Annual Report & Accounts 2017/18

112 NI Water Annual Report and Accounts 2017/18 Statutory Accounts B1 Loans and borrowings continued Company At 31 March 2018 At March 2017 Nominal interest rate Year of maturity Face value £000 Carrying amount £000 Face value £000 Carrying amount £000 Capital loan notes 5.25% 2027 627,560 627,560 627,560 627,560 Capital loan notes Gilt + 0.85% 2027 356,000 356,000 356,000 356,000 Capital loan notes Gilt + 0.85% 2034 99,000 99,000 30,000 30,000 PPP finance lease liabilities – Alpha 5.81% 2031 88,000 88,000 90,378 90,378 PPP finance lease liabilities – Omega 3.67% 2032 112,692 112,692 114,791 114,791 PPP finance lease liabilities – Kinnegar 3.99% 2024 3,018 3,018 3,384 3,384 Total 1,286,270 1,286,270 1,222,113 1,222,113 The capital loan notes (denominated in GBP) have been issued under the instruments constituting £1,280,200k Fixed Coupon Unsecured loan notes 2027 and £600,000k Fixed Coupon Unsecured loan notes 2034. During the year to 31 March 2018, £69m of loan notes were issued under the £600,000k Fixed Coupon Unsecured loan notes 2034 instrument (2017: £30m). Capital loan notes are issued to DfI and those issued under the £1,280,200k Fixed Coupon Unsecured loan notes instrument are repayable in full in 2027 and those issued under the £600,000k Fixed Coupon Unsecured loan notes instrument are repayable in full in 2034. All loan notes in issue before 31 March 2010 carry a fixed rate of interest of 5.25%. Any loan notes issued after 31 March 2010 carry fixed interest rates of 0.85% above the reference gilt rate as published by the UK HM Government Debt Management Office on the day of issue of the loan note. The gilt rates applying to loan drawdowns subsequent to 31 March 2010 range from 1.56% to 4.42%. Finance lease liabilities Finance lease liabilities relate to PPP contracts outlined in Note A2. Finance lease liabilities are payable as follows: Group At 31 March 2018 At 31 March 2017 Future minimum lease payments £000 Interest £000 Present value of minimum lease payments £000 Future minimum lease payments £000 Interest £000 Present value of minimum lease payments £000 Less than one year 15,650 12,594 3,056 24,175 19,332 4,843 Between one and five years 63,652 45,450 18,202 100,070 71,180 28,890 More than 5 years 149,936 55,484 94,452 270,224 95,402 174,820 Total 229,238 113,528 115,710 394,469 185,914 208,553