Marks and Spencer 2004 Annual Report Download - page 49

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47
www.marksandspencer.com
21. ANALYSIS OF FINANCIAL LIABILITIES continued
B Maturity of financial liabilities1Group
2004 2003
£m £m
Repayable within one year:
Bank loans, overdrafts and commercial paper 126.0 150.2
Medium term notes 216.5 443.9
Securitised loan notes 2.7 2.5
B shares (see note 24) 84.9 118.2
Other creditors 32.6 31.7
462.7 746.5
Repayable between one and two years:
Medium term notes 309.8 26.6
Securitised loan notes 3.2 5.9
Other creditors 22.3 22.3
335.3 54.8
Repayable between two and five years:
Medium term notes 903.4 915.2
Securitised loan notes 11.4 11.4
Other creditors 21.9 24.3
936.7 950.9
Repayable in five years or more:
Medium term notes2766.8 369.1
Securitised loan notes3298.7 298.4
Other creditors –4.2
1,065.5 671.7
2,800.2 2,423.9
1Financial liabilities include £nil (last year £2.4m) of other creditors which are excluded from the reconciliation of net debt in note 29.
2Relates to two fixed rate bonds at rates of 6.375% repayable on 7 November 2011 and 5.625% repayable on 24 March 2014.
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 £54.6m 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 3 April 2004, the Group had undrawn committed facilities of £405m (last year £385m) 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 3 April 2004, these amounted to £415.0m (last year £402.2m), all of which are due to be reviewed within a year. The Group
also has a three-year syndicated credit facility of £1.25bn.