Vodafone 2013 Annual Report Download - page 123
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20. Commitments
A commitment is a contractual obligation to make a payment in the future. These amounts are not recorded
in the consolidated statement of nancial position since we have not yet received the goods or services from
the supplier. We have a number of commitments, mainly in relation to leases and agreements to buy xed
assets such as network infrastructure and IT systems. The amounts below are the minimum amounts that
we are committed to pay.
Operating lease commitments
The Group has entered into commercial leases on certain properties, network infrastructure, motor vehicles and items of equipment.
The leaseshave various terms, escalation clauses, purchase options and renewal rights, none of which are individually signicant to the Group.
Future minimum lease payments under non-cancellable operating leases comprise:
2013 2012
£m £m
Within one year 1,238 1,110
In more than one year but less than two years 968 893
In more than two years but less than three years 76 4 740
In more than three years but less than four years 647 624
In more than four years but less than ve years 547 528
In more than ve years 2,476 2,246
6,640 6,141
The total of future minimum sublease payments expected to be received under non-cancellable subleases is £324 million (2012: £252 million).
Capital commitments
Company and subsidiaries Share of joint ventures Group
2013 2012 2013 2012 2013 2012
£m £m £m £m £m £m
Contracts placed for future capital expenditure not
provided in the nancial statements11,715 1,735 244 283 1,959 2,018
Note:
1 Commitment includes contracts placed for property, plant and equipment and intangible assets.
The commitments of Cellco Partnership (‘Cellco’), which trades under the name of Verizon Wireless, are disclosed within the consolidated nancial
statements of Cellco for the year ended 31 December 2012, which are included as an exhibit to our 2013 annual report on Form 20-F led with
the SEC.
21. Contingent liabilities
Contingent liabilities are potential future cash outows where the likelihood of payment is considered more
than remote but is not considered probable or cannot be measured reliably.
2013 2012
£m £m
Performance bonds1266 270
Other guarantees and contingent liabilities 675 628
Note:
1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any relatedcontracts or commercial arrangements.
121 Vodafone Group Plc
Annual Report 2013
Overview Business
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