british american tobacco p.l.c. annual report 2008 - Notes on the accounts: 15 of 31

 
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ANNUAL REPORT 2009

15 Available-for-sale investments

 2009
£m 		2008
£m
1 January106 97
Differences on exchange(2)9
Additions and advances251 237
Revaluations3 1
Disposals and repayments(275)(238)
31 December83 106
Current57 79
Non-current26 27
 83 106

The classification of these investments under the IFRS 7 fair value hierarchy is given in note 24.

Investments have the following maturities:

 As per balance sheet Contractual gross maturities
 2009
£m 		2008
£m 		2009
£m 		2008
£m
Equity investments28 29 28 29
Non-equity investments    
– within one year44 73 44 73
– beyond one year and within two years6 4 6 4
– beyond two years and within three years5  5  
 83 106 83 106

The contractual gross maturities in each year include the investments maturing in that year together with forecast interest receipts on all investments which are due for all or part of that year.

Investments are denominated in the functional currency of the subsidiary undertaking or other currencies as shown below:

 2009
£m 		2008
£m
Functional currencies79 101
US dollar2 2
Other currencies2 3
 83 106

Non-equity investments of £55 million (2008: £77 million) are principally denominated in UK sterling and have an effective interest rate of 4 per cent (2008: 6.2 per cent).