REG-FirstGroup PLC: Half-year Report <Origin Href="QuoteRef">FGP.L</Origin> - Part 2
15/11/2016 07:05
- Part 2: For the preceding part double click ID:nPRrFC352a
60.9 61.4
Trade and other receivables 12 696.6 652.1 694.4
Cash and cash equivalents 310.5 243.0 360.1
Assets held for sale 11 3.9 2.1 3.5
Derivative financial instruments 17 1.1 16.4 16.7
1,074.1 974.5 1,136.1
Total assets 5,533.6 4,906.2 5,337.4
Current liabilities
Trade and other payables 13 1,061.6 995.7 1,122.5
Current tax liabilities 16.7 2.3 16.4
Financial liabilities 14 173.9 129.6 168.4
Derivative financial instruments 17 36.3 61.7 68.1
1,288.5 1,189.3 1,375.4
Net current liabilities 214.4 214.8 239.3
Non-current liabilities
Financial liabilities 14 1,725.4 1,788.2 1,712.1
Derivative financial instruments 17 18.1 28.5 35.5
Retirement benefit liabilities 21 520.3 184.5 301.9
Deferred tax liabilities 15.4 43.8 17.0
Provisions 18 280.6 225.9 262.3
2,559.8 2,270.9 2,328.8
Total liabilities 3,848.3 3,460.2 3,704.2
Net assets 1,685.3 1,446.0 1,633.2
Equity
Share capital 19 60.2 60.2 60.2
Share premium 676.4 676.4 676.4
Hedging reserve (30.9) (54.6) (68.6)
Other reserves 4.6 4.6 4.6
Own shares (1.6) (1.5) (1.4)
Translation reserve 597.0 173.9 352.2
Retained earnings 363.0 566.6 585.4
Equity attributable to equity holders of the parent 1,668.7 1,425.6 1,608.8
Non-controlling interests 16.6 20.4 24.4
Total equity 1,685.3 1,446.0 1,633.2
Condensed consolidated statement of changes in equity
Share capital £m Share premium £m Hedging reserve £m Other reserves £m Own shares £m Translation reserve £m Retained earnings £m Total £m Non- controlling interests £m Total equity £m
Balance at 1 April 2016 60.2 676.4 (68.6) 4.6 (1.4) 352.2 585.4 1,608.8 24.4 1,633.2
Total comprehensive income for the period - - 37.7 - - 244.8 (224.3) 58.2 0.1 58.3
Dividends paid/other - - - - - - - - (7.9) (7.9)
Movement in EBT and treasury shares - - - - (0.2) - (1.7) (1.9) - (1.9)
Share-based payments - - - - - - 3.6 3.6 - 3.6
Balance at 30 September 2016 (unaudited) 60.2 676.4 (30.9) 4.6 (1.6) 597.0 363.0 1,668.7 16.6 1,685.3
Balance at 1 April 2015 60.2 676.4 (55.5) 4.6 (1.9) 241.7 533.1 1,458.6 27.6 1,486.2
Total comprehensive loss for the period - - 0.9 - - (67.8) 30.2 (36.7) 2.1 (34.6)
Dividends paid/other - - - - - - - - (9.3) (9.3)
Movement in EBT and treasury shares - - - - 0.4 - (0.2) 0.2 - 0.2
Share-based payments - - - - - - 3.5 3.5 - 3.5
Balance at 30 September 2015 (unaudited) 60.2 676.4 (54.6) 4.6 (1.5) 173.9 566.6 1,425.6 20.4 1,446.0
Balance at 1 April 2015 60.2 676.4 (55.5) 4.6 (1.9) 241.7 533.1 1,458.6 27.6 1,486.2
Total comprehensive income for the period - - (13.1) - - 110.5 47.2 144.6 6.1 150.7
Dividends paid/other - - - - - - - - (10.0) (10.0)
Movement in EBT and treasury shares - - - - 0.5 - (1.3) (0.8) - (0.8)
Share-based payments - - - - - - 6.4 6.4 - 6.4
Other - - - - - - - - 0.7 0.7
Balance at 31 March 2016 60.2 676.4 (68.6) 4.6 (1.4) 352.2 585.4 1,608.8 24.4 1,633.2
Condensed consolidated cash flow statement
Note Unaudited Unaudited 6 months to 30 September 2015 £m Year to 31 March 2016 £m
6 months to
30 September 2016
£m
Net cash from operating activities 20 125.8 12.0 409.5
Investing activities
Interest received 0.7 0.6 1.4
Proceeds from disposal of property and plant and equipment 29.1 9.9 19.5
Purchases of property, plant, equipment and software (206.5) (201.9) (405.2)
Net cash used in investing activities (176.7) (191.4) (384.3)
Financing activities
Dividends paid to non-controlling shareholders (11.9) (9.0) (10.0)
Shares purchased by Employee Benefit Trust (1.5) - -
Drawdowns from bank facilities 52.5 40.6 -
