Vodafone Group Plc Annual Report 2025 177
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 €m
Carrying value liabilities €m
Opening balance 1 April 2024 €m
(Gain)/loss deferred
Gain/(Loss) recycled to financing costs €m
Closing balance
Euro interest
Nominal amounts €m
Maturity year
to OCI €m
31 March 2025 1 €m
FX rate
rate %
At 31 March 2025
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 Cross currency swaps - US dollar bonds 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
Other comprehensive income
Weighted average
Carrying value assets €m
Carrying value liabilities €m
Opening balance 1 April 2023 €m
(Gain)/loss deferred
Gain/(Loss) recycled to financing costs €m
Closing balance
Euro interest
Nominal amounts €m
Maturity year
to OCI €m
31 March 2024 1 €m
FX rate
rate %
At 31 March 2024
Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps: - US dollar bonds - Australian dollar bonds
16,756 288 624 4,771
2,689
188
(2,709) (21)
1,775
124 15 126
(810) (13) (10) 333
2039 2027 2026 2043 2028 2037 2026 2024
1.18 1.56 1.08 0.86
3.29 1.57 1.57 4.05 1.92 2.47 1.12
–
2 – –
14 (22)
(6)
- Swiss franc bonds - Pound sterling bonds - Hong Kong dollar bonds - Japanese yen bonds - Norwegian krona bonds - Foreign exchange forwards 3
80 45 20
(3) (37) (5) (12) (12) (34) (11)
362
244
233 78 241 287
2
3
–
9.08 128.53 9.15 29.88
– – – –
11 47 42
15 13 (15)
(9) (6)
(6) (5) (42)
7 – –
– –
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
–
– –
11
–
–
–
1,505 24,783
176 3,010
952 (1,892)
(54)
898 345
2026
17.81
2.19
652
1,983
254
Notes: 1. Fair value movement deferred into other comprehensive income includes € 200 million gain (2024: €251 million loss) and €1 million gain (2024: €10 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 €28 million (2024 : €67 million). 3. Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local m arkets. Notional amounts of €nil (2024: €166 million) and $nil (2024: $130 million or €121 million equivalent) with weighted average exchange rates of nil (2024: 29.68) and nil (2024: 30.15) respectively to Turkish lira. 4. Hedge ineffectiveness of swaps designated in a net investment hedge during the period was €nil (202 4 : €nil). The carrying value of bonds includes an additional € 457 million loss (2024 : €7 10 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
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