90
Finsbury Food Group Annual Report and Accounts 2020
Notes to the Consolidated Financial Statements/Continued
18. Other Interest-Bearing Loans and Borrowings
This note provides information about the contractual terms and repayment terms of the Group’s interest-bearing loans and borrowings, which are measured at amortised cost, using the effective interest rate method. 2020 Statutory
Margin
Revolving credit Leases*
Unamortised transaction costs
1.50%/LIBOR Various
Frequency of repayments
Varies Monthly
Year of maturity
2023 Various
Facility £000
55,000
Drawn £000
36,184 12,295 (175)
48,304
Current £000
-
3,191 -
3,191
Non-current £000
36,184 9,104 (175)
45,113
Leases* include all leases recognised as lease liabilities under IFRS 16 (see Note 11). Lease liabilities are shown separately in the table below to show total bank debt as defined by our banking facility agreement, which only recognises leases as defined as finance leases under IAS 17 as part of bank debt.
2020 Revolving credit
Finance Lease (under IAS 17) Unamortised transaction costs Total bank debt
Operating leases (under IAS 17) Total debt
2019 Revolving credit
Finance Lease (under IAS 17) Unamortised transaction costs Total bank debt at 29 June 2019
Operating leases (under IAS 17) at 30 June 2019 on transition to IFRS 16
Total debt at 30 June 2019 on transition to IFRS 16
Margin
1.50%/LIBOR Various
2.2%
Frequency of repayments
Varies Monthly Varies Margin
1.50%/LIBOR Various
Frequency of repayments
Varies Monthly
Year of maturity
2023 2023
Facility £000
55,000 828
Year of maturity
2023 2023
Facility £000
55,000
Drawn £000
36,184 472
(175)
36,481 11,823 48,304
Drawn £000
47,144 828
(247) 2.2% Varies
47,725 14,972
62,697
Current £000
-
247 -
247
2,944 3,191
Current £000
-
335 -
335 2,770 3,105
Non-current £000
36,184 225
(175)
36,234 8,879
45,113
Non-current £000
47,144 493
(247)
47,390 12,202
59,592
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 (2019: £35.0 million plus a further £55.0 million accordion). At the period end date, the facility utilised was £36.2 million (2019: £47.1 million), giving £18.8 million (2019: £7.9 million) headroom plus a further £35.0 million (2019: £35.0 million) accordion.
19. Analysis of Net Bank Debt
At year ended 29 June 2019 £000
Cash and cash equivalents Debt due after one year
Hire purchase obligations* due within one year Hire purchase obligations* due after one year
Unamortised transaction costs Debt net of unamortised costs
12,358
(47,144) (335) (493)
(35,614) 247
(35,367)
transition to IFRS 16 as at 30 June 2019 £000
- -
335 493 828 -
828 Adjustment on
Cash flow £000
(2,185) 10,960 - -
8,775 (72) 8,703
At year ended 27 June 2020 £000
10,173
(36,184) - -
(26,011) 175
(25,836)
In the previous year, the company only recognised lease assets and lease liabilities in relation to leases that were classified as ‘finance leases’ under IAS 17 Leases. The assets were presented in property, plant and equipment and the liabilities as part of the Company’s borrowings. Hire purchase obligations* previously recognised as finances Leases under IAS 17 are recognised as lease liabilities under IFRS 16 (see Note 11).
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