Notes to the financial statements
33 Analysis of net debt
Group
|
At 1 April 2013 £m |
Cash flow £m |
Non-cash movement £m |
Exchange movement £m |
At 31 March 2014 £m |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Cash and cash equivalents |
276.1 |
(208.8) |
– |
– |
67.3 |
|||||
|
Borrowings (current) |
(165.7) |
159.4 |
(25.3) |
6.3 |
(25.3) |
|||||
|
Borrowings (non-current) |
(182.4) |
(36.0) |
25.3 |
12.9 |
(180.2) |
|||||
|
Finance leases |
(5.5) |
3.7 |
– |
– |
(1.8) |
|||||
|
Debt issuance costs |
1.8 |
– |
(0.7) |
– |
1.1 |
|||||
|
(75.7) |
(81.7) |
(0.7) |
19.2 |
(138.9) |
||||||
|
Debt issuance costs excluded |
(1.8) |
– |
0.7 |
– |
(1.1) |
|||||
|
Impact of cross-currency swaps* |
17.8 |
– |
– |
(20.0) |
(2.2) |
|||||
|
Net debt |
(59.7) |
(81.7) |
– |
(0.8) |
(142.2) |
|||||
|
At 1 April 2012 £m |
Cash flow £m |
Non–cash movement £m |
Exchange movement £m |
At 31 March 2013 £m |
||||||
|
Cash and cash equivalents |
79.4 |
192.8 |
– |
3.9 |
276.1 |
|||||
|
Borrowings (current) |
– |
– |
(165.7) |
– |
(165.7) |
|||||
|
Borrowings (non-current) |
(417.2) |
76.2 |
165.7 |
(7.1) |
(182.4) |
|||||
|
Finance leases |
(7.2) |
1.7 |
– |
– |
(5.5) |
|||||
|
Debt issuance costs |
2.7 |
– |
(0.9) |
– |
1.8 |
|||||
|
(342.3) |
270.7 |
(0.9) |
(3.2) |
(75.7) |
||||||
|
Debt issuance costs excluded |
(2.7) |
– |
0.9 |
– |
(1.8) |
|||||
|
Impact of cross-currency swaps* |
8.6 |
– |
– |
9.2 |
17.8 |
|||||
|
Net debt |
(336.4) |
270.7 |
– |
6.0 |
(59.7) |
* The Group has $204.4 million and €41.3 million of loan notes against which cross-currency swaps have been put in place to fix interest and principal repayments in Sterling (March 2013: $308.7 million and €75.0 million). Under IFRS, currency borrowings are retranslated into Sterling at year end exchange rates. The cross-currency swaps are recorded at fair value and incorporate movements in both market exchange rates and interest rates. The Group defines net debt so as to include the effective Sterling liability where cross-currency swaps have been used to convert foreign currency borrowings into Sterling. The £2.2 million adjustment included in the above (March 2013: £17.8 million) converts the Sterling equivalent of Dollar and Euro loan notes from year end exchange rates (£156.8 million (March 2013: £266.7 million) to the fixed Sterling liability of £158.9 million (March 2013: £248.9 million)).
On 18 April 2013 the Group repaid €106.9 million (£92.7 million) and £7.2 million of 2007 notes at a combined premium of £8.7 million. £69.2 million of these notes were due for repayment in April 2014 and £30.7 million were due for repayment in April 2017. In addition there was a natural maturity of £59.5 million ($104.3 million) of loan notes and a €60.0 million (£51.0 million) reduction in the revolving credit facility.
|
Company |
At 1 April 2013 £m |
Cash flow £m |
Non-cash movement £m |
Exchange movement £m |
At 1 March 2014 £m |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Cash and cash equivalents |
14.8 |
(14.8) |
– |
– |
– |
|||||
|
Borrowings (current) |
(165.7) |
159.4 |
(25.3) |
6.3 |
(25.3) |
|||||
|
Borrowings (non-current) |
(182.4) |
– |
25.3 |
12.9 |
(144.2) |
|||||
|
(333.3) |
144.6 |
– |
19.2 |
(169.5) |
||||||
|
Borrowings (non-current) – impact of cross-currency swaps |
17.8 |
– |
– |
(20.0) |
(2.2) |
|||||
|
Net debt |
(315.5) |
144.6 |
– |
(0.8) |
(171.7) |
|||||
|
At 1 April 2012 £m |
Cash flow £m |
Non–cash movement £m |
Exchange movement £m |
At 1 March 2013 £m |
||||||
|
Cash and cash equivalents |
– |
13.7 |
– |
1.1 |
14.8 |
|||||
|
Borrowings (current) |
– |
(165.7) |
– |
– |
(165.7) |
|||||
|
Borrowings (non-current) |
(407.2) |
229.1 |
– |
(4.3) |
(182.4) |
|||||
|
(407.2) |
77.1 |
– |
(3.2) |
(333.3) |
||||||
|
Borrowings (non-current) – impact of cross-currency swaps |
8.6 |
– |
– |
9.2 |
17.8 |
|||||
|
Net debt |
(398.6) |
77.1 |
– |
6.0 |
(315.5) |