Vodafone 1997 Annual Report Download - page 18

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Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997
Funding and liquidity
The Group has a strong financial position demonstrated by credit ratings of A-1/P-1 short term and A+/
A2 long term from Standard and Poor's and Moody's respectively. At the year end substantial funds were
available to the Group, including committed bank facilities and two £250m Eurobonds redeemable in
November 2001 and March 2004 which were issued during the year. The funds mature as follows:
Analysis by year of expiry Committed bank facilities Bonds Total
£m £m £m
Less than 1 year 103.0 - 103.0
Between 1-2 years 140.0 - 140.0
Between 2-5 years 596.0 250.0 846.0
More than 5 years - 250.0 250.0
839.0 500.0 1,339.0
The Group has an uncommitted £500m Euro Commercial Paper programme which was activated in May
1996. Additional uncommitted facilities are also available from banks. Any surplus funds are invested
with counterparties who have high credit ratings.
Foreign exchange and interest management
Foreign currency exposures on known future transactions are hedged, including those resulting from
repatriation of overseas dividends and loans. The effects of foreign currency movements on the translation
of the results and net assets of overseas operations are not hedged, although such exposure is partly
reduced by borrowing in foreign currency denominated debt.
http://www.vodafone.com/download/investor/reports/annual97/3/4.htm (1 of 2)29/03/2007 22:35:23