Full Year Results -3 -7-
19 Marzo 2009 - 8:01AM
UK Regulatory
| On demand or within one year | | - | - |
+------------------------------------------+----+--------------------+---------------+
| In the second year | | - | 30,000 |
+------------------------------------------+----+--------------------+---------------+
| In the third to fifth years inclusive | | - | - |
+------------------------------------------+----+--------------------+---------------+
| After five years | | 120,000 | 120,000 |
+------------------------------------------+----+--------------------+---------------+
| Total borrowings | | 120,000 | 150,000 |
+------------------------------------------+----+--------------------+---------------+
| | | | |
+------------------------------------------+----+--------------------+---------------+
| Less: Capitalised debt raising expenses | | (2,133) | (2,215) |
+------------------------------------------+----+--------------------+---------------+
| Total borrowings net of capitalised | | 117,867 | 147,785 |
| expenses | | | |
+------------------------------------------+----+--------------------+---------------+
| | | | |
+------------------------------------------+----+--------------------+---------------+
| Analysis of borrowings: | | | |
+------------------------------------------+----+--------------------+---------------+
| | | As at | As at |
+------------------------------------------+----+--------------------+---------------+
| | | 31 December 2008 | 31 December |
| | | | 2007 |
+------------------------------------------+----+--------------------+---------------+
| | | $'000 | $'000 |
+------------------------------------------+----+--------------------+---------------+
| | | | |
+------------------------------------------+----+--------------------+---------------+
| Amounts owed to credit institutions | | - | 30,000 |
+------------------------------------------+----+--------------------+---------------+
| Trust preferred securities | | 120,000 | 120,000 |
+------------------------------------------+----+--------------------+---------------+
| Total borrowings | | 120,000 | 150,000 |
+------------------------------------------+----+--------------------+---------------+
All borrowings are recorded at fair value. The directors consider the carrying
values disclosed above to be a reasonable approximation of the fair value at the
year end.
Conditions attaching to amounts owed to credit institutions as at 1 January 2007
The three-year bank term loan of $200.0 million (of which $150.0 million had
been drawn down) and the $50.0 million revolver carried an interest margin of
120 basis points, which was adjustable based upon the Standard and Poor's debt
ratings for Alea. The $50.0 million revolver facility was additionally subject
to a commitment fee of 40% of the applicable margin.
These borrowings fell due for repayment in September 2007. On 19 April 2007, the
Group repaid $25.0 million of the term loan and all of $50.0 million revolver
using its cash reserves, leaving an outstanding amount of $125.0 million as at
30 June 2007. This outstanding amount was repaid using the $90.0 million term
loan detailed below along with $35.0 million of cash reserves.
Conditions attaching to the term loan agreed 6 July 2007
The Group drew down the maximum aggregate commitment under this new term loan
agreement of $90.0 million. This was due for repayment in three equal
instalments of $30.0 million on 16 October 2007, 14 January 2008 and 18 July
2009. However, the Group made an optional prepayment of $60.0 million on 18 July
2007. The remaining loan of $30.0 million was repaid on 14 January 2008. It
carried an interest margin of 200 basis points over LIBOR.
Trust preferred securities
In December 2004, the Group issued $100.0 million of trust preferred securities
and had in place a commitment for an additional $20.0 million of trust preferred
securities issued in January 2005. These securities (issued from three Delaware
trusts established by Alea Holdings US Company ('AHUSCO'), of which one trust
was established in January 2005) provide for a preferred dividend at a rate of
three month LIBOR plus 285 basis points. These securities allow for the
postponement of preferred dividends under certain circumstances for up to five
years. These securities carry no financial covenants and no cross default
covenants, have a fixed maturity of 30 years, and are callable after five years.
AHUSCO may not optionally redeem the Debentures and thereby retire the trust
preferred securities until the interest payment date following the fifth
anniversary of issue. The earliest call date is 15 March 2010 for the first
issue and 15 June 2010 for the second and third issues. The holders of the
Debentures may not call the Debentures prior to their maturity dates.
26 Provisions
+-------------------------------------------------------------+------------------+
| | Restructuring |
| | Provision |
+-------------------------------------------------------------+------------------+
| | $'000 |
+-------------------------------------------------------------+------------------+
| | |
+-------------------------------------------------------------+------------------+
| At 1 January 2007 | 5,241 |
+-------------------------------------------------------------+------------------+
| | |
+-------------------------------------------------------------+------------------+
| Utilisation of provision due to onerous contracts | (2,448) |
+-------------------------------------------------------------+------------------+
| Utilisation of provision due to severance payments | (426) |
+-------------------------------------------------------------+------------------+
| Severance participation received due to sale of | 310 |
| renewal rights | |
+-------------------------------------------------------------+------------------+
| Exchange difference | 160 |
+-------------------------------------------------------------+------------------+
| | |
+-------------------------------------------------------------+------------------+
| At 31 December 2007 | 2,837 |
+-------------------------------------------------------------+------------------+
| | |
+-------------------------------------------------------------+------------------+
| Utilisation of provision due to onerous contracts | (271) |
+-------------------------------------------------------------+------------------+
| Utilisation of provision due to severance payments | (923) |
+-------------------------------------------------------------+------------------+
| Additional restructuring provision established1 | 1,120 |
+-------------------------------------------------------------+------------------+
| Exchange difference | 45 |
+-------------------------------------------------------------+------------------+
| | |
+-------------------------------------------------------------+------------------+
| At 31 December 2008 | 2,808 |
+-------------------------------------------------------------+------------------+
1As a result of the outsourcing arrangement entered into in the year, an
additional provision has been established to reflect contractual obligations
made in respect of staff retention bonuses and severance payments.
For further details regarding the restructuring costs see note 6.
+-------------------------------------------------------------+------------------+
| At 31 December 2008 | |
+-------------------------------------------------------------+------------------+
| Current liabilities | 2,197 |
+-------------------------------------------------------------+------------------+
| Non-current liabilities | 611 |
+-------------------------------------------------------------+------------------+
| | 2,808 |
+-------------------------------------------------------------+------------------+
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