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80 The Carphone Warehouse Group PLC Annual Report 2009
Notes to the Financial Statements – continued
26 Analysis of changes in net debt
2009
At 30 March Exchange Non-cash At 31 March
2008 Cash flows movements movements 2009
£m £m £m £m £m
Cash and cash equivalents 88 (81) (1) – 6
Bank overdrafts (20) (13) – – (33)
68 (94) (1) – (27)
Current loans and other borrowings (19) 19 – – –
Non-current loans and other borrowings (894) 602 (133) – (425)
(913) 621 (133) – (425)
Current asset investments 2 – – (2) –
Net debt (843) 527 (134) (2) (452)
Loans to Best Buy Europe 293
Underlying net debt (159)
2008
At 1 April Exchange Non-cash At 29 March
2007 Cash ows movements movements 2008
£m £m £m £m £m
Cash and cash equivalents 111 (23) – – 88
Bank overdrafts (12) (8) – – (20)
99 (31) – – 68
Current loans and other borrowings (11) (8) – – (19)
Non-current loans and other borrowings (708) (30) (156) – (894)
(719) (38) (156) – (913)
Current asset investments 2 (8) – 8 2
Net debt (618) (77) (156) 8 (843)
Movements on loans to Best Buy Europe in the period since 30 June 2008 include exchange movements of £48m on
non-Sterling loans. These exchange movements are also reected in the Group borrowings that were used to fund them.
27 Commitments under operating leases
The Group leases network infrastructure and ofces 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:
2009 2008
£m £m
Within one year 11 134
In two tove years 17 331
Afterve years 23 275
51 740
Commitments at 29 March 2008 included £691m in relation to discontinued operations.