210 Vodafone Group Plc Annual Report 2025
Strategic report
Governance
Financials
Other information
3. Debtors
5. Creditors Accounting policies Capital market and bank borrowings
Accounting policies Amounts owed by subsidiaries are classified and recorded at amortised cost and reduced by allowances for expected credit losses. Estimated future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. Derivative financial instruments are measured at fair value through profit and loss. 2025 2024 €m €m Amounts falling due within one year Amounts owed by subsidiaries 1 73,608 65,272 Taxation recoverable 2 156 185 Other debtors 100 4 Derivative financial instruments 148 241 74,012 65,702 Amounts falling due after more than one year Deferred tax – 5 Other debtors 5 8 Derivative financial instruments 4,064 4,012 4,069 4,025 Notes: 1. Amounts owned by subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand with sufficient liquidity in the Group to flow funds if required. The expected credit losses are considered to be immaterial. 2. Primarily relates to amounts owed by Group companies due to Group relief. 4. Other investments Accounting policies Investments are classified and measured at amortised cost using the effective interest rate method, less any impairment. 2025 2024 €m €m Collateral 1,010 766
Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception) and are subsequently measured at amortised cost using the effective interest rate method, except where they are identified as a hedged item in a designated fair value hedge relationship. Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Re-presented 1 2025 2024 €m €m Amounts falling due within one year Bonds 1,529 361 Bank loans 3 – Bank borrowings secured against Indian assets – 1,720 Other borrowings 25 26 Collateral liabilities 2,283 2,622 Accruals and deferred income 2 132 3 Amounts owed to subsidiaries 3 78,828 62,153 Contract liabilities 25 – Derivative financial instruments 123 56 82,948 66,941 Amounts falling due after more than one year Bonds 32,741 38,586 Bank loans 600 2 Deferred tax 93 128 Amounts owed to subsidiaries 4 2,131 1,796 Contract liabilities 268 – Derivative financial instruments 1,908 1,646 37,741 42,158 Notes: 1. On 1 April 2024, the Group adopted amendments to IAS 1 ‘Presentation of Financial statements’ which has impacted the classifi cation of certain bonds between creditors falling due within one year and creditors falling due after more than one year. As a result of the reclassification, comparatives at 31 March 2024, have been re- presented in accordance with IFRS requirements. See note 1 ‘Basis of preparation’ to the consolidated financial statements for more information. 2. Includes €132 million (2024: €nil) payable in relation to the irrevocable and non -discretionary share buyback programme announced in February 2025. 3. Amounts owed to subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand. 4. Amounts payable with a fixed interest rate range of 3.25% and 4% and maturity ranging from 2029 to 2043. Included in total amounts falling due after more than one year are bonds of € 32,741 million (2024 re-presented 1 : €3 8,586 million), of which €2 8,824 million (2024 re-presented 1 : €2 9,979 million) are due in more than five years from 31 March 2025 and are payable otherwise than by instalments. Interest payable on these bonds ranges from 0.5% to 8.0% (2024: 0.375% to 8.0%).
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