26. Trade and Other Payables

 

2013

2012

Group

€’000

€’000

 

 

 

Trade payables

1,416,465

1,278,255

Other creditors and accruals

236,093

168,588

PAYE and National Insurance

17,238

12,590

Value added tax

55,980

62,148

Government grants (note 36)

67

67

Interest payable

4,569

6,643

Amounts due in respect of property, plant and equipment

109

5,591

1,730,521

1,533,882

 

 

 

 

2013

2012

Company

€’000

€’000

 

 

 

Amounts due to subsidiary undertakings

281,813

297,798

Other creditors and accruals

611

678

282,424

298,476

 

 

27. Movement in Working Capital

 

Trade

Trade

 

and other

and other

 

Inventories

receivables

payables

Total

Group

€’000

€’000

€’000

€’000

 

 

 

 

 

Year ended 31 March 2013

 

 

 

 

At 1 April 2012

338,170

1,291,698

(1,533,882)

95,986

Translation adjustment

(6,673)

(14,453)

21,818

692

Arising on acquisition (note 46)

21,083

43,850

(54,237)

10,696

Exceptional items, interest accruals and other

-

(470)

5,098

4,628

Increase/(decrease) in working capital (note 42)

108,070

26,662

(169,318)

(34,586)

At 31 March 2013

460,650

1,347,287

(1,730,521)

77,416

 

 

 

 

 

Year ended 31 March 2012

 

 

 

 

At 1 April 2011

248,129

1,034,275

(1,149,786)

132,618

Translation adjustment

10,611

49,740

(56,883)

3,468

Arising on acquisition (note 46)

27,205

111,106

(131,960)

6,351

Disposal of subsidiaries

-

(219)

1,238

1,019

Exceptional items, interest accruals and other

-

666

(12,142)

(11,476)

Increase/(decrease) in working capital (note 42)

56,372

158,819

(261,785)

(46,594)

Assets and liabilities classified as held for sale (note 19)

(4,147)

(62,689)

77,436

10,600

At 31 March 2012

338,170

1,291,698

(1,533,882)

95,986

 

 

 

 

 

 

Trade

Trade

 

and other

and other

 

receivables

payables

Total

Company

€’000

€’000

€’000

 

 

 

 

Year ended 31 March 2013

 

 

 

At 1 April 2012

409,656

(342,170)

67,486

Exceptional item

(100)

-

(100)

(Decrease)/increase in working capital (note 42)

(36,292)

16,052

(20,240)

At 31 March 2013

373,264

(326,118)

47,146

 

 

 

 

Year ended 31 March 2012

 

 

 

At 1 April 2011

414,314

(326,837)

87,477

Decrease in working capital (note 42)

(4,658)

(15,333)

(19,991)

At 31 March 2012

409,656

(342,170)

67,486

 

 

 

 

 

 

 

 

28. Cash and Cash Equivalents

 

 

 

 

 

2013

2012

Group

 

€’000

€’000

 

 

 

 

Cash at bank and in hand

 

333,833

241,336

Short-term bank deposits

 

279,844

388,687

 

613,677

630,023

 

 

 

 

Cash at bank earns interest at floating rates based on daily bank deposit rates. The short-term deposits are for periods up to three months and earn interest at the respective short-term deposit rates.

 

Cash and cash equivalents include the following for the purposes of the Group Cash Flow Statement:

 

2013

2012

 

€’000

€’000

 

 

 

Cash and short-term bank deposits

613,677

630,023

Bank overdrafts

(103,892)

(70,758)

Cash and short-term bank deposits attributable to assets held for sale

-

40,814

509,785

600,079

 

 

 

Bank overdrafts are included within current borrowings (note 30) in the Group Balance Sheet.

 

2013

2012

Company

€’000

€’000

 

 

 

Cash at bank and in hand

3,998

867

 

 

29. Derivative Financial Instruments

 

2013

2012

Group

€’000

€’000

 

 

 

Non-current assets

 

 

Interest rate swaps - fair value hedges

19,005

24,070

Cross currency interest rate swaps - fair value hedges

129,897

110,461

148,902

134,531

Current assets

Cross currency interest rate swaps - fair value hedges

11,536

-

Forward contracts - cash flow hedges

655

1,650

Commodity contracts - cash flow hedges

1,002

1,726

Forward contracts - fair value hedges

43

-

Commodity contracts - fair value hedges

268

878

Forward contracts - not designated as hedges

384

11

Commodity contracts - not designated as hedges

60

29

13,948

4,294

Total assets

162,850

138,825

 

