Notes to the financial statements - Plasmon

Notes to the financial statements continued
for the year ended 31 March 2003
Financial liabilities
The Group’s financial liabilities, excluding short term creditors were:
2003 2002
£’000 £’000
Bank overdraft 4,088 4,901
Bank loans 7,300 4,060
Obligations under finance leases 2,744 2,604
US restructuring provision 48 1,206
14,180 12,771
The interest rate and currency profiles of these financial liabilities were:
Floating Non-interest Fixed Floating Non-interest Fixed
rate bearing rate Total rate bearing rate Total
2003 2003 2003 2003 2002 2002 2002 2002
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Currency
Sterling 6,797 – 1,069 7,866 2,540 – 1,593 4,133
US dollar 5,546 48 68 5,662 6,721 1,206 – 7,927
Euro – – 652 652 – – 711 711
12,343 48 1,789 14,180 9,261 1,206 2,304 12,771
The sterling and US dollar denominated floating rate liabilities consist principally of bank overdrafts and loans that bear interest based on UK Base
and US Prime rates respectively.
The sterling denominated fixed rate liabilities are obligations under finance leases that have a weighted average interest rate of 7.3% (2002: 7.3%)
and a weighted average period of 2.4 years (2002: 3.4 years) until the end of the leases. The Euro denominated fixed rate liabilities are obligations
under a finance lease that has a weighted average interest rate of 6.5% (2002: 6.5%) and a weighted average period of 3.8 years (2002: 4.8 years)
until the end of the lease.
The US restructuring provision consists principally of building rental costs that will be paid within one year.
Maturity of financial liabilities
The maturity profile of the Group’s financial liabilities was as follows:
2003 2002
£’000 £’000
In one year or less, or on demand 6,439 7,151
In more than one year but not more than two years 2,136 1,041
In more than two years but not more than five years 2,809 1,926
In more than five years 2,796 2,653
14,180 12,771
The UK bank loans denominated in sterling and US dollars total £7,300,000 (2002: £4,060,000) and have a weighted average repayment period
of 9.4 years (14.3 years).
Plasmon Plc
Annual Report 2003
Notes to the financial statements
44