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44 Marks and Spencer Gro up p.l.c.
Notes to the financial statements
19. Creditors: amounts falling due within one year Group Company
2003 2002 2003 2002
£m £m £m £m
Bank loans, overdrafts and commercial paper 150.2 265.4 ––
Medium term notes (see note 21B) 443.9 382.7 ––
Securitised loan notes 2.5 2.3 ––
Trade creditors 201.6 199.6 ––
Amounts owed to Group undertakings ––2,099.0 1,724.4
Taxation 96.9 115.9 ––
Social security and other taxes 30.5 31.7 ––
Other creditors1367.1 340.9 0.4 –
Accruals and deferred income 238.8 278.6 ––
Proposed final dividend 147.4 133.7 147.4 133.7
1,678.9 1,750.8 2,246.8 1,858.1
1Other creditors include £31.7m (last year £27.3m) which is shown in the calculation of the Group’s net debt and is treated as financing within the
cash flow statement.
20. Creditors: amounts falling due after more than one year Group Company
2003 2002 2003 2002
£m £m £m £m
Medium term notes (see note 21B) 1,310.9 1,679.9 ––
Securitised loan notes 315.7 317.1 ––
Other creditors1,2 183.4 159.3 ––
1,810.0 2,156.3 ––
1Other creditors include £48.4m (last year £48.4m) which is shown in the calculation of the Group’s net debt and is treated as financing within the
cash flow statement.
2Other creditors include £132.6m (last year £109.7m) of non-financial liabilities which have been excluded from the analysis in note 21.
21. Analysis of financial liabilities
A Interest rate and currency analysis
After taking into account the various interest rate and currency swaps entered into by the Group, the currency and interest
rate exposure of the Group’s financial liabilities are set out below. There are no financial liabilities other than short-term
creditors excluded from this analysis. Group
2003 2002
Fixed rate Floating rate Total Fixed rate Floating rate Total
Currency £m £m £m £m £m £m
Sterling1780.9 1,633.3 2,414.2 729.6 2,070.5 2,800.1
US dollar – 9.5 9.5 – 199.2 199.2
Euro – 0.2 0.2 0.3 – 0.3
Other –––0.7 – 0.7
780.9 1,643.0 2,423.9 730.6 2,269.7 3,000.3
1Included within floating rate liabilities are £118.2m (last year £276.0m) of unredeemed B Shares.
The floating rate sterling and US dollar borrowings are linked to interest rates related to LIBOR. These rates are for periods
ranging from one month to six months. The fixed rate sterling borrowings are at a weighted average rate of 6.2%
(last year 6.4%) and the weighted average time for which the rate is fixed is 13.2 years (last year 15.2 years).