Financial Analysis

Debt Information

Net debt (as analysed in note 30(c) to the consolidated financial statements) decreased from £461.6m at 30 April 2014 to £381.3m at 30 April 2015, due to the Group’s continued strong cash generation and the timing of rail cashflows. The Group’s net debt at 30 April 2015 is further analysed below:

Fixed
rate
£m
Floating
rate
£m
Total

£m
Unrestricted cash 95.8 95.8
Cash held within train operating companies   281.0 281.0
Restricted cash 18.8 18.8
Total cash and cash equivalents 395.6 395.6
US Notes (97.3) (97.3)
Sterling bond (400.0) (400.0)
Sterling hire purchase and finance leases (3.6) (50.4) (54.0)
US dollar hire purchase and finance leases (34.0) (34.0)
Loan notes (19.5) (19.5)
Bank loans (172.1) (172.1)
Net debt (437.6) 56.3 (381.3)