John Lewis Partnership plc Annual Report and Accounts 2014


101 16 Borrowings and overdrafts


Our borrowings comprise loans from banks, bonds issued on a long-term basis, bank overdrafts and Share Incentive Plan shares, which are held in Trust for the benefit of Partners. 16.1 Borrowings and overdrafts


2014 £m


Current: Bank overdraft 10½% Bonds, 2014


Non-current: Partnership Bond, 2016* 83 61


/8 /8


% Bonds, 2019 % Bonds, 2025


Unamortised bond transaction costs 5% Cumulative Preference Stock 7½% Cumulative Preference Stock


Cumulative Preference Stock of subsidiary undertakings Share Incentive Plan shares (SIP)


(75.6) –


(75.6) (56.6)


(275.0) (300.0) 5.2


(3.7) (0.5) (0.4)


(97.2) (728.2)


* The Partnership Bond is a five year investment product offering a fixed annual return of 4.5% in cash and a further 2% in John Lewis Partnership gift vouchers. All borrowings are unsecured, denominated in sterling, and are repayable on the dates shown, at par.


Unless the preference dividends are in arrears, the 5% and 7½% Cumulative Preference Stock only have voting rights in relation to a variation of their class rights. The amounts receivable in a winding up would be limited to the amounts paid up, for the 5% Cumulative Preference Stock, and to one and a half times the amounts paid up for the 7½% Cumulative Preference Stock.


SIP shares are issued as part of the BonusSave scheme. The SIP shares that are allocated to Partners are entitled to a dividend, the amount of which is determined from year to year by the Partnership Board. The amounts receivable in a winding up would be limited to the amounts that have been paid on the SIP shares.


16.2 Obligations under finance leases


2014 £m


Current Non-current The minimum lease payments under finance leases fall due as shown in note 18. (3.3)


(32.4) (35.7)


2013 £m


(3.0)


(35.9) (38.9)


(56.3)


(100.0) (156.3)


(56.1)


(275.0) (300.0) 5.7


(3.7) (0.5) (0.4)


(84.7) (714.7)


2013 £m


THE JOHN LEWIS PARTNERSHIP


OUR PERFORMANCE


GOVERNANCE


FINANCIAL STATEMENTS


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