Aviva 2007 Annual Report Download - page 208
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46 – Pension obligations continued
The change in the pension schemes’ net deficits during 2007 is mainly attributable to favourable changes in assumptions
underlying the present value of the schemes’ liabilities, and further deficit contribution payments to the main UK scheme
made by the employing companies.
47 – Borrowings
Our borrowings are either core structural borrowings, such as subordinated debt, debenture loans and most commercial
paper, or operational borrowings, such as bank loans and financing for securitised mortgage loan notes. This note shows
the carrying values and contractual maturity amounts of each type, and explains their main features and movements
during the year.
(a) Analysis of total borrowings
Total borrowings comprise:
2007 2006
£m £m
Core structural borrowings, at amortised cost 4,311 4,195
Operational borrowings, at amortised cost 3,347 2,842
Operational borrowings, at fair value 5,011 5,100
8,358 7,942
12,669 12,137
Less amounts classified as held for sale (12) –
12,657 12,137
(b) Core structural borrowings
The following table provides information about the carrying amounts and maturity periods of these borrowings.
Borrowings are considered current if the contractual maturity dates are within a year.
2007
Maturity dates of undiscounted cash flows
Carrying Denominated Within Over
value currency 1 year 1-5 years 5-10 years 10-15 years 15 years Total
£m £m £m £m £m £m £m
Subordinated debt
6.125% £700 million
subordinated notes 2036 689£––––700700
5.750% 1800 million
subordinated notes 2021 586 5– – – 588 – 588
5.250% 1650 million
subordinated notes 2023 474 5––––477477
5.700% 1500 million undated
subordinated notes 364 5––––367367
6.125% £800 million undated
subordinated notes 790£––––800800
Floating rate US$300 million
subordinated notes 2017 151 US$ – – 151 – – 151
3,054 – – 151 588 2,344 3,083
Debenture loans
9.5% guaranteed bonds 2016 198 £ – – 200 – – 200
2.5% subordinated perpetual
loan notes 127 5––––360360
Other loans 10 Various – 10 – – – 10
335 – – 10 200 – 360 570
Commercial paper 922 Various 935 ––––935
Total 4,311 935 10 351 588 2,704 4,588
Contractual undiscounted
interest payments 256 834 1,023 869 625 3,607
Total contractual undiscounted
cash flows for core
structural borrowings 1,191 844 1,374 1,457 3,329 8,195
Aviva plc
Annual Report and
Accounts 2007
204
Financial
statements
Notes to the consolidated financial statements continued