Financial statements
- Independent auditors' report
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated statement of changes in shareholders' equity
- Consolidated balance sheet
- Consolidated cash flow statement
- Notes to the financial statements
- Independent auditors' report
- Company balance sheet
- Notes to the Company financial statements
Notes to the financial statements
for the year ended 31 October 2011
17. Financial liabilities – bank borrowings
Current |
2011 £'000 |
2010 £'000 |
Bank loans and overdrafts due within one year or on demand: |
||
Secured – bank loan |
12,500 | — |
Debt issue costs |
(2,357) | — |
| 10,143 | — | |
Non-current |
2011 £'000 |
2010 £'000 |
Bank loans: |
||
Secured |
328,838 | 316,071 |
Debt issue costs |
(1,955) | (6,560) |
| 326,883 | 309,511 | |
In March 2010, the Group renegotiated its existing bank loan facilities. The total available amount under the new facility was £31.0 million higher than under the old facilities. The current drawn down amounts are now repayable £5.0 million in March 2012, £7.5 million in September 2012, £7.5 million in March 2013 and £321.4 million in August 2013.
The loan has a floating rate of interest, with £350.0 million of the facility being denominated in Sterling and £35.0 million being denominated in Euros. The loan is carried at amortised cost.
The bank loans and overdrafts are secured by a fixed charge over the Group's investment property portfolio. Following the bank re-financing in March 2010, as part of the interest rate management strategy, the Group entered into several interest rate swap contracts, details of which are shown in note 18.
The maturity profile of the carrying amount of the Group's non-current liabilities at 31 October 2011 and 31 October 2010 was as follows:
| Less than one year £'000 |
One to two years £'000 |
Two to five years £'000 |
More than five years £'000 |
|
2011 |
||||
Borrowings |
25,620 | 341,960 | — | — |
Derivative financial instruments |
3,384 | 3,384 | — | — |
Contractual interest payments and finance lease charges |
10,637 | 10,597 | 25,133 | 51,267 |
Trade and other payables |
35,048 | 529 | — | — |
| 74,689 | 356,470 | 25,133 | 51,267 | |
2010 |
||||
Borrowings |
11,905 | 25,617 | 316,690 | — |
Derivative financial instruments |
4,647 | 4,581 | 4,581 | — |
Contractual interest payments and finance lease charges |
10,488 | 10,595 | 27,624 | 59,213 |
Trade and other payables |
35,817 | 745 | — | — |
| 62,857 | 41,538 | 348,895 | 59,213 | |
Bank loans are stated before unamortised issue costs of £4,312,000 (FY2010: £6,560,000). Bank loans are repayable as follows:
Group
| ||
| 2011 £'000 |
2010 £'000 |
|
In one year or less |
12,500 | — |
Between one and two years |
328,838 | 12,500 |
Between two and five years |
— | 303,571 |
Bank loans |
341,338 | 316,071 |
Unamortised issue costs due within one year |
(2,357) | — |
Unamortised issue costs due after one year |
(1,955) | (6,560) |
| 337,026 | 309,511 | |
The effective interest rates at the balance sheet date were as follows:
2011 |
2010 |
|
Bank loans |
Quarterly LIBOR plus 2.75% | Quarterly LIBOR plus 2.5% |
| Quarterly EURIBOR plus 2.75% | Quarterly EURIBOR plus 2.5% |
Borrowing facilities
The Group has the following undrawn committed borrowing facilities available at 31 October in respect of which all conditions precedent had been met at that date:
Floating rate
| ||
| 2011 £'000 |
2010 £'000 |
|
Expiring beyond one year |
43,778 | 68,690 |
