Annual Report and Accounts 2006 - DCC plc

notes to the financial statements9129. BorrowingsGroup 2006 2005€’000 €’000Non-current:Bank borrowings 885 1,180Finance leases* 5,442 10,370Unsecured Notes due 2008 to 2016 286,466 305,094292,793 316,644Current:Bank borrowings 62,151 38,907Finance leases* 4,801 5,915Loan notes 199 73167,151 45,553Total borrowings 359,944 362,197*Secured on specific plant and equipment2006 2005The maturity of non-current borrowings is as follows: €’000 €’000Between 1 and 2 years 5,613 6,074Between 2 and 5 years 80,486 92,803Over 5 years 206,694 217,767292,793 316,644Bank borrowings, finance leases and loan notesInterest on bank borrowings, finance leases and loan notes is at floating rates set in advance for periods ranging fromovernight to less than three months by reference to inter-bank interest rates (EURIBOR, sterling LIBOR and US$ LIBOR)and consequently fair value approximates carrying amounts.While the Group had various bank borrowing facilities available at 31 March 2006, it had no undrawn committed bankfacilities.Unsecured Notes due 2008 to 2016The Group’s Unsecured Notes due 2008 to 2016 comprise fixed rate debt of US$100.000 million issued in 1996 andmaturing in 2008 and 2011 (the ‘2008/11 Notes’) and debt of US$200.000 million and Stg£30.000 million issued in 2004and maturing in 2014 and 2016 (the ‘2004/16 Notes’).The 2008/11 Notes have been swapped (using cross currency interest rate swaps designated as fair value hedges underIAS39) from fixed US$ to floating sterling rates, repricing quarterly based on sterling LIBOR.The 2004/16 Notes denominated in US$ have been swapped from fixed to floating US$ rates (using interest rate swapsdesignated as fair value hedges under IAS 39) and further swapped (using currency swaps not designated as hedgesunder IAS 39) from floating US$ to floating euro rates, repricing semi-annually based on EURIBOR. The 2014/16 Notesdenominated in sterling have been swapped from fixed to floating sterling rates (using an interest rate swap designatedas a fair value hedge under IAS 39), repricing semi-annually based on sterling LIBOR.The maturity and interest profile of the Unsecured Notes due 2008 to 2016 is as follows:2006 2005Average maturity 6.8 years 7.8 yearsAverage fixed interest rates*- US$ denominated 6.04% 6.04%- sterling denominated 5.76% 5.76%Average floating rate including swaps- euro denominated 2.84% 2.85%- sterling denominated 5.30% 5.61%* Issued and repayable at par