Punch Taverns plc 2007 Annual Report and Financial Statements

Notes to the financial statements continued
for the 52 weeks ended 18 August 2007
20 Financial liabilities continued
After taking account of the various interest rate swaps entered into by the Group, the interest rate exposure of the Group’s financial
liabilities are as set out below. There are no financial liabilities other than short term payables excluded from this analysis.
Fixed
£m
18 August 2007 19 August 2006
Floating
£m
Secured loan notes:
Issued by Punch Taverns Finance plc 2,096.7 – 2,096.7 1,761.0 – 1,761.0
Issued by Punch Taverns Finance B Limited 1,309.4 – 1,309.4 1,313.7 – 1,313.7
Issued by Avebury Properties Limited – – – 127.3 – 127.3
Issued by Spirit Issuer plc 1,348.3 – 1,348.3 1,356.1 – 1,356.1
Total
£m
Fixed
£m
Floating
£m
Total secured loans 4,754.4 – 4,754.4 4,558.1 – 4,558.1
Total
£m
Punch Taverns plc:
Guaranteed loan notes 2009 – issued by the Company – 14.7 14.7 – 14.7 14.7
Bank loans – held by the Company 43.1 – 43.1 611.6 – 611.6
43.1 14.7 57.8 611.6 14.7 626.3
Other Group companies:
Guaranteed loan notes 2006 – issued by other
Group companies – – – – 1.1 1.1
Bank loans – held by other Group companies – – – 1.3 – 1.3
– – – 1.3 1.1 2.4
Total loans and borrowings 4,797.5 14.7 4,812.2 5,171.0 15.8 5,186.8
Obligations under finance leases 21.1 – 21.1 26.8 – 26.8
Convertible bonds – liability component 253.1 – 253.1 242.5 – 242.5
Total financial liabilities 5,071.7 14.7 5,086.4 5,440.3 15.8 5,456.1
Maturity of interest bearing loans and borrowings
The maturity profile of interest bearing loans and borrowings is as follows:
Group
18 August
2007
£m
19 August
2006
£m
Company
18 August
2007
£m
19 August
2006
£m
Within one year 58.5 78.6 14.7 30.0
Within one to two years 88.7 455.7 43.1 397.1
Within two to five years 252.0 433.7 – 199.2
After five years 4,413.0 4,218.8 – –
4,812.2 5,186.8 57.8 626.3
The Company has various interest and non-interest bearing loans with Group undertakings. These are detailed in note 34.
Interest rate analysis
The weighted average effective interest rates of interest bearing loans and borrowings, including the effect of interest rate swaps,
at the balance sheet date are as follows:
18 August
2007
%
19 August
2006
%
Secured loan notes 6.6 6.8
Bank loans – held by Punch Taverns plc 5.6 6.6
Bank loans – held by other Group companies – 6.5
Finance leases 6.5 6.5
Convertible bonds 9.2 9.2
The average interest rate for Group loans and borrowings is 6.7% (August 2006: 6.9%).
Borrowing facilities
The Company has total bank facilities of £93.1m (August 2006: £761.6m) of which £43.1m was drawn as at 18 August 2007
(August 2006: £611.6m).
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