Repayment of loan notes (0.1) - -
Repayments under HP contracts and finance leases (47.7) (30.3) (80.3)
Net cash flow (used in)/from financing activities (8.7) 1.3 (90.3)
Net decrease in cash and cash equivalents before foreign exchange movements (59.6) (178.1) (65.1)
Cash and cash equivalents at beginning of period 360.1 420.5 420.5
Foreign exchange movements 10.0 0.6 4.7
Cash and cash equivalents at end of period per consolidated balance sheet 310.5 243.0 360.1
Cash and cash equivalents are included within current assets on the condensed
consolidated balance sheet. Cash and cash equivalents includes ring-fenced
cash of £230.7m (H1 2015: £197.7m; full year 2016: £219.9m).
Note to the condensed consolidated cash flow statement –
reconciliation of net cash flow to movement in net debt
6 months to 6 months to 30 September 2015 £m Year to 31 March 2016 £m
30 September 2016
£m
Net decrease in cash and cash equivalents in period (59.6) (178.1) (65.1)
(Decrease)/increase in debt and finance leases (4.7) (10.3) 80.3
Net cash flow (64.3) (188.4) 15.2
Foreign exchange movements (16.0) 8.7 (15.3)
Other non-cash movements in relation to financial instruments (1.0) (1.0) (2.8)
Movement in net debt in period (81.3) (180.7) (2.9)
Net debt at beginning of period (1,410.2) (1,407.3) (1,407.3)
Net debt at end of period (1,491.5) (1,588.0) (1,410.2)
Net debt includes the value of derivatives in connection with the bonds
maturing in 2019 and 2021 and excludes all accrued interest. These bonds are
included in non-current liabilities in the condensed consolidated balance
sheet.
Notes to the half-yearly financial report
1 Basis of preparation
This half-yearly financial report does not constitute statutory accounts as
defined in section 434 of the Companies Act 2006. The statutory accounts for
the year ended 31 March 2016 have been delivered to the Registrar of
Companies. The auditor reported on those accounts; their report was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The figures for the six months to 30 September 2016 include the results of the
First Rail division for the period ended
17 September 2016 and the results for the other divisions for the 26 weeks
ended 24 September 2016. The comparative figures for the six months to 30
September 2015 include the results of the First Rail division for the period
ended
19 September 2015 and the results of the other divisions for the 26 weeks
ended 26 September 2015.
The condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with the DTR of the Financial
Conduct Authority and International Accounting Standard 34, ‘Interim
Financial Reporting’, as adopted by the European Union.
The accounting policies used in this half-yearly financial report are
consistent with International Financial Reporting Standards (IFRS) as adopted
by the European Union. The accounting policies applied are consistent with
those described in the Group’s latest annual audited financial statements,
except for a number of amendments to IFRSs which became effective for the
financial year beginning on 1 April 2016. There has been no material change as
a result of applying these new accounting standards. We have also included
certain non-GAAP measures in order to reflect management’s reported view of
financial performance excluding non-recurring items and other intangible asset
amortisation charges.
These results are unaudited but have been reviewed by the auditor. The
comparative figures for the six months to
30 September 2015 are unaudited and are derived from the half-yearly financial
report for that period, which was also reviewed by the auditor.
