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26 Analysis of financial liabilities

The currency and interest rate exposure of the group’s financial liabilities, after taking account of £150m (2009: £150m) of swaps from fixed rate to floating rate, is as set out below. Short-term payables are excluded from this analysis.

Fixed rate Floating rate Non interest bearing Total
Interest rate and currency analysis £m £m £m £m

All sterling
At 30 January 2010 568.3 405.3 184.8 1,158.4

At 31 January 2009 282.4 371.0 164.5 817.9


2010 2010 2009 2009
Maturity of financial liabilities Effective interest rate £m Effective interest rate £m

Repayable within one year
Bank overdrafts 1.7% 115.6 3.8% 75.8
Provisions 68.5 70.7
Property finance leases 7.6% 0.7 7.6% 0.6

184.8 147.1

Repayable between one and two years
Provisions 37.9 23.4
Property finance leases 7.6% 0.8 7.6% 1.2
Loans 1.2% 100.0 –

138.7 24.6

Repayable between two and five years
Provisions 42.1 42.1
Property finance leases 7.6% 2.4 7.6% 2.7
Bonds 7.4% 400.0 6.4% 300.0
Unamortised bond transaction costs (0.6) –
Loans – 5.2% 100.0

443.9 444.8

Repayable in more than five years
Provisions 36.3 28.3
Property finance leases 7.6% 25.3 7.6% 25.3
Bonds 8.4% 275.0 10.5% 100.0
Unamortised bond transaction costs (2.2) –
Fair value adjustment for hedged risk on bonds 12.7 15.4
Preference stock 5.3% 4.2 5.3% 4.2
SIP shares 3.0% 39.7 5.7% 28.2

391.0 201.4

1,158.4 817.9