Savills plc - Investor relations

NOTES TO THE ACCOUNTSyear ended 31 December 200318. Financial instruments (continued)(b) Interest risk profile of financial assetsThe financial assets of the Group comprise cash at bank and on money markets on call, other unlisted investments and debtors greater than one year.31 December 2003 31 December 2002Non-interestNon-interestCurrency Fixed Floating bearing Total Fixed Floating bearing Total£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000Sterling 18,000 34,467 1,427 53,894 - 28,773 1,776 30,549Euro - 4,075 - 4,075 - 4,708 - 4,708Hong Kong dollar 2,923 9,041 - 11,964 10,420 6,631 - 17,051Singapore dollar - 108 - 108 - 96 - 96Philippines peso - - - - 77 7 - 84Thailand baht 71 73 - 144 72 33 - 105Australian dollar 246 1,069 - 1,315 315 988 - 1,303Chinese renminbi 611 653 - 1,264 301 1,243 - 1,544US Dollar 554 333 - 887 - - - -22,405 49,819 1,427 73,651 11,185 42,479 1,776 55,440The floating interest rates of the cash balances included in the table above are based on the relevant bank base rates.(c) Currency riskThe Group's approach is explained as part of the Financial Review on pages 22 and 23. The Group does not actively seek to hedge risks arising from foreign currency transactions. Gains and losses from currencymovements in net assets of subsidiary undertakings are recognised in the Statement of Recognised Gains and Losses. All financial assets and liabilities are denominated in the functional currencies of the operationsinvolved with the exception of a £2.5m sterling loan from FPD Savills Asia Limited (which has a functional currency of Hong Kong Dollars) to the Company.(d) Maturity of financial liabilities31 December 2003 31 December 2002The maturity profile of the Group's financial liabilities at 31 December 2003 was as follows: £'000 £'000In one year or less, or on demand 5,142 1,969In more than one year but not more than two years 2,205 14,596In more than two years but not more than five years 4,350 10,446In more than five years 15,331 10727,028 27,118(e) Borrowing facilitiesThe Group had undrawn committed borrowing facilities available at 31 December 2003 in respect of which all conditions precedent had been met as follows:31 December 2003 31 December 2002£'000£'000In one year or less, or on demand 18,963 18,596In more than two years but not more than five years - 12518,963 18,721(f) Fair valueCarrying values of all financial assets and liabilities are not materially different from their fair values.65