| 2012
£m | 2011
£m |
|---|
| Borrowings at amortised cost: | | |
| Bank overdrafts | 8.4 | 8.6 |
| Loans | 35.3 | 8.7 |
| 43.7 | 17.3 |
| The borrowings are repayable as follows: | | |
| On demand or within one year | 43.4 | 10.8 |
| In the second year | 0.1 | 6.1 |
| In the third to fifth years | 0.1 | 0.2 |
| After five years | 0.1 | 0.2 |
| 43.7 | 17.3 |
| Less: Amount due for settlement within 12 months (shown under current liabilities) | (43.4) | (10.8) |
| Amount due for settlement after 12 months | 0.3 | 6.5 |
Analysis of borrowings by currency:
| Sterling
£m | Euro
£m | US Dollar
£m | Other currencies
£m | Total
£m |
|---|
| At 31 December 2012 | | | | | |
| Bank overdrafts | 0.5 | 4.5 | 1.1 | 2.3 | 8.4 |
| Loans | 10.0 | 10.5 | 13.9 | 0.9 | 35.3 |
| 10.5 | 15.0 | 15.0 | 3.2 | 43.7 |
| At 31 December 2011 | | | | | |
| Bank overdrafts | 1.7 | 3.0 | 3.5 | 0.4 | 8.6 |
| Loans | 6.0 | 0.1 | – | 2.6 | 8.7 |
| 7.7 | 3.1 | 3.5 | 3.0 | 17.3 |
The weighted average interest rates paid were as follows:
| 2012
% | 2011
% |
|---|
| Bank overdrafts and loans | 2.5 | 2.1 |
Loans and finance leases of £0.9m (2011: £1.4m) were arranged at fixed interest rates and expose the Group to fair value interest rate risk. The remaining borrowings are arranged at floating rates, thus exposing the Group to cash flow interest rate risk.
The Directors estimate the fair value of the Group's borrowings as follows:
| 2012
£m | 2011
£m |
|---|
| Bank overdrafts | 8.4 | 8.6 |
| Loans | 35.3 | 8.7 |
The other principal features of the Group's borrowings are as follows:
- Bank overdrafts are repayable on demand. No overdrafts are secured.
- At 31 December 2012 the Group has two principal borrowing facilities which are secured by upstream guarantees provided by subsidiaries:
- Drawings of £nil (2011: £nil) under a Revolving Credit Facility of £125m. This unsecured facility commenced on 27 July 2011 and matures on 31 August 2016. The multi currency drawings under this facility carry an interest rate of between 1.15% and 2.00% above LIBOR (the margin at 31 December 2012 was 1.15%).
- Drawings of £33.5m (2011: £6.0m) under a Revolving Credit Facility of €125m. This unsecured facility commenced on 31 July 2006 for a period of seven years. The multi currency drawings under this facility carry an interest rate of between 0.80% and 1.10% above LIBOR (the margin at 31 December 2012 was 0.80%).
At 31 December 2012 the Group had available £192.9m (2011: £223.9m) of undrawn committed borrowing facilities.
All borrowings are classified as financial liabilities measured at amortised cost.