Vodafone 2025 Annual Report

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.

Powered by