Carphone Warehouse 2015 Annual Report Download - page 119

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Dixons Carphone plc Annual Report and Accounts 2014/15
Financial statements
117
17 Loans and other borrowings
2 May
2015
£million
29 March
2014
£million
Non-current liabilities
Loans and other borrowings 330 290
330 290
Committed facilities
Until the Merger, the Group had a £650 million multi-currency term and revolving credit facility which matured in April 2017. This
facility was split into two tranches: a £400 million revolving tranche and a term loan tranche of £250 million. The term loan facility
reduced by £25 million during the year ended 2 May 2015 and amortises by a further £50 million on 30 June 2016.
These facilities were amended on completion of the Merger for specific requirements of Dixons, a temporary loosening of certain
covenants and some other provisions specific to the Merger, but which otherwise remained on the same terms as previously
agreed and will still mature in April 2017. In addition, the Company arranged a new £250 million revolving credit facility maturing
on 29 April 2017.
The rate of interest payable on borrowings is a margin of 1.5% to 2.25% per annum over LIBOR or EURIBOR.
The facilities require guarantees to be provided by certain Group entities under the facilities.
Bank overdraft and other uncommitted facilities
The Group has overdraft and uncommitted money market facilities totalling approximately £157 million (2014: £95 million).
18 Finance lease obligations
2 May 2015 29 March 2014
Minimum
lease
payments
£million
Present
value of
minimum
lease
payments
£million
Minimum
lease
payments
£million
Present
value of
minimum
lease
payments
£million
A
mounts due:
Within one year 8 8 1 1
In more than one year and not more than five years 33 26 — —
In more than five years 114 57 — —
155 91 1 1
Less future finance charges (64) — — —
Present value of lease obligations 91 91 1 1
Less amounts due within one year (2) (2) (1) (1)
A
mounts due after more than one yea
r
89 89 — —
The majority of finance leases relate to properties in the UK which were acquired as part of the Merger where obligations are
denominated in Sterling and remaining lease terms vary between 10 and 21 years. The effective borrowing rate on individual
leases ranged between 5.51% and 8.15% (2014: 6.1%). Interest rates are fixed at the contract date. All leases are on a fixed
repayment basis and no arrangements have been entered into for contingent rental payments.
The fair value of the Group’s lease obligations approximates their carrying amount.