190 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
Financials
Other information
22. Capital and financial risk management (continued) The table below shows the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
Other comprehensive income
Weighted average
Carrying value assets
Carrying value liabilities
Opening balance 1 April 2025
(Gain)/loss deferred
Gain/(Loss) recycled to
Closing balance
Euro interest rate
Nominal amounts
Maturity year
to OCI financing costs 31 March 2026 1
FX rate
At 31 March 2026
€m
€m
€m
€m
€m
€m
€m
%
Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps: - US dollar bonds - Australian dollar bonds
13,964 163 204 3,154
1,230
324
(1,061)
974
(860)
(947)
2044 2027 2030 2044 2028 2037
1.15 1.56 1.08 0.85
3.69 1.58 1.53 4.43 1.62 2.47
– – 46 10
8 – – – –
(1) (9) (1) (3)
(1) (8)
2 5
–
- Swiss franc bonds - Pound sterling bonds - Hong Kong dollar bonds - Japanese yen bonds - Norwegian krona bonds - Foreign exchange forwards 3
(12)
284
489
114 10 10
(461) (15)
142
199 78
(6)
9.14 128.53
– – –
24
(7) (1)
– – 6
– –
– –
1 6
– –
– –
– –
–
Cash flow hedges - foreign currency and interest rate risk 2 Net investment hedge - foreign exchange risk 4 Cross currency and foreign exchange swaps - South African rand investment
1,024 18,786
89
–
994 408
17
–
1,011 194
2027
17.86
2.53
1,375
640
1,123
(1,337) Gain/(Loss) recycled to
Other comprehensive income
Weighted average
Carrying value assets
Carrying value liabilities
Opening balance 1 April 2024
(Gain)/loss deferred
Closing balance
Euro interest rate
Nominal amounts
Maturity year
to OCI financing costs 31 March 2025 1
FX rate
At 31 March 2025
€m
€m
€m
€m
€m
€m
€m
%
Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps: - US dollar bonds - Australian dollar bonds
16,097 163 204 4,642
2,245
138 11 444 – – 14
(810) (13) (10) 333
(307) 14 (23) 86 (4)
56 24 70
(1,061)
2044 2027 2030 2043 2028 2037 2025
1.15 1.56 1.08 0.86
3.51 1.58 1.53 3.84 1.62 2.47 0.37
–
(2)
(1) (9) (1) (3)
- Swiss franc bonds - Pound sterling bonds - Hong Kong dollar bonds - Japanese yen bonds - Norwegian krona bonds - Foreign exchange forwards 3
37 58 20
489
216 78 25
–
3 1 2
9.14 128.53 9.25
– – –
(6) (5) (42)
2 3
4 –
– –
–
(1)
43
–
–
–
Cash flow hedges - foreign currency and interest rate risk 2 Net investment hedge - foreign exchange risk 4 Cross currency and foreign exchange swaps - South African rand investment
1,203 22,628
124 2,484
–
898 345
96
–
994 408
2026
17.62
2.76
611
(134)
197
Notes: 1. Fair value movement deferred into other comprehensive income includes €55 million loss (2025: €200 million gain) and €1 million loss (2025: €1 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively. 2. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was €19 million (2025: €28 million). 3. Hedge ineffectiveness of swaps designated in a net investment hedge during the period was €nil (2025: €nil). The carrying value of bonds includes an additional €382 million loss (2025: €457 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
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