Notes to the consolidated financial statements
20. Financial instruments continued
(l) Interest rate risk profile of financial assets and liabilities
The interest rate profile of the financial assets and liabilities of the Group as at 31 March is as follows:
Year ended 31 March 2009
| Within 1 year £m |
1–2 years £m |
2–3 years £m |
3–4 years £m |
4–5 years £m |
More than 5 years £m |
Total £m |
|
| Fixed rate: | |||||||
| Eurobonds | (3.9) | (4.0) | (4.1) | (4.1) | (4.1) | (1,324.9) | (1,345.1) |
| Subordinated loan stock | – | – | – | – | – | (6.6) | (6.6) |
| Bank loans | (19.3) | (17.8) | (24.5) | (21.0) | (21.1) | (189.4) | (293.1) |
| Obligations under finance leases | |||||||
| and hire purchase contracts | (2.7) | (2.1) | (1.8) | (1.1) | (0.5) | (0.3) | (8.5) |
| Other loans | – | (0.4) | (0.3) | (0.3) | (0.3) | (1.5) | (2.8) |
| Fixed rate at 31 March 2009 | (25.9) | (24.3) | (30.7) | (26.5) | (26.0) | (1,522.7) | (1,656.1) |
| Variable rate: | |||||||
| Cash and cash equivalents | 108.8 | – | – | – | – | – | 108.8 |
| Short term cash deposits | 160.6 | – | – | – | – | – | 160.6 |
| Financial investments | 1.4 | 1.2 | 0.9 | 0.6 | 0.2 | 11.1 | 15.4 |
| Eurobonds | – | – | – | – | – | (462.0) | (462.0) |
| Bank loans | (2.5) | (2.5) | (171.7) | (10.0) | (10.0) | (80.0) | (276.7) |
| Overdrafts | (16.5) | – | – | – | – | – | (16.5) |
| Obligations under finance leases | |||||||
| and hire purchase contracts | (4.2) | (4.3) | (4.4) | (4.5) | (4.5) | (81.3) | (103.2) |
| Variable rate at 31 March 2009 | 247.6 | (5.6) | (175.2) | (13.9) | (14.3) | (612.2) | (573.6) |
| Net borrowings at 31 March 2009 | (2,229.7) | ||||||
Year ended 31 March 2008
| Within 1 year £m |
1–2 years £m |
2–3 years £m |
3–4 years £m |
4–5 years £m |
More than 5 years £m |
Total £m |
|
| Fixed rate: | |||||||
| Loans receivable | – | – | – | – | – | 1.0 | 1.0 |
| Eurobonds | (4.1) | (4.1) | (4.4) | (5.0) | (5.3) | (1,325.6) | (1,348.5) |
| Subordinated loan stock | – | – | – | – | – | (6.4) | (6.4) |
| Bank loans | (20.2) | (19.3) | (17.9) | (16.2) | (13.3) | (106.6) | (193.5) |
| Obligations under finance leases | |||||||
| and hire purchase contracts | (2.6) | (1.9) | (1.4) | (1.0) | (0.4) | (0.1) | (7.4) |
| Other loans | – | – | – | – | – | (2.3) | (2.3) |
| Fixed rate at 31 March 2008 | (26.9) | (25.3) | (23.7) | (22.2) | (19.0) | (1,440.0) | (1,557.1) |
| Variable rate: | |||||||
| Cash and cash equivalents | 294.2 | – | – | – | – | – | 294.2 |
| Financial investments | 1.7 | 1.4 | 1.2 | 0.9 | 0.6 | 11.3 | 17.1 |
| Eurobonds | – | – | – | – | – | (439.7) | (439.7) |
| Bank loans | (78.0) | (2.5) | (127.5) | (46.7) | – | (100.0) | (354.7) |
| Overdrafts | (27.8) | – | – | – | – | – | (27.8) |
| Obligations under finance leases | |||||||
| and hire purchase contracts | (3.7) | (3.5) | (3.6) | (3.6) | (3.6) | (64.4) | (82.4) |
| Variable rate at 31 March 2008 | 186.4 | (4.6) | (129.9) | (49.4) | (3.0) | (592.8) | (593.3) |
| Net borrowings at 31 March 2008 | (2,150.4) | ||||||
The variable rate net borrowings comprise sterling denominated bank borrowings and deposits that bear interest at rates based upon up to 12 months LIBOR.