Annual Report 2013

Notes to the Financial Statements

11. Stocks

 

THE GROUP

 

2013

2012

 

’000

’000

 

Raw materials

15,896

22,020

Work in progress

41

318

Finished goods

33,474

67,568

Maintenance spares

5,817

5,693

 

55,228

95,599

 

 

 

The replacement cost of stocks is not significantly different from their balance sheet values.

12. Debtors

 

THE GROUP

THE COMPANY

 

2013

2012

2013

2012

 

’000

’000

’000

’000

 

Trade debtors

60,168

56,801

0

0

Accrued revenue

6,103

5,256

0

0

Amounts due from Group companies

0

0

261,899

249,909

Amount owed by joint venture undertaking

111

246

9

0

Value-added tax

29

0

139

122

Corporation tax

753

385

69

96

Deferred tax (Note 17(e))

1,162

1,290

309

335

Prepayments

3,156

3,711

1,224

1,259

Other debtors

4,565

4,473

3,530

2,026

 

76,047

72,162

267,179

253,747

 

 

 

Amounts fall due as follows:

 

 

- within one year

74,426

71,709

43,567

59,939

- after more than one year

1,621

453

223,612

193,808

 

76,047

72,162

267,179

253,747

 

 

 

 

 

Debtors after more than one year in the Company represent loans advanced to subsidiary companies which will be repaid from cash generated by the businesses. The Company reviewed the recoverability of the loans advanced to subsidiaries and impaired the loans by 19,348,000 (2012: Nil).

13. Creditors - amounts falling due within one year

 

THE GROUP

THE COMPANY

 

2013

2012

2013

2012

 

’000

’000

’000

’000

 

Loans (Note 15)

20,540

0

19,550

0

Bank overdraft (Note 15)

0

0

145,050

102,408

Capital grants (Note 16)

1,358

1,392

0

0

Trade creditors

56,465

51,118

735

1,009

Deferred revenue

8,465

8,059

194

0

Accruals

18,108

14,990

8,998

8,425

Other creditors

5,472

5,392

0

0

Amounts due to Group companies

0

0

56,950

7,834

Amount owed to joint venture undertaking

0

1,525

0

0

Creditors in respect of taxation and social welfare (see below)

7,122

4,564

2,350

2,421

 

117,530

87,040

233,827

122,097

 

 

Creditors in respect of taxation and social welfare comprise:

 

 

Income tax deducted under PAYE

1,311

1,382

1,296

1,361

Pay-related social insurance

969

991

952

967

Corporation tax

1,814

787

0

0

Value-added tax

2,926

1,277

0

0

Other taxes

102

127

102

93

 

7,122

4,564

2,350

2,421

 

 

 

 

 

14. Creditors - amounts falling due after more than one year

 

THE GROUP

THE COMPANY

 

2013

2012

2013

2012

 

’000

’000

’000

’000

 

 

 

 

 

Unsecured loan notes (Note 15)

243,666

263,040

243,666

263,040

Capital grants (Note 16)

10,774

12,101

0

0

 

254,440

275,141

243,666

263,040

 

 

 

 

15. Bank loans, overdrafts and unsecured loan notes

 

Within one year

Between

one and two years

Between two and five years

After more than five years

Total

THE GROUP

’000

’000

’000

’000

’000

 

Convertible loan notes (Note 20(c))

990

0

0

0

990

Unsecured loan notes1

19,550

40,569

96,746

106,351

263,216

At 27 March 2013

20,540

40,569

96,746

106,351

264,206

At 28 March 2012

0

19,542

105,216

138,282

263,040

 

 

 

 

 

 

THE COMPANY

 

 

 

 

 

Overdrafts2

145,050

0

0

0

145,050

Unsecured loan notes1

19,550

40,569

96,746

106,351

263,216

At 27 March 2013

164,600

40,569

96,746

106,351

408,266

At 28 March 2012

102,408

19,542

105,216

138,282

365,448

 

 

 

 

 

 

1 Net of unsecured loan note capitalised issue costs. At the balance sheet date the value of capitalised issue costs was 675,000 (2012: 851,000).

On 27 March 2013 the Group had US$355,000,000 fixed rate debt (263,891,375 equivalent) arising from two US private placement transactions, which were completed on 22 June 2006 (US$150,000,000 : 117,462,803) and 6 August 2009 (US$205,000,000 : 146,428,572). In order to fully hedge the associated US Dollar exchange rate exposures and convert the underlying interest rates to fixed, the Group entered into a number of cross currency swaps to match the maturity profile of the unsecured loan notes.

Fair value of the financial instruments:

Fair value is the amount at which a financial instrument could be exchanged in an arm’s length transaction between informed and willing parties other than in a forced liquidation or sale. The fair value of the cross currency swap asset at 27 March 2013 was 19,850,000 (2012: 9,924,000). In line with the Group’s accounting policies, the fair value of derivative financial instruments is not recognised in the balance sheet.

2 The Company and certain of its subsidiary companies have entered into a ‘Cashpool Agreement’ with their principal bankers. The Cashpool Agreement includes cross guarantees and a Master Netting Agreement in respect of specified accounts contained within that agreement.