64 Finsbury Food Group Annual Report & Accounts 2017


17. Other Interest-bearing Loans and Borrowings (continued) Finance lease liabilities are payable as follows:


Minimum lease payments £000


Less than one year Between one and five years


58 -


58 2017


Interest £000


1 -


1


Principal £000


57 -


57


Minimum lease payments £000


136 58


194 2016


Interest £000


3 1 4


Principal £000


133 57


190


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 21.


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 Net bank debt : EBITDA, Interest cover, debt service cover and capital expenditure.


The bank facilities (excluding overdraft) available for drawdown are £48.9 million (2016: £48.9 million). At the period end date, the facility utilised was £20.5 million (2016: £22.7 million), giving £28.4 million (2016: £26.2 million) headroom.


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 Hire purchase obligations due after 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 and Other Payables


2017 £000


Current Trade creditors


Other creditors including taxes and social security Accruals and deferred income


2016 £000


17


At year ended 2 July 2016 £000


3,024


(2,937) (8,794)


(10,824) (133) (57)


(19,721) (22,569)


3,024 (176)


(19,721) 3,024 (22,745)


Cash flow £000


- -


2,937 (822) 76 57


2,248 2,183


- 65 2,248 - 2,248


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)


36,663 2,002


21,796 60,461


38,049 1,947


24,361 64,357


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86