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Escher Group Holdings plc
Annual report 2011
49
Financial statements
Corporate governance
Business review
Overview
18. Borrowings
continued
Maturity of financial borrowings
The maturity profile of the carrying amount of the Group’s borrowings is set out below. As set out in note 2, the Group was
in breach of certain of its covenants, thereby necessitating the related borrowings to be reclassified as current in the prior year.
These borrowings were due for repayment in September 2012. As set out in note 25, these borrowings have been repaid since
the year end as part of a Group refinancing.
Group
Within
1 year
US$’000
Between
1 & 2 years
US$’000
Between
2 & 5 years
US$’000
After
5 years
US$’000
Total
US$’000
Bank loans
8,424
—
—
— 8,424
Debentures
3,324
—
—
— 3,324
Accrued interest
68
—
—
—
68
At 31 December 2011
11,816
—
—
— 11,816
Bank loans
19,936
—
—
— 19,936
Debentures
— 5,000
—
— 5,000
Accrued interest
—
3,177
—
—
3,177
At 31 December 2010
19,936
8,177
—
— 28,113
Borrowings are secured by fixed and floating charges over the Group’s assets, including the guarantee of the holding company.
Currency
All of the Group’s borrowings are denominated in US Dollars.
19. Derivative financial instruments
Fair value
Group
2011
US$’000
2010
US$’000
Non-current liabilities
Interest rate swaps – not designated as hedges
—
—
Current liabilities
Interest rate swaps – not designated as hedges
56
178
20. Cash generated from operations
Group
2011
US$’000
Group
2010
US$’000
Company
2011
US$’000
Company
2010
US$’000
Profit/(loss) before tax
1,147
2,236
(722)
—
Adjustments for:
Depreciation
155
179
2
—
Amortisation
358
34
—
—
Loss on disposal of tangible assets
—
1
—
—
Finance income
(5)
(7)
—
—
Finance costs
1,474
1,828
—
—
Employee share based payments
—
267
—
—
Effect of foreign exchange
(177)
358
(34)
—
Movement in derivatives
(122)
37
—
—
Movement in provisions
—
3
—
—
Management fee
—
—
(184)
—
Exceptional costs
828
—
828
—
Changes in working capital
Decrease in trade and other receivables
(60)
(181)
(94)
—
(Decrease)/increase in trade and other payables
(616)
(503)
11
—
Cash generated from operations
2,982
4,252
(193)
—