Note 18
18. Financial liabilities – borrowings
| 2009 | 2008 |
|---|---|---|
Current |
|
|
Due within one year or on demand: |
|
|
Finance lease obligations | 7.3 | 6.9 |
| 2009 | 2008 |
|---|---|---|
Non-current |
|
|
Finance lease obligations | 72.3 | 58.9 |
Preference shares | – | 0.1 |
| 72.3 | 59.0 |
|
|
|
– between one to two years | 7.5 | 2.0 |
– between two to five years | 18.3 | 16.6 |
– over five years | 46.5 | 40.3 |
| 72.3 | 58.9 |
The present value of minimum lease payments are as follows:
| 2009 | 2008 |
|---|---|---|
– within one year | 10.5 | 9.5 |
– greater than one year but less than five years | 36.0 | 26.3 |
– after five years | 53.6 | 48.6 |
Total minimum lease payments | 100.1 | 84.4 |
Less future finance charges | (20.5) | (18.6) |
Present value of minimum lease payments | 79.6 | 65.8 |
Preference share capital
| 2009 | 2008 |
|---|---|---|
Authorised, issued, called up and fully paid: |
|
|
100,000 4% cumulative preference shares of £1 each | – | 0.1 |
Following High Court approval on 11 June 2008, the Group cancelled and repaid the 4% cumulative preference shares of Guardian Media Group plc together with the accrued dividend up to and including the date of cancellation.
