Rolls-Royce plc - Annual Report 2011

68
Financial statements
Notes to the consolidated financial statements
14 Borrowings
Current Non-current Total
2011
£m
Unsecured
Overdrafts 19 8 – – 19 8
Bank loans 1 1 204 206 205 207
7 3 /8% Notes 2016 £200m – – 200 200 200 200
6.38% Notes 2013 US$230m 1 – – 160 162 160 162
6.55% Notes 2015 US$83m 1 – – 62 60 62 60
4 1 /2% Notes 2011 €750m 2 – 642 – – – 642
6.75% Notes 2019 £500m – – 557 506 557 506
Secured
Obligations under finance leases 3 – – 1 1 1 1
20 651 1,184 1,135 1,204 1,786
1
These notes are the subject of interest rate swap agreements under which the Group has undertaken to pay floating rates of interest, and currency swaps which form a fair value hedge.
2
These notes are the subject of swap agreements under which counterparties have undertaken to pay amounts at fixed rates of interest and exchange in consideration for amounts payable at variable
rates of interest and at fixed exchange rates.
3
Obligations under finance leases are secured by related leased assets.
2010
£m
2011
£m
2010
£m
2011
£m
2010
£m
15 Trade and other payables
Current
Non-current
2011
£m
2010
£m
2011
£m
2010
£m
Payments received on account 1 1,396 1,560 487 475
Trade payables 1,028 891 – –
Amounts owed to parent undertaking 40 250 – –
Amounts owed to joint ventures and associates 215 267 1 7
Other taxation and social security 88 81 – –
Other payables 1,623 1,294 58 94
Accruals and deferred income 1,886 1,817 768 695
6,276 6,160 1,314 1,271
1
Includes payments received on account from joint ventures and associates 358 258 147 243
Included within trade and other payables are government grants of £104m (2010 £44m). During the year, £2m (2010 £2m) of government grants were
released to the income statement.
Trade and other payables are analysed as follows:
Financial instruments (note 16):
Trade payables and similar items 2,356 2,212
Other non-derivative financial liabilities 718 521
Non-financial instruments 4,516 4,698
7,590 7,431
2011
£m
2010
£m
Rolls-Royce plc Annual report 2011