Financial Analysis

Debt Information

Net debt (as analysed in note 30(c) to the consolidated financial statements) decreased from £538.0m at 30 April 2013 to £461.6m at 30 April 2014, due to the Group’s continued strong cash generation. The Group’s net debt at 30 April 2014 is further analysed below:

Fixed
rate
£m
Floating
rate
£m
Total

£m
Unrestricted cash 50.6 50.6
Cash held within train operating companies 170.8 170.8
Restricted cash 18.9 18.9
Total cash and cash equivalents 240.3 240.3
US Notes (88.5) (88.5)
Sterling bond (400.0) (400.0)
Sterling hire purchase and finance leases (5.0) (68.1) (73.1)
US dollar hire purchase and finance leases (38.2) (38.2)
Loan notes (19.7) (19.7)
Bank loans (82.4) (82.4)
Net debt (443.2) (18.4) (461.6)