|                                            |  |                       31 December | 
+--------------------------------------------+--+-----------------------------------+ 
|            Following are details of the    |  |      2008 |        |         2007 | 
|            secured liabilities             |  |           |        |              | 
|                                            |  |           |        |              | 
+--------------------------------------------+--+-----------+--------+--------------+ 
|            Loans from banks (including     |  |       GBP |        | GBP1,473,001 | 
|            short-term credit)              |  | 1,686,172 |        |              | 
+--------------------------------------------+--+-----------+--------+--------------+ 
 
 
 
 
 
 
NOTE 20:-    FINANCIAL INSTRUMENTS 
 
 
The Group's principal financial liabilities, other than derivatives, comprise 
bank loans, trade payables and loans given by related parties. The main purpose 
of these financial liabilities is to raise finance for the Group's acquisitions 
of assets and investments in associates. The Group has various financial assets 
such as cash and cash equivalents, bank deposits, receivables, investment 
properties, available-for-sale investments and loans to related parties. 
 
 
The Group also enters into derivative transactions, primarily interest rate 
swaps. The purpose is to manage the interest rate and currency risks arising 
from the Group's operations and its sources of finance. 
 
 
In all of the Group's assets and liabilities the carrying value is the same as 
fair value with the exception of fixed rate loans, where the fair value is 
disclosed in Note 16a. 
 
 
The main risks arising from the Group's financial instruments are interest rate 
risk, liquidity risk, foreign currency risk and credit risk. The Board of 
Directors reviews and agrees policies for managing each of these risks which are 
summarised below. 
 
 
a.    Interest rate risk: 
 
 
    The Group's exposure to the risk of changes in market interest rates relates 
primarily to the Group's medium and long-term debt obligations which are 
borrowed either at variable or fixed rates of interest. These loans are 
denominated in British Pounds, Euro, Swiss Francs, Swedish Krona and Canadian 
dollars. 
 
 
 
 
 
 
NOTE 20:-    FINANCIAL INSTRUMENTS (Cont.) 
 
 
    The Group's policy is to hedge a high proportion of its variable rate 
borrowings at fixed rates of interest. To achieve this, the Group enters into 
interest rate swap contracts, in which the Group agrees to exchange its variable 
rate obligations for fixed rate obligations. 
 
 
    The hedge statistics set out below refer to the interest rate protection 
undertaken in subsidiaries of the Group without adjustment to reflect the 
Group's holding in those subsidiaries. 
 
 
    At 31 December 2008, after taking into account the effect of interest rate 
swaps, 95% (2007: 97%) of the Group's borrowings were at fixed rates of 
interest. A further 4% (2007: 3%) of the variable rate obligations were 
protected by the purchase of interest rate caps which have the effect of 
establishing a maximum rate of finance. In addition 1% was not hedged (2007: 0%) 
 
 
At 31 December 2008, the Group had interest rate swap agreements in place with a 
notional amount of GBP1,136 million (2007: GBP1,011 million), whereby it pays 
fixed annual rates of interest averaging 4.87% (2007: 4.96%) and receives a 
variable rate equal to three month Euribor or the relevant Libor according to 
the currency of the liability. 
 
 
These swaps are defined as cash flow hedges and the fair values are determined 
by discounting the future cash flows using the mid point of the relevant yield 
curves prevailing on 31st December 2008. The fair values are disclosed below. 
 
 
The swaps are held for hedging purposes and provide full protection against the 
effects of rising short term interest rates. However, it is recognised that, of 
the total, swaps aggregating GBP592 million (2007: GBP563 million), at an 
average rate of 5.53% (2007: 5.61%), do not meet 
  the stringent requirements to establish hedge effectiveness for accounting 
purposes under IAS 39. All other Swaps are effective for accounting purposes. 
 
 
The Group's interest rate profile as at 31st December 2008 is summarised below: 
 
 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|                    |    Total    |                      Derivatives                      |   Fixed     | 
+--------------------+-------------+-------------------------------------------------------+-------------+ 
|                    |             |  Interest   |  Interest   |  Interest   |  Interest   |    Rate     | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|                    |             |    Rate     |    Rate     |    Rate     |    Rate     |    Loans    | 
|                    |             |    Swaps    |    Swaps    |    Swaps    |    Caps     |             | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|                    |             |  Effective  |Ineffective  |    Total    |             |             | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|                    |GBPmillions  |GBPmillions  |GBPmillions  |GBPmillions  |GBPmillions  |GBPmillions  | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Up to 1 year      |        84.4 |         4.8 |         0.4 |         5.2 |        68.9 |        10.3 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  1-2 years         |       235.0 |         5.3 |         0.4 |         5.7 |         0.0 |       229.3 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  2 to 5 years      |       623.6 |       407.9 |        22.5 |       430.4 |         0.0 |       193.2 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Over 5 years      |       748.3 |       126.2 |       568.6 |       694.8 |         0.0 |        53.5 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Total             |     1,691.3 |       544.2 |       591.9 |     1,136.1 |        68.9 |       486.3 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Average rate      |       4.44% |       4.15% |       5.53% |       4.87% |       2.11% |       3.79% | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Fair value        |     (205.2) |      (25.4) |     (155.6) |     (181.0) |         0.0 |      (24.2) | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
| 50 basis point     |        54.7 |         8.8 |        38.3 |        47.1 |         0.0 |         7.6 | 
| change             |             |             |             |             |             |             | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
 
 
 
 
 
 
 
 
NOTE 20:-    FINANCIAL INSTRUMENTS (Cont.) 
 
 
 
 
The Group's interest rate profile as at 31st December 2007 is summarised below: 
 
 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|                    |    Total    |                      Derivatives                      |   Fixed     | 
+--------------------+-------------+-------------------------------------------------------+-------------+ 
|                    |             |  Interest   |  Interest   |  Interest   |  Interest   |    Rate     | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|                    |             |    Rate     |    Rate     |    Rate     |    Rate     |    Loans    | 
|                    |             |    Swaps    |    Swaps    |    Swaps    |    Caps     |             | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|                    |             |  Effective  |Ineffective  |    Total    |             |             | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|                    |GBPmillions  |GBPmillions  |GBPmillions  |GBPmillions  |GBPmillions  |GBPmillions  | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Up to 1 year      |        77.0 |         3.3 |         0.0 |         3.3 |         1.1 |        72.6 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  1-2 years         |        59.4 |         4.0 |         0.0 |         4.0 |        48.8 |         6.6 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  2 to 5 years      |       529.0 |       301.2 |         0.0 |       301.2 |         0.0 |       227.8 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Over 5 years      |       808.0 |       139.4 |       563.3 |       702.7 |         0.0 |       105.3 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Total             |     1,473.4 |       447.9 |       563.3 |     1,011.2 |        49.9 |       412.3 | 
+--------------------+-------------+-------------+-------------+-------------+-------------+-------------+ 
|  Average rate      |       4.64% |       4.15% |       5.61% |       4.96% |       2.16% |       4.16% | 

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