Notes to the financial statements
29 Analysis of net debt
A. Reconciliation of movement in net debt
|
At
30 March
2008
Restated
£m |
Cash flow
£m |
Exchange
and other
non-cash
movements
£m |
At
28 March
2009
£m |
| Net cash |
|
|
|
|
| Bank loans (see note 21) |
(871.4) |
(6.8) |
(45.1) |
(923.3) |
| Less: amounts treated as financing (see below) |
671.3 |
82.3 |
45.1 |
798.7 |
|
(200.1) |
75.5 |
– |
(124.6) |
| Cash and cash equivalents (see note 19) |
318.0 |
97.1 |
7.8 |
422.9 |
| Net cash per cash flow statement |
117.9 |
172.6 |
7.8 |
298.3 |
| Current financial assets (see note 17) |
48.8 |
1.1 |
3.2 |
53.1 |
| Debt financing |
|
|
|
|
| Bank loans and overdrafts treated as financing (see above) |
(57.3) |
25.8 |
(3.0) |
(34.5) |
| Syndicated bank facility (see note 21) (see above) |
(614.0) |
(108.1) |
(42.1) |
(764.2) |
| Medium-term notes (see note 21) |
(1,795.0) |
– |
(6.7) |
(1,801.7) |
| Finance lease liabilities (see note 21) |
(83.5) |
1.0 |
(19.4) |
(101.9) |
| Partnership liability to the Marks and Spencer UK Pension Scheme (see note 21) |
(694.6) |
15.1 |
539.6 |
(139.9) |
| Debt financing |
(3,244.4) |
(66.2) |
468.4 |
(2,842.2) |
| Net debt |
(3,077.7) |
107.5 |
479.4 |
(2,490.8) |
B. Reconciliation of net debt to balance sheet
|
2009
£m |
2008
Restated
£m |
| Balance sheet and related notes |
|
|
| Cash and cash equivalents |
422.9 |
318.0 |
| Current financial assets (see note 17) |
53.1 |
48.8 |
| Bank loans and overdrafts (see note 21) |
(159.1) |
(257.4) |
| Syndicated bank facility (see note 21) |
(781.2) |
(615.0) |
| Medium-term notes (see note 21) – net of US dollar hedging derivatives1 |
(1,848.1) |
(1,842.0) |
| Finance lease liabilities (see note 21) |
(101.9) |
(83.5) |
| Partnership liability to the Marks and Spencer UK Pension Scheme (see note 21) |
(139.9) |
(723.2) |
|
(2,554.2) |
(3,154.3) |
| Interest payable included within related borrowing |
63.4 |
76.6 |
| Total net debt |
(2,490.8) |
(3,077.7) |