Vodafone 2002 Annual Report Download - page 105

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Notes to the Consolidated Financial Statements Vodafone Group Plc 103Annual Report & Accounts and Form 20-F
Borrowing facilities
At 31 March 2002, the Group’s most significant committed borrowing facilities comprised a $13.7 billion (£9,621m, 2001: £10,234m) bank facility,
which expires in one year or less, and a ¥225 billion (£1,192m, 2001: £Nil) term credit facility, which expires in more than two years but not more than five
years. Both facilities were undrawn at 31 March 2002.
Under the terms and conditions of the $13.7 billion bank facility, lenders would have the right, but not the obligation, to cancel their commitment and have
outstanding advances repaid 30 days after a change of control of the Company. The facility agreement provides for certain structural changes that do not
affect the obligations of the Company to be specifically excluded from the definition of a change of control. This is in addition to the rights of lenders to
cancel their commitment if the Company has committed an event of default. Substantially the same terms and conditions apply in the case of J-Phone
Finance Co., Ltd’s ¥225 billion term credit facility, although the change of control provision is applicable to any guarantor of borrowings under the term credit
facility. As of 31 March 2002, the Company was the sole guarantor.
In addition to the above, certain of the Group’s subsidiaries had committed facilities at 31 March 2002 of £1,973m in aggregate, of which £134m was
undrawn. Of the total committed facilities, £468m expires in less than one year, £1,467m expires between two and five years, and £38m expires in more
than five years.
Interest rate and currency of financial liabilities
After taking into account the various interest rate and currency swaps entered into by the Group, the currency and interest rate exposure of the financial
liabilities of the Group was:
Fixed rate financial liabilities Non-interest
bearing
Weighted financial
average liabilities –
Floating Fixed Non-interest Weighted time weighted
rate rate bearing average for which average
financial financial financial interest rate is period until
Total liabilities liabilities liabilities rate fixed maturity
Currency £m £m £m £m % Years Years
At 31 March 2002:
Sterling 675 675 –––––
Euro 7,249 4,159 3,090 –3.9 1.0 –
US dollar 1,118 – 1,118 – 3.8 0.9 –
Japanese yen 3,791 2,649 1,106 36 2.6 1.2 2.6
Other 1,106 1,106 –––––
Gross financial liabilities 13,939 8,589 5,314 36 3.6 1.0 2.6
At 31 March 2001:
Sterling 1,994 1,496 498 –7.7 1.8 –
Euro 5,819 1,076 4,743 –5.1 5.8 –
US dollar 5,368 567 4,801 –7.5 8.7 –
Japanese yen 337 –337 –0.5 1.0 –
Other 872 865 – 7 ––2.2
Gross financial liabilities 14,390 4,004 10,379 7 6.2 6.8 2.2
Interest on floating rate borrowings is based on national LIBOR equivalents or government bond rates in the relevant currencies.