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105
Financial statements
29 Analysis of net debt
A. Reconciliation of movement in net debt
At
3 April
2010
£m
Cash flow
£m
Exchange and
other non-cash
movements
£m
At
2 April
2011
£m
Net cash
Bank loans, overdrafts and syndicated bank facility (see note 22) (487.2) 195.5 2.6 (289.1)
Less: amounts treated as financing (see below) 284.1 (199.1) (2.6) 82.4
(203.1) (3.6) – (206.7)
Cash and cash equivalents (see note 20
)
405.8 65.6 (1.2) 470.2
Net cash per statement of cash flows 202.7 62.0 (1.2) 263.5
Current financial assets (see note 18) 171.7 44.3 (0.1) 215.9
Debt financing
Bank loans and overdrafts treated as financing (see above) (64.3) (18.4) 0.3 (82.4)
Syndicated bank facility (see note 22) (see above) (219.8) 217.5 2.3 –
Medium-term notes (see note 22) (2,001.0) (32.8) (113.9) (2,147.7)
Finance lease liabilities (see note 22) (89.8) 15.7 (4.2) (78.3)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12
)
(67.9) 67.9 (71.9) (71.9)
Debt financing (2,442.8) 249.9 (187.4) (2,380.3)
Net debt (2,068.4) 356.2 (188.7) (1,900.9)
B. Reconciliation of net debt to statement of financial position
2011
£m
2010
£m
Statement of financial position and related notes
Cash and cash equivalents 470.2 405.8
Current financial assets (see note 18) 215.9 171.7
Bank loans and overdrafts (see note 22) (289.1) (267.4)
Syndicated bank facility (see note 22) –(219.8)
Medium-term notes (see note 22) – net of hedging derivatives (2,194.0) (2,048.2)
Finance lease liabilities (see note 22) (78.3) (89.8)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (71.9) (71.9)
(1,947.2) (2,119.6)
Interest payable included within related borrowing 46.3 51.2
Total net debt (1,900.9) (2,068.4)
30 Related party transactions
A. Subsidiaries
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Company and its subsidiaries are disclosed in the Company’s separate financial
statements.
B. Hedge End joint venture
A loan of £5.0m was received from the joint venture on 9 October 2002. It is repayable on five business days notice and was renewed
on 1 January 2011. Interest was charged on the loan at 2.0% until 31 December 2009 and 0.5% thereafter.
C. Lima (Bradford) joint venture
A loan facility was provided to the joint venture on 11 August 2008. At 2 April 2011, £25.4m (last year £25.4m) was drawn down on this
facility. Interest was charged on the loan at 1.1% above 3-month LIBOR. During the year, the Group entered into a rental agreement
with the joint venture and £4.5m of rental charges were incurred. There was no outstanding balance at 2 April 2011.
D. Marks & Spencer Pension Scheme
Details of other transactions and balances held with the Marks & Spencer UK Pension Scheme are set out in notes 11 and 12.