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96 Financial Statements
Notes to the Financial Statements
Continued
23. Financial assets at fair value through profit or loss
Group
2008 2007
£m £m
Marketable securities 29.7 30.3
Restricted cash deposits – 19.3
29.7 49.6
Restricted cash deposits relate to accounts where withdrawals are restricted under contractual agreements. The effective interest rate
on restricted deposits in 2007 was 4.81%.
24. Cash and cash equivalents
Group
Company
2008 2007 2008 2007
£m £m £m £m
Cash at bank and in hand 61.0 53.9 7.1 –
Short term bank deposits 93.5 133.8 – –
154.5 187.7 7.1 –
Included in the Group cash and cash equivalents above are amounts held by the Employee Benefit Trusts of £5.4m (2007: £5.6m).
The effective interest rate on cash and cash equivalents was 5.5% (2007: 4.8%).
25. Borrowings
Group
2008 2007
£m £m
Current
Hire purchase and finance leases 3.6 3.3
Loan notes 4.2 0.4
7.8 3.7
Non-current
Bank loans – 17.3
Hire purchase and finance leases 10.4 11.4
Loan notes 3.2 5.8
13.6 34.5
Loan notes relate to Group acquisitions (refer note 15).
The maturity profile of the carrying amount of the non-current borrowings was as follows:
Group
Hire
Hire
purchase
purchase
and finance Loan 2008 Bank and finance Loan 2007
leases notes Total loans leases notes Total
£m £m £m £m £m £m £m
Repayable:
– between one and two years 4.7 2.6 7.3 – 3.7 2.7 6.4
– between two and five years 4.6 0.6 5.2 17.3 6.3 3.1 26.7
– after more than five years 1.1 – 1.1 – 1.4 – 1.4
10.4 3.2 13.6 17.3 11.4 5.8 34.5
The £17.3m bank loans related to foreign currency bank loans that were repaid in the 2008 financial year. These loans were used
as hedges for the Group’s net investments in foreign operations.
WS Atkins plc Annual Report 2008