Experian 2013 Annual Report Download - page 138
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29. Borrowings (continued)
(c) Committed bank borrowing facilities
2013 2012
Drawn
US$m
Undrawn
US$m
Drawn
US$m
Undrawn
US$m
Facilities expiring in:
Under one year 100 – ––
One to two years 100 114 100 –
Two to three years 490 1,510 50 167
Three to four years – – 20 1,980
690 1,624 170 2,147
These facilities are at floating interest rates and expire at various dates. They are for general corporate purposes, including the financing of
acquisitions.
(d) Covenants and gearing ratio
The only significant financial covenant in connection with the borrowing facilities is that EBIT must exceed three times net interest expense. The
Group monitors this and the net debt to EBITDA gearing ratio.
30. Net debt (non-GAAP measure)
(a) Analysis of net debt
2013
US$m
2012
US$m
Cash and cash equivalents (net of overdrafts) 226 254
Debt due within one year – bank loans, bonds and notes (620) (12)
Debt due within one year – finance lease obligations (3) (1)
Debt due after more than one year – bonds and notes (2,014) (1,992)
Debt due after more than one year – bank loans and finance lease obligations (602) (170)
Derivatives hedging loans and borrowings 75 103
(2,938) (1,818)
(b) Analysis of net debt by balance sheet caption
2013
US$m
2012
(Restated)
US$m
Cash and cash equivalents – as reported in the Group balance sheet 229 254
Borrowings (current) – as reported in the Group balance sheet (635) (13)
Borrowings (non-current) – as reported in the Group balance sheet (2,626) (2,179)
Total reported in the Group balance sheet (3,032) (1,938)
Accrued interest reported within loans and borrowings above but excluded from net debt 19 17
Derivatives reported within financial assets 75 103
(2,938) (1,818)
Accrued interest at 31 March 2012 is now separately reported.
Notes to the Group financial statements continued