Financial Analysis

Debt Information

Net debt (as analysed in note 30(c) to the consolidated financial statements) has, as expectd, increased from £381.3m at 30 April 2015 to £399.3m at 30 April 2016, reflecting additional investment, the acceleration of interest and premium payable associated with redeeming out 5.75% bonds. The Group’s net debt at 30 April 2016 is further analysed below:

Fixed
rate
£m
Floating
rate
£m
Total

£m
Unrestricted cash 80.6 80.6
Cash held within train operating companies 283.1 283.1
Restricted cash 18.6 18.6
Total cash and cash equivalents 382.3 382.3
US Notes (102.2) (102.2)
Sterling bond (393.7) (393.7)
Sterling hire purchase and finance leases (2.1) (32.9) (35)
US dollar hire purchase and finance leases (41.8) (41.8)
Loan notes (19.3) (19.3)
Bank loans (189.6) (189.6)
Net debt (437.6) 38.3 (399.3)