Annual Report and Accounts 2012 - Scapa

Notes on the Accounts continued
7. Bank loans and overdrafts
During the year the Company with other members of the Group entered into a £20.0m multi-currency facility. The principal features
of this facility are:
– the Group may borrow up to £20.0m subject to satisfaction of the requirements of the facility
– it is unsecured
– it is repayable in June 2015
– the margin on the loan is based on a sliding scale determined by the Group’s leverage; it is currently 1.7% above US Libor
– the Group has in place a cross guarantee between the Parent Company and its main trading subsidiaries in respect of the
facility obligations
The effective interest rate at the Balance Sheet date was as follows (these exclude the swap interest rates):
31 March 2012
Bank loans 2.3%
31 March 2011
Invoice discount facility 2.5%
The Company, along with other subsidiaries in the Group, has the following undrawn borrowing facilities, being the unused portion of
the £20.0m committed facility:
Floating rate 10.6 4.0
Prior year facility was the unused portion of the invoice discount facility.
8. Creditors
82 Scapa Group plc Annual Report and Accounts 2012
2012
£m
2011
£m
10.6 4.0
Amounts due within one year:
Amounts owed to subsidiary undertakings 1.1 1.6
Other creditors, including taxation and social security 2.8 2.2
Total amounts due within one year 3.9 3.8
Amounts due after more than one year:
Amounts owed to subsidiary undertakings 52.6 46.8
Total amounts due after more than one year 52.6 46.8
The terms of loans owed to subsidiary undertakings vary; expiry of these ranges from 2015-2020.
9. Provisions
At 1 April 0.8 0.7
Utilised in the year (0.1) –
Additions in the year 0.1 0.1
At 31 March 0.8 0.8
Part of the provision relates to the Megolon disposal in 2007. Under the Sale and Purchase Agreement the acquirer can require
Scapa to make good any shortfall to an agreed value on the sale of certain property within 42 months of acquisition. A third party
valuation in 2009 indicated a shortfall at that time of £0.7m. The remaining provision relates to reorganisation costs.
2012
£m
2012
£m
2011
£m
2011
£m