20 Other Interest-Bearing Loans and Borrowings (continued) Finance lease liabilities are payable as follows:
2015
payments £000
Less than one year Between one and five years
294 194 488
Minimum lease
Interest £000
10 4
14
Principal £000
284 190 474
payments £000
403 486 889
Minimum lease
2014
Interest £000
21 14 35
Principal £000
382 472 854
All of the above loans are denoted in pounds sterling, with various interest rates and maturity dates. The main purpose of the above facilities is to finance the Group’s operations. For more information about the Group’s exposure to interest rate risk, see Note 25.
HSBC Bank Plc, HSBC Asset Finance (UK) Ltd, HSBC Equipment Finance (UK) Ltd and HSBC Corporate Trustee Company (UK) Ltd have debentures incorporating fixed and floating charges over the undertaking and all property and assets including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
As part of the bank borrowing facility the Group needs to meet certain covenants every six months. There were no breaches of covenants during the year. The covenant tests required are as follows:
Net bank debt: EBITDA Interest cover Debt service cover Capital expenditure
The bank facilities (excluding overdraft) available for drawdown are £48.9m (2014: £29.0m). At the period end date the facility utilised was £21.3m (2014: £9.4m), giving £27.6m (2014: £19.6m) headroom.
21 Analysis of Net Debt Note Cash at bank
Debt due within one year Debt due after one year
Invoice discounting due within one year Hire purchase obligations due within one year Hire purchase obligations due after one year Total net bank debt
Debt Cash at bank
Unamortised transaction costs Total net bank debt
Deferred consideration payable
Total net debt including deferred consideration payable Cash at bank
Total debt including deferred consideration payable excluding cash Deferred consideration receivable
Total debt including deferred consideration payable and receivable excluding cash
year ended 28 June 2014 £000
592
(2,399) (3,194) (2,959) (382) (472)
20 (9,330) 592
(76) (8,814)
(8,814) 592
(6,511) At
Cash flow £000
(531)
(3,273) (8,537) (438) 98
282
(8,814) (12,399) -
- - -
year ended 27 June 2015 £000
61 (5,672)
(11,731) (3,397) (284) (190)
(21,213) (21,034) (240)
61 (21,213)
-- (50) -
(9,406) 2,895
- - - -
(21,263) 61
(21,324) -
(21,324) At
65
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