Vodafone 2014 Annual Report Download - page 144

21. Borrowings (continued)
Interest rate and currency of borrowings
Total Floating rate Fixed rate Other
borrowings borrowings borrowings1borrowings2
Currency £m £m £m £m
Sterling 2,801 885 1,910 6
Euro 16,225 4,557 10,220 1,448
US dollar 4,537 4,330 207 –
Other 5,638 2,768 1,988 882
31 March 2014 29,201 12,540 14,325 2,336
Sterling 2,915 955 1,951 9
Euro 10,810 5,271 5,539 –
US dollar 20,991 8,019 12,866 106
Other 4,988 2,198 1,891 899
31 March 2013 restated 39,704 16,443 22,247 1,014
Notes:
1 The weighted average interest rate for the Group’s sterling denominated xed rate borrowings is 5.7% (2013: 5.7%). The weighted average time for which these rates are xed is 2.5 years (2013: 3.5 years). The weighted average
interest rate for the Group’s euro denominated xed rate borrowings is 4.4% (2013: 4.3%). The weighted average time for which the rates are xed is 2.6 years (2013: 2.4 years). The weighted average interest rate for the
Group’s US dollar denominated xed rate borrowings is 2.9% (2013: 4.3%). The weighted average time for which the rates are xed is 5.7 years (2013: 6.3 years). The weighted average interest rate for the Group’s other currency
xed rate borrowings is 10.2% (2013: 9.6%). The weighted average time for which the rates are xed is 1.4 years (2013: 1.5 years).
2 At 31 March 2014 other borrowings of £2,336 million include liabilities for amounts payable under the domination agreement in relation to Kabel Deutschland. At 31 March 2013 other borrowings of £1,014 million include
liabilities arising under options over direct and indirect interests in Vodafone India.
The gures shown in the tables above take into account interest rate swaps used tomanage the interest rate prole of nancial liabilities.
Interest on oating rate borrowings is generally based on national LIBOR equivalents or government bond rates in the relevant currencies.
Additional protection from euro and US dollar interest rate movements is provided by xing interest rates or reduced by oating interest rates
using interest rate swaps or interest rate futures. Cross currency interest rate swaps are used to change the currency of certain xed interest rate
cash ows.
2014 2013 2014 2013
US$1 US$1EUR1 EUR1
Interest rate
futures
Interest rate
swaps2
Interest rate
futures
Interest rate
swaps
Interest rate
futures
Interest rate
swaps2
Interest rate
futures
Interest rate
swaps
£m £m £m £m £m £m £m £m
Within one year –(5,722) (4,722) 2,073 (3,716) 5,814 1,677 696
In one to two years –(5,722) (823) 1,703 (619) 5,814 3,164 696
In two to three years –(5,722) (1,940) 1,621 1,726 5,814 5,525 696
In three to four years –(3,744) 2,222 148 4,979 3,806 4,254 422
In four to ve years –(2,755) 2,632 (247) 103 2,802 6,123 105
In more than ve years3–(2,605) – (329) –2,207 – –
Notes:
1 In the table above, gures shown as positive indicate an increase in xed interest debt and gures shown in brackets indicate a reduction in xed interest debt.
2 Includes cross currency interest rate swaps.
3 Figures shown as “in more than ve years” relate to the periods from March 2019 to December 2043 and March 2018 to December 2021, at March 2014 and March 2013 respectively.
Notes to the consolidated nancial statements (continued)
Vodafone Group Plc
Annual Report 2014142