GSK Annual Report 2002

32 Financial instruments and related disclosures continued
Notes to the financial statements GlaxoSmithKline 113
Currency exposure of net monetary assets/(liabilities)
The Group’s currency exposures that give rise to net currency gains and losses that are recognised in the profit and loss account arise
principally in companies with sterling functional currency. Monetary assets and liabilities denominated in overseas functional currency,
and borrowings designated as a hedge against overseas net assets, are excluded from the table below.
At 31st December 2002
Functional currency of Group operation
Net monetary assets/(liabilities)
held in non-functional currency
Sterling
£m
US$
£m
Euro
£m
Yen
£m
Other
£m
Total
£m
Sterling – (144) (14) 18 (48) (188)
US dollars (708) – 54 (1) (63) (718)
Euro 184 (6) – – (11) 167
Japanese Yen 10 – 2 – – 12
Other (354) (10) 1 (1) – (364)
(868) (160) 43 16 (122) (1,091)
At 31st December 2001
Functional currency of Group operation
Net monetary assets/(liabilities)
held in non-functional currency
Sterling
£m
US$
£m
Euro
£m
Yen
£m
Other
£m
Total
£m
Sterling – (80) 5 (1) (10) (86)
US dollars 329 – 85 – 63 477
Euro 147 7 – – (1) 153
Japanese Yen 13 – (2) – – 11
Other 88 3 1 – – 92
577 (70) 89 (1) 52 647
Non-equity
Finance minority Total Total
Debt leases interests Other 2002 2001
Maturity of financial liabilities £m £m £m £m £m £m
Within one year or on demand 1,550 1 559 90 2,201 2,602
Between one and two years 421 2 – 91 514 268
Between two and five years 873 3 – 121 996 1,183
After five years 1,786 7 – 128 1,921 1,015
4,630 13 559 430 5,632 5,068
Gains Losses Net
Hedges £m £m £m
Unrecognised gains and losses at the beginning of the year 56 (29) 27
Gains and losses arising in previous years and
recognised in the year (51) 25 (26)
Gains and losses arising before the beginning of the
year and still unrecognised at the end of the year 5 (4) 1
Unrecognised gains and losses arising in the year 107 3 110
Total unrecognised gains and losses at the end of the year 112 (1) 111
Expected to be recognised within one year – – –
Expected to be recognised after one year 112 (1) 111
Total unrecognised gains and losses at the end of the year 112 (1) 111
The unrecognised gains and losses above represent the difference between the carrying amount and the fair value of the currency swaps,
interest rate swaps, equity collar and other foreign exchange derivatives.
Committed facilities
The Group has committed facilities to back up the commercial paper programme of £872 million (2001 – £968 million) of 364 days
duration renewable annually. At 31st December 2002, undrawn committed facilities totalled £1,404 million.
2002