Vodafone 2014 Annual Report Download - page 120
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5. Investment income and nancing costs
Investment income comprises interest received from short-term investments, bank deposits, government bonds
and gains from foreign exchange contracts which are used to hedge net debt. Financing costs mainly arise from
interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to
manage foreign exchange and interest rate movements.
2014
Restated
2013
Restated
2012
£m £m £m
Investment income:
Available-for-sale investments:
Dividends received 10 2 2
Loans and receivables at amortised cost 184 124 168
Fair value through the income statement (held for trading):
Derivatives – foreign exchange contracts 82 115 121
Other170 64 165
346 305 456
Financing costs:
Items in hedge relationships:
Other loans 265 228 210
Interest rate swaps (196) (184) (178)
Fair value hedging instrument 386 (81) (539)
Fair value of hedged item (363) 112 511
Other nancial liabilities held at amortised cost:
Bank loans and overdrafts2557 584 628
Other loans3770 736 785
Interest credit on settlement of tax issues4(15) (91) 23
Equity put rights and similar arrangements5143 136 81
Fair value through the income statement (held for trading):
Derivatives – forward starting swaps and futures 1105 244
Other1651 3
1,554 1,596 1,768
Net nancing costs 1,208 1,291 1,312
Notes:
1 Amounts for 2014 include net foreign exchange gains of £21 million (2013 £91 million loss; 2012 £55 million gain) arising from net foreign exchange movements on certain intercompany balances. Amounts for 2012 include
foreign exchange gains arising on investments held following the disposal of Vodafone Japan to SoftBank Corp.
2 The Group capitalised £3 million of interest expense in the year (2013: £8 million; 2012: £25 million). The interest rate used to determine the amount of borrowing costs eligible for capitalisation was 5.4%.
3 Amounts for 2014 include foreign exchange losses of £201 million.
4 Amounts for 2014 and 2013 include a reduction of the provision for potential interest on tax issues.
5 Includes amounts in relation to the Group’s arrangements with its non-controlling interest partners in India.
Notes to the consolidated nancial statements (continued)
Vodafone Group Plc
Annual Report 2014118