Vodafone 2012 Annual Report Download - page 138
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136
Vodafone Group Plc
Annual Report 2012
Notes to the consolidated nancial statements (continued)
25. Trade and other payables
2012 2011
£m £m
Included within non-current liabilities:
Other payables 193 80
Accruals and deferred income 357 329
Derivative nancial instruments 774 395
1,324 804
Included within current liabilities:
Trade payables 4,526 4,453
Amounts owed to associates 18 23
Other taxes and social security payable 1,075 1,140
Other payables 541 520
Accruals and deferred income 8,961 8,409
Derivative nancial instruments 115 153
15,236 14,698
The carrying amounts of trade and other payables approximate their fair value. The fair values of the derivative nancial instruments are calculated
by discounting the future cash ows to net present values using appropriate market interest and foreign currency rates prevailing at 31 March.
2012 2011
£m £m
Included within “Derivative nancial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 800 342
Foreign exchange swaps 89 153
889 495
Fair value hedges:
Interest rate swaps – 53
889 548
26. Disposals
France – Société Française du Radiotéléphone S.A. (‘SFR’)
On 16 June 2011 the Group sold its entire 44% shareholding in SFR to Vivendi for a cash consideration of €7,750 million (£6,805 million) before tax
and transaction costs and also received a nal dividend of €200 million (£178 million) on completion of the transaction. The Group recognised a net
gain on disposal of £3,419 million, reported in other income and expense.
SFR
£m
Net assets disposed (3,953)
Total cash consideration 6,805
Other effects1567
Net gain on disposal23,419
Notes:
1 Other effects include foreign exchange gains and losses transferred to the income statement and professional fees related to the disposal.
2 Reported in other income and expense in the consolidated income statement.
Poland – Polkomtel S.A.
On 9 November 2011 the Group sold its entire 24.4% interest in Polkomtel S.A. to Spartan Capital Holdings SP. z o.o for a cash consideration of
€918million (£784 million) before tax and transaction costs. The Group recognised a net gain on disposal of £296 million, reported in other income
and expense.
Polkomtel
£m
Net assets disposed (579)
Total cash consideration 784
Other effects191
Net gain on disposal2296
Notes:
1 Other effects include foreign exchange gains and losses transferred to the income statement and professional fees related to the disposal.
2 Reported in other income and expense in the consolidated income statement.