Notes to the Consolidated Cash Flow Statement
For the year ended 31 March 2015
(c) Analysis of Net Debt
Balance at
Balance at
1 April
Acquisitions
Non-Cash
31 March
2014 and Disposals
Cash Flow
Movements
2015
£’000 £’000 £'000 £'000 £’000
Cash at bank and in hand
Drawings on short-term bank loans
8,147
(9,109)
475
—
(3,971)
9,109
—
—
4,651
—
(962) 475 5,138 — 4,651
Irredeemable debenture stock
(1,679)
—
27
—
(1,652)
Index-linked debt (net of issue costs)
(200,103)
—
—
(5,875)
(205,978)
Bank term loans (net of issue costs)
(105,185)
—
—
(253)
(105,438)
Private placement loan notes (net of issue costs)
(40,559)
—
—
(95)
(40,654)
Obligations under finance leases and
hire-purchase contracts
(1,268)
—
643
—
(625)
Net debt
(349,756)
475
5,808
(6,223)
(349,696)
Non-cash movements represent indexation, amortisation of issue costs, amortisation of the discount/premium on index-linked debt. The book value of net
debt detailed above differs from the value used for covenant reporting purposes of £335,529,000 (2014: £337,689,000). Index-linked debt used for covenant
reporting purposes is the indexed principal whereas, in accordance with applicable accounting standards, the book value represents amortised cost. Also, bank
loans and private placement loan notes for covenant reporting purposes are reported at principal value before costs whereas the book value above includes
un-amortised costs.
60