Vodafone 2015 Annual Report Download - page 152

Committed bank facilities Amounts drawn Terms and conditions
28 July 2008
€0.4 billion loan facility,
maturing 12 August 2015.
This facility was drawn down in full
on12 August 2008.
As the syndicated revolving credit facilities with the addition that,
should our Italian operating company spend less than the equivalent of
€1.5billion on capital expenditure, we will be required to repay the drawn
amount of the facility that exceeds 18% of the capital expenditure.
15 September 2009
€0.4 billion loan facility,
maturing 30 July 2017.
This facility was drawn down in full
on30 July 2010.
As the syndicated revolving credit facilities with the addition that, should
our German operating company spend less than the equivalent of
€0.8billion on VDSL related capital expenditure, we will be required to
repay the drawn amount of the facility that exceeds 50% of the VDSL
capital expenditure.
29 September 2009
US$0.7 billion export
credit agency loan
facility, nalmaturity date
19 September 2018.
This facility is fully drawn down and
isamortising.
As the syndicated revolving credit facilities with the addition that the
Company was permitted to draw down under the facility based upon
eligible spend with Ericsson up until the nal draw down date of 30 June
2011. Quarterly repayments of the drawn balance commenced on
30 June 2012 with a nal maturity date of 19 September 2018.
8 December 2011
€0.4 billion loan facility,
maturing on 5 June 2020.
This facility was drawn down in full
on5 June 2013.
As the syndicated revolving credit facilities with the addition that,
should our Italian operating company spend less than the equivalent of
€1.3billion on capital expenditure, we will be required to repay the drawn
amount of the facility that exceeds 50% of the capital expenditure.
20 December 2011
€0.3 billion loan facility,
maturing 18 September 2019.
This facility was drawn down in full
on18 September 2012.
As the syndicated revolving credit facilities with the addition that,
shouldour Turkish and Romanian operating companies spend less than
the equivalent of €1.3 billion on capital expenditure, we will be required
to repay the drawn amount of the facility that exceeds 50% of the
capitalexpenditure.
4 March 2013
€0.1 billion loan facility,
maturing 4 December 2020.
This facility was drawn down in full
on4 December 2013.
2 December 2014
US$0.85 billion loan facility,
maturing 2 June 2018.
This facility is undrawn and has an
availability period of six months.
As the syndicated revolving credit facilities with the addition that
the expenditure should be spent on projects involving Canadian
domiciledentities.
17 December 2014
€0.35 billion loan facility,
maturing on the seven year
anniversary of the rst drawing.
This facility is undrawn and has an
availability period of 18 months.
The facility is available to nance a
project to upgrade and expand the
mobile network in Germany.
As the syndicated revolving credit facilities with the addition that, should
our German operating company spend less than the equivalent of
€0.7billion on capital expenditure, we will be required to repay the drawn
amount of the facility that exceeds 50% of the capital expenditure.
Furthermore, certain of our subsidiaries are funded by external facilities which are non-recourse to any member of the Group other than the
borrower. These facilities may only be used to fund their operations. At 31 March 2015 Vodafone India had facilities of INR 233 billion (£2.5 billion)
of which INR 233 billion (£2.5 billion) was drawn. Vodafone Egypt had an undrawn revolving credit facility of EGP 4.0 billion (£353 million).
Vodacom had fully drawn facilities of ZAR 1.0 billion (£55 million). Ghana had external facilities of US$143 million (£96 million) and GHS 60 million
(£11.0 million) both of which were fully drawn.
We believe that we have sufcient funding for our expected working capital requirements for at least the next 12 months. Further details regarding
the maturity, currency and interest rates of the Group’s gross borrowings at 31 March 2015 are included in note 21 “Borrowings”.
Dividends from associates and to non-controlling shareholders
Dividends from our associates are generally paid at the discretion of the Board of Directors or shareholders of the individual operating and holding
companies, and we have no rights to receive dividends except where specied within certain of the Group’s shareholders’ agreements. Similarly,
other than ongoing dividend obligations to the KDG minority shareholders should they continue to hold their minority stake, we do not have existing
obligations under shareholders’ agreements to pay dividends to non-controlling interest partners of our subsidiaries or joint ventures.
The amount of dividends received and paid in the year are disclosed in the consolidated statement of cash ows.
Potential cash outows from option agreements and similar arrangements
Under the terms of the sale and purchase agreement governing the disposal of the US Group, including the 45% interest in Verizon Wireless,
the Group retains the responsibility for any tax liabilities of the US Group, excluding those relating to the Verizon Wireless partnership, for periods
up to the completion of the transaction on 21 February 2014.
Off-balance sheet arrangements
We do not have any material off-balance sheet arrangements as dened in item 5.E.2. of the SEC’s Form 20-F. Please refer to notes 29 and 30 for
a discussion of our commitments and contingent liabilities.
Notes to the consolidated nancial statements (continued)
22. Liquidity and capital resources (continued)
Vodafone Group Plc
Annual Report 2015
150