The Group’s current and non-current borrowings are as follows:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| Non-current | ||
| 7.0% Global Dollar Bonds 2011 (nominal amount $500m) | – | 322 |
| 5.5% Global Dollar Bonds 2013 (nominal amount $350m) | 236 | 226 |
| 5.7% US Dollar Bonds 2014 (nominal amount $400m) | 288 | 274 |
| 7.0% Sterling Bonds 2014 (nominal amount £250m) | 256 | 254 |
| 6.0% Sterling Bonds 2015 (nominal amount £300m) | 297 | 297 |
| 4.0% US Dollar Notes 2016 (nominal amount $350m) | 227 | – |
| 6.25% Global Dollar Bonds 2018 (nominal amount $550m) | 389 | 359 |
| 4.625% US Dollar Notes 2018 (nominal amount $300m) | 208 | 191 |
| Finance lease liabilities | 7 | 11 |
| 1,908 | 1,934 | |
| Current | ||
| Due within one year or on demand: | ||
| Bank loans and overdrafts | 73 | 70 |
| 7.0% Global Dollar Bonds 2011 (nominal amount $500m) | 325 | – |
| Finance lease liabilities | 6 | 4 |
| 404 | 74 | |
| Total borrowings | 2,312 | 2,008 |
Included in the non-current borrowings above is £12m of accrued interest (2009: £12m). Included in the current borrowings above is £1m of accrued interest (2009: £nil).
The maturity of the Group’s non-current borrowing is as follows:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| Between one and two years | 4 | 327 |
| Between two and five years | 1,080 | 760 |
| Over five years | 824 | 847 |
| 1,908 | 1,934 |
The carrying amounts and market values of borrowings are as follows:
| All figures in £ millions | 2010 | 2009 | |||
|---|---|---|---|---|---|
| Effective interest rate | Carrying value | Market value | Carrying value | Market value | |
| Bank loans and overdrafts | n/a | 73 | 73 | 70 | 70 |
| 7.0% Global Dollar Bonds 2011 | 7.16% | 325 | 327 | 322 | 331 |
| 5.5% Global Dollar Bonds 2013 | 5.76% | 236 | 241 | 226 | 232 |
| 5.7% US Dollar Bonds 2014 | 5.88% | 288 | 277 | 274 | 266 |
| 7.0% Sterling Bonds 2014 | 7.20% | 256 | 282 | 254 | 276 |
| 6.0% Sterling Bonds 2015 | 6.27% | 297 | 329 | 297 | 317 |
| 4.0% US Dollar Notes 2016 | 4.26% | 227 | 226 | – | – |
| 6.25% Global Dollar Bonds 2018 | 6.46% | 389 | 385 | 359 | 360 |
| 4.625% US Dollar Notes 2018 | 4.69% | 208 | 192 | 191 | 176 |
| Finance lease liabilities | n/a | 13 | 13 | 15 | 15 |
| 2,312 | 2,345 | 2,008 | 2,043 |
The market values stated above are based on clean market prices at the year end or, where these are not available, on the quoted market prices of comparable debt issued by other companies. The effective interest rates above relate to the underlying debt instruments.
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| US dollar | 1,759 | 1,457 |
| Sterling | 553 | 551 |
| Euro | – | – |
| 2,312 | 2,008 |
The Group has the following undrawn capacity on its committed borrowing facilities as at 31 December:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| Floating rate | ||
| – expiring within one year | – | – |
| – expiring beyond one year | 1,118 | 1,084 |
| 1,118 | 1,084 |
In addition to the above facilities, there are a number of short-term facilities that are utilised in the normal course of business.
All of the Group’s borrowings are unsecured. In respect of finance lease obligations, the rights to the leased asset revert to the lessor in the event of default.
The maturity of the Group’s finance lease obligations is as follows:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| Finance lease liabilities – minimum lease payments | ||
| Not later than one year | 6 | 4 |
| Later than one year and not later than two years | 4 | 5 |
| Later than two years and not later than three years | 3 | 3 |
| Later than three years and not later than four years | – | 3 |
| Later than four years and not later than five years | – | – |
| Later than five years | – | – |
| Future finance charges on finance leases | – | – |
| Present value of finance lease liabilities | 13 | 15 |
The present value of finance lease liabilities is as follows:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| Not later than one year | 6 | 4 |
| Later than one year and not later than five years | 7 | 11 |
| Later than five years | – | – |
| 13 | 15 |
The carrying amounts of the Group’s lease obligations approximate their fair value.