Vodafone 2016 Annual Report Download - page 131

Overview Strategy review Performance Governance Financials Additional information
Vodafone Group Plc
Annual Report 2016
129
The present value of minimum lease payments under nance lease arrangements under which the Group has leased certain of its equipment
is included within other liabilities and is analysed as follows:
2016 2015
£m £m
Within one year 12 14
In two to ve years 50 40
In more than ve years 109 85
Interest rate and currency of borrowings is as follows:
Total Floating rate Fixed rate Other
borrowings borrowings borrowings1borrowings2
Currency £m £m £m £m
Sterling 2,789 90 2,575 124
Euro 29,900 11,621 16,849 1,430
US dollar 5,632 5,443 189 –
Other 7,026 2,381 4,645 –
31 March 2016 45,347 19,535 24,258 1,554
Sterling 2,10 8 55 2,046 7
Euro 19,531 4,252 13,972 1,307
US dollar 7,9 62 7, 78 2 180 –
Other 5,457 2,898 2,559 –
31 March 2015 35,058 14,987 18,757 1,314
Notes:
1 The weighted average interest rate for the Group’s sterling denominated xed rate borrowings is 4.6% (2015: 6.3%). The weighted average time for which these rates are xed is 6.4years
(2015: 8.1years). The weighted average interest rate for the Group’s euro denominated xed rate borrowings is 2.7% (2015: 3.4%). The weighted average time for which the rates are xed
is 6.5years (2015: 7.5 years). The weighted average interest rate for the Group’s US dollar denominated xed rate borrowings is 3.6% (2015: 2.8%). The weighted average time for which the rates
are xed is 2.0 years (2015: 3.5 years). The weighted average interest rate for the Group’s other currency xed rate borrowings is 9.4% (2015: 9.6%). The weighted average time for which the
ratesare xed is 6.8 years (2015: 0.6 years).
2 At 31 March 2016 other borrowings of £1,554 million (2015: £1,314 million) include a £1.4 billion (2015: £1.3 billion) liability for payments due to holders of the equity shares in Kabel Deutschland
AG under the terms of a domination and prot and loss transfer agreement.
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 interest rate movements is provided by xing interest rates or reducing oating interest rates using interest rate
swaps or interest rate futures1.
2016 2015
Interest rate
futures
£m
Interest rate
swaps
£m
Interest rate
futures
£m
Interest rate
swaps
£m
Within one year (2,953) 1,696 (2,282) 655
In one to two years 2,700 1,518 1,659 –
In two to three years 1,607 1,429 3,000 –
In three to four years – 5,625 1,687 –
In four to ve years – (1,429) (20) 4,782
In more than ve years2– (2,411) –(5,258)
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 Figures shown as “in more than ve years” relate to the periods from March 2021 to March 2022 (2015: March 2020 to March 2021).