Credit Investor Presentation 2020/21
Finance expense
Year ended 31 March
£m
Investment income
Finance expense
Less net fair value losses on debt and derivative instruments
2021
2020
25.0
24.0
(103.5)
(313.0)
(78.5)
(289.0)
(74.5)
76.3
Adjustments for interest on swaps and debt under fair value option
20.2
16.5
Adjustment for the allowance of expected credit losses on loans to joint ventures
5.0
Underlying net finance expense
(132.8)
(191.2)
Adjustment for net pension interest income
(17.5)
(14.0)
Adjustment for capitalised borrowing costs
(30.4)
(40.6)
Effective net finance expense
(180.7)
(245.8)
Average notional net debt
Average effective interest rate
Effective interest rate on index-linked debt
Effective interest rate on other debt
7,315
7,136
2.5%
3.4%
2.4%
3.8%
2.5%
3.0%
United Utilities
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Credit Investor presentation
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