Travelex Holdings Limited Annual report & consolidated financial ...

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Travelex Holdings Limited
Notes to the financial statements continued
for the year ended 31 December 2001
Maturity of financial liabilities
The maturity profile of the carrying amount of the Group’s financial liabilities (as defined above) at 31 December was as follows:
Other Other
Finance financial Total Finance financial Total
Debt leases liabilities 2001 Debt leases liabilities 2000
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
In one year or less,
or on demand 27,849 2,921 2,165,284 2,196,054 9,023 1,465 184,841 195,329
In more than one year but
not more than two years – 591 33,579 34,170 – 648 – 648
In more than two years but
not more than five years – 368 102,183 102,551 – 142 3,600 3,742
In more than five years 72,151 – 106,758 178,909 71,819 – 2,400 74,219
100,000 3,880 2,407,804 2,511,684 80,842 2,255 190,841 273,938
The 10.5% Senior Notes 2010 are shown at the aggregate principal amount of £75,000,000 less unamortised issue costs.
Interest is calculated at 10.5% and paid semi-annually. The Notes mature on 31 July 2010.
Borrowing facilities
The Group had £36,484,000 (2000: £8,931,000) of undrawn borrowing facilities available at 31 December 2001 in respect of
which all conditions precedent had been met at that date. The total facility is £45,000,000 of which £15,000,000 is renewable
on 10 August 2003 and £30,000,000 (which was not used at 31 December 2001) is renewable on 31 March 2002.
Fair values of financial assets and financial liabilities
There are no significant differences between the market value and the book value of the financial assets and liabilities held
on the balance sheet at 31 December. The fair value of short-term deposits, loans and overdrafts approximates the carrying
amount because of the short maturity of these instruments. The fair value of the Notes has been estimated using quoted
market prices as at 31 December 2001. In the case of bank loans and other loans, the fair value approximates the carrying
value reported in the balance sheet as the majority are floating rate where payments are reset to market rates at intervals
of less than one year.
Currency exposures
There were no significant unhedged currency exposures held in the balance sheets of subsidiary companies and as a
consequence no significant exchange gains and losses have been recognised in the results. The directors therefore believe
that the exposures are not sufficiently material to warrant disclosure as required by FRS 13 ‘Derivatives and other Financial
Instruments: disclosures’.
Hedges
The Group does not undertake any interest rate hedging. As described above the Group does enter into currency hedges.
Gains and losses are recognised in the financial statements.