NATS-Annual-Report-2015

More documents

Recommendations

Info

Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 116 Notes forming part of the consolidated accounts (continued) 17. Borrowings Secured loans at amortised cost 2015 2014 £m £m £600m 5.25% Guaranteed Secured Amortising Bond due 2026 498.0 527.5 Bank loans (variable rate revolving term loan and revolving credit facility expiring 2016) 152.0 127.0 Gross borrowings 650.0 654.5 Unamortised bond issue costs (3.2) (3.6) Unamortised bank facility arrangement fees (1.1) (1.7) 645.7 649.2 Amounts due for settlement within 12 months 29.7 28.6 Amounts due for settlement after 12 months 616.0 620.6 The £600m 5.25% Guaranteed Secured Amortising Bond is secured by way of a debenture by which NERL grants its lenders a first legal mortgage over certain properties in England and Wales, a first fixed charge over all other real estate, plant and equipment and a floating charge over all other assets. Drawings of £152.0m made by NERL under its £275.0m committed bank facilities are similarly secured. Further security provisions are also provided by NATS Holdings Limited and by NATS Limited. The carrying amount of the collateral provided as security for the £600m bond and bank borrowings is c. £1,429m (2014: £1,391m), including the carrying amount of balance sheet goodwill of £302.0m (2014: £319.0m). The average effective interest rate on the bank loans in the year was 1.6% (2014: 1.5%) and was determined based on LIBOR rates plus a margin and utilisation fee. Costs associated with the issue of the £600m bond are being amortised over the life of the bond. Costs incurred to refinance bank facilities are being amortised over the facility term. Undrawn committed facilities 2015 2014 Undrawn committed facilities expire as follows: £m £m Between one and two years 123.0 - Expiring in more than two years - 148.0 At 31 March 2015, NERL had outstanding drawings of £152.0m on its committed bank facilities. These facilities expire in December 2016. NATS Services has an uncommitted overdraft facility of £1.0m that was undrawn as at 31 March 2015 and 31 March 2014 and is not included in the table above. Financial Statements
Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 117 Notes forming part of the consolidated accounts (continued) 18. Derivative financial instruments Fair value of derivative financial instruments 2015 2014 £m £m Current assets Derivative financial instruments in designated hedge accounting relationships Forward foreign exchange contracts (cash flow hedges) 4.0 0.4 Current liabilities Derivative financial instruments in designated hedge accounting relationships Forward foreign exchange contracts (cash flow hedges) (3.6) (0.3) Non-current liabilities Derivative financial instruments in designated hedge accounting relationships Forward foreign exchange contracts (cash flow hedges) (1.6) - Derivative financial instruments classified as held for trading Index-linked swaps (127.4) (128.9) (129.0) (128.9) (132.6) (129.2) Further details on derivative financial instruments are provided in note 19. The index-linked swap is classified under international accounting standards as held for trading as it does not qualify for hedge accounting. The index-linked swap was taken out in August 2003 to hedge against the risk of low inflation and previously qualified as a hedge under UK generally accepted accounting principles prior to the group’s adoption of international accounting standards. Financial Statements
Page 1 and 2:
Annual Report and Accounts 2015 NAT
Page 3 and 4:
Annual Report and Accounts 2015 | N
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66: Annual Report and Accounts 2015 | N
Page 115: Annual Report and Accounts 2015 | N
Page 155: Annual Report and Accounts 2015 | N
show all

NATS-Annual-Report-2015

Create successful ePaper yourself

Delete template?

Save as template?