RWS AR 23 Final Single pages - Flipbook - Page 139
Analysis of net debt 30 September 2022
Cash and cash equivalents
Issue costs
Loans (current and non-current)
Net debt excluding lease liabilities ("Net debt”)
Lease liabilities
Net debt including lease liabilities
Non-cash
charges
£m
At 30 September
£m
0.1
8.0
101.2
1.5
(0.6)
2.9
-
25.5
(8.5)
(32.2)
45.3
0.6
27.1
(1.1)
71.9
(51.5)
(0.2)
13.1
(8.1)
(46.7)
(6.2)
0.4
40.2
(9.2)
25.2
At 1 October
£m
Acquired
£m
Cash 昀氀ows
£m
92.5
0.6
2.0
-
(49.2)
Non-cash charges against the loan balance represent the e昀昀ects of foreign exchange on the 昀椀nancial liability.
On 3 August 2022, the Group entered into an Amendment and Restatement Agreement (“ARA”) with its banking
syndicate which amended its existing US$120m RCF maturing on 10 February 2024, to a US$220m RCF Facility maturing
on 3 August 2026 with an option to extend maturity to 3 August 2027.
Under the terms of the ARA, the Group’s interest margin over the Secured Overnight Financing Rate (“SOFR”) reference
interest rate ranges from 95bps to 195bps and is dependent on the Group’s net leverage. Commitment fees are
payable on all committed, undrawn funds at 35% of the applicable interest margin. The ARA also contains a US$100m
uncommitted accordion facility.
All transaction costs incurred in amending and re-stating the RCF were capitalised and are being amortised over the
extended maturity period of the facility on a straight-line basis. Currently all Group borrowings under the RCF are
denominated in US Dollars or Sterling.
17. TRADE AND OTHER PAYABLES
2023
£m
2022
£m
25.7
30.2
Due in less than one year
Trade payables
Other taxes and social security costs
4.5
4.0
Other payables
11.5
10.1
Accruals
58.1
68.9
Contingent consideration
2.4
2.9
Deferred income
47.6
49.5
At 30 September
149.8
165.6
The contingent consideration of £2.4m comprises £1.2m for the acquisition of Propylon Holdings Ltd during the period
and £1.2m for the acquisition of Liones Holdings B.V. in the prior period. These amounts are being accrued on a straightline basis and are payable on the anniversary of the respective transactions. Both of these amounts are denominated in
Euros and a foreign exchange impact of £0.1m was recognised in the period. The prior period amount included £1.1m of
contingent consideration for Liones Holdings B.V. and £1.8m of contingent consideration for Iconic Translation Machines
Ltd. Both amounts were settled during the period.
The carrying amount of trade and other payables approximates to their fair value. Trade payables normally fall due
within 30 to 60 days.
2023
£m
2022
£m
Due in more than one year
Deferred income
2.3
3.5
At 30 September
2.3
3.5
NOTES TO THE CONSOLIDATED STATEMENTS
RWS Holdings plc — Annual Report 2023
139
