Vodafone 2016 Annual Report Download - page 124
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Vodafone Group Plc
Annual Report 2016
122
Notes to the consolidated nancial statements (continued)
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.
2016 2015
£m £m
Included within non-current liabilities:
Other payables 98 86
Accruals 144 161
Deferred income 130 123
Derivative nancial instruments 1,129 894
1,501 1,264
Included within current liabilities:
Trade payables 5,867 5,054
Amounts owed to associates and joint ventures 53 44
Other taxes and social security payable 1,040 1,028
Other payables 760 621
Accruals 6,022 6,408
Deferred income 1,555 1,663
Derivative nancial instruments 435 90
15,732 14,908
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.
2016 2015
£m £m
Included within “Derivative nancial instruments”:
Fair value through the income statement (held for trading):
Interest rate swaps 885 672
Cross currency interest rate swaps 347 229
Options 64 11
Foreign exchange contracts 59 46
1,355 958
Designated hedge relationships
Interest rate swaps 22 10
Cross currency interest rate swaps 187 16
1,564 984