Strategic Review
74 Finsbury Food Group Annual Report & Accounts 2019
Notes to the Consolidated Financial Statements
Corporate Governance
Financial Statements
18. Other Interest-Bearing Loans and Borrowings (continued) Finance lease liabilities are payable as follows:
2019 2018 Less than one year Between one and five years
Minimum lease payments £000
380 548 928
Interest £000
45 55
100
Principal £000
335 493 828
Minimum lease payments £000
- - -
2018
Interest £000
- - -
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 23.
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 revolving credit bank facility available for drawdown is £55.0 million plus a further £35.0 million accordion facility (2018: £45.0 million plus a further £45.0 million accordion). At the period end date, the facility utilised was £47.1 million (2018: £25.0 million), giving £7.9 million (2018: £20.0 million) headroom plus a further £35.0 million (2018: £45.0 million) accordion.
19. Analysis of Net Debt Note
Cash and cash equivalents Debt due within one year Debt due after one year
Hire purchase obligations due within one year Hire purchase obligations due after one year Total net bank debt
Debt
Cash and cash equivalents Unamortised transaction costs Total net bank debt
Cash and cash equivalents Total debt payable excluding cash 18
at year ended 30 June 2018 £000
9,363 -
(25,000) - -
(15,637)
(24,685) 9,363 (315)
(15,637) 9,363
(25,000) Restated
Cash flow £000
2,995 -
(22,144) (335) (493)
(19,977)
(23,040) 2,995 68
(19,977) 2,995
(22,972)
At year ended 29 June 2019 £000
12,358 -
(47,144) (335) (493)
(35,614)
(47,725) 12,358 (247)
(35,614) 12,358
(47,972)
In the prior year accounts, the debt and transaction costs of £24,685,000 and £315,000 respectively were disclosed as “Debt due within one year”. Refer to “Presentation of Financial Statements – Basis of Preparation” on page 54 for more detail.
20. Trade and Other Payables
2019 £000
Current Trade creditors
Other creditors including taxes and social security Accruals and deferred income
2018 £000
Principal £000
- - -
37,162 3,781
14,600 55,543
37,210 2,088
16,300 55,598
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