187 Vodafone Group Plc Annual Report 2026
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22. Capital and financial risk management (continued) Liquidity risk
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 €215 million (2025: €187 million) within one year, €215 million (2025: €187 million) in one to two years, €215 million (2025: €187 million) in two to three years, €215 million (2025: €187 million) in three to four years, €89 million (2025: €187 million) in four to five years and €60 million (2025: €89 million) in more than five years. Also includes €1,644 million (2025: €2,357 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: 2026 2025 Payable 1 Receivable 1 Total Payable 1 Receivable 1 Total €m €m €m €m €m €m Within one year (9,341) 9,866 525 (8,207) 8,792 585 In one to two years (2,924) 3,266 342 (5,780) 6,180 400 In two to three years (3,001) 3,425 424 (2,363) 2,807 444 In three to four years (4,056) 4,343 287 (5,782) 6,326 544 In four to five years (2,168) 2,483 315 (4,174) 4,666 492 In more than five years (46,662) 50,331 3,669 (47,357) 53,987 6,630 (68,152) 73,714 5,562 (73,663) 82,758 9,095 Effect of discount/financing rates (4,399) (6,804) Financial derivative net receivable 1,163 2,291 Note: 1. Payables and receivables are stated separately in the table above where cash settlement is on a gross basis.
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 2026 amounted to cash €9.0 billion (2025: €11.0 billion) and undrawn committed facilities of €7.6 billion (2025: €8.0 billion), principally US dollar and euro revolving credit facilities of US$4.0 billion (€3.5 billion) and €4.1 billion and which mature in 2028 and 2031 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 60 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
Lease liabilities
Total borrowings Other 2 Borrowings
Bank loans
Bonds €m
Total €m
Maturity profile 1 Within one year One to two years Two to three years Three to four years Four to five years More than five years Effect of discount / financing rates 31 March 2026 Within one year One to two years Two to three years Three to four years Four to five years More than five years Effect of discount / financing rates 31 March 2025
€m
€m
€m
€m
€m
175 175 394 62 75
3,003 2,047 2,444 5,559 4,490
3,241 2,546 1,972 1,441 1,269 4,265
2,609 1,005 729 481 255
9,028 5,773 5,539 7,543 6,089
13,089 22,117
469
6,242 5,539 7,543 6,089
– – –
766 36,386
247 41,664 5,326 75,636 (289) (23,000) 5,037 52,636
– 41,664 13,558 89,194 (26) (23,026) 13,532 66,168 11,719 21,302
1,647 53,929 14,734 (264) (20,101) (2,346) 1,383 33,828 12,388
223 171 79 176 69
3,626 4,426 2,034 2,628 4,893
2,765 2,081 1,756 1,434 965 3,868
2,969 253 673 469 422
9,583 6,931 4,542 4,707 6,349
138
7,069 4,542 4,707 6,349
– – –
769 41,898
90 46,625 4,876 78,737 (174) (25,594) 4,702 53,143
– 46,625 11,857 90,594 (8) (25,602) 11,849 64,992
1,487 59,505 12,869 (274) (23,103) (2,043) 1,213 36,402 10,826
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