The Directors have carried out a review of the Group’s budget for the year
to 31 March 2017 and medium term plans, with due regard for the risks and
uncertainties to which the Group is exposed, the uncertain economic climate
and the impact that this could have on trading performance. Based on this
review, the Directors believe that the Company and the Group have adequate
resources to continue in operational existence for the foreseeable future.
Accordingly, the condensed consolidated financial statements have been
prepared on the going concern basis in preparing this half-yearly report.
The operating and financial review statement contained in this half-yearly
report, including the summarised principal risks and uncertainties, has been
prepared by the Directors in good faith based on the information available to
them up to the time of their approval of this report solely for the
Company’s shareholders as a body, so as to assist them in assessing the
Group's strategies and the potential for those strategies to succeed and
accordingly should not be relied on by any other party or for any other
purpose and the Company hereby disclaims any liability to any such other party
or for reliance on such information for any such other purpose.
The operating and financial review considers the impact of seasonality on the
Group and also the principal risks and uncertainties facing it in the
remaining six months of the financial year.
This half-yearly report has been prepared in respect of the Group as a whole
and accordingly matters identified as being significant or material are so
identified in the context of FirstGroup plc and its subsidiary undertakings
taken as a whole.
This half-yearly financial report was approved by the Board on 15 November
2016.
2 Revenue
6 months to 6 months to 30 September 2015 £m Year to 31 March 2016 £m
30 September 2016
£m
Services rendered 2,564.7 2,429.4 5,197.7
First Rail franchise subsidy receipts - 11.5 20.4
Revenue 2,564.7 2,440.9 5,218.1
Investment income 0.7 0.6 1.4
Total revenue as defined by IAS 18 2,565.4 2,441.5 5,219.5
3 Reconciliation to non-gaap measures and performance
In measuring the Group adjusted performance, additional financial measures
derived from the reported results have been used in order to eliminate factors
which the Directors consider distort year on year comparisons. The Group’s
adjusted performance is used to explain year on year changes when the effect
of certain items are significant, including other intangible asset
amortisation, restructuring and reorganisation costs relating to the business
turnarounds, property disposals, aged legal and self-insurance claims,
revisions to onerous contracts and pension past settlement gains or losses, as
management consider that this basis more appropriately reflects operating
performance and a better understanding of the key performance indicators of
the business.
Reconciliation of operating profit to adjusted operating profit 6 months to 6 months to 30 September 2015 £m Year to 31 March 2016 £m
30 September 2016
£m
Operating profit 77.9 58.5 246.3
Adjustments for:
Other intangible asset amortisation charges 28.5 27.2 51.9
Gain on disposal of property (21.6) - -
Restructuring and reorganisation costs 4.2 - -
Legal claims - 1.0 1.0
First Bus depot sales and closures - 1.7 1.8
Pensions past service gain - - (10.8)
North America insurance reserves - - 10.5
Total operating profit adjustments 11.1 29.9 54.4
Adjusted operating profit 89.0 88.4 300.7
Reconciliation of profit/(loss) before tax to adjusted profit before tax 6 months to 6 months to 30 September 2015 £m Year to 31 March 2016 £m
30 September 2016
£m
Profit/(loss) before tax 11.1 (7.5) 113.5
Operating profit adjustments (see table above) 11.1 29.9 54.4
Ineffectiveness on financial derivatives (0.3) - 0.4
Adjusted profit before tax 21.9 22.4 168.3
Adjusted tax charge (5.5) (5.4) (38.7)
Non-controlling interests (0.1) (2.1) (6.1)
Adjusted earnings 16.3 14.9 123.5
The principal adjusting items are as follows:
Other intangible asset amortisation charges
The charge for the period was £28.5m (H1 2015: £27.2m). The increase
primarily reflects a higher charge in the North America divisions due to the
impact of foreign exchange and the incremental £2.2m software intangible
amortisation this period, partly offset by a lower charge in First Rail as the
GWR franchise intangible was fully expensed at the end of its first Direct
Award period.
Gain on disposal of property
During the period the sale of a Greyhound terminal in San Jose, California was
completed which resulted in a gain on sale of £21.6m (H1 2015: £nil).
