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Interest rate and currency of borrowings
TotalFloating rate Fixed rate Other
borrowings borrowings borrowings1borrowings2
Currency £m £m £m £m
Sterling 2,915 955 1,951 9
Euro 10,810 5,271 5,539 –
US dollar 20,991 8,019 12,866 106
Japanese yen 56 56 – –
Other 6,625 3,835 1,891 899
31 March 2013 41,397 18,136 22,247 1,014
Sterling 2,8389121,926–
Euro 10,6964,408 6,288–
US dollar 14,0854,5219,49569
Japanese yen 23 23 – –
Other 6,9783,489 2,718771
31 March 2012 34,620 13,35320,427840
Notes:
1 The weighted average interest rate for the Group’s sterling denominated xed rate borrowings is 5.7% (2012: 5.7%). The weighted average time for which these rates are xed is 3.5 years (2012: 4.5 years). The weighted
average interest rate for the Group’s euro denominated xed rate borrowings is 4.3% (2012: 4.2%). The weighted average time for which the rates are xed is 2.4 years (2012: 2.8 years). The weighted average interest rate for
the Group’s US dollar denominated xed rate borrowings is 4.3% (2012: 5.1%). The weighted average time for which the rates are xed is 6.3 years (2012: 10.0 years). The weighted average interest rate for the Group’s other
currency xed rate borrowings is 9.6% (2012: 10.1%). The weighted average time for which the rates are xed is 1.5 years (2012: 2.7 years).
2 Other borrowings of £1,014 million (2012: £840 million) include liabilities arising under options over direct and indirect interests in Vodafone India.
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 and US dollar interest rate movements is provided by xing interest rates or reduced by oating interest rates using
interest rate swaps or interest rate futures1.
2013  2012  2013 2012
US$ xing/(oating)2 US$ xing/(oating)2EUR xing/(oating)2 EUR xing/(oating)2
Interest rate
futures
Interest rate
swaps
Interest rate
futures
Interest rate
swaps
Interest rate
futures
Interest rate
swaps
Interest rate
futures
Interest rate
swaps
£m £m £m £m £m £m  £m£m 
Within one year (4,722) 2,073 (4,153) 1,584 1,677 696 2,660514 
In one to two years (823) 1,703 (2,727) 1,894 3,16 4 696 1,858685
In two to three years (1,940) 1,621 1631,894 5,525 696 3,011 685
In three to four years 2,222 148 (865) 1,568 4,254 422 2,584685
In four to ve years 2,632 (247) 2,205(17) 6 ,12 3 105 920171
In more than ve years – (329) – (327) – – – –
Notes:
1 At 31 March 2012 sterling denominated interest rate instruments reduced xed debt in the periods March 2012 to June 2012, December 2013 to March 2014, December 2016 to December 2017, and December 2017
to December 2018 by amounts of £7,289 million, £667 million, £1,050 million and £450 million respectively. At 31 March 2013 there were no equivalent instruments held.
2 Figures shown as “in more than ve years” relate to the periods from March 2018 to December 2021 and March 2017 to December 2019, at March 2013 and March 2012 respectively.
127 Vodafone Group Plc
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