Year ended 31 July 2006
12. Bank loans and overdrafts
| Current | 2006
£m |
2005
£m |
|---|---|---|
| Bank overdrafts | 38 | 66 |
The fair values of current overdrafts and loans approximate to book value
due to their short maturities.
The currency analysis of bank loans and overdrafts is as follows:
| Sterling | (150) | - |
|---|---|---|
| US dollar | 80 | 66 |
| Euro | 100 | - |
| Other | 8 | - |
| 38 | 66 |
| Non-current | 2006
£m |
2005
£m |
|---|---|---|
| Bank loans | 1,176 | 837 |
The non-current loans are repayable as follows:
| Due in one to two years | 34 | 373 |
|---|---|---|
| Due in two to five years | 99 | 464 |
| Due in over five years | 1,043 | - |
| 1,176 | 837 |
At 31 July 2006, no loans carried a fixed interest rate (2005: £nil). Interest payments on floating rate loans are determined by reference to short-term benchmark rates applicable to the relevant currency or market, such as LIBOR.
The currency analysis of non-current loans is as follows:
| 2006
£m |
2005
£m |
|
|---|---|---|
| Sterling | 120 | - |
| US dollar | 618 | 433 |
| Euro | 406 | 404 |
| Other | 32 | - |
| 1,176 | 837 |
