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44 Marks and Spencer Group p.l.c.
Notes to the financial statements
20. Creditors: amounts falling due after more than one year Group Company
2002 2001 2002
£m £m £m
Medium term notes (see note 21B) 1,679.9 598.3 –
Securitised loan notes 317.1 ––
Other creditors1,2 159.3 136.8 –
2,156.3 735.1 –
1Other creditors include £48.4m (last year £49.8m) which is shown in the calculation of the Group’s net debt and is treated as financing
within the cash flow statement.
2Other creditors include £109.6m (last year £84.8m) of non-financial liabilities which have been excluded from the analysis in note 21.
21. Analysis of financial liabilities
A Interest rate and currency analysis
After taking into account the various interest rate and currency swaps entered into by the Group, the currency and
interest rate exposure of the Group’s financial liabilities are set out below. There are no financial liabilities other than
short-term creditors excluded from this analysis. Group
2002 2001
Fixed rate Floating rate Total Fixed rate Floating rate Total
Currency £m £m £m £m £m £m
Sterling 729.6 2,070.512,800.1 100.0 1,236.2 1,336.2
US dollar – 199.2 199.2 – 193.9 193.9
Euro 0.3 – 0.3 – 145.0 145.0
Other 0.7 – 0.7 – 19.3 19.3
730.6 2,269.7 3,000.3 100.0 1,594.4 1,694.4
1This figure includes £276.0m of unredeemed B shares.
The floating rate sterling and US dollar borrowings are linked to interest rates related to LIBOR. These rates are for
periods ranging from one month to six months. The fixed rate sterling borrowings are at a weighted average rate of
6.4% (last year 6.8%) and the weighted average time for which the rate is fixed is 15.2 years (last year 2.3 years).
B Maturity of financial liabilities Group
2002 2001
£m £m
Repayable within one year:
Bank loans, overdrafts and commercial paper 265.4 534.8
Medium term notes 382.7 486.8
Securitised loan notes 2.3 –
B shares 276.0 –
Other creditors 27.3 22.5
953.7 1,044.1
Repayable between one and two years:
Medium term notes 393.7 175.1
Securitised loan notes 2.5 –
Other creditors 18.6 20.5
414.8 195.6
Repayable between two and five years:
Medium term notes 917.8 403.3
Securitised loan notes 9.4 –
Other creditors 28.0 27.0
955.2 430.3
Repayable in five years or more:
Medium term notes2368.4 19.9
Securitised loan notes3305.2 –
Other creditors 3.0 4.5
676.6 24.4
3,000.3 1,694.4
1Financial liabilities include £2.0m (last year £2.2m) of other creditors which is excluded from the reconciliation of net debt in note 30.
2Relates to a fixed rate bond at a rate of 6.375% and is repayable in full on 7 November 2011.
3Relates to three separate bonds. Two are repayable in instalments. The gross amounts before finance costs are £60m and £131m
respectively. The first is a floating rate bond which has been swapped into a fixed rate of 6.34%, amortised on a quarterly basis from
12 March 2002, with final payment due on 12 September 2015. The second is a floating rate bond which has been swapped into a fixed
rate of 6.344%, amortised on a quarterly basis from 12 September 2015, with final payment due on 12 December 2026.
The gross amount of the remaining bond is £140m before finance costs. It relates to a fixed rate bond at a rate of 6.282% and is
repayable in full on 12 December 2026.