Notes to the accounts
18 Borrowings, including finance leases
| Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|
|---|---|---|---|---|
| Amounts falling due within one year: | ||||
| Secured borrowings | ||||
| Bank loans and overdrafts | 118.8 | 12.9 | – | – |
| Commercial mortgage backed securities (“CMBS”) notes | 27.4 | 24.2 | – | – |
| Gross short-term debt | 146.2 | 37.1 | – | – |
| Finance lease obligations | 6.1 | 6.4 | – | – |
| Amounts falling due within one year | 152.3 | 43.5 | – | – |
| Amounts falling due after more than one year: | ||||
| Secured borrowings – non recourse | ||||
| CMBS notes 2015 | 1,174.3 | 1,124.1 | – | – |
| CMBS notes 2011 | 633.7 | 639.7 | – | – |
| Bank loan 2017 | 117.2 | – | – | – |
| Bank loans 2016 | 652.2 | 512.9 | – | – |
| Bank loan 2014 | – | 175.6 | – | – |
| Bank loans 2013 | 251.2 | 251.0 | – | – |
| 2,828.6 | 2,703.3 | – | – | |
| Other secured borrowings | ||||
| Debentures 2027 | 226.1 | 225.8 | – | – |
| Other loans | 428.9 | 189.5 | – | – |
| 3,483.6 | 3,118.6 | – | – | |
| Unsecured borrowings | ||||
| CSC bonds 2013 | 26.6 | 26.5 | – | – |
| CSC bonds 2009 | 31.4 | 41.3 | – | – |
| 3,541.6 | 3,186.4 | – | – | |
| £111.3 million (2006 – £111.3 million) 3.95% convertible bonds due 2010 | 111.3 | 108.7 | 111.3 | 108.7 |
| Gross long-term debt | 3,652.9 | 3,295.1 | 111.3 | 108.7 |
| Finance lease obligations | 51.1 | 46.2 | – | – |
| Amounts falling due after more than one year | 3,704.0 | 3,341.3 | 111.3 | 108.7 |
| Total borrowings, including finance leases | 3,856.3 | 3,384.8 | 111.3 | 108.7 |
| Cash and cash equivalents | (188.4) | (321.8) | (0.4) | – |
| Net borrowings | 3,667.9 | 3,063.0 | 110.9 | 108.7 |
Certain borrowings of the group’s property subsidiaries are secured by charges on specific property assets of those subsidiaries.
| The maturity profile of gross debt (excluding finance leases) is as follows: | Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|---|---|---|---|---|
| Wholly repayable within one year | 146.2 | 37.1 | – | – |
| Wholly repayable in more than one year but not more than two years | 78.9 | 41.8 | – | – |
| Wholly repayable in more than two years but not more than five years | 1,112.1 | 951.3 | 111.3 | 108.7 |
| Wholly repayable in more than five years | 2,461.9 | 2,302.0 | – | – |
| 3,799.1 | 3,332.2 | 111.3 | 108.7 | |
Certain borrowing agreements contain financial and other conditions that, if contravened, could alter the repayment profile.
The group has various undrawn committed borrowing facilities. The facilities available at 31 December in respect of which all conditions precedent had been met were as follows:
| 2007 £m |
2006 £m |
|
|---|---|---|
| Expiring in more than two years | 540.0 | 510.0 |
These undrawn facilities are available at floating rates based on LIBOR plus applicable margin.