The Group's policy with regard to liquidity ensures adequate
access to funds by maintaining an appropriate mix of short-term and
longer-term facilities, which are reviewed on a regular basis. The
maturity profile and details of debt outstanding at 31 March 2014
is set out in note 17.
The following are the contractual maturities of financial
liabilities, including estimated interest payments:
More
Nominal One year One to Two to than
interest Carrying Contractual or five five
rate amount Cash flows less two years years years
31 March 2014 Notes % GBP000 GBP000 GBP000 GBP000 GBP000
Non-derivative financial
liabilities
Secured bank loans
3.4 -
- Sterling 3.8 17,900 (18,833) (2,359) (3,898) (12,576) -
Secured bank loans
3.1 -
- US Dollar 3.6 9,372 (9,936) (1,908) (2,053) (5,975) -
Secured bank loans
- Euros 4.3 5,485 (7,023) (574) (574) (1,649) (4,226)
Total secured bank
loans 17 32,757 (35,792) (4,841) (6,525) (20,200) (4,226)
Finance leases 20
- Sterling leases 3.9 3,176 (3,616) (531) (529) (1,588) (968)
- Euro leases 4.8 1,505 (1,679) (258) (258) (1,163) -
- other leases 6.0 8 (8) (8) - - -
Other financial liabilities 9,325 (9,325) (9,210) (115) - -
Trade payables 21 25,031 (25,031) (25,031) - - -
Other payables 21 787 (787) (787) - - -
1.7 -
Asset backed loans 3.5 5,336 (5,336) (5,336) - - -
Revolving credit facilities 3.2 -
3.7 - - - - - -
1.5 -
Bank overdraft 5.1 2,529 (2,529) (2,529) - - -
Derivative financial
liabilities
Financial liabilities
at fair value through
the income statement
- Interest rate swaps
(a) 49 - - - - -
Financial liabilities
carried at
fair value through
the hedging reserve
- Interest rate swaps
(a) 399 - - - - -
Forward foreign exchange
contracts carried
at fair value through
the income statement 66 (150) (150) - - -
Forward foreign exchange
contracts carried
at fair value through
the hedging reserve 178 (21,374) (21,374) - - -
81,146 (105,627) (70,055) (7,427) (22,951) (5,194)
(a) The interest rate swaps with fair values of GBP49,000 and
GBP399,000 mature over a period ending January 2017.
Nominal One to
interest Carrying Contractual One year Two to More than
rate amount Cash flows or less two years five years five years
31 March 2013 Notes % GBP000 GBP000 GBP000 GBP000 GBP000
Non-derivative financial
liabilities
Secured bank loans
3.5 -
- Sterling 3.9 16,318 (17,709) (2,448) (2,396) (12,865) -
Secured bank loans
3.2 -
- US Dollar 3.6 12,264 (13,203) (2,001) (2,133) (9,069) -
Secured bank loans
- Euros 3.8 5,956 (7,739) (597) (583) (1,662) (4,897)
Total secured bank
loans 17 34,538 (38,651) (5,046) (5,112) (23,596) (4,897)
Finance leases 20
- Sterling leases 5.5 34 (35) (33) (2) - -
- Euro leases 4.8 1,719 (1,969) (262) (262) (1,445) -
- other leases 6.0 24 (27) (19) (7) (1) -
Other financial liabilities 8,475 (8,475) (8,212) (263) - -
Trade payables 21 28,291 (28,291) (28,291) - - -
Other payables 21 704 (704) (704) - - -
2.3 -
Asset backed loans 3.5 7,683 (7,683) (7,683) - - -
3.5
Revolving credit facilities - 3.7 658 (658) (658) - - -
1.5 -
Bank overdraft 4.5 336 (336) (336) - - -
Derivative financial
liabilities
Financial liabilities
at fair value through
the income statement
- interest rate swaps
(b) 54 - - - - -
Financial liabilities
carried at fair value
through the hedging
reserve - interest
rate swaps (b) 546 - - - - -
Forward foreign exchange
contracts carried
at fair value
through the hedging
reserve (95) (12,925) (12,925) - - -
82,967 (99,754) (64,169) (5,646) (25,042) (4,897)
(b) The interest rate swaps with fair values of GBP54,000 and
GBP546,000 mature over a period ending January 2017.
The following shows the facilities for bank loans, overdrafts,
asset backed loans and revolving credit facilities:
31 March 2014 31 March 2013
Facility used Facility used
Carrying contractual Facility Total Carrying contractual Facility Total
amount cash flows unused facility amount cash flows unused facility
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Secured bank loans (see
above) 32,757 (35,792) - (35,792) 34,538 (38,651) - (38,651)
Asset backed loans 5,336 (5,336) (9,283) (14,619) 7,683 (7,683) (4,900) (12,583)
Revolving credit
facilities - - (500) (500) 658 (658) (2,242) (2,900)
Bank overdraft 2,529 (2,529) (4,537) (7,066) 336 (336) (4,137) (4,473)
40,622 (43,657) (14,320) (57,977) 43,215 (47,328) (11,279) (58,607)
The asset backed loan facilities are dependent upon the levels
of the relevant inventory and receivables.
The major bank facilities vary in the year depending on forecast
debt requirements. The maximum limit across all facilities with the
major bank was GBP74 million (2013: GBP75 million). At 31 March
2014 the facility amounted to GBP42.9 million (2013: GBP35.8
million).
Additional facilities were available at other banks of GBP17.0
million (2013: GBP18.7 million), including asset backed loans
according to the level of receivables and inventory.
The short term overdraft, RCF and the asset backed loan elements
of those facilities was renewed on improved terms in May 2014,
which will slightly lower the blended rate in the forthcoming
year.
The asset backed loan facilities are to be renewed on:
-- UK - May 2016;
-- USA - August 2017; and
-- Europe - July 2017.
d) Cash flow hedges
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