Experian 2016 Annual Report Download - page 152
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150
Notes to the Group financial statements continued
for the year ended 31 March 2016
Financial statements •Notes to the Group nancial statements
25. Borrowings continued
(d) Undrawn committed bank borrowing facilities
2016
US$m
2015
US$m
Facilities expiring in:
Less than one year –60
Two to three years 150 –
Four to five years 2,025 2,025
2,175 2,085
These facilities are at floating interest rates and are in place for general corporate purposes, including the financing of acquisitions
and the refinancing of other borrowings.
(e) Covenants and gearing ratio
There is one financial covenant in connection with the borrowing facilities. EBIT must exceed three times net interest expense before
financing fair value remeasurements. The Group monitors this and the Net debt to EBITDA gearing ratio and has complied with this
covenant throughout the year.
26. Net debt (non-GAAP measure)
(a) Analysis by nature
2016
US$m
2015
US$m
Cash and cash equivalents (net of overdrafts) 151 145
Debt due within one year – bank loans –(100)
Debt due within one year – commercial paper (44) (40)
Debt due within one year – finance lease obligations (3) (4)
Debt due after more than one year – bonds and notes (2,447) (2,456)
Debt due after more than one year – bank loans and finance lease obligations (601) (673)
Derivatives hedging loans and borrowings (79) (89)
(3,023) (3,217)
(b) Analysis by balance sheet caption
2016
US$m
2015
US$m
Cash and cash equivalents 156 147
Current borrowings (52) (146)
Non-current borrowings (3,068) (3,146)
Total reported in the balance sheet (2,964) (3,145)
Accrued interest reported within borrowings above but excluded from Net debt 20 17
Derivatives reported within financial assets 20 16
Derivatives reported within financial liabilities (99) (105)
(3,023) (3,217)