BT 2006 Annual Report Download - page 95

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18. LOANS AND OTHER BORROWINGS continued
Minimum lease payments
Repayment of outstanding
lease obligations
2006 2005 2006 2005
£m £m £m £m
Amounts payable under finance leases:
Within one year 361 352 318 301
In the second to fifth years inclusive 391 695 316 587
After five years 430 439 211 212
1,182 1,486 845 1,100
Less: future finance charges (337) (386) ––
Total finance lease obligations 845 1,100 845 1,100
The group’s obligations under finance leases are secured by the lessors’ title to the leased assets.
19. DERIVATIVE FINANCIAL INSTRUMENTS
2006 2005
a
Assets
£m
Liabilities
£m
Assets
£m
Liabilities
£m
Interest rate swaps – cash flow hedge – 405 ––
Other interest rate swaps 49 304 ––
Cross currency swaps – cash flow hedge 20 417 16 592
Cross currency swaps – fair value hedge 12 16 143 254
Forward foreign exchange contracts – cash flow hedge 75––
Other forward foreign exchange contracts – 3 21
Embedded derivatives – options – 2 ––
88 1,152 161 847
Analysed as:
Current 69 332 143 375
Non current 19 820 18 472
88 1,152 161 847
aThe group adopted IAS 32 and IAS 39 from 1 April 2005. The group previously recognised the currency value of derivatives against the hedged financial instrument or within other receivables and
other payables. These recognised amounts have been reclassified in the comparative period as derivative financial instruments. As the balances in the comparative period only reflect the currency
fair value of those instruments they are not directly comparable with those amounts disclosed in the 2006 financial year (see accounting policies).
Details of hedges in which the derivative financial instruments are utilised are disclosed in note 33.
20. TRADE AND OTHER PAYABLES
2006 2005
£m £m
Current
Trade payables 3,466 2,921
Other taxation and social security 521 468
Other creditors 945 1,038
Accrued expenses 488 719
Deferred income 1,120 1,617
6,540 6,763
2006 2005
£m £m
Non current
Other creditors 445 352
Deferred income 40 42
485 394
Non current payables relate to operating lease liabilities and deferred gains on a prior period sale and operating and finance
leaseback transaction.
Notes to the consolidated financial statements BT Group plc Annual Report and Form 20-F 2006 93