Aviva 2009 Annual Report Download - page 240
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238
Aviva plc Notes to the consolidated financial statements continued
Annual Report and Accounts 2009
48 – 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:
2009 2008 2007
£m £m £m
Core structural borrowings, at amortised cost 5,489 5,525 4,311
Operational borrowings, at amortised cost 4,404 4,233 3,347
Operational borrowings, at fair value 5,107 5,443 5,011
9,511 9,676 8,358
15,000 15,201 12,669
Less amounts classified as held for sale — — (12)
15,000 15,201 12,657
(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.
Maturity dates of undiscounted cash flows
Carrying
value
£m
Denominated
currency
£m
Subordinated debt
6.125% £700 million subordinated notes 2036 690 £
5.750% €800 million subordinated notes 2021 710 €
5.250% €650 million subordinated notes 2023 539 €
5.700% €500 million undated subordinated notes 441 €
6.125% £800 million undated subordinated notes 791 £
Floating rate US$300 million subordinated notes 2017 186 US$
6.875% £400 million subordinated notes 2058 395 £
6.875% £200 million subordinated notes 2058 199 £
6.875% €500 million subordinated notes 2038 442 €
10.6726% £200 million subordinated notes 2019 200 £
10.464% €50 million subordinated notes 2019 44 €
4,637
Debenture loans
9.5% guaranteed bonds 2016 199 £
2.5% subordinated perpetual loan notes 157 €
Other loans 13 Various
369
Commercial paper 483 Various
Total
Contractual undiscounted interest payments
Total contractual undiscounted cash flows for core
structural borrowings
Within 1
year
£m
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
483
344
1–5
years
£m
—
—
—
—
—
—
—
—
—
—
—
—
—
—
13
13
—
1,455
5–10
years
£m
—
—
—
—
—
186
—
—
444
200
44
874
200
—
—
200
—
1,736
10–15
years
£m
—
711
578
—
—
—
—
—
—
—
—
1,289
—
—
—
—
—
1,440
Over 15
years
£m
Total
£m
700 700
— 711
— 578
444 444
800 800
— 186
400 400
200 200
— 444
— 200
— 44
2,544 4,707
— 200
441 441
— 13
441 654
— 483
2,340 7,315
5,489 483 13 1,074 1,289 2,985 5,844
827 1,468 2,810 2,729 5,325 13,159
2009