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Debt analysis
September 2011 |
March 2011 | |
|---|---|---|
| Net debt excluding JVs (£m) | 473.2 | 349.1 |
| Net gearing | 40.5% | 31.4% |
| Total net debt including 50% JV non-recourse debt (£m) | 630.5 | 514.0 |
| Loan-to-property value | 34.6% | 31.1% |
| Total net gearing | 54.0% | 46.2% |
| Interest cover1 | 2.9x | 4.0x |
| Weighted average interest rate | 4.5% | 4.3% |
| % of debt fixed/capped | 70% | 57% |
| Cash & undrawn facilities | £250m | £358m2 |
| 1Calculated in accordance with unsecured debt covenants |
| 2Excludes £159.7m private placement received 30 June 2011 |
30 September 2011
Debt maturity profile
