Strategic Review


78 Finsbury Food Group Annual Report & Accounts 2018


Notes to the Consolidated Financial Statements


Corporate Governance


Financial Statements


18. 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 Total net bank debt


Debt Cash at bank


Unamortised transaction costs Total net bank debt


Cash at bank Total debt payable excluding cash


19. Trade, Other Payables and Provisions Trade and Other Payables


2018 £000


Current Trade creditors


Other creditors including taxes and social security Accruals and deferred income


Provisions


Site closure £000


Balance at beginning of financial year Made during the year


Utilised during the financial year Balance at end of financial year Current provisions


Non-current provisions -


11,316 (3,112) 8,204 3,780 4,424


Pension £000


239 -


(22)


217 18


199


Total £000


239


11,316 (3,134) 8,421 3,798 4,623


The site closure provision relates to the closure of the Grain D’Or site during the year, the provision is based on best estimates of the outcome of negotiations. Whilst site exit negotiations are continuing the expectation is that these will conclude within the new financial year.


The pension provision relates to a contractual liability for pension augmentation, the amount utilised during the year represents payments in relation to the augmentations which are being paid over 14 years.


2017 £000


17


At year ended 1 July 2017 £000


3,024


(2,937) (5,857)


(11,646) (57)


(17,473) (20,386)


3,024 (111)


(17,473) 3,024 (20,497)


Cash flow £000


6,339


(22,063) 5,857


11,646 57


1,836


(4,299) 6,339 (204)


1,836 6,339 (4,503)


At year ended 30 June 2018 £000


9,363


(25,000) - - -


(15,637) (24,685)


9,363 (315)


(15,637) 9,363 (25,000)


37,210 2,088


16,300 55,598


36,663 2,002


21,796 60,461


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