Tesco 2015 Annual Report Download - page 137

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Note 30 Analysis of changes in net debt
At
22 February
2014
£m
Cash flow
£m
Fair value and
foreign
exchange
movements
£m
Interest
(charge)/
income
£m
Other
non-cash
movements
£m
Non-cash
movements
– China
disposal
£m
Reclassification
of movements
in net debt of
disposal groups
£m
At
28 February
2015
£m
Total Group
Cash and cash equivalents 2,506 (717) 78 –––298 2,165
Short-term investments 1,016 (423) – – – – – 593
Joint venture loans 252 (40) (5) – 2 (133) 131 207
Interest and other receivables 2(14) –16 (8) – 5 1
Bank and other borrowings (10,817) (1,704) 147 (34) (55) 385 (280) (12,358)
Interest payables (275) 613 –(506) 7 3 (2) (160)
Finance lease payables (121) 3 2 – (25) – – (141)
Net derivative financial instruments 618 6(36) 22 – – – 610
Net derivative interest 89 (90) –55 – – – 54
Net debt of the disposal groups 161 –––––(152) 9
Total Group (6,569) (2,366) 186 (447) (79) 255 –(9,020)
Tesco Bank
Cash and cash equivalents 485 131 – – – – – 616
Joint venture loans 34 – – – – – – 34
Bank and other borrowings (485) (643) (5) – – – – (1,133)
Interest payables (1) 4 – (4) – – – (1)
Net derivative financial instruments (5) –(50) – – – – (55)
Tesco Bank 28 (508) (55) (4) – – – (539)
Retail
Cash and cash equivalents 2,021 (848) 78 – – – 298 1,549
Short-term investments 1,016 (423) – – – – – 593
Joint venture loans 218 (40) (5) – 2 (133) 131 173
Interest and other receivables 2(14) –16 (8) – 5 1
Bank and other borrowings (10,332) (1,061) 152 (34) (55) 385 (280) (11, 225)
Interest payables (274) 609 –(502) 7 3 (2) (159)
Finance lease payables (121) 3 2 – (25) – – (141)
Net derivative financial instruments 623 614 22 – – – 665
Net derivative interest 89 (90) –55 – – – 54
Net debt of the disposal groups 161 –––––(152) 9
Net debt (6,597) (1,858) 241 (443) (79) 255 –(8,481)
Net debt excludes the net debt of Tesco Bank but includes that of discontinued operations. Balances and movements in respect of the total Group and Tesco
Bank are presented to allow reconciliation between the Group Balance Sheet and the Group Cash Flow Statement.
Reconciliation of net cash flow to movement in net debt
2015
£m
2014
£m
Net (decrease)/increase in cash and cash equivalents (717) 387
Elimination of Tesco Bank movement in cash and cash equivalents (131) 570
Retail cash movement in other net debt items
Net (decrease)/increase in short-term investments (423) 494
Net repayment of loans by joint ventures (40) (54)
Net increase in borrowings and lease financing (1,052) (1,183)
Net interest paid on components of net debt 505 369
Change in net debt resulting from cash flow (1,858) 583
Retail net interest charge on components of net debt (443) (392)
Retail fair value and foreign exchange movements 241 (51)
Debt disposed on disposal of China operations 255 –
Retail other non-cash movements (79) (140)
Increase in net debt for the year (1,884) –
Opening net debt (6,597) (6,597)
Closing net debt (8,481) (6,597)
135Tesco PLC Annual Report and Financial Statements 2015
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