Carphone Warehouse 2009 Annual Report Download - page 79

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www.cpwplc.com 75
Financial Statements
Debt maturity profile:
The maturity of the Group’s borrowings is as follows:
2009 2008
£m £m
Less than 1 year 33 39
2 to 3 years – 278
3 to 4 years 425 381
4 to 5 years – 235
Total 458 933
Currency profile of borrowings:
The currency prole of the Group’s borrowings is as follows:
2009 2008
Swiss Swiss
Sterling Euro Franc Other Total Sterling Euro Franc Other Total
By instrument £m £m £m £m £m £m £m £m £m £m
Bank loans and overdrafts 458 – – – 458 321 230 381 1 933
Fair value of financial liabilities:
The book value and fair value of the Group’s loans and other borrowings are as follow:
2009 2008
Book value Fair value Book value Fair value
£m £m £m £m
Bank overdrafts 33 33 20 20
Other uncommitted bank loans – – 19 19
Committed bank loans 425 425 894 894
Total 458 458 933 933
Securities and guarantees:
None of the borrowings are secured over Group assets. Although some guarantees are given by Group companies, these
guarantees are to cover commercial obligations and, as such, create no additional credit risk.
Functional currency:
At the end of the year, all of the Group’s subsidiaries prepared accounts in either Sterling or Euro, further to the change in the
functional currency of the Group’s brand company detailed notes 4 and 22 and the disposal of the Group’s South African
subsidiary. Prior to the disposal of Best Buy Europe, the Group also had subsidiaries that prepared accounts in Swiss Francs
and Swedish Krona.
22 Financial risk management and derivative financial instruments
The book value and fair value of the Group’s nancial assets, liabilities and derivative nancial instruments, excluding the
Group’s loans and other borrowings shown above, are as follows:
2009 2008
Book value Fair value Book value Fair value
£m £m £m £m
Cash and cash equivalents 6 6 88 88
Trade and other receivables 140 140 813 813
Loans to joint ventures 293 293 – –
Non-current asset investments 1 1 5 5
Available-for-sale investments – – 2 2
Forward currency contracts – fair value hedges – – (3) (3)
Forward currency contracts – cash ow hedges – – (1) (1)
Trade and other payables (267) (267) (1,088) (1,088)
The fair value of available-for-sale investments at 29 March 2008 was provided by third-party fund managers. Other fair values
have been arrived at by discounting future cash ows, assuming no early redemption, or by revaluing forward currency contracts
to year-end market rates or rates as appropriate to the instrument.