Financial statements
NOTES TO THE FINANCIAL STATEMENTS
25. Borrowings
|
Group |
Company |
|||
|
2010 |
2009 |
2010 |
2009 |
|
|
Current |
||||
|
Bank overdrafts |
11.0 |
75.8 |
0.9 |
- |
|
Amounts owed to parent undertaking |
84.1 |
67.8 |
41.9 |
40.9 |
|
Amounts owed to subsidiary undertaking |
- |
- |
5.0 |
- |
|
95.1 |
143.6 |
47.8 |
40.9 |
|
|
Obligations under finance leases |
8.8 |
6.4 |
- |
- |
|
Total current borrowings |
103.9 |
150.0 |
47.8 |
40.9 |
|
Non-current |
||||
|
Amounts owed to parent undertaking |
336.7 |
271.3 |
167.6 |
163.6 |
|
Obligations under finance leases |
40.9 |
25.8 |
- |
- |
|
Total non-current borrowings |
377.6 |
297.1 |
167.6 |
163.6 |
|
Total borrowings |
481.5 |
447.1 |
215.4 |
204.5 |
The Directors consider that the carrying amounts of current borrowings approximate to their fair value.
The fair value of the non-current borrowings were:
|
2010 |
2009 |
|||
|
Book |
Fair |
Book |
Fair |
|
|
Group |
||||
|
Amounts owed to parent undertaking |
336.7 |
343.8 |
271.3 |
276.1 |
|
Obligations under finance leases |
40.9 |
40.9 |
25.8 |
25.8 |
|
377.6 |
384.7 |
297.1 |
301.9 |
|
|
Company |
||||
|
Amounts owed to parent undertaking |
167.6 |
180.0 |
163.6 |
166.3 |
Where market values are not available, fair values of borrowings have been calculated by discounting expected future cash flows at prevailing interest rates.
The maturity of non-current borrowings was:
|
Group |
Company |
|||
|
2010 |
2009 |
2010 |
2009 |
|
|
Between one and two years |
92.3 |
73.9 |
41.9 |
40.9 |
|
Between two and five years |
270.0 |
219.3 |
125.7 |
122.7 |
|
Over five years |
15.3 |
3.9 |
- |
- |
|
377.6 |
297.1 |
167.6 |
163.6 |
|
The weighted average maturity of non-current borrowings was 3.7 years (2009 3.6 years).
Finance lease liabilities - minimum lease payments:
|
Group |
Company |
|||
|
2010 £m |
2009 £m |
2010 £m |
2009 £m |
|
|
Within one year |
9.8 |
7.6 |
- |
- |
|
Between two and five years |
27.7 |
23.8 |
- |
- |
|
After five years |
15.6 |
4.0 |
- |
- |
|
53.1 |
35.4 |
- |
- |
|
|
Less: future finance charges |
(3.4) |
(3.2) |
- |
- |
|
49.7 |
32.2 |
- |
- |
|
The effective interest rates at the balance sheet date and the exposure to interest rate changes and the repricing dates were:
|
Effective |
6 months |
1- 5 years |
Total |
|
|
Group |
||||
|
31 March 2010 |
||||
|
Bank overdrafts |
1.5 |
11.0 |
- |
11.0 |
|
Amounts owed to parent undertaking |
4.6 |
196.6 |
224.2 |
420.8 |
|
Finance leases |
2.6 |
49.7 |
- |
49.7 |
|
257.3 |
224.2 |
481.5 |
||
|
31 March 2009 |
||||
|
Bank overdrafts |
1.5 |
75.8 |
- |
75.8 |
|
Amounts owed to parent undertaking |
5.2 |
158.1 |
181.0 |
339.1 |
|
Finance leases |
4.4 |
32.2 |
- |
32.2 |
|
266.1 |
181.0 |
447.1 |
||
|
Company |
||||
|
31 March 2010 |
||||
|
Bank overdrafts |
1.5 |
0.9 |
- |
0.9 |
|
Amounts owed to parent undertaking |
3.9 |
104.8 |
104.7 |
209.5 |
|
Amounts owed to subsidiary undertaking |
3.3 |
5.0 |
- |
5.0 |
|
110.7 |
104.7 |
215.4 |
||
|
31 March 2009 |
||||
|
Amounts owed to parent undertaking |
5.0 |
20.5 |
184.0 |
204.5 |