UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 50
element of recovery through 2020
and improving further in 2021. The
key impact in 2021 was reduced
availability of materials particularly
in the first half of the year. The Group
did not avail of Covid-19 related
furlough and benefits in either 2020
or 2021 having repaid in full €17m in
supports received in 2020.
Net debt
Net debt increased by €519.9m during 2021 to €756.1m (2020: €236.2m). This is
analysed in the table below.
Movement in net debt
2021
2020
€m
€m
127.1
479.7
(540.2)
(46.1)
(5.0)
-
0.1
-
Repurchase of treasury shares
(46.9)
-
Dividends paid
(73.5)
-
Dividends paid to non-controlling interests
(3.2)
(1.2)
(541.6)
432.4
21.7
(35.4)
Movement in net debt
(519.9)
397.0
Net debt at start of year
(236.2)
(633.2)
Net debt at end of year
(756.1)
(236.2)
Free cashflow
Acquisitions
Capital structure and Group
financing
The Group funds itself through a
combination of equity and debt.
Debt is funded through a syndicated
bank facility and private placement
loan notes. The primary bank debt
facility is a €700m Planet Passionate
Revolving Credit Facility arranged
in May 2021, maturing in May 2026,
and which was undrawn at year end.
This substantially replaced outgoing
facilities of €751m.
The Group’s core funding is provided
by six private placement loan notes
(2020: seven); 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 weighted average term, as at 31
December 2021, of all drawn debt
was 6.3 years (31 December 2020:
6.3 years).
The Group had significant committed
undrawn facilities and cash balances
which, in aggregate, were €1.3bn at
31 December 2021.
Key financial covenants
The majority of Group borrowings
are subject to primary financial
covenants calculated in accordance
with lenders’ facility agreements
which exclude the impact of IFRS 16:
g A maximum net debt to EBITDA
ratio of 3.5 times; and
g A minimum EBITDA to net interest
coverage of 4 times.
The performance against these
covenants in the current and
comparative year is set out in the
table adjacent.
46 - 47
Purchase of financial asset
Share issues
Cashflow movement
Exchange movements on translation
2021
2020
Covenant
Times
Times
Net debt/EBITDA
Maximum
3.5
0.88
0.40
EBITDA/Net interest
Minimum
4.0
26.2
27.9
CODE Building
Virginia USA
Insulated Panels
KS Karrier Panel
and MCM Facade