Non-current liabilities

Currency swaps - not designated as hedges

(10,937)

(17,493)

Cross currency interest rate swaps - fair value hedges

(3,957)

-

Cross currency interest rate swaps - cash flow hedges

(995)

-

(15,889)

(17,493)

Current liabilities

Forward contracts - cash flow hedges

(1,125)

(389)

Commodity contracts - cash flow hedges

(1,281)

(614)

Commodity price forward contracts - not designated as hedges

(153)

-

Forward contracts - not designated as hedges

(246)

(17)

(2,805)

(1,020)

Total liabilities

(18,694)

(18,513)

Net asset arising on derivative financial instruments

144,156

120,312

 

 

 

The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than twelve months and as a current asset or liability if the maturity of the hedged item is less than twelve months.

 

Interest rate swaps

The notional principal amounts of the outstanding interest rate swap contracts designated as fair value hedges under IAS 39 at 31 March 2013 total US$200.0 million, Stg£55.0 million and €20.0 million. At 31 March 2013, the fixed interest rates vary from 4.58% to 6.18% and the floating rates are based on US$ LIBOR, sterling LIBOR and EURIBOR.

Currency swaps

The Group utilises currency swaps in conjunction with interest rate swaps designated as fair value hedges (as noted above) to swap fixed rate US$ denominated debt into floating rate euro debt. The currency swaps (which swap floating US$ denominated debt based on US$ LIBOR into floating euro denominated debt based on EURIBOR) have notional principal amounts of US$200.0 million/€167.113 million and are not designated as hedges under IAS 39.

Cross currency interest rate swaps

The Group utilises cross currency interest rate swaps to swap fixed rate US$ denominated debt of US$683.0 million into floating rate sterling debt of Stg£306.967 million and floating rate euro debt of €110.051 million. At 31 March 2013 the fixed interest rates vary from 4.37% to 6.19%. These swaps are designated as fair value hedges under IAS 39.

As referred to in note 30 to the financial statements, on 28 February 2013 the Group committed itself to issuing US$ denominated debt of US$525.0 million, which was subsequently issued on 25 April 2013. The Group has entered a number of cross currency interest rate swaps to hedge the interest rate and currency risk arising from this debt issuance. These cross currency interest rate swaps swapped the fixed rate US$525.0 million issuance to floating rate euro debt of €194.9 million, floating rate sterling debt of £92.3 million, fixed rate euro debt of €65.0 million and fixed rate sterling debt of £29.7 million. The swaps to floating rate euro and sterling are designated as fair value hedges under IAS 39 and the swaps to fixed rate euro and sterling are designated as cash flow hedges under IAS39.

Forward foreign exchange contracts

The notional principal amounts of outstanding forward foreign exchange contracts at 31 March 2013 total €95.312 million (2012: €91.631 million). Gains and losses recognised in the cash flow hedge reserve in equity (note 39) at 31 March 2013 on forward foreign exchange contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at various dates up to twelve months after the balance sheet date.

Commodity price forward contracts

The notional principal amounts of outstanding forward commodity contracts at 31 March 2013 total €19.187 million (2012: €19.444 million). Gains and losses recognised in the cash flow hedge reserve in equity (note 39) at 31 March 2013 on forward commodity contracts designated as cash flow hedges under IAS 39 will be released to the Income Statement at various dates up to twelve months after the balance sheet date.

30. Borrowings

 

2013

2012

Group

€’000

€’000

 

 

Non-current

 

 

Finance leases*

733

287

Unsecured Notes due 2014 to 2025

794,815

848,078

795,548

848,365

Current

Bank borrowings

103,892

70,758

Finance leases*

854

241

Unsecured Notes due 2013

77,444

-

182,190

70,999

Total borrowings

977,738

919,364

*Secured on specific plant and equipment

 

 

 

2013

2012

The maturity of non-current borrowings is as follows:

€’000

€’000

 

 

 

Between 1 and 2 years

222,916

76,792

Between 2 and 5 years

220,385

360,429

Over 5 years

352,247

411,144

795,548

848,365

 

 

Bank borrowings and finance leases

Interest on bank borrowings is at floating rates set in advance for periods ranging from overnight to six months by reference to inter-bank interest rates (EURIBOR, sterling LIBOR and US$ LIBOR) and consequently fair value approximates carrying amounts. The majority of finance leases are at fixed rates.

