Marks and Spencer 2003 Annual Report Download - page 47

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21. Analysis of financial liabilities continued
B Maturity of financial liabilities1Group
2003 2002
£m £m
Repayable within one year:
Bank loans, overdrafts and commercial paper 150.2 265.4
Medium term notes 443.9 382.7
Securitised loan notes 2.5 2.3
B shares (see note 24) 118.2 276.0
Other creditors 31.7 27.3
746.5 953.7
Repayable between one and two years:
Medium term notes 26.6 393.7
Securitised loan notes 5.9 2.5
Other creditors 22.3 18.6
54.8 414.8
Repayable between two and five years:
Medium term notes 915.2 917.8
Securitised loan notes 11.4 9.4
Other creditors 24.3 28.0
950.9 955.2
Repayable in five years or more:
Medium term notes2369.1 368.4
Securitised loan notes3298.4 305.2
Other creditors 4.2 3.0
671.7 676.6
2,423.9 3,000.3
1Financial liabilities include £2.4m (last year £1.2m) of other creditors which is excluded from the reconciliation of net debt in note 29.
2Relates to a fixed rate bond at a rate of 6.375% and is repayable in full on 7 November 2011.
3Relates to three separate bonds securitised against 45 of the Group’s properties. Two are repayable in instalments. The gross amounts before
finance costs are £57.7m and £131m respectively. The first is a floating rate bond which has been swapped into a fixed rate of 6.34%, amortised
on a quarterly basis from 12 March 2002, with final payment due on 12 September 2015. The second is a floating rate bond which has been
swapped into a fixed rate of 6.344%, amortised on a quarterly basis from 12 September 2015, with final payment due on 12 December 2026. The
gross amount of the remaining bond is £140m before finance costs. It relates to a fixed rate bond at a rate of 6.282% and is repayable in full on
12 December 2026.
C Borrowing facilities
At 29 March 2003, the Group had an undrawn committed facility of £385.0m (last year £425.0m) linked to its commercial
paper programme and subject to annual review. The Group also has a number of undrawn uncommitted facilities available
to it. At 29 March 2003 these amounted to £402.2m (last year £376.8m).
22. Provisions for liabilities and charges Group
Post-retirement UK Overseas Deferred
health benefits1restructuring2restructuring3tax4Total
£m £m £m £m £m
At 31 March 2002 25.3 20.1 52.0 106.4 203.8
Provided in the period – 45.4 – 2.9 48.3
Utilised during the period (1.9) (11.5) (12.4) – (25.8)
Credited to the profit and loss account – – – (4.0) (4.0)
Increase due to unwinding of discount 1.6–––1.6
Exchange differences – – 4.5 – 4.5
At 29 March 2003 25.0 54.0 44.1 105.3 228.4
1The £25.0m provision for post-retirement health benefits represents the estimated value of the Group’s subsidy of the Marks & Spencer Health
Insurance Scheme, in so far as it relates to private medical benefits for retired employees and their dependants, for whom the Group meets the
whole, or part, of the cost (see note 10C for further details).
2The provision for UK restructuring costs relates to the costs of restructuring the Group’s UK operations. The majority of these costs are expected
to be incurred during the next financial year with the exception of costs associated with the Early Retirement Plan which are anticipated to be
incurred over the next seven years.
3The provision for Overseas restructuring costs primarily relates to further closure costs in respect of the discontinuation of the Group’s operations
in Continental Europe, the majority of which are expected to be incurred during the next financial year.