Restructuring and reorganisation costs
There was a charge of £4.2m (H1 2015: £nil) in the period for restructuring
and reorganisation costs across the Group relating to the business
turnarounds.
4 Business segments information
The segment results for the six months to 30 September 2016 are as follows:
First First Greyhound First Bus First Rail Group items1 £m Total
Student Transit £m £m £m £m
£m £m
Revenue 719.5 482.5 333.4 426.1 595.8 7.4 2,564.7
EBITDA2 98.4 38.6 43.2 45.5 41.4 (15.4) 251.7
Depreciation (84.4) (8.6) (17.4) (32.0) (22.3) (1.0) (165.7)
Capital grant amortisation - - - - 3.0 - 3.0
Segment results 14.0 30.0 25.8 13.5 22.1 (16.4) 89.0
Other intangible asset amortisation charges (23.6) (1.6) (3.3) - - - (28.5)
Other adjustments (note 3) (1.9) (0.2) 19.8 - - (0.3) 17.4
Operating profit (11.5) 28.2 42.3 13.5 22.1 (16.7) 77.9
Balance sheet Total assets Total liabilities Net assets/
£m £m (liabilities)
£m
First Student 2,775.4 (410.5) 2,364.9
First Transit 571.0 (150.5) 420.5
Greyhound 672.4 (346.4) 326.0
First Bus 774.9 (435.7) 339.2
First Rail 236.4 (467.4) (231.0)
5,030.1 (1,810.5) 3,219.6
Group items 143.5 (203.7) (60.2)
Net debt 310.5 (1,802.0) (1,491.5)
Taxation 49.5 (32.1) 17.4
Total 5,533.6 (3,848.3) 1,685.3
The segment results for the six months to 30 September 2015 are as follows:
First Student £m First Transit £m Greyhound £m First Bus £m First Rail £m Group items1 £m Total £m
Revenue 655.9 419.2 312.4 437.5 608.9 7.0 2,440.9
EBITDA2 76.8 36.9 42.3 46.2 57.2 (17.0) 242.4
Depreciation (74.8) (6.8) (16.5) (30.8) (30.2) (0.8) (159.9)
Capital grant amortisation - - - - 5.9 - 5.9
Segment results 2.0 30.1 25.8 15.4 32.9 (17.8) 88.4
Other intangible asset amortisation charges (20.7) (1.7) (1.5) - (3.3) - (27.2)
Other adjustments (note 3) (1.0) - - (1.7) - - (2.7)
Operating profit (19.7) 28.4 24.3 13.7 29.6 (17.8) 58.5
1 Group items comprise Tram operations, central management and other
items.
2 EBITDA is adjusted operating profit less capital grant amortisation
plus depreciation.
Balance sheet Total assets £m Total liabilities £m Net assets/ (liabilities) £m
First Student 2,441.2 (347.7) 2,093.5
First Transit 491.6 (139.1) 352.5
Greyhound 586.5 (259.8) 326.7
First Bus 716.2 (195.4) 520.8
First Rail 222.4 (392.2) (169.8)
4,457.9 (1,334.2) 3,123.7
Group items 151.4 (248.9) (97.5)
Net debt 243.0 (1,831.0) (1,588.0)
Taxation 53.9 (46.1) 7.8
Total 4,906.2 (3,460.2) 1,446.0
4 Business segments information continued
The segment results for the year to 31 March 2016 are as follows:
First Student £m First Transit £m Greyhound £m First Bus £m First Rail £m Group items1 £m Total £m
Revenue 1,553.5 864.8 605.1 870.9 1,308.4 15.4 5,218.1
EBITDA2 266.4 74.7 69.7 113.4 122.4 (30.7) 615.9
Depreciation (153.8) (14.6) (34.2) (61.4) (60.0) (1.7) (325.7)
Capital grant amortisation - - - - 10.5 - 10.5
Segment results 112.6 60.1 35.5 52.0 72.9 (32.4) 300.7
Other intangible asset amortisation charges (42.1) (3.4) (3.1) - (3.3) - (51.9)
Other adjustments (note 3) (2.8) (7.2) (1.5) (1.8) - 10.8 (2.5)
Operating profit 67.7 49.5 30.9 50.2 69.6 (21.6) 246.3
1 Group items comprise Tram operations, central management and other
items.
