Marks and Spencer 2002 Annual Report Download - page 53

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www.marksandspencer.com 51
30. Analysis of net debt At 1 April Exchange At 30 March
2001 Cash flow movement 2002
£m £m £m £m
Net cash:
Cash at bank and in hand (see note 18C) 154.4 388.6 0.4 543.4
Less: deposits treated as liquid resources (see below) (25.0) (16.3) – (41.3)
129.4 372.3 0.4 502.1
Bank loans, overdrafts and commercial paper (see note 21B) (534.8) 269.0 0.4 (265.4)
Less: amounts treated as financing (see below) 471.7 (268.6) (0.1) 203.0
(63.1) 0.4 0.3 (62.4)
Net cash per cash flow statement 66.3 372.7 0.7 439.7
Liquid resources:
Deposits included in cash (see above) 25.0 16.3 – 41.3
Current asset investments (see note 16) 260.0 12.8 (0.1) 272.7
Liquid resources per cash flow statement 285.0 29.1 (0.1) 314.0
Debt financing:
Bank loans, overdrafts and commercial paper treated as financing (see above) (471.7) 268.6 0.1 (203.0)
Medium term notes (see note 21B) (1,085.1) (977.5) – (2,062.6)
Securitised loan notes (see note 21B) – (319.4) – (319.4)
Other creditors (see note 21B) (72.3) (3.4) – (75.7)
Debt financing (see note 28C) (1,629.1) (1,031.7) 0.1 (2,660.7)
Net debt (1,277.8) (629.9) 0.7 (1,907.0)
31. Commitments and contingent liabilities Group
2002 2001
£m £m
ACommitments in respect of properties in the course of development 19.3 54.6
BMarks and Spencer (Ireland) Limited and its subsidiary Aprell Limited have availed themselves of the exemption
provided for in S17 of the Companies (Amendment) Act 1986 (Ireland) in respect of the documents required to
be annexed to their annual returns.
COther material contracts:
In the event of a material change in the trading arrangements with certain warehouse operators, the Group has a
commitment to purchase fixed assets, at values ranging from historical net book value to market value, which are
currently owned and operated by them on the Group’s behalf.
DCommitments under operating leases:
At 30 March 2002 the Group had annual commitments under operating leases as follows:
2002 2001
Land & Land &
buildings Other buildings Other
£m £m £m £m
Expiring within one year 5.2 0.6 4.5 1.4
Expiring in the second to fifth years inclusive 11.0 2.4 29.2 1.8
Expiring in more than five years 75.9 – 87.4 –
92.1 3.0 121.1 3.2
32. Foreign exchange rates
The principal foreign exchange rates used in the financial statements are as follows (local currency equivalent of £1):
Sales average rate Profit average rate Balance sheet rate
2002 2001 2002 2001 2002 2001
Euro 1.62 1.63 1.63 1.62 1.63 1.62
US dollar 1.43 1.48 1.43 1.47 1.42 1.43
Hong Kong dollar 11.17 11.54 11.11 11.59 11.10 11.11
Japanese yen 175.88 163.67 175.71 163.54 188.41 178.50
33. Related party transactions
There were no material transactions with related parties as defined by FRS 8, ‘Related Party Transactions’.