Marks and Spencer 2007 Annual Report Download - page 82

Download and view the complete annual report

Please find page 82 of the 2007 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

Notes to the financial statements continued
21 BORROWINGS AND OTHER FINANCIAL LIABILITIES continued
Maturity of borrowings
The maturity of borrowings is as follows: 2007 2006
£m £m
Repayable within one year or on demand:
Bank loans, overdrafts and commercial paper 159.7 90.0
Syndicated bank facility 296.9 –
Medium term notes –901.0
Securitised loan notes –4.4
Finance leases 4.4 2.7
Non-equity B shares –54.7
461.0 1,052.8
Repayable between one and two years:
Securitised loan notes –3.8
Finance leases 3.7 1.3
3.7 5.1
Repayable between two and five years:
Medium term notes 381.4 –
Securitised loan notes –13.6
Finance leases 6.9 0.3
388.3 13.9
Repayable in five years or more:
Medium term notes 795.9 779.0
Securitised loan notes –289.9
Finance leases 46.6 45.9
842.5 1,114.8
TToottaall1,695.5 2,186.6
Borrowing facilities
At year end, the Group had a five-year committed syndicated bank facility of £1.2bn set to mature on 27 March 2011, which
contains only one financial covenant being the ratio of earnings before interest, tax, depreciation, amortisation and rents payable
to interest plus rents payable. The Group also has a number of undrawn uncommitted facilities available to it. At year end, these
amounted to £155m (last year £175m), all of which are due to be reviewed within a year. At the balance sheet date a sterling
equivalent of £297m (last year £nil) was drawn under the committed facility and a further £19m (last year £nil) was drawn under
the uncommitted facility.
Financial liabilities
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 liabilities is as set out below excluding short-term payables and the partnership liability (see note 22):
2007 2006
Fixed Floating Fixed Floating
rate rate Total rate rate Total
Currency £m £m £m £m £m £m
Sterling 1,374.5 154.1 1,528.6 1,137.7 1,045.5 2,183.2
Euro – 159.5 159.5 3.2 0.2 3.4
Hong Kong Dollar – 7.4 7.4 –––
1,374.5 321.0 1,695.5 1,140.9 1,045.7 2,186.6
Included within floating rate liabilities is £nil (last year £54.7m) of unredeemed B shares.
The floating rate sterling and euro borrowings are linked to interest rates related to LIBOR. These rates are for periods up to one
month. Excluding finance leases but including the partnership liability, the fixed rate sterling borrowings are at an average rate of
5.8% (last year 6.1%) and the weighted average time for which the rate is fixed is 8.5 years (last year 10.4 years).
8800MARKS AND SPENCER GROUP PLC wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077