Vodafone 2006 Annual Report Download - page 140
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138 Vodafone Group Plc Annual Report 2006
Notes to the Company Financial Statements
continued
10. Contingent liabilities 2006 2005
£m £m
Performance bonds 172 176
Credit guarantees – third party indebtedness 1,570 1,424
Other guarantees and contingent liabilities 11
Performance bonds
Performance bonds require the Company to make payments to third parties in the event that the Company or its subsidiary undertakings do not perform what is expected of it
under the terms of any related contracts.
Company performance bonds include £152 million (2005: £149 million) in respect of undertakings to roll out third generation networks in Spain.
Credit guarantees – third party indebtedness
Credit guarantees comprise guarantees and indemnities of bank or other facilities.
At 31 March 2006, the Company had guaranteed debt of Vodafone Finance K.K. amounting to £1,268 million (2005: £1,111 million) and issued guarantees in respect of notes
issued by Vodafone Americas, Inc. amounting to £302 million (2005: £311 million). The Japanese facility expires by March 2011 and the majority of Vodafone Americas, Inc. bond
guarantees by July 2008.
Other guarantees and contingent liabilities
Other guarantees principally comprise commitments to support disposed entities.
Legal proceedings
Details regarding certain legal actions which involve the Company are set out in note 31 to the Consolidated Financial Statements.