2002 Report And Accounts - Guinness Peat Group plc

Notes to the Financial Statements19 Financial instruments (continued)a) Summary of borrowingsGroupCompany2002 2001 2002 2001Notes £000 £000 £000 £000Financial assetsCash at bank 182 775 15 1,597–––––––––– –––––––––– –––––––––– ––––––––––Financial liabilitiesBank overdrafts i 3,065 6,149 123 –6.5% unsecured loan notes ii – 1,500 – 1,500Loan notes iii 883 890 – –Finance lease obligations 112 305 – –Provision for vacant properties iv 148 182 – ––––––––––– –––––––––– –––––––––– ––––––––––4,208 9,026 123 1,500–––––––––– –––––––––– –––––––––– ––––––––––Notes:i The bank overdrafts and loans of £3,065,000 (2001: £6,149,000) are secured by a fixed and floating charge. There were noundrawn committed facilities at 30th June 2002.The facilities are repayable on demand and are subject to an annual review.ii The 6.5% unsecured loan notes were issued in December 1998 as part of the GBE acquisition and were repaid on30th November 2001.iii The loan note represents a variable rate redeemable guaranteed loan note which expires in October 2002. Interest is paid at baserate bi-annually and is secured by a bank guarantee.iv Provision for vacant properties. This is included within financial liabilities because in establishing the provision the cash flows havebeen discounted and the discount rate is reappraised at each half yearly reporting date to ensure that it reflects current marketassessments of the time of value of money and the risks specific to the liability.b) Maturity of financial liabilitiesThe maturity profile of the Group’s financial liabilities at 30th June 2002 was as follows:OtherLoan Finance financial 2002Debt notes leases liabilities Total£000 £000 £000 £000 £000Analysis of repayments:Repayable within one year 3,065 883 99 87 4,134Between one and two years – – 13 42 55Between two and five years – – – 19 19After five years – – – – ––––––––––– –––––––––– –––––––––– –––––––––– ––––––––––3,065 883 112 148 4,208–––––––––– –––––––––– –––––––––– –––––––––– ––––––––––OtherLoan Finance financial 2001Debt notes leases liabilities Total£000 £000 £000 £000 £000Analysis of repayments:Repayable within one year 6,149 1,500 141 74 7,864Between one and two years – 890 155 55 1,100Between two and five years – – 9 53 62After five years – – – – ––––––––––– –––––––––– –––––––––– –––––––––– ––––––––––6,149 2,390 305 182 9,026–––––––––– –––––––––– –––––––––– –––––––––– ––––––––––38