Vodafone 2014 Annual Report Download - page 137
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16. Trade and other payables
Our trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are
accrued. They also include taxes and social security amounts due in relation to our role as an employer. Derivative
nancial instruments with a negative market value are reported within this note.
Accounting policies
Trade payables are not interest bearing and are stated at their nominal value.
2014
Restated
2013
£m £m
Included within non-current liabilities:
Derivative nancial instruments 8 11 982
Other payables 72 105
Accruals and deferred income 456 220
1,339 1,307
Included within current liabilities:
Trade payables 4,710 3,781
Amounts owed to associates and joint ventures 51 54
Other taxes and social security payable 1,047 1,059
Derivative nancial instruments 70 119
Other payables 678 447
Accruals and deferred income 8,900 8,472
15,456 13,932
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.
2014
Restated
2013
£m £m
Included within “Derivative nancial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 430 1,013
Cross currency interest rate swaps 12 –
Foreign exchange contracts 29 44
471 1,057
Designated hedge relationships
Interest rate swaps 205 44
Cross currency interest rate swaps 205 –
881 1,101
Annual Report 2014 135Overview
Strategy
review Performance Governance Financials Additional
information