1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
The maturity profile of the Group's net debt balances (excluding deferred consideration) is as follows:
| Less than one year | One to two years | Two to five years | More than five years | Total | ||||||
| At 31 December 2007 | €m | €m | €m | €m | €m | |||||
| Derivative financial instrument assets (see Note 26) |
0.4 | – | – | 10.2 | 10.6 | |||||
| Derivative financial instrument liabilities (see Note 26) |
(1.0) | – | (37.6) | (15.3) | (53.9) | |||||
| Derivative financial instruments (see Note 26) | (0.6) | – | (37.6) | (5.1) | (43.3) | |||||
| Bank overdrafts (see Note 25) | (8.8) | – | – | – | (8.8) | |||||
| Bank loans and other loans (see Note 25) | – | – | (150.0) | – | (150.0) | |||||
| Commercial paper (see Note 25) | (22.2) | – | – | – | (22.2) | |||||
| Loan notes (see Note 25) | – | – | (226.4) | (322.8) | (549.2) | |||||
| Obligations under finance leases (see Note 24) | (273.0) | (0.7) | – | – | (273.7) | |||||
| Gross debt (including net derivatives) | (304.6) | (0.7) | (414.0) | (327.9) | (1,047.2) | |||||
| Current assets – held for trading (see Note 15) | 5.4 | – | – | – | 5.4 | |||||
| Cash and short-term deposits (see Note 20) | 60.9 | – | – | – | 60.9 | |||||
| Interest bearing assets | 66.3 | – | – | – | 66.3 | |||||
| Net debt | (238.3) | (0.7) | (414.0) | (327.9) | (980.9) |
| Less than one year as restated1 |
One to two years | Two to five years | More than five years | Total as restated1 |
||||||
| At 31 December 2006 | €m | €m | €m | €m | €m | |||||
| Derivative financial instrument assets (see Note 26) |
2.6 | – | – | 6.8 | 9.4 | |||||
| Derivative financial instrument liabilities (see Note 26) |
(31.2) | – | (27.5) | (14.8) | (73.5) | |||||
| Derivative financial instruments (see Note 26) | (28.6) | – | (27.5) | (8.0) | (64.1) | |||||
| Bank overdrafts (see Note 25) | (3.3) | – | – | – | (3.3) | |||||
| Bank loans and other loans (see Note 25) | (7.1) | – | – | – | (7.1) | |||||
| Loan notes (see Note 25) | (221.3) | – | (125.9) | (433.3) | (780.5) | |||||
| Obligations under finance leases (see Note 24) | (290.1) | (2.0) | – | – | (292.1) | |||||
| Gross debt (including net derivatives) | (550.4) | (2.0) | (153.4) | (441.3) | (1,147.1) | |||||
| Current assets – held for trading (see Note 15) | 22.6 | – | – | – | 22.6 | |||||
| Cash and short-term deposits (see Note 20) | 116.6 | – | – | – | 116.6 | |||||
| Interest bearing assets | 139.2 | – | – | – | 139.2 | |||||
| Net debt | (411.2) | (2.0) | (153.4) | (441.3) | (1,007.9) |
- 1 Restated following the prior year adjustment regarding Avis Portugal (see Note 33).
Interest rate and currency profile
The interest rate and currency profile of the Group's net debt balances is as follows:
| 2007 | 2006 | ||||||||||
| Fixed rate €m | Floating rate |
Total €m | Fixed rate €m |
Floating rate €m |
Total as restated1 €m | ||||||
| Gross debt (excluding impact of derivatives) |
|||||||||||
| Euro | (91.8) | (697.0) | (788.8) | (236.7) | (543.3) | (780.0) | |||||
| Sterling | – | (8.2) | (8.2) | – | (11.8) | (11.8) | |||||
| US$ | (198.7) | – | (198.7) | (293.5) | – | (293.5) | |||||
| Other | – | (0.2) | (0.2) | – | 1.5 | 1.5 | |||||
| (290.5) | (705.4) | (995.9) | (530.2) | (553.6) | (1,083.8) | ||||||
| Net impact of derivatives | |||||||||||
| Euro | (505.9) | 421.5 | (84.4) | (550.9) | 265.1 | (285.8) | |||||
| Sterling | (41.9) | (100.5) | (142.4) | (54.1) | 11.8 | (42.3) | |||||
| US$ | 199.8 | 1.0 | 200.8 | 293.5 | 3.8 | 297.3 | |||||
| Other | – | (25.3) | (25.3) | – | (32.5) | (32.5) | |||||
| (348.0) | 296.7 | (51.3) | (311.5) | 248.2 | (63.3) | ||||||
| Gross debt (net of derivatives) | |||||||||||
| Euro | (597.7) | (275.5) | (873.2) | (787.6) | (278.2) | (1,065.8) | |||||
| Sterling | (41.9) | (108.7) | (150.6) | (54.1) | – | (54.1) | |||||
| US$ | 1.1 | 1.0 | 2.1 | – | 3.8 | 3.8 | |||||
| Other | – | (25.5) | (25.5) | – | (31.0) | (31.0) | |||||
| (638.5) | (408.7) | (1,047.2) | (841.7) | (305.4) | (1,147.1) | ||||||
| Interest bearing assets | |||||||||||
| Euro | – | 49.3 | 49.3 | – | 119.1 | 119.1 | |||||
| Sterling | – | 14.5 | 14.5 | – | 17.9 | 17.9 | |||||
| Other | – | 2.5 | 2.5 | – | 2.2 | 2.2 | |||||
| – | 66.3 | 66.3 | – | 139.2 | 139.2 | ||||||
| Net debt | |||||||||||
| Euro | (597.7) | (226.2) | (823.9) | (787.6) | (159.1) | (946.7) | |||||
| Sterling | (41.9) | (94.2) | (136.1) | (54.1) | 17.9 | (36.2) | |||||
| US$ | 1.1 | 1.0 | 2.1 | – | 3.8 | 3.8 | |||||
| Other | – | (23.0) | (23.0) | – | (28.8) | (28.8) | |||||
| (638.5) | (342.4) | (980.9) | (841.7) | (166.2) | (1,007.9) | ||||||
- 1 Restated following the prior year adjustment regarding Avis Portugal (see Note 33).
The net impact of derivatives in 2007 of €(51.3) million (2006: €(63.3) million), comprises the recognition of the fair value of the debt-related derivative financial instruments of €(43.3) million (2006: €(64.1) million), adjusted for the fair value hedge adjustment of €(8.0) million (2006: €0.7 million) (see Note 26).
The range of interest rates applicable to gross debt (net of derivatives) by principal currency is as follows:
| 2007 | 2006 | ||||||
| Euro % |
Sterling % |
Euro % |
Sterling % |
||||
| Fixed interest rate charge | 4.7-6.8 | 5.9 | 4.7-6.8 | 5.9 | |||
| Floating rate interest charge margin above: | |||||||
| – EURIBOR | 0.3-2.6 | n/a | 0.3-2.6 | n/a | |||
| – LIBOR | n/a | (0.1) | n/a | (0.1) | |||
