (43)
Cash and cash equivalents of discontinued operations (note 29) 161 –
Cash and cash equivalents as presented in the cash flow statement 2,932 3,726
Bank balances and money market funds comprise cash held by the Group on a short-term basis with original maturity of three months or less. The carrying amount of these assets
approximates their fair value.
All commercial paper and repurchase agreements have a maturity of less than three months and the carrying value approximates the fair value.
All repurchase agreements represent fully collateralised bank deposits.
19. Called up share capital 2006 2005
Number £m Number £m
Authorised:
Ordinary shares of US$0.10 each 78,000,000,000 4,875 78,000,000,000 4,875
Ordinary shares allotted, issued and fully paid:
1 April 68,380,866,539 4,286 68,263,933,048 4,280
Allotted during the year 120,466,245 7 116,933,491 6
Cancelled during the year (2,250,000,000) (128) ––
31 March 66,251,332,784 4,165 68,380,866,539 4,286
Note:
(1) At 31 March 2006, the Group held 6,132,757,329 (2005: 3,814,233,598) treasury shares with a nominal value if £353 million (2005: £205 million). The market value of shares held is £7,390 million (2005: £5,359 million).
Allotted during the year Nominal
value Net proceeds
Number £m £m
UK share awards and option scheme awards 85,744,935 5 122
US share awards and option scheme awards 34,721,310 2 37
Total for share option schemes and restricted stock awards 120,466,245 7 159
Cancelled during the year
During the year 2,250,000,000 (2005: nil) treasury shares were cancelled in order to comply with Companies Act 1985 requirements in relation to the amount of issued share
capital that can be held in treasury.