BT 2015 Annual Report Download - page 186

184 BT Group plc
Annual Report 2015
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Net debt
et debt consists of loans and other borrowins both current and non-current less current asset investents and cash and cash euivalents.
Loansand other borrowings are measured at the net proceeds raised, adjusted to amortise any discount over the term of the debt. For the
purpose of this measure, current asset investments and cash and cash equivalents are measured at the lower of cost and net realisable value.
Currency denominated balances within net debt are translated to Sterling at swapped rates where hedged. Net debt is considered to be an
alternative perforance easure as it is not defined in . he ost directl coparable  easure is the areate of loans and other
borrowins currentand non-current), current asset investments and cash and cash equivalents.
A reconciliation from this measure, the most directly comparable IFRS measure, to net debt is given below.
At 31 March
2015
£m
2014
£m
Loans and other borrowings 9,768 9,814
Less:
Cash and cash equivalents  9
Current asset investments  1
5,811 7,345
Adjustments:
To retranslate debt balances at swap rates where hedged by currency swaps  
o reove accrued interest applied to reect the eective interest ethod and fair value adustents  9
Net debt  
At 31 March
2015
£m
2014
£m
5.25% €750m bond due June 2014a– 645
6.125% €600m bond due July 2014DE – 518
2.00% US$750m bond due June 2015a508 452
6.50% €1,000m bond due July 2015a758 867
1.625% US$600m bond due June 2016a406 361
.0  bond due eceber 01 iniu .0d) 695 699
1.25% US$500m bond due February 2017a337 300
6.625% £500m bond due June 2017a525 526
5.95% US$1,100m bond due January 2018a750 668
2.35% US$800m bond due February 2019a541 481
1.125% €1,000m bond due June 2019a730 –
8.625% £300m bond due March 2020 299 299
3.50% £250m index linked bond due April 2025 392 382
5.75% £600m bond due December 2028c751 670
9.625% US$2,670m bond due December 2030a iniu .d) 1,850 1,648
6.375% £500m bond due June 2037a522 522
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Finance leases 238 264
Commercial papere– 324
Other loans 439 177
an overdrafts note  27 11
7RWDORWKHUORDQVDQGERUURZLQJV 466 512
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Unless designated in a fair value hedge relationship, all loans and other borrowings are carried in the group balance sheet and the table above at
aortised cost. he fair value of listed bonds is 10919 011 109 and the fair value of finance leases is  011 .
The fair value of the group’s bonds and other long-term borrowings is estimated on the basis of quoted market prices, based on the same or similar
issues where the eist. here the sae or siilar issues do not eist the fair value is estiated based on the calculation of future cash ows usin
blended discount rates in eect at the balance sheet date.