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45
www.marksandspencer.com
18. ANALYSIS OF FINANCIAL ASSETS
After taking into account the various interest rate swaps entered into by the Group, the currency and interest rate exposure
of the Group’s financial assets is set out below. There are no financial assets other than short-term debtors excluded from
this analysis.
A Interest rate and currency analysis Group
2004 2003
Non-interest Non-interest
Fixed rate Floating rate bearing Total Fixed rate Floating rate bearing Total
Currency £m £m £m £m £m £m £m £m
Sterling 624.2 1,633.9 110.5 2,368.6 144.4 1,641.2 53.8 1,839.4
US dollar – 15.0 3.7 18.7 6.2 18.0 0.4 24.6
Euro – 19.6 6.3 25.9 27.6 30.3 11.5 69.4
Other – 18.5 8.6 27.1 19.5 34.4 0.6 54.5
624.2 1,687.0 129.1 2,440.3 197.7 1,723.9 66.3 1,987.9
The floating rate sterling, US dollar and euro assets are at interest rates linked to LIBID. The non-interest bearing financial
assets are predominantly cash in tills and uncleared deposits.
B Analysis of fixed interest rate Group
2004 2003 2004 2003
Weighted Weighted Weighted average Weighted average
average average period for which period for which
interest rate interest rate rate is fixed rate is fixed
Currency %%Years Years
Sterling 5.6 5.6 2.5 10.1
US dollar –3.8 –9.5
Euro –4.8 –8.9
Other –2.6 –6.6
C Analysis of financial assets Group
2004 2003
£m £m
Current asset investments 325.9 304.0
Cash at bank and in hand 394.7 167.9
Customer advances falling due in more than one year 1,711.6 1,481.6
Fixed asset investments 1.5 20.9
Other amounts receivable after more than one year 6.6 13.5
Financial assets as defined by FRS 13 2,440.3 1,987.9
Customer advances falling due in less than one year 740.8 534.3
Financial assets including short-term customer advances 3,181.1 2,522.2