Notes to the consolidated financial statements
17. Interest bearing loans and borrowings
| 31.3.2009 £m |
31.3.2008 £m |
|
| Current: | ||
| Bank overdrafts | 16.5 | 27.8 |
| Current instalments due on borrowings (principal £20.6 million, 2008: £96.8 million) | 25.8 | 102.4 |
| Current obligations under finance leases and hire purchase contracts (see note 18) | 6.9 | 6.1 |
| 49.2 | 136.3 | |
| Non-current: | ||
| Non-current obligations under finance leases and hire purchase contracts | ||
| (principal £104.8 million, 2008: £83.6 million) (see note 18) | 104.8 | 83.7 |
| Non-current instalments on borrowings (principal £2,326.6 million, 2008: £2,204.1 million) | 2,360.5 | 2,242.7 |
| 2,465.3 | 2,326.4 | |
| Borrowings comprise the following: | ||
| Loans (principal £567.4 million, 2008: £543.6 million) | 572.6 | 550.5 |
| Subordinated loan stock | 6.6 | 6.4 |
| Eurobonds – due 11 October 2017 bearing interest rate of 6.0% | ||
| (principal £300.0 million, 2008: £300.0 million) | 309.8 | 311.0 |
| Eurobonds – due 6 February 2023 bearing interest rate of 6.875% | ||
| (principal £350.0 million, 2008: £350.0 million) | 389.7 | 392.7 |
| Eurobonds – due 29 April 2033 bearing interest rate of 5.625% | ||
| (principal £350.0 million, 2008: £350.0 million) | 346.0 | 345.6 |
| Eurobonds – due 23 January 2034 bearing interest rate of 5.87526% | ||
| (principal £248.0 million, 2008: £248.0 million) | 240.7 | 240.4 |
| Eurobonds – due 31 March 2037 bearing interest rate of 6.627% | ||
| (principal £61.6 million, 2008: £61.6 million) | 58.9 | 58.8 |
| Index linked Eurobonds – due 15 July 2036 bearing interest rate of 2.033% | ||
| (principal £171.9 million, 2008: £163.7 million) | 170.9 | 162.6 |
| Index linked Eurobonds – due 30 January 2041 bearing interest rate of 1.6274% | ||
| (principal £67.7 million, 2008: £64.4 million) | 67.5 | 64.3 |
| Index linked Eurobonds – due 16 July 2049 bearing interest rate of 1.7118% | ||
| (principal £112.0 million, 2008: £106.6 million) | 111.8 | 106.4 |
| Index linked Eurobonds – due 16 July 2053 bearing interest rate of 1.7484% | ||
| (principal £112.0 million, 2008: £106.6 million) | 111.8 | 106.4 |
| 2,386.3 | 2,345.1 | |
| Less current instalments due on bank loans (principal £20.6 million, 2008: £96.8 million) | (25.8) | (102.4) |
| 2,360.5 | 2,242.7 | |
The difference between the principal value of £2,326.6 million (2008: £2,204.1 million) and the carrying value of £2,360.5 million (2008: £2,242.7 million) are unamortised issue costs of £15.4 million (2008: £15.9 million) and a credit of £49.3 million (2008: £54.5 million) in excess of the original loan proceeds to reflect the fair value of loans owed by subsidiaries acquired in 2003.
The Eurobonds – due 23 January 2034 are secured on the income receivable under the Kielder Water transfer scheme for the period to 23 January 2034.
The value of the capital and interest elements of the index linked Eurobonds are linked to movements in the UK Retail Price Index (see note 1(q)).