BT 2000 Annual Report Download - page 85

Download and view the complete annual report

Please find page 85 of the 2000 BT annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 129

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129

Notes to the financial statements
84 Annual report and Form 20-F
21. Loans and other borrowings (continued)
(a) Average effective interest rates
The average interest rates on page 83 take into account the e¡ect of interest rate swaps. The interest basis of interest rate swap
agreements used, the notional amounts, their average maturities and weighted average interest rates are shown below:
Average
maturity
Notional
amount
£m
Average
interest
receivable
rate
£m
Average
interest
payable
rate
£m
Pay ®xed interest and receive variable interest Over 5 years 943 5.3 8.2
Pay variable interest and receive ®xed interest Under 5 years 150 9.2 6.0
The rates of the variable rate portion of the swaps are based on quoted rates. In calculating the average variable rates, the latest
rates agreed with the counterparty on each swap have been used. Changes in interest rates will a¡ect the variable rate
information disclosed above.
(b) Debt assumed on acquiring control of Esat on 30 March 2000. No interest relating to these loans is included in the group's
interest payable for the year ended 31 March 2000.
(c) Unused committed lines of credit for short-term ¢nancing available at 31 March 2000 totalled approximately »5,800 million
(1999 --- »150 million), which was in support of a commercial paper programme or other borrowings. These lines of credit are
available for up to one year.
22. Other creditors
Group Company
2000
£m
1999
£m
2000
£m
1999
£m
Trade creditors 2,416 2,344 1,801 1,739
Amounts owed to subsidiary undertakings ±±762 1,261
Amounts owed to joint ventures (trading) 747 2504 ±
Corporation taxes 757 1,230 499 867
Other taxation and social security 377 314 349 323
Other creditors (a) 2,556 1,133 823 926
Accrued expenses 558 445 490 351
Deferred income 963 815 853 742
Dividends 861 799 861 799
Total other creditors 9,235 7,082 6,942 7,008
(a) Group includes Esat purchase consideration of £1,167 million at 31 March 2000.
23. Provisions for liabilities and charges
Deferred
taxation(a)
£m
Pension
provisions
£m
Other
provisions(b)
£m
Total
£m
Group
Balances at 1 April 1999 350 953 88 1,391
Charged (credited) against pro®t for the year 13 167 (11) 169
Acquisitions and disposals (9) ± ± (9)
Utilised in the year ± (491) (4) (495)
Total provisions at 31 March 2000 354 629 73 1,056
Company
Balances at 1 April 1999 134 953 29 1,116
Charged (credited) against pro®t for the year 18 152 (1) 169
Utilised in the year ± (476) (7) (483)
Total provisions at 31 March 2000 152 629 21 802