2 EBITDA is adjusted operating profit less capital grant amortisation
plus depreciation.
Balance sheet Total assets £m Total liabilities £m Net assets/ (liabilities) £m
First Student 2,656.0 (421.9) 2,234.1
First Transit 501.6 (151.6) 350.0
Greyhound 632.9 (328.4) 304.5
First Bus 776.6 (296.5) 480.1
First Rail 212.1 (424.1) (212.0)
4,779.2 (1,622.5) 3,156.7
Group items 135.4 (278.0) (142.6)
Net debt 360.1 (1,770.3) (1,410.2)
Taxation 62.7 (33.4) 29.3
Total 5,337.4 (3,704.2) 1,633.2
5 Investment income and finance costs
6 months to 6 months to 30 September 2015 £m Year to 31 March 2016 £m
30 September 2016
£m
Investment income
Bank interest receivable (0.7) (0.6) (1.4)
Finance costs
Bonds 42.1 42.1 84.2
Bank borrowings 6.8 6.3 13.0
Senior unsecured loan notes 2.3 2.1 4.3
Loan notes 0.5 0.5 1.0
Finance charges payable in respect of HP contracts and finance leases 3.4 4.4 8.9
Notional interest on long term provisions 7.9 7.2 14.8
Notional interest on pensions 4.8 4.0 7.6
Finance costs before adjustments 67.8 66.6 133.8
Hedge ineffectiveness on financial derivatives (0.3) - 0.4
Net finance costs 67.5 66.6 134.2
Finance costs before adjustments 67.8 66.6 133.8
Investment income (0.7) (0.6) (1.4)
Net finance cost before adjustments 67.1 66.0 132.4
6 Tax on profit on ordinary activities
6 months to 6 months to 30 September 2015 £m Year to 31 March 2016 £m
30 September 2016
£m
Current tax 1.8 1.1 21.1
Deferred tax 0.2 (5.5) (4.0)
Total current tax charge/(credit) 2.0 (4.4) 17.1
The tax effect of the adjustments disclosed in note 3 was a credit of £3.5m
(H1 2015: credit of £9.8m; full year 2016: credit of £15.8m).
7 Earnings per share (EPS)
EPS is calculated by dividing the profit attributable to equity shareholders
of £9.0m (H1 2015: loss of £5.2m; full year 2016: profit of £90.3m) by the
weighted average number of ordinary shares in issue of 1,204.3m (H1 2015:
1,204.0m; full year 2016: 1,204.0m). The number of ordinary shares used for
the basic and diluted calculations are shown in the table below.
The difference in the number of shares between the basic calculation and the
diluted calculation represents the weighted average number of potentially
dilutive ordinary share options.
