Vodafone 2010 Annual Report Download - page 101
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Financials
Vodafone Group Plc Annual Report 2010 99
16. Inventory
2010 2009
£m £m
Goods held for resale 433 412
Inventory is reported net of allowances for obsolescence, an analysis of which is as follows:
2010 2009 2008
£m £m £m
1 April 111 118 100
Exchange movements 5 13 11
Amounts charged /(credited) to the income statement 4 (20) 7
31 March 120 111 118
Cost of sales includes amounts related to inventory amounting to £5,268 million (2009: £4,853 million; 2008: £4,320 million).
17. Trade and other receivables
2010 2009
£m £m
Included within non-current assets:
Trade receivables 59 56
Other receivables 678 423
Prepayments and accrued income 148 132
Derivative financial instruments 1,946 2,458
2,831 3,069
Included within current assets:
Trade receivables 4,008 3,751
Amounts owed by associates 24 50
Other receivables 1,122 744
Prepayments and accrued income 3,448 2,868
Derivative financial instruments 182 249
8,784 7,662
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:
2010 2009
£m £m
1 April 874 664
Exchange movements (27) 101
Amounts charged to administrative expenses 465 423
Trade receivables written off (383) (314)
31 March 929 874
The carrying amounts of trade and other receivables approximate their fair value. Trade and other receivables are predominantly non-interest bearing.
2010 2009
£m £m
Included within “Derivative financial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 1,031 16
Foreign exchange swaps 132 104
1,163 120
Fair value hedges:
Interest rate swaps 965 2,587
2,128 2,707
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.