175
Strategic report
Governance
Financials
Other information
Vodafone Group Plc Annual Report 2025
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 € 187 million (2024 : € 153 million) within one year, € 187 million (2024 : € 187 million) in one to two years, € 187 million (2024 : € 187 million) in two to three years, € 187 million (2024 : €1 87 million) in three to four years, € 187 million (2024 : € 187 million) in four to five years and € 89 million (2024 : € 276 million) in more than five years. Also includes € 2,357 million (2024 : € 2,628 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: 2025 2024 Payable 1 Receivable 1 Total Payable 1 Receivable 1 Total €m €m €m €m €m €m Within one year (8,207) 8,792 585 (7,181) 7,886 705 In one to two years (5,780) 6,180 400 (4,984) 5,466 482 In two to three years (2,363) 2,807 444 (5,496) 5,910 414 In three to four years (5,782) 6,326 544 (2,457) 2,909 452 In four to five years (4,174) 4,666 492 (3,451) 4,020 569 In more than five years (47,357) 53,987 6,630 (40,415) 46,561 6,146 (73,663) 82,758 9,095 (63,984) 72,752 8,768 Effect of discount/financing rates (6,804) (6,066) Financial derivative net receivable 2,291 2,702 Note: 1. Payables and receivables are stated separately in the table above where cash settlement is on a gross basis. Market risk Interest rate management Under the Group’s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed rate 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 2025 amounted to cash € 11.0 billion (2024 : € 6.2 billion) and undrawn committed facilities of €8.0 billion (2024 : € 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 20 30 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 61 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 €m
Lease liabilities €m
Total Borrowings €m borrowings
Other 2 €m
Bank loans €m
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 2025 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 2024
223 171
3,626 4,426 2,034 2,628 4,893
2,765 2,081 1,756 1,434
2,969
9,583 6,931 4,542 4,707 6,349
11,719
21,302
253 673 469 422
138
7,069 4,542 4,707 6,349
79
– – – –
176
69
965
769
41,898
3,868
90
46,625
46,625
1,487 59,505 12,869
4,876 78,737
11,857 90,594
(274)
(23,103)
(2,043)
(174)
(25,594)
(8)
(25,602)
1,213 36,402 10,826
4,702 53,143
11,849 64,992
365 140
2,871 5,860 5,608 2,310 3,437
2,603 1,984 1,599 1,461 1,129 2,366
4,747
10,586
10,891
21,477
At 31 March 2025 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury policy.
247 245 226 422 277
8,231 7,479 4,088 5,149
128
8,359 7,479 4,088 5,149
27 91
– – – –
For each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2025 there would be a de crease in profit before tax by € 26 million (2024 : € 13 million increase) including mark to market revaluations of interest rate and other derivatives and the potential interest on cash and short-term investments. There would be no material impact on equity.
161
72
40,826
43,541
43,541
856 60,912 11,142
6,164 79,074
11,019 90,093
At 31 March 2025, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank offered rates (IBORs).
(89)
(20,169)
(1,470) 9,672
(359)
(22,087)
(7)
(22,094)
767 40,743
5,805 56,987
11,012 67,999
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