John Lewis Partnership plc annual report and accounts 2012

Notes to the accounts continued

25 Analysis of financial liabilities

The currency and interest rate exposure of the group’s financial liabilities, after taking account of £142m (2011: £142m) of swaps from fixed rate to floating rate, is as set out below. Short-term payables are excluded from this analysis on the basis that they are all non-interest bearing.

Graph showing Analysis of financial liabilities

Interest rate and currency analysis | Fixed rate (£m) | Floating rate (£m) | Total (£m) 

All sterling
At 28 January 2012 756.0 | 372.3 | 1,128.3
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At 29 January 2011 707.9 | 360.8 | 1,068.7 

Maturity of financial liabilities | 2012 Effective Interest rate | 2012 (£m) | 2011 Effective Interest rate | 2011 (£m)

Repayable within one year
Bank overdrafts 1.8% | 60.1 | 1.7% | 65.3
Property finance leases 7.6% | 0.6 | 7.6% | 0.8
Loans 1.5% | 100.0 | 0.9% | 100.0
Bonds 6.4% | 142.0 | – | –
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302.7 | 166.1
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Repayable between one and two years
Property finance leases 7.6% 0.6 7.6% 0.8
Bonds 10.5% 100.0 6.4% 142.0
Unamortised bond transaction costs – (0.2)
Fair value adjustment for hedged risk on bonds – 6.2
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100.6 148.8
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Repayable between two and five years
Property finance leases 7.6% | 2.1 | 7.6% | 2.5
Bonds 5.5% | 55.6 | 10.5% | 100.0
Unamortised bond transaction costs (0.5) | –
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57.2 | 102.5
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Repayable in more than five years
Property finance leases 7.6% | 23.7 | 7.6% | 24.7
Bonds 7.2% | 575.0 | 7.2% | 575.0
Unamortised bond transaction costs (5.7) | (6.1)
Preference stock 5.3% | 4.2 | 5.3% | 4.2
Preference stock of subsidiary undertaking 5.9% | 0.4 –
SIP shares 2.5% | 70.2 | 2.5% | 53.5
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667.8 | 651.3
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1,128.3 | 1,068.7
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