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82 Marks and Spencer Group plc
Notes to the financial statements continued
23 FINANCIAL INSTRUMENTS – DISCLOSURES IN RESPECT OF COMPARATIVES
The Group has taken advantage of the exemption permitted under IFRS 1 not to retrospectively apply IAS 32 and 39. In accordance
with IFRS 1 the disclosures in respect of the comparative period are presented in this note in accordance with FRS 13 –
‘Financial Instruments’.
A Financial assets
After taking into account the various interest rate swaps entered into by the Group, the currency and interest rate exposure of the
Group’s financial assets is set out below. There are no financial assets other than short-term debtors excluded from this analysis:
2005
Floating Non-interest
Fixed rate rate bearing Total
Currency £m £m £m £m
Sterling 38.8 118.5 74.5 231.8
US dollar – 12.9 7.2 20.1
Euro – 5.2 12.3 17.5
Other – 9.3 5.4 14.7
38.8 145.9 99.4 284.1
The floating rate sterling, US dollar and euro assets are at interest rates linked to LIBID. The non-interest bearing financial assets are
predominantly cash in tills and uncleared deposits.
The weighted average interest rate of fixed interest assets, which were all denominated in sterling, was 4.8%. These assets were
fixed for a weighed average period of 0.3 years.
Financial assets are analysed as follows:
2005
£m
Current asset investments 67.0
Cash at bank and in hand 212.6
Fixed asset investments 0.3
Other amounts receivable after more than one year 4.2
Financial assets as defined by FRS 13 284.1
B Financial liabilities
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 is as set out below. There are no financial liabilities other than short-term creditors
excluded from this analysis:
2005
Fixed rate Floating rate Total
Currency £m £m £m
Sterling11,086.7 1,349.1 2,435.8
US dollar – 8.3 8.3
Euro – 0.2 0.2
1,086.7 1,357.6 2,444.3
1Included within floating rate liabilities is £65.7m of unredeemed B shares.