John Lewis Partnership plc annual report and accounts 2012

16 Analysis of financial assets

The currency and interest rate exposures of the group’s financial assets are as set out below. Short-term receivables are excluded from this analysis, on the basis that they are all non- interest bearing and denominated in sterling.

Table showing Analysis of financial assets

Interest rate and currency analysis | Effective Interest rate | Floating rate (£m) | Non Interest bearing (£m) | Total (£m)

Sterling 0.6% | 537.0 | 13.5 | 550.5
Other 0.0% | 0.3 | – | 0.3
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
At 28 January 2012 537.3 | 13.5 | 550.8
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Sterling 0.7% |  500.1 | 12.3 | 512.4
Other 0.0% | 0.3 | – | 0.3
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
At 29 January 2011 500.4 | 12.3 | 512.7
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Floating rate assets are bank balances and short-term deposits at interest rates linked to LIBOR. Non-interest bearing balances include cash floats, primarily held in the stores.

17 Borrowings and overdrafts

Table showing Borrowings and overdrafts

Consolidated | 2012 (£m) | 2011 (£m)

Current:
Bank overdraft 60.1 | 65.3
Loans 100.0 | 100.0
6f% Bonds, 2012 142.0 | –
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
302.1 | 165.3
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Non-current:
6f% Bonds, 2012 – | 142.0
Fair value adjustment for hedged risk on bonds – | 6.2
10g% Bonds, 2014 100.0 | 100.0
Partnership Bond, 2016* 55.6 | –
8f% Bonds, 2019 275.0 | 275.0
6a% Bonds, 2025 300.0 | 300.0
Unamortised bond transaction costs (6.2) | (6.3)
5% Cumulative Preference Stock 3.7 | 3.7
7g% Cumulative Preference Stock 0.5 | 0.5
Cumulative Preference Stock of subsidiary undertakings 0.4 | –
SIP Shares 70.2 | 53.5
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
799.2 874.6

* The Partnership Bond is a five year investment product offering a fixed annual return of 4.5% in cash and a further 2% in John Lewis Partnership gift vouchers.

63