Untitled

Notes to the Financial Statements (continued)
19. Derivatives and other financial instruments
The Group has excluded all short-term debtos and creditom from the following disclosures, other than curency exposures.
(i) lnterest rate risk profile of the financial liabilities of the Group
Sterling#
US dollar
Yen
Euro
Swedish krona
Danish krone
Other
Wbighted aver.ge
Weigtn€d av€(aqe period for whidr
interest.ate rate k fixed
% Yea6
At 3l Mardl2m0
Finaftial
Fixed rate liabiliti€s on
finarrial v'fikh no
liabilitjE intergt is paid
fm fm
Werght€d a\€€ge
Weiqhted a\€raqe p€rin forwhich
intefed rate rate i5 i,€d
% Yea6
Floating rate financial liabilities comprise bank borowings and the proceeds of the US$500m issue of l Gyear Guaranteed Notes
swapped to floating rate funding. Due to the strong performance of EMI Recorded Music in Japan and restrictions under the terms of
the operating agreement with Toshiba (the minority partner), the Group has financial assets (excluding short-term debtors) which include
f84.5m of bank deposits in Yen. The Group also has f54.5m o{ bank deposits in the UK arising from short-term timing differences
spanning the year end, associated with operating cash requiremenb. The Group has no other individually material financial assets. All
floating rate financial liabilities and assets bear or earn interest at rates fixed in advance by reference to the applicable bank reference
rate in the relevant country for periods ranging from oruernight to sx months.
The figures shown in the tables above take into account various interest rate and cunency vuaps used to manage interest rate risk
and the currency profile of financial liabilities. Further protection from interest rate movements is provided by interest rate caps and
collars. See Note 19 (vii) for further details of interest rate caps, collars and swaps.