GSK Annual Report 2002

112 GlaxoSmithKline Notes to the financial statements
32 Financial instruments and related disclosures continued
Currency and interest rate risk profile of financial liabilities
Financial liabilities, after taking account of currency and interest rate swaps, are analysed below.
Total financial liabilities comprise total borrowings of £4,643 million (2001 – £4,232 million), other creditors due after one year of
£206 million (2001 – £110 million), provisions of £224 million (2001 – £105 million) and non-equity minority interest preference shares
of £559 million (2001 – £621 million) but exclude foreign exchange derivatives of £nil (2001 – £6 million). Creditors due within
one year have been excluded.
The benchmark rate for determining interest payments for all floating rate financial liabilities in the tables below is LIBOR.
Fixed rate Non-interest bearing
Weighted Weighted
average average Weighted
interest years for Floating average
At 31st December 2002 rate which rate rate years to Total
Currency £m % is fixed £m £m maturity £m
US dollars 471 2.6 0.7 2,974 325 7.8 3,770
Sterling 1,472 6.4 21.5 4 64 1.6 1,540
Euro – – – 64 13 1.3 77
Japanese Yen 144 0.7 1.2 – – – 144
Other currencies – – – 73 28 3.6 101
2,087 4.2 9.8 3,115 430 6.4 5,632
Fixed rate Non-interest bearing
Weighted Weighted
average average Weighted
interest years for Floating average
At 31st December 2001 rate which rate rate years to Total
Currency £m % is fixed £m £m maturity £m
US dollars 516 6.1 3.2 2,291 131 1.2 2,938
Sterling 1,471 6.5 22.5 45 25 1.3 1,541
Euro 4 7.9 1.0 45 19 0.4 68
Japanese Yen 340 0.5 1.4 3 1 15.0 344
Other currencies – – – 134 43 0.2 177
2,331 5.5 15.1 2,518 219 1.0 5,068
Currency and interest rate risk profile of financial assets
Total financial assets comprise fixed asset equity investments of £125 million (2001 – £133 million), current asset equity investments
of £161 million (2001 – £185 million), liquid investments of £1,256 million (2001 – £1,415 million), cash at bank of £1,052 million
(2001 – £716 million), and debtors due after one year of £308 million (2001 – £329 million) but exclude foreign exchange derivatives of
£133 million (2001 – £nil).
The benchmark rate for determining interest receipts for all floating rate assets in the table below is LIBOR.
Fixed Floating Non-interest
At 31st December 2002 rate rate bearing Total
Currency £m £m £m £m
US dollars 365 1,275 290 1,930
Sterling 20 123 28 171
Euro 41 299 22 362
Japanese Yen 7 2 24 33
Other currencies 23 323 60 406
456 2,022 424 2,902
Fixed Floating Non-interest
At 31st December 2001 rate rate bearing Total
Currency £m £m £m £m
US dollars 404 1,050 406 1,860
Sterling 18 17 66 101
Euro 60 168 96 324
Japanese Yen 7 14 19 40
Other currencies 173 254 26 453
662 1,503 613 2,778