Vodafone 2014 Annual Report Download - page 134

13. Other investments
We hold a number of other listed and unlisted investments, mainly comprising US$5.25 billion of loan notes from
Verizon Communications.
Accounting policies
Other investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms
require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including
transaction costs.
Other investments classied as held for trading and available-for-sale are stated at fair value. Where securities are held for trading purposes, gains
and losses arising from changes in fair value are included in net prot or loss for the period. For available-for-sale investments, gains and losses
arising from changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the
cumulative gain or loss previously recognised in equity, determined using the weighted average cost method, is included in the net prot or loss for
the period.
Other investments classied as loans and receivables are stated at amortised cost using the effective interest method, less any impairment.
2014
Restated
2013
£m £m
Included within non-current assets:
Listed securities:
Equity securities 13 3
Unlisted securities:
Equity securities 228 570
Public debt and bonds 141 134
Other debt and bonds 3,171 66
3,553 773
The listed and unlisted securities are classied as available-for-sale. Public debt and bonds are classied as held for trading, and other debt and bonds
which are not quoted in an active market, are classied as loans and receivables.
Unlisted equity investments are recorded at fair value where appropriate.
Other debt and bonds includes loan notes of US$5.25 billion (£3,151 million) issued by Verizon Communications Inc. as part of the Group’s disposal
of its interest in Verizon Wireless.
Current other investments comprise the following, of which public debt and bonds are classied as held for trading.
2014
Restated
2013
£m £m
Included within current assets:
Public debt and bonds 938 1,130
Other debt and bonds 2,957 3,816
Cash held in restricted deposits 524 404
4,419 5,350
Other debt and bonds includes £2,953 million of assets held for trading which include £1,979 million (2013: £3,000 million) of assets held
in managed investment funds with liquidity of up to 90 days, £830 million (2013: £643 million) of short-term securitised investments with original
maturities of up to six months, and collateral paid on derivative nancial instruments of £144 million (2013: £169 million).
Current public debt and bonds include government bonds of £852 million (2013: £1,076 million) which consist of highly liquid index linked gilts with
less than four years to maturity held on an effective oating rate basis.
For public debt and bonds, other debt and bonds and cash held in restricted deposits, the carrying amount approximates fair value.
Notes to the consolidated nancial statements (continued)
Vodafone Group Plc
Annual Report 2014132