National Grid 2004 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2004 National Grid annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 40

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40

15. Creditors (amounts falling due after more than one year)
The Group The Company
2004 2003 2004 2003
At 31 March £m £m £m £m
Borrowings (note 16) 3,636 4,082 2,768 2,838
Amounts owed to Group undertakings ––1,084 1,447
Deferred income 1,027 977 1,027 977
4,663 5,059 4,879 5,262
Deferred income mainly comprises contributions to capital projects.
16. Borrowings
The following table analyses the Group’s total borrowings after taking account of currency and interest rate swaps.
The Group The Company
2004 2003 2004 2003
At 31 March £m £m £m £m
Amounts falling due within one year:
Bank loans and overdrafts 100 189 100 189
Commercial paper 202 –202 –
Bonds 494 515 50 36
Borrowings from fellow subsidiary undertakings 490 349 490 349
Other loans 19 36 19 6
1,305 1,089 861 580
Amounts falling due after more than one year:
Bonds 3,616 4,030 2,748 2,786
Other loans 20 52 20 52
3,636 4,082 2,768 2,838
Total borrowings 4,941 5,171 3,629 3,418
Total borrowings are repayable as follows:
In one year or less 1,305 1,089 861 580
More than one year, but not more than two years 257 643 102 193
More than two years, but not more than three years 887 199 677 45
More than three years, but not more than four years 293 888 285 677
More than four years, but not more than five years 457 236 412 228
More than five years – other than by instalments 1,742 2,116 1,292 1,695
4,941 5,171 3,629 3,418
None of the Group’s borrowings are secured by charges over the assets of the Group.
Bonds falling due after more than one year also include the amount of £73m (2003: £65m), including accretion of interest to 31 March 2004,
in respect of a zero coupon bond due 2021, which had a market value of £287m (2003: £290m).
Notes to the Accounts_continued
Annual Report and Accounts 2003/04_Transco plc 27