Vodafone 2015 Annual Report Download - page 149

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:
2015 2014
£m £m
Within one year 14 21
In two to ve years 40 34
In more than ve years 85 69
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 2,10 8 55 2,046 7
Euro 19,531 4,252 13,972 1,307
US dollar 7, 96 2 7,7 82 180 –
Other 5,457 2,898 2,559 –
31 March 2015 35,058 14,987 18,757 1,314
Sterling 2,801 885 1,910 6
Euro 16,225 4,557 10,220 1,448
US dollar 4,537 4,330 207 –
Other 5,638 2,768 1,988 882
31 March 2014 29,201 12,540 14,325 2,336
Notes:
1 The weighted average interest rate for the Group’s sterling denominated xed rate borrowings is 6.3% (2014: 5.7%). The weighted average time for which these rates are xed is 8.1 years
(2014: 2.5 years). The weighted average interest rate for the Group’s euro denominated xed rate borrowings is 3.4% (2014: 4.4%). The weighted average time for which the rates are xed
is 7.5years (2014: 2.6 years). The weighted average interest rate for the Group’s US dollar denominated xed rate borrowings is 2.8% (2014: 2.9%). The weighted average time for which the rates
are xed is 3.5 years (2014: 5.7 years). The weighted average interest rate for the Group’s other currency xed rate borrowings is 9.6% (2014: 10.2%). The weighted average time for which the
ratesare xed is 0.6 years (2014: 1.4 years).
2 At 31 March 2015 other borrowings of £1,314 million (2014: £2,336 million) include a £1.3 billion (2014: £1.4 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 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 futures.
2015 2014 2015 2014
US$1US$1EUR1 EUR1
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 – – – (5,722) (2,282) 655 (3,716) 5,814
In one to two years – – – (5,722) 1,659 – (619) 5,814
In two to three years – – – (5,722) 3,000 – 1,726 5,814
In three to four years – – – (3,744) 1,687 – 4,979 3,806
In four to ve years – – – (2,755) (20) 4,782 103 2,802
In more than ve years2– – – (2,605) –(5,258) –2,207
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 2020 to December 2043 (2014: March 2019 to December 2043).
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Annual Report 2015
147