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Report and accounts 2006
| Group 2006 £m |
Group 2005 (as restated)* £m |
Company 2006 £m |
Company 2005 (as restated)* £m |
|
|---|---|---|---|---|
| Loans and borrowings | 1,474 | 1,298 | 1,198 | 981 |
| Loans and borrowings are repayable as follows: | ||||
| Within one year | 231 | 102 | 230 | 102 |
| In the second year | 400 | 155 | 200 | 79 |
| In the third year | 94 | 400 | 94 | 200 |
| In the fourth year | - | 40 | - | - |
| In the fifth year | 149 | - | 74 | - |
| After five years | 600 | 601 | 600 | 600 |
| Total | 1,474 | 1,298 | 1,198 | 981 |
* As restated for the adoption of IFRS.
Principal borrowings include:
| Rate | Maturity | Group 2006 £m |
Group 2005 (as restated)* £m |
Company 2006 £m |
Company 2005 (as restated)* £m |
|
|---|---|---|---|---|---|---|
| Notes issued under the £2,000 million note issuance programme | ||||||
| Fixed rate | ||||||
| £200 million notes (public issue) | 6.875% | 2007 | 200 | 200 | 200 | 200 |
| £200 million notes (public issue) | 6.875% | 2023 | 200 | 200 | 200 | 200 |
| £400 million notes (public issue) | 5.750% | 2032 | 400 | 400 | 400 | 400 |
| Variable rate | ||||||
| £200 million notes (public issue) | LIBOR+0.100% | 2007 | 200 | 200 | - | - |
| Other | 94 | 4 | 94 | 4 | ||
| Total | 1,094 | 1,004 | 894 | 804 | ||
| Committed multi-currency facilities | ||||||
| £486 million (negotiated September 2005) | LIBOR+0.210% | 2010 | - | - | - | - |
| £150 million (negotiated November 2005) | LIBOR+0.175% | 2010 | 148 | - | 74 | - |
| £360 million (facility expired) | - | 151 | - | 76 | ||
| £595 million (facility expired) | - | 40 | - | - | ||
| Total | 148 | 191 | 74 | 76 | ||
| Other | ||||||
| Other bonds in issue | 2010 | 1 | 1 | - | - | |
| Other borrowings | 2 | 101 | 2 | 101 | ||
| Euro commercial paper | 228 | - | 228 | - | ||
| Finance lease obligations | 1 | 1 | - | - | ||
| Total | 232 | 103 | 230 | 101 | ||
| Total loans and borrowings | 1,474 | 1,298 | 1,198 | 981 |
* As restated for the adoption of IFRS.
The drawings under the committed multi-currency facilities are repayable within one year but have been classified as repayable at the maturity date as immediate replacement funding is available until those maturity dates. The undrawn commitment fee on the £150 million committed multi-currency facility is 0.05%. The margin on this facility increases to 0.20% if the drawn amount is greater than 50% of the facility. The undrawn commitment fee on the £486 million committed multi-currency facility is 0.08%. The margin on this facility increases to 0.235% if the drawn amount is between 33% and 66% of the facility, and to 0.26% if the drawn amount is greater than 66% of the facility.
The other borrowings in 2005 principally relate to deposits taken when the Company was a licensed deposit taker. This activity has now ceased.
All of the Group's borrowings are repayable in one instalment on the respective maturity dates. None of the Group's interest-bearing loans and borrowings are secured on the assets of the Group. The fair value of the loan and borrowings is £1,543 million (2005: £1,359 million).