BT 2014 Annual Report Download - page 169
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166 Financial statements
24. Loans and other borrowings continued
The carrying amount of commercial paper, other loans and bank overdrafts equates to fair value due to the short maturity of these items.
The interest rates payable on loans and borrowings disclosed above reect the coupons on the underlying issued loans and borrowings and
not the interest rates achieved through applying associated cross-currency and interest rate swaps in hedge arrangements.
Loans and other borrowings are analysed as follows
At 31 March
2014
£m
2013
£m
Current liabilities
Listed bonds 1,349 566
Finance leases 14 7
Commercial paper 324 769
Other loans and bank overdrafts 186 394
Total current liabilities 1,873 1,736
Non-current liabilities
Listed bonds 7,689 8,010
Finance leases 250 265
Other loans and borrowings 2 2
Total non-current liabilities 7,941 8,277
Total 9,814 10,013
The carrying values disclosed in the above table reect balances at amortised cost adjusted for accrued interest and current fair value
adjustments to the relevant loans or borrowings. These do not reect the nal principal repayments that will arise after taking account of the relevant
derivatives in hedging relationships which are reected in the table below. Apart from nance leases, all borrowings as at 31 March 2014 and 2013
were unsecured.
The principal repayments of loans and borrowings at hedged rates amounted to £9,496m (2012/13 £9,251m) and repayments fall due as follows
At 31 March
2014 2013
Carrying
amount
£m
Eect of
hedging
and
interest
£m
Principal
repayments
at hedged
a rates
£m
Carrying
amount
£m
Eect of
hedging
and
interest
£m
Principal
repayments
at hedged
a rates
£m
Within one year, or on demand 1,873 (183) 1,690 1,736 (264) 1,472
Between one and two years 1,291 (7) 1,284 1,155 9 1,164
Between two and three years 1,353 36 1,389 1,352 (69) 1,283
Between three and four years 1,172 (111) 1,061 693 – 693
Between four and ve years 492 7 499 1,235 (174) 1,061
After ve years 3,572 13,573 3,734 (156) 3,578
Total due for repayment after more than one year 7,880 (74) 7,806 8,169 (390) 7,779
Total repayments 9,753 (257) 9,496 9,905 (654) 9,251
Fair value adjustments for hedged risk 61 108
Total loans and other borrowings 9,814 10,013
a Adjustments for hedging and interest reƮect the impact of the currency element of derivatives and adjust the repayments to exclude interest recognised in the carrying amount.