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Net debt and capital structure continued
120 The Sage Group plc | Annual Report & Accounts 2013
13 Financial instruments
13.1 Fair values of financial instruments
For the following financial assets and liabilities: long-term borrowings, short-term borrowings, trade and other payables excluding tax and social
security, trade and other receivables excluding prepayments and accrued income, short-term bank deposits, cash at bank and in hand and other
financial liabilities, the carrying amount approximates the fair value of the instrument with the exception of long-term borrowings due to these bearing
interest at fixed rates which are currently higher than floating rates.
2013 2012
Note
Book
value
£m
Fair
value
£m
Book
value
£m
Fair
value
£m
Long-term borrowings 12.4 (440.6) (435.2) (200.8) (218.1)
Fair value of other financial assets and financial liabilities
Financial instruments held or issued to finance the Group’s operations:
Short-term borrowings 12.4 (21.0) (21.0) (8.4) (8.4)
T
rade and other payables excluding other tax and social security 7.3 (223.8) (223.8) (194.7) (194.7)
T
rade and other receivables excluding prepayments and accrued income 7.2 297.4 297.4 285.1 285.1
Short-term bank deposits 12.3 1.2 1.2 0.3 0.3
Cash at bank and in hand 12.3 99.6 99.6 61.3 61.3
Other financial liabilities 13.4 (84.2) (84.2) (128.3) (128.3)
13.2 Maturity of financial liabilities
The maturity profile of the undiscounted contractual amount of the Group’s financial liabilities at 30 September was as follows:
2013
Borrowings
£m
Trade and
other payables
£m
Other financial
liabilities
£m
Total
£m
In less than one year 21.0 287.6 30.0 338.6
In more than one year but not more than two years 133.8 – – 133.8
In more than two years but not more than five years 92.6 – 54.2 146.8
In more than five years 216.2 – – 216.2
463.6 287.6 84.2 825.1
2012
Borrowings
£m
Trade and
other payables
£m
Other financial
liabilities
£m
Total
£m
In less than one year 9.2 259.0 60.0 328.2
In more than one year but not more than two years 2.4 – – 2.4
In more than two years but not more than five years 228.2 – 68.3 296.5
In more than five years – – – –
239.8 259.0 128.3 627.1
13.3 Borrowing facilities
The Group has the following undrawn committed borrowing facilities available at 30 September in respect of which all conditions precedent had
been met at that date:
2013
£m
2012
£m
Expiring in more than two years but not more than five years 336.6 323.3
The facilities have been arranged to help finance the expansion of the Group’s activities. All these facilities incur commitment fees at market
rates. In addition, the Group maintains overdraft and uncommitted facilities to provide short-term flexibility and has also utilised the US private
placement market.
124 The Sage Group plc | Annual Report & Accounts 2013