Notes to the financial statements

for the year ended 3 January 2009

31.Borrowings

	2008 Company €'000	2008 Group €'000	2007 Company €'000	2007 Group €'000
Current
Bank overdrafts/borrowings	13,740	14,401	1,928	-
Finance lease liabilities	-	880	-	966
	13,740	15,281	1,928	966
Non-current
Bank borrowings	-	500,742	-	309,548
Cumulative redeemable preference shares	-	63,487	-	63,487
Finance lease liabilities	-	5,145	-	5,993
	-	569,374	-	379,028

Total borrowings	13,740	584,655	1,928	379,994

Bank borrowings are secured by cross-guarantees from Group companies. Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.

The maturity of non-current borrowings is as follows:

	2008 €'000	2007 €'000
Between 1 and 2 years	926	904
Between 2 and 5 years	503,824	312,481
Over 5 years	64,624	65,643
	569,374	379,028

The exposure of the Group's total borrowings to interest rate changes having consideration for the contractual repricing dates at the balance sheet date are as follows:

	2008 €'000	2007 €'000
6 months or less	325,143	119,645
Between 2 and 5 years	190,000	190,000
Over 5 years	69,512	70,349
	584,655	379,994

The effective interest rates at the balance sheet date, were as follows:

	EUR		GBP		USD		CAD
	2008	2007	2008	2007	2008	2007	2008	2007
Bank overdrafts	3.55%	5.47%	2.60%	6.10%	5.25%	9.25%	4.50%	7.25%
Bank borrowings	4.34%	4.46%	3.76%	6.81%	2.57%	4.97%	3.32%	5.50%

The carrying amounts and fair values of non-current borrowings are as follows:

	Net carrying amount			Estimated fair values
	2008 €'000		2007 €'000		2008 €'000		2007 €'000
Non-current borrowings	569,374		379,028		571,306		372,772

The carrying value of current borrowings approximates their fair value.

The carrying amounts of the Group's total borrowings are denominated in the following currencies:

	2008 €'000	2007 €'000
Euro	287,143	278,204
GBP sterling	22,348	6,958
US dollar	265,159	87,145
Canadian dollar	10,005	7,687
	584,655	379,994

The Group has the following undrawn borrowing facilities:

	2008 €'000	2007 €'000
Floating rate:
- Expiring within 1 year	31,803	16,785
- Expiring beyond 1 year	67,302	144,122
	99,105	160,907

Finance lease liabilities - minimum lease payments:

	2008 €'000	2007 €'000
12 months or less	1,197	1,240
Between 1 and 2 years	1,197	1,143
Between 2 and 5 years	3,588	3,430
Over 5 years	1,197	2,286
	7,179	8,099
Future finance charges on finance leases	(1,154)	(1,140)
Present value of finance lease liabilities	6,025	6,959

The present value of finance lease liabilities is as follows:

	2008 €'000	2007 €'000
12 months or less	880	966
Between 1 and 2 years	926	904
Between 2 and 5 years	3,082	2,933
Over 5 years	1,137	2,156
	6,025	6,959