4.05 The debt maturity chart shows the [amount] bond as [amount], so its bars add to [amount] less than the facilities stated beside it
UK Company A · a UK-listed medical technology group · Presentation point
In brief
The Financial review states committed facilities of [amount] and charts '[wording masked] ([currency]m)'. In the chart the [amount] bond is plotted at [n], its euro amount, so the 2029 bar is [n] and the bars add to [amount]. The financial risk note translates the same bond at [amount], and the 2024 chart had plotted it at its [currency] value of [amount].
The evidence, as filed
Screenshot withheld to protect the company’s identity: Annual Report 2025, page 23; Annual Report 2024, page 26; Annual Report 2025, page 24; Annual Report 2025, page 245. Their wording or layout could lead back to the company even with names and figures masked; the evidence list below records what each page shows.
What the report shows, and what the rule requires
| What the annual report shows | What the rule requires |
|---|---|
| What the annual report shows Chart titled '([currency]m)' with the 2029 bar at [n] (EUR bond [n] plus private placement [n]); bars total [n] against committed facilities of [amount] in the text | What the rule requires EUR bond plotted at its translated amount of [amount] (2029 bar [amount]), so that the bars add to the [amount] of committed facilities, as in the 2024 chart; or the bar labelled in euro |
The rule
Companies Act 2006, section 414C(3)
Version relied on: Companies Act 2006, revised text on legislation.gov.uk as in force for the financial year reviewed
The review required is a balanced and comprehensive analysis of— (a)the development and performance of the company’s business during the financial year, and (b)the position of the company’s business at the end of that year
Why it applies here: the euro amount was keyed into a [currency] chart; maturities and other bars are unaffected.
Why it matters
A reader adding up the maturity profile gets [amount] less debt capacity than the report states, and the 2029 refinancing need is understated against the 2024 presentation.
Exposure
Voluntary chart in the strategic report; the facilities total and the notes are right.
Our workings
the liquidity paragraph lists the debt facilities including an 'EUR [amount] corporate bond' and states committed available facilities of [amount]. The chart on the next page, titled in [currency]m, shows annual bars of [n]; the 2029 bar is the EUR bond ([n]) plus a private placement ([n]). The financial instruments note gives the bond's translated amount as [amount].
the bars add to [n], which is [n] - [n] = [n] short of the stated facilities, matching the [n] - [n] = [n] difference on the euro bond (rounding). The 2024 chart plotted the bond at [amount] and its bars added to the [amount] stated that year.
| Item | [currency]m |
|---|---|
| Chart bars [n] + [n] + [n] + [n] + [n] + [n] + [n] | [n] |
| Gap: stated facilities [n] - [n] = [n]; EUR bond translated [n] - plotted [n] = [n] | [n] / [n] |
| 2024 chart: EUR bond within the 2029 bar [n] - [n] - [n] | [n] |
Management’s best defence, and our reply
Management could say the chart is illustrative, that the bond's face value is [amount] exactly as listed in the text beside it, and that the [currency] amount moves with the exchange rate, so plotting the contractual nominal shows the maturity more cleanly. They could add that the note gives the translated amount. The answer: the chart is expressly titled in [currency]m, every other bar is in [currency], the text beside it states a [currency] total that the bars do not reach, and the company's own 2024 chart used the translated [currency] amount, so the 2025 chart is internally inconsistent rather than a deliberate change of basis.
The fix
- Plot the euro bond at its translated amount ([amount] at [date]) so that the bars agree to the [amount] of committed facilities, or label the bar '[amount] ([amount])'.
Evidence relied on
| # | What it shows | Type | Where |
|---|---|---|---|
| 1 | Committed facilities stated in the text: [amount] | Document | Annual Report 2025, page 23 |
| 2 | The chart is labelled in [currency] millions | Document | Annual Report 2025, page 24 |
| 3 | The 2029 bar totals [n]: the EUR bond plotted at [n] plus a [amount] private placement | Document | Annual Report 2025, page 24 |
| 4 | The financial risk note translates the bond at [amount] (2024: [amount]) | Document | Annual Report 2025, page 245 |
| 5 | The 2024 chart plotted the EUR bond at its [currency] value of [amount] (2029 bar [n] = [n] RCF + [n] + [n]) | Document | Annual Report 2024, page 26 |
| 6 | In 2024 the chart bars added to the [amount] of facilities stated in the text | Document | Annual Report 2024, page 26 |
Prepared by Pramanex from the company’s published annual reports, without the company’s involvement, to show how an annual report review reads. The company is not named, and nothing on this page is a statement about any identifiable company. Observations are not an audit, review or other assurance engagement, and not legal advice. A regulator-style question is a question, not a conclusion.
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