In January 2012, the Group put in place a five year committed revolving credit facility with four relationship banks: Barclays, HSBC, JP Morgan and RBS. The Group had various other uncommitted bank facilities available at 31 March 2013.

Unsecured Notes due 2013 to 2025

The Group’s Unsecured Notes due 2013 to 2025 is comprised of fixed rate debt of US$200.0 million and Stg£30.0 million issued in 2004 and maturing in 2014 and 2016 (the ‘2014/16 Notes’), fixed rate debt of US$200.0 million and Stg£25.0 million issued in 2007 and maturing in 2017 and 2019 (the ‘2017/19 Notes’), fixed rate debt of US$120.0 million issued in 2008 and maturing in 2013 and 2015 (the ‘2013/15 Notes’) and fixed rate debt of US$363.0 million and €20.0 million issued in 2010 and maturing in 2015, 2017, 2020 and 2022 (the ‘2015/17/20/22 Notes’) and fixed rate debt of US$525 million issued in 2013 and maturing in 2020, 2023 and 2025 (the ‘2020/23/25 Notes’).

The 2013/15 Notes which are all denominated in US$ have been swapped (using cross currency interest rate swaps designated as fair value hedges under IAS 39) from fixed US$ to floating sterling rates, repricing quarterly based on sterling LIBOR.

The 2014/16 Notes denominated in US$ have been swapped from fixed to floating US$ rates (using interest rate swaps designated as fair value hedges under IAS 39) and further swapped (using currency swaps not designated as hedges under IAS 39) from floating US$ to floating euro rates, repricing semi-annually based on EURIBOR. The 2014/16 Notes denominated in sterling have been swapped from fixed to floating sterling rates (using an interest rate swap designated as a fair value hedge under IAS 39), repricing semi-annually based on sterling LIBOR.

The 2017/19 Notes denominated in US$ have been swapped (using cross currency interest rate swaps designated as fair value hedges under IAS 39) from fixed US$ to floating sterling rates, repricing quarterly based on sterling LIBOR. The 2017/19 Notes denominated in sterling have been swapped from fixed to floating sterling rates (using an interest rate swap designated as a fair value hedge under IAS 39), repricing quarterly based on sterling LIBOR.

Of the 2015/17/20/22 Notes denominated in US$, $213.0 million has been swapped (using cross currency interest rate swaps designated as fair value hedges under IAS 39) from fixed US$ to floating sterling rates, repricing quarterly based on sterling LIBOR and $150.0 million has been swapped (using cross currency interest rate swaps designated as fair value hedges under IAS 39) from fixed US$ to floating euro rates, repricing quarterly based on EURIBOR. The 2015/17/20/22 Notes denominated in euro have been swapped from fixed to floating euro rates (using an interest rate swap designated as a fair value hedge under IAS 39), repricing quarterly based on EURIBOR.

On 28 February 2013 the Group committed to issue fixed rate US$ denominated debt totalling $525.0 million maturing in 2020, 2023 and 2025. Of the 2020/23/25 Notes, $255.0 million has been swapped (using cross currency interest rate swaps designated as fair value hedges under IAS 39) from fixed US$ to floating euro rates, repricing quarterly based on EURIBOR, $140.0 million has been swapped (using cross currency interest rate swaps designated as fair value hedges under IAS 39) from fixed US$ to floating sterling rates, repricing quarterly based on sterling LIBOR, $85.0 million has been swapped (using cross currency interest rate swaps designated as cash flow hedges under IAS 39) from fixed US$ to fixed euro rates and $45.0 million has been swapped (using cross currency interest rate swaps designated as cash flow hedges under IAS 39) from fixed US$ to fixed sterling rates. The 2020/23/25 Notes were drawn down on 25 April 2013. In accordance with IAS 39, the adjusted value corresponding to the portion of the 2020/23/25 Notes which has been swapped using cross currency interest rate swaps designated as fair value hedges has been included in the Group’s borrowings at 31 March 2013.

 

The maturity and interest profile of the Unsecured Notes is as follows:

 

2013

2012

 

 

 

Average maturity*

6.1 years

5.0 years

 

Average fixed interest rates**

- US$ denominated*

4.96%

5.54%

- sterling denominated

5.95%

5.95%

- euro denominated

4.58%

4.58%

 

Average floating rate including swaps

- sterling denominated

1.84%

2.39%

- euro denominated

1.49%

2.73%

 

 

 

* Including the 2020/23/25 Notes

**Issued and repayable at par

(back to top)