|
|
|
vi Current
asset investments
Under US GAAP, investments in debt
securities would be classified as either trading, available-for-sale or
held-to-maturity. Trading investments would be stated at fair values and the
unrealised gains and losses would be included in income. Securities classified
as available-for-sale would be stated at fair values, with unrealised gains and
losses, net of deferred taxes, reported in shareholders’ equity. Debt
securities classified as held-to-maturity would be stated at amortised cost.
The following analyses do not include securities with original maturities of
less than three months.
At 31 March
2004, the group held trading investments (as defined by US GAAP) with fair
values totalling £423 million (2003 – £935 million). Held-to-maturity
securities at 31 March 2004 and 2003 consisted of the following:
| |
Amortised |
|
Estimated |
|
| |
cost |
|
fair value |
|
| |
£m |
|
£m |
|
|
|
|
|
|
| Commercial paper,
medium-term notes and other investments at 31 March 2004 |
3,629 |
|
3,629 |
|
|
|
|
|
|
| Commercial paper, medium-term notes and
other investments at 31 March 2003 |
2,565 |
|
2,565 |
|
|
|
|
|
|
| |
The contractual maturities of the
held-to-maturity debt securities at 31 March 2004 were as follows:
| |
Amortised |
|
Estimated |
|
| |
cost |
|
fair value |
|
| |
£m |
|
£m |
|
|
|
|
|
|
| Maturing on or before 31 March 2005 |
2,253 |
|
2,253 |
|
| Maturing after 1 year through 5 years |
1,376 |
|
1,376 |
|
|
|
|
|
|
| Total at 31 March 2004 |
3,629 |
|
3,629 |
|
|
|
|
|
|
Available for sale investments at 31 March
2004 and 2003 consisted of the following:
| |
Amortised |
|
Estimated |
|
| |
cost |
|
fair value |
|
| |
£m |
|
£m |
|
|
|
|
|
|
| Commercial paper,
medium-term notes and other investments at 31 March 2004 |
214 |
|
214 |
|
|
|
|
|
|
| Commercial paper, medium-term notes and
other investments at 31 March 2003 |
– |
|
– |
|
|
|
|
|
|
The contractual maturities of the
available for sale investments at 31 March 2004 were as follows:
| |
Amortised |
|
Estimated |
|
| |
cost |
|
fair value |
|
| |
£m |
|
£m |
|
|
|
|
|
|
| Maturing on or before 31 March 2005 |
214 |
|
214 |
|
| Maturing after 1 year through 5 years |
– |
|
– |
|
|
|
|
|
|
| Total at 31 March 2004 |
214 |
|
214 |
|
|
|
|
|
|
|
|
