Marks and Spencer 2001 Annual Report Download - page 42

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42 Marks and Spencer p.l.c.
30. Commitments and contingent liabilities The Group The Company
2001 2000 2001 2000
£m £m £m £m
ACommitments in respect of properties in the course of development 54.6 103.9 44.8 101.1
BGuarantees by the Company in respect of debt instruments issued
by subsidiaries ––1,716.6 1,780.8
CGuarantees made in the ordinary course of business on behalf of
overseas subsidiaries ––121.3 129.2
DMarks and Spencer (Ireland) Limited and its subsidiary Aprell Limited have availed themselves of the exemption provided
for in S17 of the Companies (Amendment) Act 1986 (Ireland) in respect of the documents required to be annexed to their
annual returns.
EOther material contracts:
In the event of a material change in the trading arrangements with certain warehouse operators, the Company has a
commitment to purchase fixed assets, at values ranging from historical net book value to market value, which are currently
owned and operated by them on the Company’s behalf.
FCommitments under operating leases:
At 31 March 2001 annual commitments under operating leases were as follows:
The Group The Company
Land & Land &
buildings Other buildings Other
£m £m £m £m
Expiring within one year 4.5 1.4 0.7 1.2
Expiring in the second to fifth years inclusive 29.2 1.8 2.1 1.2
Expiring in more than five years 87.4 – 44.5 –
121.1 3.2 47.3 2.4
31. Foreign exchange rates
The principal foreign exchange rates used in the financial statements are as follows (local currency equivalent of £1):
Sales Average Rate Profit Average Rate Balance Sheet Rate
2001 2000 2001 2000 2001 2000
Euro11.63 –1.62 –1.62 1.67
US dollar 1.48 1.62 1.47 1.61 1.43 1.60
Hong Kong dollar 11.54 12.57 11.59 12.51 11.11 12.43
Japanese yen 163.67 177.16 163.54 175.88 178.50 163.91
1Prior year sales and profits were translated using exchange rates for legacy currencies and a weighted average exchange rate for the Euro has therefore not
been calculated.
32. Related party transactions
There were no material transactions with related parties as defined by FRS8, ‘Related Party Transactions’.
Notes to the financial statements