Vodafone 2009 Annual Report Download - page 99
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Financials
Vodafone Group Plc Annual Report 2009 97
16. Inventory
2009 2008
£m £m
Goods held for resale 412 417
Inventory is reported net of allowances for obsolescence, an analysis of which is as follows:
2009 2008 2007
£m £m £m
1 April 118 100 97
Exchange movements 13 11 (2)
Amounts (credited)/charged to the income statement (20) 7 5
31 March 111 118 100
Cost of sales includes amounts related to inventory amounting to £4,853 million (2008: £4,320 million; 2007: £3,797 million).
17. Trade and other receivables
2009 2008
£m £m
Included within non-current assets:
Trade receivables 56 49
Other receivables 423 66
Prepayments and accrued income 132 121
Derivative financial instruments 2,458 831
3,069 1,067
Included within current assets:
Trade receivables 3,751 3,549
Amounts owed by associated undertakings 50 21
Other receivables 744 494
Prepayments and accrued income 2,868 2,426
Derivative financial instruments 249 61
7,662 6,551
The Group’s trade receivables are stated after allowances for bad and doubtful debts based on management’s assessment of creditworthiness, an analysis of which is
as follows:
2009 2008 2007
£m £m £m
1 April 664 473 431
Exchange movements 101 73 (16)
Amounts charged to administrative expenses 423 293 201
Trade receivables written off (314) (175) (143)
31 March 874 664 473
The carrying amounts of trade and other receivables approximate their fair value. Trade and other receivables are predominantly non-interest bearing.
2009 2008
£m £m
Included within “Derivative financial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 16 70
Foreign exchange swaps 104 42
120 112
Fair value hedges:
Interest rate swaps 2,587 780
2,707 892
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 31 March.