30 September 2016 30 September 2015 number m 31 March 2016 number m
number
m
Weighted average number of shares used in basic calculation 1,204.3 1,204.0 1,204.0
Executive share options 8.0 6.5 8.0
Weighted average number of shares used in the diluted calculation 1,212.3 1,210.5 1,212.0
The adjusted EPS is intended to highlight the recurring results of the Group
before amortisation charges, ineffectiveness on financial derivatives and
certain other adjustments as set out in note 3. A reconciliation is set out
below:
6 months to 6 months to 30 September 2015 Year to 31 March 2016
30 September 2016
£m EPS (p) £m EPS (p) £m EPS (p)
Basic profit/(loss)/EPS 9.0 0.7 (5.2) (0.4) 90.3 7.5
Other intangible asset amortisation charges (note 9) 28.5 2.4 27.2 2.2 51.9 4.4
Ineffectiveness on financial derivatives (0.3) - - - 0.4 -
Other adjustments (note 3) (17.4) (1.4) 2.7 0.2 2.5 0.2
Tax effect of above adjustments (3.5) (0.3) (9.8) (0.8) (21.6) (1.8)
Adjusted profit/EPS 16.3 1.4 14.9 1.2 123.5 10.3
Diluted EPS 6 months to 6 months to 30 September 2015 pence Year to 31 March 2016 pence
30 September 2016
pence
Diluted EPS 0.7 (0.4) 7.5
Adjusted Diluted EPS 1.3 1.2 10.2
8 Goodwill
£m
Cost
At 1 April 2016 1,740.3
Foreign exchange movements 151.1
At 30 September 2016 1,891.4
Accumulated impairment losses
At 1 April 2016 and 30 September 2016 4.0
Carrying amount
At 30 September 2016 1,887.4
At 31 March 2016 1,736.3
At 30 September 2015 1,620.6
Disclosures including goodwill by cash generating unit, details of impairment
testing and sensitivities thereon are set out on page 125 of the 2016 Annual
Report. The projections for First Student assumed the incremental benefits of
the existing recovery plan, the programme to address contract portfolio
pricing together with an economic recovery. The sensitivity analysis indicated
that the First Student margin would need to fall in excess of 87 basis points
compared to medium term expectations, or long term growth rates would need to
fall in excess of 66 basis points for there to be an impairment to the
carrying value of net assets in this business. An increase in the discount
rate in excess of 59 basis points would have led to the value in use of the
division being less than its carrying amount.
9 Other intangible assets
Customer contracts £m Greyhound brand and trade name £m Rail franchise agreements £m Software £m Total £m
Cost
At 1 April 2016 433.8 66.0 5.5 11.6 516.9
Additions - - - 8.9 8.9
Disposals - - (5.5) - (5.5)
Foreign exchange movements 39.5 6.0 - 1.1 46.6
At 30 September 2016 473.3 72.0 - 21.6 566.9
Amortisation
At 1 April 2016 320.9 28.3 5.5 - 354.7
Charge for period 24.5 1.8 - 2.2 28.5
Disposals - - (5.5) - (5.5)
Foreign exchange movements 30.6 2.6 - 0.2 33.4
At 30 September 2016 376.0 32.7 - 2.4 411.1
Carrying amount
At 30 September 2016 97.3 39.3 - 19.2 155.8
At 31 March 2016 112.9 37.7 - 11.6 162.2
At 30 September 2015 127.5 36.6 - - 164.1
Intangible assets include customer contracts and the Greyhound brand and trade
name which were acquired through the purchases of businesses and subsidiary
undertakings and software. These are being amortised on a straight-line basis
over their useful lives which are between 3 and 20 years.
The rail franchise agreements’ intangible asset represented the part of the
economic benefit that is realised as a result of recognising our share of the
rail pension deficit on the date of commencement of each respective franchise
and was amortised on a straight-line basis over the initial term of each
respective franchise.
10 Property, plant and equipment
Land and buildings £m Passenger carrying vehicle fleet £m Other plant and equipment £m Total £m
Cost
At 1 April 2016 483.0 3,183.9 674.2 4,341.1
Additions 4.5 111.3 37.5 153.3
Disposals (2.7) (42.2) (3.8) (48.7)
Reclassified as held for sale - (76.7) - (76.7)
Foreign exchange movements 25.7 216.0 27.9 269.6
At 30 September 2016 510.5 3,392.3 735.8 4,638.6
Accumulated depreciation and impairment
At 1 April 2016 82.2 1,614.8 501.9 2,198.9
Charge for period 5.2 121.4 39.1 165.7
Disposals (0.2) (38.6) (1.0) (39.8)
Reclassified as held for sale - (71.6) - (71.6)
Foreign exchange movements 5.5 113.2 20.0 138.7
At 30 September 2016 92.7 1,739.2 560.0 2,391.9
Carrying amount
At 30 September 2016 417.8 1,653.1 175.8 2,246.7
At 31 March 2016 400.8 1,569.1 172.3 2,142.2
At 30 September 2015 389.6 1,455.7 157.8 2,003.1
11 Assets held for sale
30 September 2016 30 September 2015 £m 31 March 2016 £m
£m
Assets held for sale 3.9 2.1 3.5
These principally comprise First Student yellow school buses which are surplus
to requirements and are being actively marketed for sale. Gains or losses
arising on the disposal of such assets are included in arriving at operating
profit in the condensed consolidated income statement.
