| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| Non-current | ||
| 7.0% Global Dollar Bonds 2011 (nominal amount $500m) | – | 322 |
| 7.0% Sterling Bonds 2014 (nominal amount £250m) | 256 | 254 |
| 4.625% US Dollar notes 2018 (nominal amount $300m) | 208 | 191 |
| 464 | 767 | |
| Current | ||
| Due within one year or on demand: | ||
| Bank loans and overdrafts | 534 | 419 |
| 7.0% Global Dollar Bonds 2011 (nominal amount $500m) | 325 | – |
| 859 | 419 | |
| Total borrowings | 1,323 | 1,186 |
Included in the non-current borrowings above is £4m of accrued interest (2009: £4m).
Included in the current borrowings above is £1m of accrued interest (2009: £nil).
The maturity of the company’s non-current borrowings is as follows:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| Between one and two years | – | 322 |
| Between two and five years | 256 | 254 |
| Over five years | 208 | 191 |
| 464 | 767 |
As at 31 December 2010 the exposure to interest rate changes of the borrowings and amounts due to subsidiaries when the borrowings re-price is as follows:
| All figures in £ millions | One year | One to five years | More than five years | Total |
|---|---|---|---|---|
| Re-pricing profile of borrowings | 859 | 256 | 208 | 1,323 |
| Amounts due to subsidiaries | 5,961 | 523 | 574 | 7,058 |
| Effect of rate derivatives | 1,264 | (529) | (735) | – |
| 8,084 | 250 | 47 | 8,381 |
The carrying amounts and market values of borrowings are as follows:
| All figures in £ millions | Effective interest rate | 2010 | 2009 | ||
|---|---|---|---|---|---|
| Carrying amount | Market value | Carrying amount | Market value | ||
| Bank loans and overdrafts | n/a | 534 | 534 | 419 | 419 |
| 7.0% Global Dollar Bonds 2011 | 7.16% | 325 | 327 | 322 | 331 |
| 7.0% Sterling Bonds 2014 | 7.20% | 256 | 282 | 254 | 276 |
| 4.625% US Dollar notes 2018 | 4.69% | 208 | 192 | 191 | 176 |
| 1,323 | 1,335 | 1,186 | 1,202 |
The market values 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 company’s borrowings are denominated in the following currencies:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| US dollar | 579 | 523 |
| Sterling | 736 | 648 |
| Euro | 8 | 15 |
| 1,323 | 1,186 |