Marks and Spencer 2009 Annual Report Download - page 105

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101
20 Trade and other payables
2009
£m
2008
£m
Current
Trade payables 357.0 226.9
Other payables 426.6 425.5
Social security and other taxes 40.4 56.1
Accruals and deferred income 249.5 268.1
1,073.5 976.6
Non-current
Other payables1 243.8 191.2
1 Includes the fair value of the put option £56.3m (last year £52.2m) exercisable on 4 April 2013 and last year contingent consideration for the acquisition of Marks and Spencer Czech
Republic a.s. £4.0m payable by April 2010.
21 Borrowings and other financial liabilities
2009
£m
2008
£m
Current
Bank loans and overdrafts1 147.9 257.4
Syndicated bank facility2 781.2 615.0
Finance lease liabilities 13.7 6.2
942.8 878.6
Partnership liability to the Marks & Spencer UK Pension Scheme 71.9 50.0
1,014.7 928.6
Non-current
Bank loans 11.2 –
6.375% £375m medium-term notes 20113 382.6 382.0
5.875% £400m medium-term notes 20123 417.9 421.4
5.625% £400m medium-term notes 20143 399.0 398.8
6.250% US$500m medium-term notes 20174 354.4 253.0
7.125% US$300m medium-term notes 20374 212.0 151.1
6.875% £250m puttable callable reset medium-term notes 20373,5 252.6 252.9
Finance lease liabilities 88.2 77.3
2,117.9 1,936.5
Partnership liability to the Marks & Spencer UK Pension Scheme 68.0 673.2
2,185.9 2,609.7
Total 3,200.6 3,538.3
1 Bank loans and overdrafts includes a £5.0m (last year £5.0m) loan from the Hedge End Park Limited joint venture (see notes 16 and 30).
2 Relates to a £1.2bn committed bank revolving credit facility set to mature on 26 March 2013.
3 These notes are issued under Marks and Spencer plc’s £3bn European Medium-Term Note Programme and all pay interest annually.
4 Interest on these bonds is payable semi-annually.
5 These notes include an investor put and issuer call option exercisable in December 2012.
Finance leases
The minimum lease payments under finance leases fall due as shown in the table on the following page. It is the Group’s policy to lease
certain of its properties and equipment under finance leases. The average lease term for equipment is six years and 125 years for property.
Interest rates are fixed at the contract rate. All leases are on a fixed repayment basis and no arrangements have been entered into for
contingent payments. The Group’s obligations under finance leases are secured by the lessors’ charges over the leased assets.