BT 2009 Annual Report Download - page 104

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ADDITIONAL INFORMATION FINANCIAL STATEMENTS REPORT OF THE DIRECTORS BUSINESS AND FINANCIAL REVIEWS OVERVIEW
FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
102 BT GROUP PLC ANNUAL REPORT & FORM 20-F
9. Cash and cash equivalents
2009 2008
£m £m
Cash at bank and in hand 562 732
Cash equivalents
Available-for-sale
Listed 78
Loans and receivables
UK deposits 711 671
European deposits 524
US deposits 15 –
Total cash equivalents 738 703
Total cash and cash equivalents 1,300 1,435
Bank overdrafts (185) (261)
Cash and cash equivalents per the cash flow statement 1,115 1,174
The group has cross undertaking guarantee facilities across certain bank accounts which allow a legally enforceable right of set off of the
relevant cash and overdraft balances on bank accounts included within each scheme. Included within overdrafts at 31 March 2009 were
balances of £160m (2008: £256m) which had a legally enforceable right of set off against cash balances of £96m (2008: £112m). These
balances have not been netted above as settlement is not intended to take place simultaneously or on a net basis.
The credit rating of counterparties with which cash equivalents were held is detailed in the table below.
2009 2008
£m £m
Moody’s/S&P credit ratinga
Aaa/AAA 90 40
Aa1/AA+ –30
Aa2/AA 124 447
Aa3/AA– 271 181
A1/A+ 251 3
A2/A 22
Total cash equivalents 738 703
aCash equivalent balances with counterparties have been classified at the lower of their Moody’s and S&P rating.
Cash and cash equivalents are primarily fixed rate financial assets held for periods ranging from one day to three months.
FINANCIAL STATEMENTS