Notes to the consolidated financial statements (continued) 196 Vodafone Group Plc Annual Report 2024 2020 22. Capital and financial risk management (continued) Liquidity risk 196 Vodafone Group Plc Annual Report 2024 Strategic report Governance
Financials
Other information
Liquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that any commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2024 amounted to cash €6.2 billion (2023: €11.7 billion) and undrawn committed facilities of €8.0 billion (2023: €8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0 billion (€3.7 billion) and €4.1 billion and which mature in 2028 and 2029 respectively. The Group manages liquidity risk on non-current borrowings by maintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Non- current borrowings mature between 1 and 39 years. The maturity profile of the anticipated future cash flows including interest in relation to the Group’s non-derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows:
Trade payables and other financial liabilities 3
Bank loans
Bonds €m
Lease liabilities
Other 2 Total borrowings
Total €m
Maturity profile 1 Within one year In one to two years In two to three years In three to four years In four to five years In more than five years 31 March 2024 Within one year In one to two years In two to three years In three to four years In four to five years In more than five years
€m
€m
€m
€m
€m
365 140 27 91 161 72 856 767 308 235 110 18 70 128 869 795
2,871 5,860 5,608 2,310
2,603 1,984 1,599 1,461 1,129 2,366 11,142
4,747 247 245 226 422 277 6,164 5,805 6,764 423 259 258 233 599 8,536 8,115
10,586 8,231 7,479 4,088 5,149 43,541 79,074 (22,087) 56,987 16,758 6,302 8,294 7,757 4,325 46,292 89,728 (23,338) 66,390
10,891
21,477 8,359 7,479 4,088 5,149 43,541 90,093 (22,094) 67,999 32,128 6,353 8,294 7,757 4,325 46,292 (23,341)
128
– – – –
3,437 40,826 60,912 (20,169) 40,743
11,019 11,012 15,370
Effect of discount/financing rates
(89)
(1,470) 9,672
(359)
(7)
6,234 3,070 5,725 5,500
3,452 2,574 2,200 1,981 1,810 3,240 15,257 13,364
51
– – – –
2,212 42,325 65,066 (20,950) 44,116
15,421 15,418
105,149 81,808
Effect of discount/financing rates
(74)
(1,893)
(421)
(3)
31 March 2023
Notes: 1 Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause. Where there is a choice of contractual cash flow dates, principally on ‘hybrid bonds’, the expected settlement date is used. 2 Includes spectrum licence payables with maturity profile €153 million (2023: €196 million) within one year, €187 million (2023: €170 million) in one to two years, €187 million (2023: €199 million) in two to three years, €187 million (2023: €199 million) in three to four years, €187 million (2023: €199 million) in four to five years and €276 million (2023: €587 million) in more than five years. Also includes €2,628 million (2023: €4,886 million) in relation to cash received under collateral support agreements shown within 1 year. 3 Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables. The maturity profile of the Group’s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows: 2024 2023 Payable 1 Receivable 1 Total Payable 1 Receivable 1 Total €m €m €m €m €m €m Within one year (7,181) 7,886 705 (17,845) 18,527 682 In one to two years (4,984) 5,466 482 (3,534) 4,055 521 In two to three years (5,496) 5,910 414 (4,028) 4,441 413 In three to four years (2,457) 2,909 452 (2,186) 2,567 381 In four to five years (3,451) 4,020 569 (2,265) 2,681 416 In more than five years (40,415) 46,561 6,146 (38,494) 44,586 6,092 (63,984) 72,752 8,768 (68,352) 76,857 8,505 Effect of discount/financing rates (6,066) (3,803) Financial derivative net receivable 2,702 4,702 Note: 1 Payables and receivables are stated separately in the table above where cash settlement is on a gross basis.
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