BT 2011 Annual Report Download - page 130
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127BT GROUP PLC ANNUAL REPORT & FORM 20-F 2011
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
20. Loans and other borrowings continued
As noted on page 126, the principal repayments of loans and borrowings at hedged rates amounted to £9,187m (2010: £11,139m). The
table below reflects the currency risk and interest cash flow and fair value risk associated with these loans and borrowings after the impact
of hedging.
2011 2010
Fixed rate Floating rate Fixed rate Floating rate
interest interest Total interest interest Total
At 31 March £m £m £m £m £m £m
Sterling 7,954 913 8,867 10,110 835 10,945
Euro – 283 283 – 184 184
US Dollar 18 2 20 – 3 3
Other – 17 17 – 7 7
Total 7,972 1,215 9,187 10,110 1,029 11,139
Weighted average effective fixed interest rate
Sterling 7.4% 8.0%
The floating rate loans and borrowings bear interest rates fixed in advance for periods ranging from one day to one year, primarily by
reference to LIBOR and EURIBOR quoted rates.
Obligations under finance leases at the balance sheet date are analysed as follows:
2011 2010 2011 2010
Repayment of outstanding
Minimum lease payments lease obligations
At 31 March £m £m £m £m
Amounts payable under finance leases:
Within one year 19 33 2 16
In the second to fifth years inclusive 128 119 57 48
After five years 513 535 235 240
660 687 294 304
Less: future finance charges (366) (383) – –
Total finance lease obligations 294 304 294 304
Assets held under finance leases mainly consist of buildings and network assets. The group’s obligations under finance leases are secured by
the lessors’ title to the leased assets.
21. Derivative financial instruments
2011 2010
Assets Liabilities Assets Liabilities
At 31 March £m £m £m £m
Cash flow hedges
Interest rate swaps – 265 – 361
Cross currency swaps 622 29 1,571 30
Forward foreign exchange rate contracts 4 6 23 4
626 300 1,594 395
Fair value hedges
Interest rate swaps 42–6
42–6
Derivatives not in a formal hedge relationship
Interest rate swaps 99 267 106 295
Cross currency swaps – – – 1
Forward foreign exchange rate contracts 4 – – 2
103 267 106 298
733 569 1,700 699
For a further description of the group’s derivative financial instruments and hedge designations, see note 29.
OVERVIEWBUSINESS REVIEWFINANCIAL REVIEWREPORT OF THE DIRECTORSFINANCIAL STATEMENTSADDITIONAL INFORMATION