NOTES TO
THE FINANCIAL STATEMENTS CONTINUED |
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| 32. FINANCIAL INSTRUMENTS CONTINUED | |||
| (B) Interest rate risk profile continued
The interest rate risk profile of the Group's financial liabilities by currency at 31 March 1999 after taking account of interest rate swaps is as follows: |
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| Fixed rate liabilities | |||
| Fixed rate financial liabilities £m |
Weighted average interest rate % |
Weighted average period for which rate is fixed Years |
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| Sterling | 12.4 | ||
| US Dollar | 498.9 | 6.4 | 2 |
| Rand | 1.4 | ||
| Total | 512.7 | ||
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| (C) Currency exposure
At 31 March 1999 the group had no currency exposures after taking account of forward contracts. |
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| (D) Maturity of financial liabilities
The maturity profile of the Group's long term financial liabilities, including finance lease obligations, at 31 March 1999 is as follows: |
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| £m | |||
| In one to two years | 9.9 | ||
| In two to five years | 502.8 | ||
| 512.7 | |||
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| (E) Borrowing facilities
At 31 March 1999 the Group had undrawn committed borrowing facilities, in respect of which all conditions precedent had been met, of £209.7m. These facilities expire within one year of the balance sheet date. |
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| (F) Gains and losses on hedges
The analysis of unrecognised gains and losses on hedges is as follows: |
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| Gains £m |
Losses £m |
Total net gains/(losses) £m |
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| Unrecognised gains and losses on hedges at 31 March 1999 | 2.6 | (5.7) | (3.1) |
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| Gains and losses expected to be recognised in 1999/2000 | 2.6 | (2.5) | (0.1) |
| Gains and losses expected to be recognised thereafter | (3.2) | (3.2) | |
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| The amount of gains and losses recognised in the profit and loss account for the year to 31 March 1999 that was unrecognised at 31 March 1998 was not material. | |||
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