Vodafone Group Plc Annual Report for the year ended 31 March 2012

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Vodafone Group Plc Annual Report 2012 122 Notes to the consolidated financial statements (continued) 17. Trade and other receivables (continued) 2012 2011 £m £m Included within “Derivative financial instruments”: Fair value through the income statement (held for trading): Interest rate swaps 1,514 1,292 Foreign exchange swaps 128 99 1,642 1,391 Fair value hedges: Interest rate swaps 1,317 654 2,959 2,045 The fair values of these financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest and foreign currency rates prevailing at 31 March. 18. Cash and cash equivalents 2012 2011 £m £m Cash at bank and in hand 2,762 896 Money market funds 3,190 5,015 Repurchase agreements 600 – Other 586 341 Cash and cash equivalents as presented in the statement of financial position 7,138 6,252 Bank overdrafts (50) (47) Cash and cash equivalents as presented in the statement of cash flows 7,088 6,205 Bank balances and money market funds comprise cash held by the Group on a short-term basis with original maturity of three months or less. The carrying amount of cash and cash equivalents approximates their fair value. Repurchase agreements have an original maturity of less than three months and the carrying value approximates the fair value. 19. Called up share capital 2012 2011 Number £m Number £m Ordinary shares of 11 3 ⁄ 7 US cents each allotted, issued and fully paid: 1 1 April 56,811,123,429 4,082 57,809,246,732 4,153 Allotted during the year 3,883,860 – 1,876,697 – Cancelled during the year (3,000,000,000) (216) (1,000,000,000) (71) 31 March 53,815,007,289 3,866 56,811,123,429 4,082 Note: 1 At 31 March 2012 the Group held 4,169,067,107 (2011: 5,233,597,599) treasury shares with a nominal value of £299 million (2011: £376 million). The market value of shares held was £7,179 million (2011: £9,237 million). During the year 166,003,556 (2011: 150,404,079) treasury shares were reissued under Group share option schemes. Allotted during the year Number £m £m Share awards and option scheme awards 1 3,883,860 – 7 Note: 1. Shares allotted during the year were in relation to US share awards and option schemes. 20. Share-based payments The Company currently uses a number of equity settled share plans to grant options and shares to its directors and employees. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: aa 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and aa 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis. Nominal value Net proceeds
Vodafone Group Plc Annual Report 2012 123 Share options Vodafone Group executive plans No share options have been granted to any directors or employees under the Company’s discretionary share option plans in the year ended 31 March 2012. There are options outstanding under the Vodafone Group 1999 Long-Term Stock Incentive Plan and the Vodafone Global Incentive Plan. These options are normally exercisable between three and ten years from the date of grant. The vesting of some of these options is subject to satisfaction of performance conditions. Grants made to US employees are made in respect of ADSs. Vodafone Group Sharesave Plan The Vodafone Group 2008 Sharesave Plan and its predecessor, the Vodafone Group 1998 Sharesave Scheme, enable UK staff to acquire shares in the Company through monthly savings of up to £250 over a three or five year period, at the end of which they also receive a tax free bonus. The savings and bonus may then be used to purchase shares at the option price, which is set at the beginning of the invitation period and usually at a discount of 20% to the then prevailing market price of the Company’s shares. Share plans Vodafone Group executive plans Under the Vodafone Global Incentive Plan awards of shares are granted to directors and certain employees. The release of these shares is conditional upon continued employment and for some awards achievement of certain performance targets measured over a three year period. Vodafone Share Incentive Plan The Vodafone Share Incentive Plan enables UK staff to acquire shares in the Company through monthly purchases of up to £125 per month or 5% of salary, whichever is lower. For each share purchased by the employee, the Company provides a free matching share. Movements in ordinary share options and ADS options outstanding ADS options Ordinary share options 2012 2011 2010 2012 2011 2010 Millions Millions Millions Millions Millions Millions 1 April 1 1 1 171 266 334 Granted during the year – – – 5 4 13 Forfeited during the year – – – (1) (1) (2) Exercised during the year – – – (55) (72) (47) Expired during the year – – – (36) (26) (32) 31 March 1 1 1 84 171 266 Weighted average exercise price: 1 April $14.82 $15.07 $15.37 £1.32 £1.41 £1.41 Granted during the year – – – £1.31 £1.14 £0.94 Forfeited during the year – – – £1.07 £1.10 £1.50 Exercised during the year – – – £1.37 £1.33 £1.11 Expired during the year – – – £1.56 £2.25 £1.67 31 March $15.20 $14.82 $15.07 £1.18 £1.32 £1.41 Summary of options outstanding and exercisable at 31 March 2012 Outstanding Exercisable Weighted Weighted average average Weighted remaining Weighted remaining Outstanding average contractual Exercisable average contractual shares exercise life shares exercise life Millions price Months Millions price Months Vodafone Group savings related and Sharesave Plan: £0.01 – £1.00 9 £0.94 19 – – – £1.01 – £2.00 10 £1.24 33 – – – 19 £1.09 26 – – – Vodafone Group 1999 Long-Term Stock Incentive Plan: £0.01 – £1.00 30 £0.90 3 30 £0.90 3 £1.01 – £2.00 35 £1.45 49 35 £1.45 49 65 £1.20 28 65 £1.20 28 Other share option plans: £1.01 – greater than £3.01 – £2.72 1 – £1.51 1 Vodafone Group 1999 Long-Term Stock Incentive Plan: $10.01 – $30.00 1 $15.20 6 1 $15.20 6 Business review Performance Governance Financials Additional information
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Risk overview Vodafone Group Plc An
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Principal risk factors and uncertai
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Corporate governance Vodafone Group
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Vodafone Group Plc Annual Report for the year ended 31 March 2012

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