Vodafone 2016 Annual Report Download - page 123
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Overview Strategy review Performance Governance Financials Additional information
Vodafone Group Plc
Annual Report 2016
121
15. Trade and other receivables
Our trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay
to our suppliers in advance. Trade receivables are shown net of an allowance for bad or doubtful debts. Derivative
nancial instruments with a positive market value are reported within this note.
Accounting policies
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable
amounts. Estimated irrecoverable amounts are based on the ageing of the receivable balances and historical experience. Individual trade
receivables are written off when management deems them not to be collectible.
2016 2015
£m £m
Included within non-current assets:
Trade receivables 371 288
Amounts owed by associates and joint ventures 96 85
Other receivables 493 190
Prepayments 130 566
Derivative nancial instruments 3,490 3,736
4,580 4,865
Included within current assets:
Trade receivables 4,401 3,944
Amounts owed by associates and joint ventures 173 133
Other receivables 954 930
Prepayments 1,040 938
Accrued income 1,759 1,839
Derivative nancial instruments 814 269
9,141 8,053
The Group’s trade receivables are stated after allowances for bad and doubtful debts based on management’s assessment of creditworthiness,
an analysis of which is asfollows:
2016 2015 2014
£m £m £m
1 April 802 589 770
Exchange movements 4(60) (67)
Amounts charged to administrative expenses 498 541 347
Other (209) (268) (461)
31 March 1,095 802 589
The carrying amounts of trade and other receivables approximate their fair value and are predominantly non-interest bearing. The fair values of the
derivative nancial instruments are calculated by discounting the future cash ows to net present values using appropriate market interest rates and
foreign currency rates prevailing at 31 March.
2016 2015
£m £m
Included within “Derivative nancial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 2,027 2,378
Cross currency interest rate swaps 236 218
Options 36 –
Foreign exchange contracts 231 33
2,530 2,629
Designated hedge relationships:
Interest rate swaps 384 88
Cross currency interest rate swaps 1,390 1,288
4,304 4,005