Carphone Warehouse 2002 Annual Report Download - page 46

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44 The Carphone Warehouse Group PLC Annual Report 2002
Notes to the financial statements continued
19 Derivatives and other financial instruments (continued)
(ii) Currency exposures
The extent to which Group companies have financial assets or liabilities in currencies other than their own functional currencies is as follows:
2002 2001
Sterling Euro Other Total Sterling Total
£m£m£m£m£m£m
Functional currency of Group operation
Sterling –1.0 0.2 1.2 ––
Euro ––––9.3 9.3
Other 0.1 1.0 –1.1 1.0 1.0
Total 0.1 2.0 0.2 2.3 10.3 10.3
The Group holds no currency swaps or other derivative contracts to hedge expected future currency exposures.
(iii) Maturity of financial liabilities
The maturity profile of the Group’s financial liabilities at 30 March 2002 was as follows:
2002 2001
£m£m
In one year or less (10.6) (10.7)
In more than one year but not more than two years (24.7) (0.2)
Total (35.3) (10.9)
(iv) Borrowing facilities
The Group had undrawn committed borrowing facilities at 30 March 2002, in respect of which all conditions precedent had been met, as follows:
2002 2001
£m£m
Expiring in more than one year but not more than two years 117.8 –
Expiring in more than two years –139.5
Total 117.8 139.5
(v) Fair values
The book and fair values of the Group’s financial assets and liabilities at 30 March 2002 are as follows:
2002 2001
Book Fair Book Fair
value value value value
£m £m £m £m
Financial assets
Cash 20.7 20.7 67.5 67.5
Short-term investments 49.2 49.9 46.4 47.5
Financial liabilities
Loans and overdrafts (35.3) (35.3) (10.9) (10.9)
Interest rate swaps – (0.1) – (0.1)
Forward foreign currency contracts –0.81.5 1.5
Cash, deposits and loans and overdrafts falling due within one year have been included at carrying value; other fair values have been
arrived at by discounting future cashflows, assuming no early redemption, or marking deals to year-end market or rates as appropriate to
the instrument.
(vi) Gains and losses on hedges
At 30 March 2002, the Group had unrecognised net gains of £0.7m (2001 - net loss £0.1m). All these gains are expected to be recognised in the
period ending 29 March 2003.