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104 Vodafone Group Plc Annual Report 2006
Notes to the Consolidated Financial Statements
continued
24. Borrowings continued
The fair value and carrying value of the Group’s financial liabilities, for short-term borrowings and long-term borrowings, is as follows:
Fair Fair Carrying Carrying
value value value value
2006 2005 2006 2005
£m £m £m £m
Financial liabilities measured at amortised cost:
Bank loans 58 27 58 27
Bank overdrafts 18 43 18 43
Finance lease obligations 711 711
Other liabilities 1,840 1,640 1,840 1,640
Loans in fair value hedge relationships:
1.27% Japanese yen 25bn bond due 2005 –124 –124
1.93% Japanese yen 25bn bond due 2005 –124 –124
6.35% US dollar 200m bond due 2005 –34 –34
0.83% Japanese yen bond due 2006 15 –15 –
5.4% euro400m bond due 2006 281 –293 –
5.75% euro1.5bn bond due 2006 1,063 –1,091 –
7.5% US dollar 400m bond due 2006 126 –126 –
Short-term borrowings 3,408 2,003 3,448 2,003
Financial liabilities measured at amortised cost:
Bank loans 1,414 1,214 1,414 1,214
Redeemable preference shares 902 845 902 845
Finance lease obligations 68 130 68 130
Bonds:
US dollar FRN due June 2007 1,064 –1,064 –
US dollar FRN due December 2007 859 –867 –
Euro FRN due July 2008 873 –875 –
US dollar FRN due June 2011 201 –202 –
5.125% euro 500m bond due 2015 366 375 376 371
5% euro 750m bond due 2018 540 554 544 535
Other liabilities 295 202 295 202
Loans in fair value hedge relationships:
0.83% Japanese yen 3bn bond due 2006 –15 –15
1.78% Japanese yen 25bn bond due 2006 –126 –123
5.4% euro 400m bond due 2006 –284 –296
5.75% euro 1.5bn bond due 2006 –1,080 –1,102
7.5% US dollar 400m bond due 2006 –120 –115
4.161% US dollar 150m bond due 2007 86 79 85 79
2.575% Japanese yen 25bn bond due 2008 –132 –140
3.95% US dollar 500m bond due 2008 281 261 281 260
4.625% euro 250m bond due 2008 178 180 172 175
5.5% euro 400m bond due 2008 34 35 34 34
6.25% sterling 250m bond due 2008 257 258 255 255
6.25% sterling 150m bond due 2008 154 155 145 148
6.65% US dollar 500m bond due 2008 147 141 140 129
4.625% euro 500m bond due 2008 316 359 355 357
4.25% euro 1.4bn bond due 2009 990 1,000 1,008 1,017
4.25% euro 500m bond due 2009 354 357 360 364
4.75% euro 3bn bond due 2009 624 633 593 587
2.0% Japanese yen 25bn bond due 2010 –131 –121
2.28% Japanese yen 25bn bond due 2010 –133 –125
2.50% Japanese yen 25bn bond due 2010 –135 –121
7.75% US dollar 2.75bn bond due 2010 1,702 1,543 1,693 1,600
5.5% US dollar 750m bond due 2011 428 –430 –
3.625% euro 750m bond due 2012 505 –514 –
5.0% US dollar 1bn bond due 2013 549 513 559 528
4.625% sterling 350m bond due 2014 333 –349 –
5.375% US dollar 500m bond due 2015 307 260 274 260
5.375% US dollar 400m bond due 2015 220 208 220 208
5.0% US dollar 750m bond due 2015 419 –415 –
5.75% US dollar 750m bond due 2016 423 –427 –
4.625% US dollar 500m bond due 2018 258 245 260 245
5.625% sterling 250m bond due 2025 254 253 271 258
7.875% US dollar 750m bond due 2030 499 496 542 512
5.9% sterling 450m bond due 2032 477 468 480 454
6.25% US dollar 495m bond due 2032 293 268 281 265
Long-term borrowings 16,670 13,188 16,750 13,190
Fair values are calculated using discounted cash flows with a discount rate based upon forward interest rates available to the Group at the balance sheet date.