SID Silverdell

|                             leases        |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Other         |   13,869 |      13,869 |   2,819 |   2,000 |   6,000 |   3,050 | 
|                             borrowings    |          |             |         |         |         |         | 
|                             and           |          |             |         |         |         |         | 
|                             overdrafts    |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Deferred      |      317 |         317 |     317 |       - |       - |       - | 
|                             consideration |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Derivative    |       41 |          41 |      41 |       - |       - |       - | 
|                             financial     |          |             |         |         |         |         | 
|                             liabilities   |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |   19,211 |      19,211 |   8,043 |   2,118 |   6,000 |   3,050 | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             30            | Carrying | Contractual |    Less |     1-2 |     2-5 |    More | 
|                             September     |   amount |  cash flows |    than |   years |   years |  than 5 | 
|                             2007          |  GBP'000 |     GBP'000 |  1 year | GBP'000 | GBP'000 |   years | 
|                                           |          |             | GBP'000 |         |         | GBP'000 | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Financial     |          |             |         |         |         |         | 
|                             assets        |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Trade         |   14,230 |      14,230 |  14,230 |       - |       - |       - | 
|                             and           |          |             |         |         |         |         | 
|                             other         |          |             |         |         |         |         | 
|                             receivables   |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Cash          |    1,418 |       1,418 |   1,418 |       - |       - |       - | 
|                             and           |          |             |         |         |         |         | 
|                             cash          |          |             |         |         |         |         | 
|                             equivalents   |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Derivative    |       86 |          86 |      86 |       - |       - |       - | 
|                             financial     |          |             |         |         |         |         | 
|                             assets        |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |   15,734 |      15,734 |  15,734 |       - |       - |       - | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Financial     |          |             |         |         |         |         | 
|                             liabilities   |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Trade         |    3,822 |       3,822 |   3,822 |       - |       - |       - | 
|                             payables      |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Obligations   |    1,012 |       1,012 |     483 |     417 |     112 |       - | 
|                             under         |          |             |         |         |         |         | 
|                             finance       |          |             |         |         |         |         | 
|                             leases        |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Other         |    9,000 |       9,000 |   2,150 |   1,900 |   4,950 |       - | 
|                             borrowings    |          |             |         |         |         |         | 
|                             and           |          |             |         |         |         |         | 
|                             overdrafts    |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                             Deferred      |    5,649 |       5,649 |  3,000  |   2,649 |       - |       - | 
|                             consideration |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |   19,483 |      19,483 |   9,455 |   4,966 |   5,062 |       - | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
|                                           |          |             |         |         |         |         | 
+-------------------------------------------+----------+-------------+---------+---------+---------+---------+ 
 
 
(e) Interest rate risk 
 
 
Interest rate risk is the risk that the value of a financial instrument or cash 
flows associated with the instrument, will fluctuate due to changes in market 
interest rates. As the Group has no significant interest-bearing assets, the 
Group's income and operating cash flows are substantially independent of changes 
in market interest rates. 
 
 
The Group is exposed to interest rate risk primarily though borrowing funds at 
floating interest rates. Borrowings issued at variable rates expose the Group to 
cash flow interest rate risk. The Group manages interest rate risk on borrowings 
by ensuring access to diverse funding and through monitoring interest rate 
movements with weekly reports. 
 
 
Interest rate risk is reviewed on a regular basis and if considered necessary a 
strategy to minimise any potential risk through interest rate swaps will be 
discussed and implemented. 
 
 
Based on the various scenarios, the Group manages its cash flow interest rate 
risk by using floating-to-fixed interest rate swaps. Such interest rate swaps 
have the economic effect of converting borrowings from floating rates to fixed 
rates. Generally the Group raises long term borrowings at floating rates and 
swaps them into fixed rates that are lower than those available if the Group 

Silverdell (LSE:SID)
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Silverdell (LSE:SID)
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