Final Results -19-
March 17 2009 - 3:00AM
UK Regulatory
| Current | | | | |
+----------------------------------+----------+---------+----------+---------+
| Bank overdrafts | 9,017 | - | 21,276 | 50,486 |
+----------------------------------+----------+---------+----------+---------+
| | 9,017 | - | 21,276 | 50,486 |
+----------------------------------+----------+---------+----------+---------+
| Total borrowings | 465,462 | 398,322 | 477,721 | 448,808 |
+----------------------------------+----------+---------+----------+---------+
Bank Loan
During 2007, the Group entered into new debt financing arrangements and the
existing bank loan was repaid and replaced with a GBP365,000,000 corporate debt
facility. There was no cash drawn down on this facility at 31 December 2008.
Borrowing Facilities
The Group has the following undrawn borrowing facilities available at the
balance sheet date in respect of which all conditions precedent had been met at
that date:
+---------------------------------------------------+------------+---------+
| | 2008 | 2007 |
+---------------------------------------------------+------------+---------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------+------------+---------+
| | | |
+---------------------------------------------------+------------+---------+
| Expiring in more than two years | 346,215 | 350,000 |
+---------------------------------------------------+------------+---------+
This is stated after the issue of a letter of credit guarantee of GBP18,785,000
(2007: $30,000,000) in the ordinary course of business.
The main purpose of the facilities is to finance the acquisition of new assets
and the development of new and existing assets.
Convertible Bonds
The Company issued GBP151,000,000 3.25% convertible bonds at a nominal value of
GBP151,000,000 on 16 August 2007. The bonds mature on 16 August 2010 at par and
can be converted into shares at the rate of one share per 915 pence. The equity
component of the bond of GBP14,463,000 has been reclassified to equity.
During the year, GBP29,000,000 4.25% convertible bonds matured and were fully
converted into shares.
The convertible bond recognised in the balance sheet is calculated as follows:
+--------------------------------------+----------+----------+----------+----------+
| | Group | Company |
+--------------------------------------+---------------------+---------------------+
| | 2008 | 2007 | 2008 | 2007 |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+----------+----------+----------+----------+
| At 1 January | 167,612 | 29,801 | 167,612 | 29,801 |
+--------------------------------------+----------+----------+----------+----------+
| Net proceeds from convertible bond | - | 151,000 | - | 151,000 |
| issue | | | | |
+--------------------------------------+----------+----------+----------+----------+
| Accrued redemption premium | (1,334) | 581 | (1,334) | 581 |
+--------------------------------------+----------+----------+----------+----------+
| Unwinding of discount on liability | 4,486 | 2,138 | 4,486 | 2,138 |
| component | | | | |
+--------------------------------------+----------+----------+----------+----------+
| Reclassified as equity (Note 26) | - | (14,463) | - | (14,463) |
+--------------------------------------+----------+----------+----------+----------+
| Convertible loan expenses | 747 | (1,445) | 747 | (1,445) |
+--------------------------------------+----------+----------+----------+----------+
| Conversion of convertible loan | (29,000) | - | (29,000) | - |
+--------------------------------------+----------+----------+----------+----------+
| Liability component at 31 December | 142,511 | 167,612 | 142,511 | 167,612 |
+--------------------------------------+----------+----------+----------+----------+
+--------+--------------------------------+---------+---------+---------+---------+
| USD and GBP Loan Notes |
| On 29 August 2007, Venture issued $414,000,000 of 6.41%, $10,000,000 of 6.64% |
| and GBP25,000,000 of 6.71% secured loan notes through a private placing with UK |
| and US institutional investors. These notes have maturities of between 10 and |
| 15 years and are at fixed rates. |
| |
+---------------------------------------------------------------------------------+
| | Group | Company |
+-----------------------------------------+-------------------+-------------------+
| | 2008 | 2007 | 2008 | 2007 |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+---------+---------+---------+---------+
| USD | $414,000,000 6.41% notes with | 286,307 | 205,022 | 286,307 | 205,022 |
| | a final maturity of 29 August | | | | |
| | 2017 | | | | |
+--------+--------------------------------+---------+---------+---------+---------+
| | | | | | |
+--------+--------------------------------+---------+---------+---------+---------+
| USD | $10,000,000 6.64% notes with a | 6,916 | 4,952 | 6,916 | 4,952 |
| | final maturity of 29 August | | | | |
| | 2022 | | | | |
+--------+--------------------------------+---------+---------+---------+---------+
| | | | | | |
+--------+--------------------------------+---------+---------+---------+---------+
| GBP | GBP25,000,000 6.71% notes with | 25,000 | 25,000 | 25,000 | 25,000 |
| | a final maturity of 29 August | | | | |
| | 2017 | | | | |
+--------+--------------------------------+---------+---------+---------+---------+
| | | | | |
+-----------------------------------------+---------+---------+---------+---------+
| Loan notes expenses | (4,289) | (4,264) | (4,289) | (4,264) |
+-----------------------------------------+---------+---------+---------+---------+
| Total USD and GBP loan notes | 313,934 | 230,710 | 313,934 | 230,710 |
+--------+--------------------------------+---------+---------+---------+---------+
+---------------------------------------+---------+---------+---------+---------+
| Breakdown of total borrowings by | Group | Company |
| currency | | |
+---------------------------------------+-------------------+-------------------+
| | 2008 | 2007 | 2008 | 2007 |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+---------+---------+---------+---------+
| GBP | 172,239 | 188,348 | 184,498 | 238,834 |
+---------------------------------------+---------+---------+---------+---------+
| USD | 293,223 | 209,974 | 293,223 | 209,974 |
+---------------------------------------+---------+---------+---------+---------+
| | 465,462 | 398,322 | 477,721 | 448,808 |
+---------------------------------------+---------+---------+---------+---------+
+---------------------------------------+---------+---------+---------+---------+
| Breakdown by maturity | Group | Company |
+---------------------------------------+-------------------+-------------------+
| | 2008 | 2007 | 2008 | 2007 |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+---------+---------+---------+---------+
| 2008 - | - | - | - | 50,486 |
| bank | | | | |
| overdraft | | | | |
+---------------------------------------+---------+---------+---------+---------+
| 2009 - | 9,017 | - | 21,276 | - |
| bank | | | | |
| overdraft | | | | |
+---------------------------------------+---------+---------+---------+---------+
| 2010 | 143,067 | 169,057 | 143,067 | 169,057 |
+---------------------------------------+---------+---------+---------+---------+
| 2011 | - | - | - | - |
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