Notes to the accounts
for the year ended 31 December 2007
22. Financial liabilities
| 2007 | 2006 | |||||
|---|---|---|---|---|---|---|
| Current £mn |
Non-current £mn |
Total £mn |
Current £mn |
Non-current £mn |
Total £mn |
|
| Deferred consideration payable on acquisitions |
8.1 | 7.9 | 16.0 | 6.9 | 13.7 | 20.6 |
| Floating rate unsecured loan notes 2007 |
- | - | - | 0.3 | - | 0.3 |
| 8.1 | 7.9 | 16.0 | 7.2 | 13.7 | 20.9 | |
| Derivative contracts (see note 26) | 51.4 | 12.4 | 63.8 | 10.7 | 17.0 | 27.7 |
| 59.5 | 20.3 | 79.8 | 17.9 | 30.7 | 48.6 | |
All financial liabilities, with the exception of the unsecured loan notes, which were redeemed during the year and which were held at amortised cost, are held at fair value through profit or loss. The derivative contracts are held for trading. The deferred consideration, the value of which is linked to the fair value of certain unlisted equities held by the Group as an economic hedge, is designated at fair value through profit or loss to significantly reduce a measurement inconsistency that would otherwise arise from measuring this liability and the related asset on different bases.
Included in current derivative contracts are forward foreign exchange contracts with a fair value of £6.1 million (2006: £nil) held to hedge net investments in foreign operations.
| 2007 £mn |
2006 £mn |
||
|---|---|---|---|
| Maturing/repricing (whichever is earlier) of financial liabilities (excluding derivatives) in: | |||
| Less than 1 year | 8.1 | 7.2 | |
| 1 - 2 years | 7.9 | 6.9 | |
| 2 - 3 years | - | 6.8 | |
| 7.9 | 13.7 | ||
| 16.0 | 20.9 |