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Following the refinancing, the Keepmoat Group’s debt has been reduced substantially with term debt reduced from £581m to £300m. The table opposite summarises the facilities that existed at 31 March 2012 and the facilities available to the Group following the refinancing.

Prior to merger £m

As at 31 March 2012 £m

As at 23 October 2012 £m

Term

Senior debt Junior loan stock Mezzanine Senior debt Senior debt A Senior debt B Mezzanine

372.0 309.6 85.3 -

581.1 -

37.5 197.5 65.0

2013 / 16 Sep 2017 Sep 2016 Dec 2014 Sep 2018 Mar 2019 Sep 2019

Total term debt RCF RCF

766.9 96.5

581.1 75.0 -

300.0 125.0

75.0

125.0

As at 31 March 2012 £m

Pro forma 2012 £m

96.5

The recapitalisation of the Group means that the business has a substantially strengthened balance sheet. A pro forma balance sheet of the Group showing the effect of the new financing structure as at 31 March 2012 is shown opposite. The pro forma adjustments reflect the new debt structure put in place on 23 October 2012 as if it had been in place at 31 March 2012.

As at 31 March 2011 £m

Fixed assets Current assets Creditors < 1 year Creditors > 1 year

301.0 290.8 (290.8) (620.0)

301.0 290.8 (290.8) (271.6)

514.6 216.4 (174.7) (707.9)

Net assets / (liabilities)

(319.0)

29.4

(151.6)

2012 £m

2011 £m

676.1 34.5 5.1 24.8 71.9 1,500.0 16,578

677.1 69.9 10.3 42.8 61.4 1,500.0 16,101

KEY PERFORMANCE INDICATORS *EBITDA is Earnings Before interest, Tax, Depreciation, Amortisation and Exceptional Items.

Dec 2018 Sep 2018

Revenue EBITDA* % Free cash flow Conversion % to EBITDA Regeneration order book House sales plots in hand

Keepmoat Annual Report Annual andReport Financial andStatements Financial Statements 2012 2012

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Keepmoat plc Annual report and accounts 2012  
Keepmoat plc Annual report and accounts 2012  
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