Vodafone 2015 Annual Report Download - page 151

At 31 March 2015 we had £6,882 million of cash and cash equivalents which are held in accordance with the counterparty and settlement risk limits
of the Board approved treasurypolicy. The main forms of liquid investment at 31 March 2015 were managed investment funds, money market
funds, UK index linked government bonds, tri-party repurchase agreements and bankdeposits.
The cash received from collateral support agreements mainly reects the value of our interest rate swap and cross currency interest rate swap
portfolios which are substantially netpresent value positive. See note 23 for further details on these agreements.
Commercial paper programmes
We currently have US and euro commercial paper programmes of US$15 billion and £5 billion respectively which are available to be used to meet
short-term liquidity requirements. At 31 March 2015 amounts external to the Group of €3,928 million (£2,839 million) were drawn under the euro
commercial paper programme and US$3,321 million (£2,237 million) were drawn down under the US commercial paper programme, with such
funds being provided by counterparties external to the Group. At 31 March 2014 amounts external to the Group of €731 million (£604 million)
were drawn under the euro commercial paper programme and US$578 million (£346 million) were drawn down under the US commercial paper
programme, with such funds being provided by counterparties external to the Group.
The commercial paper facilities were supported by US$3.9 billion (£2.6 billion) and €3.9 billion (£2.8 billion) of syndicated committed bank facilities
(see “Committed facilities” below). No amounts had been drawn under either bank facility.
Bonds
We have a €30 billion euro medium-term note programme and a US shelf programme which are used to meet medium to long-term funding
requirements. At 31 March 2015 the total amounts in issue under these programmes split by currency were US$14.6 billion, £1.7 billion and
€7.8 billion.
At 31 March 2015 we had bonds outstanding with a nominal value of £17,153 million (2014: £16,979 million). In the year ended 31 March 2015 bonds
with a nominal value equivalent of £2.2 billion were issued under the US shelf. The bonds issued in the year were:
Nominal amount Sterling equivalent
Date of bond issue Maturity of bond €m £m
11 September 2014 11 September 2020 1,750 1,265
11 September 2014 11 September 2025 1,000 723
1 December 2014 1 December 2034 332 240
Own shares
The Group held a maximum of 2,371,948,109 of its own shares during the year which represented 8.2% of issued share capital at that time.
Committed facilities
In aggregate we have committed facilities of approximately £10,991 million, of which £6,620 million was undrawn and £4,371 million was drawn
at 31 March 2015. The following table summarises the committed bank facilities available to us at 31 March 2015.
Committed bank facilities Amounts drawn Terms and conditions
28 March 2014
€3.9 billion syndicated revolving
credit facility, maturing
28 March 2020.
No drawings have been made against
this facility. The facility supports our
commercial paper programmes and
may be used for general corporate
purposes including acquisitions.
Lenders have the right, but not the obligation, to cancel their
commitments and have outstanding advances repaid no sooner than
30 days after notication of a change of control. This is in addition to
the rights of lenders to cancel their commitment if we commit an event
of default; however, it should be noted that a material adverse change
clause does not apply.
The facility matures on 28 March 2020, with each lender having the
option to extend the Facility for a further year prior to the second
anniversary of the Facility, if requested by the Company.
27 February 2015
US$3.9 billion syndicated
revolving credit facility,
maturing 27 February 2020.
No drawings have been made against
this facility. The facility supports our
commercial paper programmes and
may be used for general corporate
purposes including acquisitions.
Lenders have the right, but not the obligation, to cancel their
commitments and have outstanding advances repaid no sooner than
30 days after notication of a change of control. This is in addition to
the rights of lenders to cancel their commitment if we commit an event
of default; however, it should be noted that a material adverse change
clause does not apply.
The facility matures on 27 February 2020, with each lender having
the option to (i) extend the Facility for a further year prior to the rst
anniversary of the Facility and should such extension be exercised, to
(ii)extend the Facility for a further year prior to the second anniversary
ofthe Facility, in both cases if requested by the Company.
27 November 2013
£0.5 billion loan facility,
maturing 12 December 2021.
This facility was drawn down in full in
euros, as allowed by the terms of the
facility, on 12 December 2014.
As the syndicated revolving credit facilities with the addition that, should
our UK and Irish operating companies spend less than the equivalent of
£0.9 billion on capital expenditure, we will be required to repay the drawn
amount of the facility that exceeds 50% of the capital expenditure.
Overview Strategy review Performance Governance Financials Additional information Vodafone Group Plc
Annual Report 2015
149