12 Trade and other receivables
Amounts due within one year 30 September 2016 30 September 2015 £m 31 March 2016 £m
£m
Trade receivables 347.2 312.3 376.9
Accrued income 205.5 178.1 156.6
Other prepayments 83.4 110.2 88.2
Other receivables 60.5 51.5 72.7
696.6 652.1 694.4
13 Trade and other payables
Amounts falling due within one year 30 September 2016 30 September 2015 £m 31 March 2016 £m
£m
Trade payables 199.0 205.1 242.6
Other payables 189.2 206.8 239.6
Accruals 574.3 504.3 554.3
Deferred income 47.3 31.1 39.4
Season ticket deferred income 24.3 24.7 26.0
Other tax and social security payable 27.5 23.7 20.6
1,061.6 995.7 1,122.5
14 Financial liabilities – borrowings
30 September 2016 30 September 2015 £m 31 March 2016 £m
£m
On demand or within 1 year
Finance leases (note 15) 55.9 88.7 73.9
Senior unsecured loan notes 77.1 - 35.4
Bond 8.125% (repayable 2018) (1) 0.7 0.7 12.9
Bond 6.125% (repayable 2019) (1) 10.7 10.7 3.0
Bond 8.75% (repayable 2021) (1) 14.5 14.5 30.2
Bond 5.25% (repayable 2022) (1) 14.6 14.6 5.8
Bond 6.875% (repayable 2024) (1) 0.4 0.4 7.2
Total current liabilities 173.9 129.6 168.4
Within 1 – 2 years
Finance leases (note 15) 60.0 47.8 58.3
Loan notes (note 16) 9.6 9.7 9.7
Bond 8.125% (repayable 2018) 298.8 - -
Senior unsecured loan notes 38.4 32.9 70.5
406.8 90.4 138.5
Within 2 – 5 years
Finance leases (note 15) 91.5 129.8 106.1
Syndicated bank loans 52.5 40.6 -
Bond 8.125% (repayable 2018) - 298.3 298.3
Bond 6.125% (repayable 2019) 276.7 281.2 279.0
Bond 8.75% (repayable 2021) 377.8 - -
Senior unsecured loan notes - 65.7 -
798.5 815.6 683.4
Over 5 years
Finance leases (note 15) - 0.1 -
Bond 8.75% (repayable 2021) - 362.6 370.1
Bond 5.25% (repayable 2022) 320.5 320.0 320.5
Bond 6.875% (repayable 2024) 199.6 199.5 199.6
520.1 882.2 890.2
Total non-current liabilities at amortised cost 1,725.4 1,788.2 1,712.1
(1) Relates to accrued interest.
15 HP contracts and finance leases
The Group had the following obligations under HP contracts and finance leases
as at the balance sheet dates:
September 2016 Minimum payments September 2016 Present value of payments September 2015 Minimum payments £m September 2015 Present value of payments £m March 2016 Minimum payments £m March 2016 Present value of payments £m
£m £m
Due in less than one year 57.4 55.9 91.1 88.7 75.9 73.9
Due in more than one year but not more than two years 63.1 60.0 50.4 47.8 61.5 58.3
Due in more than two years but not more than five years 100.1 91.5 145.0 129.8 116.8 106.1
Due in more than five years - - 0.1 0.1 - -
220.6 207.4 286.6 266.4 254.2 238.3
Less future financing charges (13.2) - (20.2) - (15.9) -
207.4 207.4 266.4 266.4 238.3 238.3
16 Loan notes
The Group had the following loan notes issued as at the balance sheet dates:
30 September 2016 30 September 2015 £m 31 March 2016 £m
£m
Due in more than one year but not more than two years 9.6 9.7 9.7
17 Derivative financial instruments
30 September 2016 30 September 2015 £m 31 March 2016 £m
£m
Total derivatives
Total non-current assets 70.3 40.3 41.5
Total current assets 1.1 16.4 16.7
Total assets 71.4 56.7 58.2
Total current liabilities
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