BT 2013 Annual Report Download - page 151

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Financial statements
149
Financial statements
24. Loans and other borrowings continued
The currency exposure on our borrowings is managed through the use of cross-currency and interest rate swaps and results in predominantly
sterling fixed rate borrowings. The table below reflects the currency interest rate and fair value risk associated with these loans and borrowings after
the impact of hedging.
2013 2012
Fixed rate Floating rate Fixed rate Floating rate
interest interest Total interest interest Total
At 31 March £m £m £m £m £m £m
Sterling 7,083 1,695 8,778 7,948 1,522 9,470
Euro – 467 467 – 447 447
US Dollar 6 –6617
Other ––––11
Total 7,089 2,162 9,251 7,954 1,971 9,925
Ratio of fixed to floating 77% 23% 100% 80% 20% 100%
Weighted average effective fixed interest rate – Sterling 7.1% 7.3%
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.
Obligations under finance leases are analysed as follows:
2013 2012 2013 2012
Repayment of
outstanding
Minimum lease payments lease obligations
At 31 March £m £m £m £m
Amounts payable under finance leases:
Within one year 23 37 7 15
In the second to fifth years inclusive 109 102 47 34
After five years 342 484 218 236
474 623 272 285
Less: future finance charges (202) (338) – –
Total finance lease obligations 272 285 272 285
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.