Annual report and accounts - Cattles Limited

Cattles plc Annual Report and Financial Statements 2004
61
18 Creditors continued
Group
Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Amounts falling due after more than one year:
Bank borrowings (note 19) 584,000 174,000 584,000 174,000
Debenture loans and other borrowings
(notes 18(i) and 19) 622,404 618,967 617,790 618,967
Obligations under finance leases and
hire purchase contracts (note 19) 2,405 2,225 228 195
Other taxes and social security 199 159 199 159
Employee benefit trust 1,523 1,263 1,523 1,263
Deferred purchase consideration 594 2,803 594 2,803
Accruals 23 62 23 28
1,211,148 799,479 1,204,357 797,415
Other than as disclosed in the maturity profile of financial liabilities within note 19, amounts falling due after more than one year
have maturity dates of less than five years.
(i) Debenture loans and other borrowings comprise:
(a) A fixed rate 8.625% Eurosterling Bond which has a par value of £125 million but was issued at a 1.14% discount,
realising net proceeds of £123.6 million. The total cost for accrued finance charges of £1.4 million is being charged
to the profit and loss account over the eight year term of the Bond. The Bond is shown in the balance sheet at the
discounted issue value plus accrued finance charges as at 31 December 2004. The Bond is redeemable at par in
December 2007.
(b) A fixed rate 6.875% Sterling Bond which has a par value of £350 million but was issued at a 0.227% discount,
realising proceeds of £347.6 million, net of issue costs. The total cost for accrued finance charges of £0.8 million and
issue costs of £1.6 million is being charged to the profit and loss account over the ten year term of the Bond. The
Bond is shown in the balance sheet at the net issue value plus accrued finance charges and issue costs as at
31 December 2004. The Bond is redeemable at par in January 2014.
(c) A US Private Placing which raised $40 million 7.15% unsecured notes redeemable at par in December 2008,
$70 million 7.53% unsecured notes redeemable at par in December 2011, £30 million 7.64% unsecured notes
redeemable at par in December 2011 and £40 million 7.80% unsecured notes redeemable at par in December 2016.
(d)
(e)
£2.0 million 4% unsecured loan notes of which £0.5 million are redeemable at par on 1 June 2005 and £1.5 million
are redeemable at par on 16 October 2005.
A fixed rate 6.39% £5.5 million loan repayable in quarterly instalments by September 2011. The capital outstanding
at 31 December 2004 amounts to £5.3 million.
19 Financial instruments
The group’s borrowings are denominated in Sterling, Euros and US dollars. The group’s policies regarding the use of financial
instruments to manage and reduce the impact of interest rate and foreign currency movements are set out in the Report of
the Directors on page 21 and the accounting policies note on page 49.
The committed bank facilities available to the group at 31 December 2004 were:
Total
Undrawn
facility
facility
Type Maturity period Established £’000 £’000
Overdraft Renewable annually 13,250 7,607
Syndicate July 2006 2001 100,000 45,000
Syndicate July 2006 2003 154,000 –
Syndicate July 2008 2003 139,000 80,000
Syndicate July 2009 2004 500,000 209,000
Bilateral May 2010 2004 50,000 25,000
956,250 366,607
Utilisation from each syndicated facility is by money market renewable term loans or acceptances which are rolled over in one
year or less.