Full Annual Report - Inchcape

Section
Three
Financial
statements
22 Borrowings
2009 £m
Floating rate
Weighted
average
effective
interest rate
% £m
Fixed rate
Weighted
average
effective
interest rate
%
Total interest
bearing
£m
On which no
interest is paid
£m
Current
Bank overdrafts 122.4 1.5 – – 122.4 1.7 124.1
Bank loans 35.0 0.8 4.4 13.3 39.4 – 39.4
Other loans 1.2 0.1 0.1 1.8 1.3 – 1.3
Finance leases 0.9 2.9 0.3 7.9 1.2 – 1.2
159.5 1.3 4.8 12.8 164.3 1.7 166.0
Non-current
Bank loans – – – – – 0.9 0.9
Private Placement 294.8 1.7 – – 294.8 – 294.8
Finance leases 1.0 3.0 2.5 7.1 3.5 – 3.5
295.8 1.7 2.5 7.1 298.3 0.9 299.2
Total borrowings 455.3 1.6 7.3 10.8 462.6 2.6 465.2
2009
Total
£m
2008 £m
Floating rate
Weighted
average
effective
interest rate
% £m
Fixed rate
Weighted
average
effective
interest rate
%
Total interest
bearing
£m
On which no
interest is paid
£m
Current
Bank overdrafts 144.9 3.0 – – 144.9 0.3 145.2
Bank loans 3.0 7.2 3.5 14.0 6.5 – 6.5
Other loans 1.8 5.2 7.4 14.0 9.2 – 9.2
Finance leases 4.1 5.6 0.3 7.7 4.4 – 4.4
153.8 3.2 11.2 13.8 165.0 0.3 165.3
Non-current
Bank loans 405.0 2.3 0.6 14.0 405.6 2.0 407.6
Private Placement 391.8 5.0 52.1 6.0 443.9 – 443.9
Finance leases 1.9 6.7 2.7 7.2 4.6 – 4.6
798.7 3.7 55.4 6.1 854.1 2.0 856.1
Total borrowings 952.5 3.6 66.6 7.4 1,019.1 2.3 1,021.4
Interest payments on floating rate financial liabilities are determined by reference to short-term benchmark rates applicable in the
relevant currency or market (primarily LIBOR or the local equivalent).
The fair values of the Group’s borrowings are not considered to be materially different from their book value with the exception of the
Private Placement which includes a fair value basis adjustment of £24.6m (2008 – £62.5m).
The Group’s borrowings are unsecured.
At 31 December, £nil (2008 – £370m) of the £500m syndicated credit facility that expires in 2013 was drawn down.
In addition, the Group has a £35m bilateral facility which expires in 2010.
US$475m of the Group’s US$550m Private Placement has historically been swapped into Sterling. During the year, US$114m of the
US$550m was repaid to the loan noteholders, of which US$39m related to the original US$475m swapped into Sterling. It was replaced
with an opposing US$39m swap (see note 23 for further details). US$275m is repayable in eight years and US$161m in 10 years.
2008
Total
£m
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