WWU Regulatory Accounts to 31st March 2006 - Our Home Page

NOTES TO THE REGULATORY ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2006
12 Gross borrowings
2006 2005
Transportation
business
De-minimis
business
Metering
activity Other activities Total
£m £m £m £m £m £m
Finance leases 2.1 - - - 2.1 -
Gross value of other loans 879.0 - - - 879.0 -
881.1 - - - 881.1 -
The maturity profile of the group’s gross borrowings, excluding bank overdrafts, but including finance leases, was as follows:
2006 2005
Transportation
business
De-minimis
business
Metering
activity Other activities Total
£m £m £m £m £m £m
In one year or less, or on demand 1.4 - - - 1.4 -
In more than one year but not more than two years 0.7 - - - 0.7 -
In more than two years but not more than five years 879.0 - - - 879.0 -
881.1 - - - 881.1 -
The difference between gross borrowings as disclosed above and net borrowings as disclosed in notes 10 and 11 reflect the unamortised element of the loan commitment fees of £5.7m.
13 Financial instruments and risk management
(a) Interest rate swaps
The Company has entered into interest rate swap arrangements in order to manage the interest rate exposure of the Company and not for trading or speculative purposes.
The Company’s outstanding interest rate swap arrangement had a notional principal balance of £964m (2005 £Nil), with a termination date of 31 March 2013, with interest rates ranging between 2.98%
to 5.35%.
Wales & West Utilities Ltd (Formerly Blackwater 2 Ltd)
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