Financial Analysis

Debt Information

Net debt (as analysed in note 30 to the consolidated financial statements) increased from £523.8m at 30 April 2012 to £538.0m at 30 April 2013, primarily due to the £107.0m acquisition of businesses in the year being largely offset by continued strong cash generation. The Group’s net debt at 30 April 2013 is further analysed below:

Fixed
rate
£m
Floating
rate
£m
Total

£m
Unrestricted cash 46.4 46.4
Cash held within train operating companies 196.6 196.6
Restricted cash 19.2 19.2
Total cash and cash equivalents 262.2 262.2
US Notes - (96.0) (96.0)
Sterling bond (398.9) - (398.9)
Sterling hire purchase and finance leases (6.2) (102.5) (108.7)
US dollar hire purchase and finance leases (54.7) - (54.7)
Loan notes (20.5) (20.5)
Bank loans (121.4) (121.4)
Net debt (459.8) (78.2) (538.0)