Consolidated profit and loss account - Stagecoach Group

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Notes to the accounts 2003 Note 17 Creditors (continued) (f) Borrowings are repayable as follows Group Company 2003 2002 2003 2002 »m »m »m »m On demand or within 1 year Bank overdraft Nil Nil 59.6 17.7 Bank loans and loan notes 58.9 76.7 46.8 54.8 Hire purchase and lease obligations 34.8 40.7 Nil Nil Within 1-2 years Bank loans and loan notes 130.6 25.2 118.3 8.0 Euro 6% Notes 195.2 Nil 195.2 Nil Hire purchase and lease obligations 23.3 32.8 Nil Nil Within 2-5 years Bank loans and loan notes 49.5 207.4 10.9 182.7 Euro 6% Notes Nil 244.7 Nil 244.7 US Dollar 9.375% Notes Nil Nil Nil Nil Hire purchase and lease obligations 22.2 32.0 Nil Nil Over 5 years Bank loans and loan notes 1.0 4.7 Nil Nil US Dollar 8.625% Notes 208.9 259.3 227.6 342.0 US Dollar 9.375% Notes Nil 0.1 Nil Nil Hire purchase and lease obligations 0.3 1.0 Nil Nil Total borrowings 724.7 924.6 658.4 849.9 Less current maturities (93.7) (117.4) (106.4) (72.5) Long term portion of borrowings 631.0 807.2 552.0 777.4 Interest terms on UK borrowings (except loan notes) are at annual rates between 0.4% and 1.625% over Bank of Scotland base rate or equivalent LIBOR rates. Interest terms on overseas borrowings are at annual rates between 1.9% and 8.4% and are based on applicable local market borrowing rates. Interest on loan notes are at three months LIBOR or fixed interest. Loan notes amounting to »39.5m (2002 ^ »46.8m) are backed by guarantees provided under group banking facilities. The loan notes have been classified by reference to the earliest date on which the loan note holders can request redemptions. UK Bank loans, overdrafts, Euro Notes and US$ Notes are unsecured. Note 18 Derivatives and other financial instruments Treasury policy and the use of financial instruments are both discussed in the Finance Director’s review on pages 19 to 21. Short term debtors and creditors have been excluded from the disclosures below except for 18(c) on currency exposures. (a) Interest rate and currency profile of financial liabilities The interest rate profile of the financial liabilities of the Group on which interest is paid at 30 April 2003 was as follows: Floating rate Fixed rate Total Weighted average Weighted average fixed interest period for which rate rate is fixed Currency »m »m »m % Years Sterling 255.2 Nil 255.2 n/a n/a US Dollar 167.2 245.7 412.9 7.7 1.5 Hong Kong Dollar 49.4 Nil 49.4 n/a n/a New Zealand and Australian Dollar 0.7 Nil 0.7 n/a n/a Other 6.5 Nil 6.5 n/a n/a Gross Borrowings 479.0 245.7 724.7 7.7 1.5 The figures shown in the above table take into account various interest rate and currency swaps used to manage the interest rate and currency profile of borrowings. 61
Notes to the accounts 2003 Note 18 Derivatives and other financial instruments (continued) As at 30 April 2003 floating rate Sterling borrowings of »50m (2002 ^ »125m) were hedged with a collar with an average cap rate of 8.5% and an average floor of 4.5%. The cap was not exercised during the year to 30 April 2003, the floor was exercised on »50m at an average rate of 4.5%. The floating rate financial liabilities bear interest at rates fixed in advance for periods ranging from one to three months based on market rates outlined in note 17. Financial liabilities on which no interest is paid comprise certain provisions totalling »106.6m (2002 ^ »91.6m). These are denominated in Sterling »54.1m (2002 ^ »49.9m), US dollars »46.8m (2002 ^ »36.1m) and Hong Kong dollars »5.7m (2002 ^ »5.6m). The weighted average maturity of these liabilities is 1.9 years (2002 ^ 2.1 years). The Group’s policies on managing interest rate risk and currency risk are explained in the Finance Director’s review on pages 19 to 21. The interest rate profile of the financial liabilities of the Group on which interest is paid at 30 April 2002 was as follows: Floating rate Fixed rate Total Weighted average Weighted average fixed interest period for which rate rate is fixed Currency »m »m »m % Years Sterling 169.0 9.6 178.6 7.6 0.5 US Dollar 353.1 318.8 671.9 7.3 2.2 Hong Kong Dollar 58.2 Nil 58.2 n/a n/a New Zealand and Australian Dollar 1.9 0.9 2.8 5.8 1.3 Other 13.1 Nil 13.1 n/a n/a Gross borrowings 595.3 329.3 924.6 7.3 2.2 The maturity profile of the Group’s financial liabilities at 30 April 2003 was as follows: 2003 2002 »m »m Expiring within one year 136.8 155.7 Expiring in more than one year but less than two years 371.0 76.9 Expiring in more than two years but less than five years 88.4 516.0 Expiring beyond five years 235.1 267.6 831.3 1,016.2 Represented by: Gross borrowings 724.7 924.6 Financial liabilities on which no interest is paid ^ insurance provisions 80.2 65.2 ^ token provisions 26.4 25.5 ^ other creditors Nil 0.9 831.3 1,016.2 (b) Interest rate and currency profile of financial assets The Group’s financial assets on which floating interest is receivable comprise cash deposits and cash in hand of »164.7m (2002 ^ »150.0m). The cash deposits comprise deposits placed on money market at call, seven day and monthly rates. The currency analysis is as follows: Floating rate 2003 2002 Currency »m »m Sterling 98.0 119.1 US Dollar 58.7 20.8 Hong Kong Dollar 5.0 4.6 New Zealand and Australian Dollar 2.3 2.0 Other 0.7 3.5 Cash at bank and in hand 164.7 150.0 62
Page 1 and 2: Consolidated profit and loss accoun
Page 3 and 4: Company balance sheet As at 30 Apri
Page 5 and 6: Consolidated statement of total rec
Page 7 and 8: Notes to the accounts 2003 Note 1 S
Page 15 and 16: Notes to the accounts 2003 Note 5 (
Page 17 and 18: Notes to the accounts 2003 Note 8 D
Page 19 and 20: Notes to the accounts 2003 Note 12
Page 25: Notes to the accounts 2003 Note 17

Consolidated profit and loss account - Stagecoach Group

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