BT 1999 Annual Report Download - page 81

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NOTES TO THE FINANCIAL STATEMENTS
80
22. Loans and other borrowings (continued)
Group Company
))))))))))!!!!0051111!!!0051111
1999 1998 1999 1998
£m £m £m £m
))))))))))!!!!0051111!!!0051111
Repayments fall due as follows:
Within one year, or on demand 947 881 7,250 3,282
Between one and two years 13 459 934 432
Between two and three years 312 0280
Between three and four years 1,190 21,177 1
Between four and five years 559 1,143 557 1,141
After five years 1,621 2,273 1,621 2,272
Total due for repayment after more than one year 3,386 3,889 4,289 4,126
00000000001!!!0051111!!!0051111
Total loans and other borrowings 4,333 4,770 11,539 7,408
00000000001!!!0051111!!!0051111
(a) Average effective interest rates
The average interest rates on page 79 take into account the effect of interest rate swaps. The interest basis of interest rate swap
agreements used, the notional amounts, their average maturities and weighted average interest rates are shown below:
Average Average
interest interest
Notional receivable payable
Average amount rate rate
maturity £m % %
)))))))))%!!!!05111!!!0111!!!0111!!!0111
Pay fixed interest and receive variable interest Over 5 years 1,006 5.3 8.4
Pay variable interest and receive fixed interest Under 5 years 365 9.5 5.6
00000000051!!!05111!!!0111!!!0111!!!0111
The rates of the variable rate portion of the swaps are based on quoted rates. In calculating the average variable rates, the latest
rates agreed with the counterparty on each swap have been used. Changes in interest rates will affect the variable rate
information disclosed above.
(b) Unused committed lines of credit for short-term financing available at 31 March 1999 totalled approximately £150m
(1998 – £786m), which was in support of a commercial paper programme or other borrowings. These lines of credit
are available for up to one year.
Group Company
))))))))))!!!!0051111!!!0051111
1999 1998 1999 1998
23. Other creditors £m £m £m £m
))))))))))!!!!0051111!!!0051111
Trade creditors 2,344 1,971 1,739 1,550
Amounts owed to subsidiary undertakings ––1,261 870
Amounts owed to joint ventures (trading) 22––
Amounts owed to associates (trading) –37 ––
Corporation and windfall taxes 1,230 833 867 589
Other taxation and social security 314 309 323 308
Other creditors 1,133 1,056 926 953
Accrued expenses 445 392 351 302
Deferred income 815 745 742 735
Dividends 799 736 799 736
00000000001!!!0051111!!!0051111
Total other creditors 7,082 6,081 7,008 6,043
00000000001!!!0051111!!!0051111