199 Vodafone Group Plc Annual Report 2024 199
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Vodafone Group Plc Annual Report 2024
The following table represents the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
Other comprehensive income (Gain)/ Gain/(Loss) Loss recycled to
Weighted average
Opening balance
Closing balance
Carrying value
Carrying value
Euro interest rate
Nominal amounts
1 April deferred to
financing 31 March
Maturity year
assets liabilities
2023 €m
OCI €m
costs €m
2024 1 €m
FX rate
At 31 March 2024
€m
€m
€m
%
Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps: - US dollar bonds - Australian dollar bonds
16,756 2,689
188 (2,709) 1,775
124 (810) 2039 (6) (13) 2027
1.18 3.29 1.56 1.57 1.08 1.57 0.86 4.05 9.08 1.92 9.15 1.12
288 624 4,771 233
–
2 – –
(21) (3) (5) (12) (12) (34)
14 (22)
- Swiss franc bonds - Pound sterling bonds - Hong Kong dollar bonds - Japanese yen bonds
80 45 20
15 126
(10) 2026 333 2043 – 2028 (5) 2026
362
(37) 244
2
3
78 241 287
– – –
11 47 42
15 13
(9) (6)
(6) 2037 128.53 2.47
- Norwegian krona bonds - Foreign exchange forwards 3 Cash flow hedges - foreign currency and interest rate risk 2 Cross currency swaps - US dollar bonds Net investment hedge - foreign exchange risk 4 Cross currency and foreign exchange swaps - South African rand investment
(15)
7
(42) 2024 29.88
–
–
–
–
(11)
11
–
–
–
–
–
1,505
176
–
952
(54)
–
898 2026 17.81 2.19
24,783 3,010 652 (1,892) 1,983
254 345
Other comprehensive income (Gain)/ Gain/(Loss) Loss recycled to
Weighted average
Opening balance
Closing balance
Carrying value
Carrying value
Euro interest rate
Nominal amounts
1 April deferred to
financing 31 March
Maturity year
assets liabilities
2022 €m
OCI €m
costs €m
2023 1 €m
FX rate
At 31 March 2023
€m
€m
€m
%
Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps hedging: - US dollar bonds - Australian dollar bonds
17,690 4,456
– (1,484) (2,321) 1,096 (2,709) 2038
1.18 3.14 1.56 1.57 1.08 1.26 0.86 3.15 9.08 1.48 9.15 1.12
288 624 4,195 233
13 58 61 22
– – – –
(5)
31 (43) (17) 6 (9)
(47) (21) 2027 (152) (37) 2044 20 (3) 2026 (5) 2028 5 (32) (12) 2026
- Swiss franc bonds - Pound sterling bonds - Hong Kong dollar bonds - Japanese yen bonds
20 109
152
7 2 3
78 241 383
3 – –
(5) (12) 2037 128.53 2.47
- Norwegian krona bonds - Foreign exchange forwards 3 Cash flow hedges - foreign currency and interest rate risk 2 Cross currency swaps - US dollar bonds Net investment hedge - foreign exchange risk 4 Cross currency and foreign exchange swaps - South African rand investment
34 34
17 34
(69)
1
(34) 2023 18.92
–
417
49
–
(1)
(20)
10
(11) 2023
1.17 1.07
2,004
96
– 1,133
(181)
–
952 2025 18.23 1.83
26,153 4,758 220 (285) (2,503) 896 (1,892)
Notes: 1 Fair value movement deferred into other comprehensive income includes €251 million loss (2023: €383 million loss) and €10 million gain (2023: €17 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively. 2 For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was €67 million (2023: €nil). 3 Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of €166 million (2023: €259 million) and $130 million or €121 million equivalent (2023: $134 million or €124 million equivalent) with weighted average exchange rates of 29.68 (2023: 18.36) and 30.15 (2023: 20.07) respectively to Turkish lira. 4 Hedge ineffectiveness of swaps designated in a net investment hedge during the period was €nil (2023: €nil). The carrying value of bonds includes an additional €710 million loss (2023: €776 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
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