BT 2009 Annual Report Download - page 113

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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
111BT GROUP PLC ANNUAL REPORT & FORM 20-F
FINANCIAL STATEMENTS
16. Loans and other borrowings continued
As noted on page 110, the principal repayments of loans and borrowings at hedged rates amounted to £11,823m (2008: £11,332m). The
table below reflects the currency risk and interest cash flow and fair value risk associated with these loans and borrowings after the impact
of hedging.
2009 2008
Fixed rate Floating rate Fixed rate Floating rate
interest interest Total interest interest Total
£m £m £m £m £m £m
Sterling 10,239 1,373 11,612 9,442 1,718 11,160
Euro – 204 204 – 172 172
US dollar – 2 2–––
Other – 5 5–––
Total 10,239 1,584 11,823 9,442 1,890 11,332
Weighted average effective fixed interest rate
Sterling 8.1% 8.2%
The floating rate loans and borrowings bear interest rates fixed in advance for periods ranging from one day to one year, primarily by
reference to LIBOR and EURIBOR quoted rates.
2009 2008 2009 2008
Repayment of outstanding
Minimum lease payments lease obligations
£m £m £m £m
Amounts payable under finance leases:
Within one year 32 35 14 19
In the second to fifth years inclusive 135 127 66 63
After five years 456 450 252 238
623 612 332 320
Less: future finance charges (291) (292) – –
Total finance lease obligations 332 320 332 320
Assets held under finance leases mainly consist of buildings and network assets. The group’s obligations under finance leases are secured
by the lessors’ title to the leased assets.
17. Derivative financial instruments
2009 2008
Assets Liabilities Assets Liabilities
£m £m £m £m
Interest rate swaps – cash flow hedge – 446 1 207
Other interest rate swaps 107 316 25 239
Cross currency swaps – cash flow hedge 2,541 1 340 605
Cross currency swaps – fair value hedge 18 – – 20
Forward foreign exchange contracts – cash flow hedge 27 1 20 1
Other forward foreign exchange contracts 7 2 1 –
Credit default swaps –1––
2,700 767 387 1,072
Analysed as:
Current 244 340 77 267
Non current 2,456 427 310 805
2,700 767 387 1,072