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- notes to the financial statements
- 1. Accounting Policies
- 2. Financial risk management
- 3. Segmental information
- 4. Exceptional operating items
- 5. Operating profit/(loss)
- 6. Employees and Directors
- 7. Finance Income and costs
- 8. Taxation on Loss on ordinary activites
- 9. Loss for the financial year
- 10. Earnings/(Loss) per Share
- 11. Goodwill
- 12. Intangible assets
- 13. Property, plant and equipment
- 14. Investments
- 15. Inventories
- 16. Trade and other receivables
- 17. Trade and other payables
- 18. Borrowings
- 19. Non-current tax
- 20. Financial Instruments
- 21. Called-up share capital
- 22. Options and Warrants over Shares of Sinclair Pharma plc
- 23. Share-based payments
- 24. Other Reserves
- 25. Cash Flows from Operating Activities
- 26. Operating lease commitments
- 27. Capital Commitments
- 28. Related Party Transactions
- corporate advisors
18. BORROWINGS
Group |
Company |
||||
2008 |
2007 |
2008 |
2007 |
||
£'000 |
£'000 |
£'000 |
£'000 |
||
| Non-current borrowings | |||||
| Bank loans | 4,022 |
507 |
1,426 |
384 |
|
| Obligations under finance leases | 118 |
202 |
— |
— |
|
4,140 |
709 |
1,426 |
384 |
||
| Current borrowings | |||||
| Obligations under finance leases | 218 |
214 |
— |
— |
|
| Bank loans | 1,350 |
166 |
530 |
101 |
|
| Bank overdrafts | 1,406 |
187 |
383 |
— |
|
| Other borrowings | 134 |
— |
— |
— |
|
3,108 |
567 |
913 |
101 |
||
| Total borrowings | 7,248 |
1,276 |
2,339 |
485 |
|
Borrowings included above are repayable as follows: |
|||||
| On demand or within one year | 3,108 |
567 |
913 |
101 |
|
| Over one and under two years | 1,299 |
215 |
530 |
101 |
|
| Over two and under five years | 2,841 |
494 |
896 |
283 |
|
| Total borrowings | 7,248 |
1,276 |
2,339 |
485 |
|
The carrying amounts and fair value of non-current borrowings are £4,140,000 and £4,234,000 (2007: £709,000 and £769,000) respectively. The fair value of current borrowings equals their carrying amounts.
The Group has un-drawn committed borrowing facilities in the UK and France of £2,478,000 (2007: £1,174,000) available at 30 June 2008.
Bank loans include a fixed rate term loan with interest of 5.9% and a floating rate term loan with interest charged at 2.45% over LIBOR. Both loans are repayable in quarterly instalments over five years.
The Group’s borrowings in France of £3,650,000 (2007: £nil) are secured by a pledge over all assets of Sinclair Pharma France SAS, and the Italian overdraft balance of £1,020,000 (2007: £179,000) is secured on the trade receivables of Sinclair Srl.
The Company’s bank loans and overdraft are secured by a fixed and floating charge over the assets of the Company and the Group’s other UK based subsidiaries. The loan has interest charged at 2.45% over LIBOR and is repayable in quarterly instalments over five years.
The minimum lease payments under finance leases fall due as follows:
Group |
Company |
||||
2008 |
2007 |
2008 |
2007 |
||
£'000 |
£'000 |
£'000 |
£'000 |
||
| Not later than one year | 229 |
234 |
— |
— |
|
| Later than one year but not more than five | 128 |
222 |
— |
— |
|
| Future finance charges on finance lease | (21) |
(40) |
— |
— |
|
| Present value of finance lease liabilities | 336 |
416 |
— |
— |
|
Amounts due under finance leases are secured on the assets to which they relate.