BP 2007 Annual Report Download - page 151

BP ANNUAL REPORT AND ACCOUNTS 2007 149
35 Finance debt continued
The following table shows, by major currency, the group’s finance debt at 31 December 2007 and 2006 and the weighted average interest rates
achieved at those dates through a combination of borrowings and derivative financial instruments entered into to manage interest rate and currency
exposures.
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Fixed rate debt Floating rate debt
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Weighted
Weighted average Weighted
average time for average
interest which rate interest
rate is fixed Amount rate Amount Total
% Years $million %$million $million
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2007
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US dollar 5 2 9,541 5 20,460 30,001
Sterling –––635
Euro 4 4 81 5 107 188
Other currencies 7 13 268 7 553 821
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9,890 21,155 31,045
2006
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US dollar 5 3 5,998 6 17,055 23,053
Sterling –––535
Euro 3 8 61 4 134 195
Other currencies 7829984287
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6,358 17,652 24,010
Finance leases
The group uses finance leases to acquire property, plant and equipment. These leases have terms of renewal but no purchase options and escalation
clauses. Renewals are at the option of the lessee. Future minimum lease payments under finance leases are set out below.
$ million
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2007 2006
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Future minimum lease payments payable within
1year 268 82
2 to 5 years 393 376
Thereafter 630 873
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1,291 1,331
Less finance charges 399 516
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Net obligations 892 815
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Of which – payable within 1 year 245 60
– payable within 2 to 5 years 217 164
– payable thereafter 430 591
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