Experian 2015 Annual Report Download - page 149

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Notes to the Group financial statements
for the year ended 31 March 2015 continued
26. Borrowings
(a) Analysis by carrying amounts and fair value
Carrying amounts Fair value
2015
US$m
2014
US$m
2015
US$m
2014
US$m
Current:
Bank loans 100 –100 –
Commercial paper 40 576 40 576
Bank overdrafts 24 24
Finance lease obligations 44 44
146 584 146 584
Non-current:
US$600m 2.375% notes 2017 601 599 608 610
£400m 4.75% Euronotes 2018 647 718 657 735
€500m 4.75% Euronotes 2020 617 775 640 800
£400m 3.50% Euronotes 2021 608 661 635 669
Bank loans 669 816 669 816
Finance lease obligations 47 47
3,146 3,576 3,213 3,637
Total borrowings 3,292 4,160 3,359 4,221
The effective interest rates for bonds approximate to the coupon rates indicated above. Other than finance lease obligations, the
borrowings are unsecured. Further information on the methodology used in determining fair values is given in note 29.
(b) Analysis by maturity
2015
US$m
2014
US$m
Less than one year 146 584
One to two years 672 105
Two to three years 602 717
Three to four years 647 599
Four to five years 617 718
Over five years 608 1,437
3,292 4,160
(c) Analysis by currency
2015
US$m
2014
US$m
US dollar 2,530 3,432
Sterling 620 662
Euro 83 23
Other 59 43
3,292 4,160
The above analysis takes account of the effect of cross currency swaps and forward foreign exchange contracts and reflects the way in
which the Group manages relevant exposures.
148 •Financial statements Notes to the Group nancial statements