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4 Financial liabilities - Borrowings
| All figures in £ millions | 2006 | 2005 |
|---|---|---|
| Non-current | ||
| 6.125% Euro Bonds 2007 (nominal amount €591m) | – | 436 |
| 10.5% Sterling Bonds 2008 (nominal amount £100m) | 105 | 107 |
| 7% Global Dollar Bonds 2011 (nominal amount $500m) | 266 | 307 |
| 7% Sterling Bonds 2014 (nominal amount £250m) | 251 | 250 |
| 4.625% US Dollar notes 2018 (nominal amount $300m) | 139 | 161 |
| 761 | 1,261 | |
| Current | ||
| Due within one year or on demand: | ||
| Bank loans and overdrafts | 363 | 366 |
| 6.125% Euro Bonds 2007 (nominal amount €591m) | 421 | – |
| Total borrowings | 1,545 | 1,627 |
| Included in the non-current borrowings above is £10m of accrued interest (2005: £33m). Included in the current borrowings above is £22m of accrued interest (2005: £nil). |
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The maturity of the Company's non-current borrowings is as follows:
| All figures in £ millions | 2006 | 2005 |
|---|---|---|
| Between one and two years | 105 | 436 |
| Between two and five years | 266 | 107 |
| Over five years | 390 | 718 |
| 761 | 1,261 |
As at 31 December 2006 the exposure of the borrowings of the Company to interest rate changes when the borrowings re-price is as follows:
| All figures in £ millions | Total | One year | One to five years |
More than five years |
|---|---|---|---|---|
| Carrying value of borrowings | 1,545 | 784 | 371 | 390 |
| Effect of rate derivatives | – | 629 | (221) | (408) |
| 1,545 | 1,413 | 150 | (18) |
The carrying amounts and market values of non-current borrowings are as follows:
| All figures in £ millions | Effective interest rate |
Carrying amount 2006 |
Market value 2006 |
Carrying amount 2005 |
Market value 2005 |
|---|---|---|---|---|---|
| 6.125% Euro Bonds 2007 | 6.18% | – | – | 436 | 419 |
| 10.5% Sterling Bonds 2008 | 10.53% | 105 | 106 | 107 | 113 |
| 7% Global Dollar Bonds 2011 | 7.16% | 266 | 269 | 307 | 310 |
| 7% Sterling Bonds 2014 | 7.20% | 251 | 265 | 250 | 282 |
| 4.625% US Dollar notes 2018 | 4.69% | 139 | 135 | 161 | 155 |
| 761 | 775 | 1,261 | 1,279 |
The market values are based on clean market prices at the year end or, where these are not available, on the quoted market prices of comparable debt issued by other companies. The effective interest rates above relate to the underlying debt instruments.
The carrying amounts of the Company’s borrowings are denominated in the following currencies:
| All figures in £ millions | 2006 | 2005 |
|---|---|---|
| US dollar | 462 | 834 |
| Sterling | 654 | 357 |
| Euro | 429 | 436 |
| 1,545 | 1,627 |