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105Experian Annual Report 2008
Introduction
2 – 5
Business review
6 – 37
Governance
38 – 64
Financial statements
Group financial statements
Financial statements
Group financial statements
24. Loans and borrowings (continued)
(b) The carrying amounts of the Group’s loans and borrowings are denominated in the following currencies:
Current Non-current Current Non-current
2008 2008 2007 2007
US$m US$m US$m US$m
US Dollar 29 1,409 1 –
Sterling – 1,392 4 1,348
Brazilian Real 6 10 – –
Euro 4 – 1,020 –
39 2,811 1,025 1,348
(c) A comparison of carrying values and fair values of the Group’s loans and borrowings is as follows:
Carrying Fair Carrying Fair
value value value value
2008 2008 2007 2007
US$m US$m US$m US$m
€548m 4.125% Euronotes 2007 – – 751 751
£350m 6.375% Eurobonds 2009 732 732 721 722
£334m 5.625% Euronotes 2013 660 659 627 630
Bank loans 1,438 1,438 – –
Overdrafts 4 4 273 273
Present value of obligations under finance leases 16 16 1 1
2,850 2,849 2,373 2,377
(d) The minimum lease payments payable under finance leases comprise:
2008 2007
US$m US$m
Not later than one year 7 1
Later than one year and not later than five years 15 –
Total minimum lease payments 22 1
Future finance charges on finance leases (6) –
Present value of finance leases 16 1
The present value of finance leases falls due:
Not later than one year 6 1
Later than one year and not later than five years 10 –
Present value of finance leases 16 1
(e) Borrowing facilities
At 31 March 2008, the Group had undrawn committed borrowing facilities of US$1,121m (2007: US$2,450m) which expire
more than two years after the balance sheet date. These facilities are in place for general corporate purposes, including the
financing of acquisitions.
25. Analysis of net debt (non-GAAP measure)
2008 2007
US$m US$m
Cash and cash equivalents (net of overdrafts) 147 634
Derivatives hedging loans and borrowings (43) (6)
Debt due within one year (29) (729)
Finance leases (16) (1)
Debt due after more than one year (2,758) (1,306)
Net debt at the end of the financial year (2,699) (1,408)