UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 156
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021 (continued)
17 Interest Bearing Loans and Borrowings (continued)
Analysis of Net Debt
2021
€m
Cash and cash equivalents
Derivative financial instruments
Current borrowings
Non-current borrowings
Total Net Debt
641.4
(77.4)
(1,320.1)
(756.1)
2020
€m
1,329.7
19.8
(209.6)
(1,376.1)
(236.2)
The Group’s core funding is provided by six (2020: seven) private placement loan notes; one (2020: two) USD private placement
totalling $200m (2020: $400m) maturing in December 2028, and five (2020: five) EUR private placements totalling €1.2bn (2020:
€1.2bn) which will mature in tranches between November 2022 and December 2032. The notes have a weighted average maturity
of 6.4 years (2020: 6.1 years).
The primary bank debt facility is a €700m revolving credit facility, which was undrawn at year end, and which matures in May 2026. This
replaces the previously held revolving credit facilities of €451m and €300m which were scheduled to mature in June 2022. During 2021, the
bilateral 'Green Loan' of €50m was also repaid.
Included in cash at bank and in hand are overdrawn positions of €1,439.8m (31 December 2020: €1,047.2m). These balances form part
of a notional cash pool arrangement and are netted against cash balances of €1,463.6m (31 December 2020: €1,443.0m). The net cash
pool balance of €23.8m (31 December 2020: €395.8m) balance is included in the cash and cash equivalents balance above. There is a
legal right of offset between these balances and the balances are physically settled on a regular basis.
More details of the Group’s loans and borrowings are set out in Note 19.
Net debt, which is an Alternative Performance Measure, is stated net of interest rate and currency hedges which relate to hedges of debt.
Foreign currency derivative assets of €0.3m (2020: €nil) and foreign currency derivative liabilities of €nil (2020: €0.2m) which are used for
transactional hedging are not included in the definition of net debt. Lease liabilities recognised due to the implementation of IFRS 16 and
deferred contingent consideration have also been excluded from the calculation of net debt.
18 Deferred Consideration
2021
€m
2020
€m
At 1 January
Deferred contingent consideration arising on acquisitions (note 22)
Movement in deferred contingent consideration arising from fair value adjustment
Movement in put liability arising from fair value adjustment
Effect of movement in exchange rates
127.6
12.1
0.5
59.5
2.6
186.5
(0.7)
(20.4)
(37.8)
At 31 December
202.3
127.6
41.7
160.6
202.3
127.6
127.6
24.1
178.2
10.3
117.3
202.3
127.6
Split as follows:
Current liabilities
Non-current liabilities
Analysed as follows:
Deferred contingent consideration
Put liability
152 - 153
