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Business review Business overview Governance Financial statements
28. Trade and other payables (continued)
(b) Analysis of total trade and other payables by nature
2013
US$m
2012
(Restated)
US$m
Financial instruments 463 465
Items not regarded as financial instruments:
VAT and other equivalent taxes payable 43 41
Social security costs 85 85
Amounts within accruals and deferred income 647 662
Items not regarded as financial instruments 775 788
Total trade and other payables 1,238 1,253
As obligations under employee benefit plans are accounted for under IAS 19, they are now all excluded from financial instruments. At 31 March
2012, an amount of US$72m in respect of such items had previously been classified as a financial instrument. Contractual undiscounted cash
flows in respect of financial instruments are shown in note 34.
29. Borrowings
(a) Analysis of borrowings by carrying amounts
2013 2012
Current
US$m
Non-current
US$m
Current
US$m
Non-current
US$m
£334m 5.625% Euronotes 2013 529 – – 571
US$600m 2.375% notes 2017 – 602 – –
£400m 4.75% Euronotes 2018 – 693 – 709
€500m 4.75% Euronotes 2020 – 729 – 729
Bank loans 100 590 12 170
Bank overdrafts 3–––
Finance lease obligations 3 12 1 –
635 2,626 13 2,179
The effective interest rates for bonds approximate to the coupon rates indicated above. There is no material difference between the carrying
values of the loans and borrowings and their fair values. Other than finance lease obligations, the borrowings are unsecured.
(b) Analysis of borrowings by currency
2013
US$m
2012
(Restated)
US$m
US dollar 2,557 1,657
Sterling 542 392
Euro 46 85
Other 116 58
3,261 2,192
The above analysis takes account of the effect of cross currency swaps and forward foreign exchange contracts, and reflects the manner in
which the Group manages relevant exposures. The analysis presented in 2012 only took account of the effect of cross currency swaps.