|Cash and cash equivalents||16,258||45,201||2,452||480|
|Interest-bearing loans and borrowings||(114,547)||(146,145)||(114,544)||(146,142)|
|Unamortised facility fees||1,338||1,731||1,338||1,731|
In the prior year, the Group cancelled its $56m multicurrency revolving facility and £40m multicurrency revolving facility and signed a new £160m multicurrency revolving facility. The Group now also has a £65m "accordion" facility by which further facilities may be made available by Barclays, Lloyds, RBS and Santander under the current terms to support significant investment or acquisition opportunities which may arise. The existing revolving credit facilities expire in September 2019. Whilst the multi-year revolving committed credit facility does not expire for more than three years, the debt within this is disclosed as less than one year on the balance sheet, as it is drawn for one-month periods, and then redrawn as appropriate to minimise the amount of debt drawn relative to the Group's needs to minimise the interest payable, as assumed in its Viability Statement considerations. The undrawn facilities are unsecured. The bank loans and overdrafts are subject to cross-guarantees between Group undertakings. Interest on the multicurrency revolving credit facility is charged at LIBOR plus a margin of between 1.65% and 1.90%, depending upon the ratio of net debt to EBITDA (earnings before interest, tax, depreciation and amortisation), and on UK overdrafts at 1.75% above UK base rate.
In the prior year, it was necessary to make a short-term borrowing of £37.6m on the Group's banking facilities, which was repaid on 5 May 2015. This borrowing had no impact on the Group's net debt at 30 April 2015, as it was represented by cash within Group subsidiaries. This explains the inflated cash position at 30 April 2015.
Reconciliation of net cash flow to movement in net (debt)/cash
|Net (debt)/cash at the beginning of the year||(99,213)||25,843|
|Net (decrease)/increase in cash and short-term borrowings||5,590||20,354|
|Proceeds from new bank funding||–||(163,610)|
|Repayment of old borrowings||–||15,000|
|Effects of exchange rate changes||(2,698)||1,724|
|Unamortised facility fees||–||1,731|
|Amortisation of facility fees||(393)||–|
|Other non-cash movements||(237)||(255)|
|Net debt at the end of the year||(96,951)||(99,213)|