Savills plc 2012 Annual Report - (PDF) - Investor relations

Notes to the financial statementsYear ended 31 December 2012continuedThe maturity of non-current borrowings is as follows:Group2012£m2011£mCompany2012£mBetween 1 and 2 years – 0.1 – –Between 2 and 5 years – – – –– 0.1 – –The effective interest rates at the reporting date were as follows:Group2012£mBank overdraft 6.75% 3.76%Bank loans 6.28% 5.77%Finance leases 9.72% 9.69%The carrying amounts of borrowings are approximate to their fair value.The carrying amounts of the Group’s borrowings are denominated in the following currencies:Group2012£mCompany2012£mUS dollar – 3.9 – –Euro – 1.2 – –Australian dollar 1.1 1.2 – –Thai baht 0.1 0.1 – –1.2 6.4 – –The Group has the following undrawn borrowing facilities:Floating rate – expiring within 1 year or on demand 21.3 13.5 – –Floating rate – expiring between 1 and 5 years 65.0 50.0 – –During the year the Group’s revolving credit facility, which expires on 31 March 2014, was increased by £15m to £65m. As at31 December 2012 this facility was undrawn. After the year end, the Group entered into a £12m amortising term loan, whichexpires on 1 May 2015, to finance the fit out costs for the Group’s new head office.23. Derivative financial instruments2012Assets£mGroup2011£mLiabilities£mAssets£mCompany2011£m2011£m2011£mLiabilities£mForward foreign exchange contracts – at fair value – 0.1 – –2011Assets£mGroupLiabilities£mCompanyAssets£mLiabilities£mInterest rate swaps – at fair value – 0.1 – –Forward foreign exchange contracts – at fair value 0.1 – – –Total 0.1 0.1 – –Forward foreign exchange contractsThe gross notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2012 were £7.8m(2011: £13.4m). All contracts mature within one year and are classed as current.Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and losses in theincome statement.102 Savills plc Report and Accounts 2012