Vodafone 2011 Annual Report Download - page 122
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120 Vodafone Group Plc Annual Report 2011
25. Trade and other payables
2011 2010
£m £m
Included within non-current liabilities:
Other payables 80 76
Accruals and deferred income 329 379
Derivative financial instruments 395 361
804 816
Included within current liabilities:
Trade payables 4,453 3,254
Amounts owed to associates 23 17
Other taxes and social security payable 1,140 998
Other payables 520 650
Accruals and deferred income 8,409 9,064
Derivative financial instruments 153 99
14,698 14,082
The carrying amounts of trade and other payables approximate their fair value. The fair values of the derivative 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.
2011 2010
£m £m
Included within “Derivative financial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 342 330
Foreign exchange swaps 153 95
495 425
Fair value hedges:
Interest rate swaps 53 35
548 460
26. Reconciliation of net cash ow from operating activities
2011 2010 2009
£m £m £m
Profit for the financial year 7,870 8,618 3,080
Adjustments for:
Share-based payments 156 150 128
Depreciation and amortisation 7,876 7,910 6,814
Loss on disposal of property, plant and equipment 91 101 10
Share of result in associates (5,059) (4,742) (4,091)
Impairment losses 6,150 2,100 5,900
Other income and expense 16 (114) –
Non-operating income and expense (3,022) 10 44
Investment income (1,309) (716) (795)
Financing costs 429 1,512 2,419
Income tax expense 1,628 56 1,109
(Increase)/decrease in inventory (107) 2 81
(Increase)/decrease in trade and other receivables (387) (714) 80
Increase/(decrease) in trade and other payables 1,060 1,164 (145)
Cash generated by operations 15,392 15,337 14,634
Tax paid (3,397) (2,273) (2,421)
Net cash flow from operating activities 11,995 13,064 12,213
Notes to the consolidated nancial statements continued