Key financing statistics

As at {NUM|Current Date}, group gross and net borrowings were £{NUM|GROSSDBT} million and £{NUM|NETDBT} million respectively.

We raise debt from a variety of sources and with a spread of maturities both to provide significant and secure long-term financing for the Group’s activities and mitigate risk. We also have substantial committed undrawn facilities.

The main types of debt used by the Group are:

Including our share of debt in funds and joint ventures which are not wholly owned or fully consolidated, gross and net borrowings at {NUM|Current Date} were £{NUM|PROPGROSSDBT} million and £{NUM|PROPNETDBT} million respectively.

Financing statistics

  September 2016 March 2016
Group    
Net debt £{NUM|NETDBT}m £3,617m
Weighted average debt maturity {NUM|WADEBTMAT-GRPHUT} yrs 7.2 yrs
Weighted average interest rate {NUM|WAIR-GRPHUT} 2.6%
% of debt at fixed/capped interest rates (spot) {NUM|SPOTRATE} 66%
Interest cover1 {NUM|IC-GRPHUT}x 3.4x
Loan to value2 {NUM|LTV-GRPHUT} 25%
Undrawn committed facilities3 £{NUM|COMFAC-UNDRAWN-GRPO}m £1,150m
Group and share of funds and joint ventures    
Net debt4 £{NUM|PROPNETDBT}m £4,963m
Weighted average debt maturity {NUM|WADEBTMAT} yrs 8.1 yrs
Weighted average interest rate {NUM|WAIR} 3.3%
Interest cover1 {NUM|IC}x 3.0x
Loan to value2 {NUM|LTV} 32%

1 Underlying profit before interest and tax / net interest
2 Debt to property and investments
3 Excluding Hercules Unit Trust undrawn committed facilities
4 Adjusted net debt £{NUM|ADJNETDEBT} million (March 2016, £4,765 million). Adjusted net debt differs from IFRS net debt by excluding the mark to market on commercially effective derivatives and related debt instruments.

Open all