Carphone Warehouse 2008 Annual Report Download - page 83

Download and view the complete annual report

Please find page 83 of the 2008 Carphone Warehouse annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

www.cpwplc.com 71
25Analysis of changes in net debt (continued)
Exchange Non-cash At 31 March
At 2 April 2006 Cash flows differences movements 2007
£m £m £m £m £m
Cash and cash equivalents 98.1 13.3 (0.3) – 111.1
Bank overdrafts (21.1) 8.9 ––(12.2)
77.0 22.2 (0.3) – 98.9
Current loans and other borrowings (35.6) 25.1 ––(10.5)
Non-current loans and other borrowings (320.1) (399.2) 11.7 – (707.6)
(355.7) (374.1) 11.7 – (718.1)
Current asset investments 5.2 (2.3) – (0.6) 2.3
Total (273.5) (354.2) 11.4 (0.6) (616.9)
26 Commitments under operating leases
The Group leases retail units, offices and network infrastructure under non-cancellable operating leases. The leases have varying terms, purchase
options, escalation clauses and renewal rights.
The Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:
2008 2007
£m £m
Within one year 133.6 105.7
In two to five years 330.9 301.0
After five years 275.4 251.3
739.9 658.0
The Group has some leases that include revenue related rental payments that are contingent on store performance. The analysis above includes only the
minimum rental commitment.
27Capital commitments
2008 2007
£m £m
Expenditure contracted, but not provided for in the financial statements 17.6 23.0
28 Pension arrangements
The Group provides various defined contribution pension schemes for the benefit of a significant number of its employees, the cost of which for the
period was £4.8m (2007 – £3.4m).
29Contingent liabilities
European VAT authorities continue to investigate the recovery of VAT in the industry for trading activities conducted prior to April 2003. Having
undertaken a detailed internal investigation and taken advice, the Directors continue to believe that there is no financial exposure to this issue within the
financial statements.
30 Related party transactions
During the reporting period, the Group had the following disclosable transactions with its joint ventures and associates (see note 15):
Net amounts
Income Expenses owed to
Interest for services for services (receivable from)
Sale of stock income provided received the Group
52 weeks ended 29 March 2008 £m £m £m £m £m
The Geek Squad UK – 0.1 2.1 (1.3) 6.3
TPHS France ––0.5 (3.2) (0.4)
Virgin Mobile France 8.3 0.6 11.3 – 12.5
8.3 0.7 13.9 (4.5) 18.4
Financial Statements