Marks and Spencer 1999 Annual Report Download - page 44

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ANNUAL REPORT AND FIN ANCIAL STATEMENTS 1999
42
30.Analysis of net debt
At 1 April Exchange At 31 March
1999 Cash flow movement 2000
£m £m £m £m
Net cash:
Cash at bank and in hand (see note 16) 281.5
Less: deposits treated as liquid resources (see below) (178.6)
102.9
Bank loans, overdrafts and commercial paper (see note 19B) (445.8)
Less: amounts treated as financing (see below) 384.7
(61.1)
Net cash per cash flow statement 41.8
Liquid resources:
D eposits included in cash (see above) 178.6
Current asset investments (see note 14) 204.0
Liquid resources per cash flow statement and note 29F 382.6
Debt financing:
Bank loans, overdrafts and commercial paper treated as financing (see above) (384.7)
73⁄8% Guaranteed bonds (see note 19B) –
US$ Promissory note (see note 19B) –
Medium term notes (see note 19B) (1,132.2)
O ther creditors (see note 19B) (89.1)
D ebt financing (see note 29G) (1,606.0)
Net debt (1,181.6)
31. Post balance sheet events
O n 28 April 1999, the Group announced the closure of its Canadian operations.As a consequence, its subsidiary, Marks & Spencer Canada Inc, will cease
to operate during the financial year ending 31 March 2000.The total cost of closure is estimated to be £25m, excluding goodwill of £24.4m previously
written off to reserves.
O n 10 Ma 1999, the Group announced the rationalisation of its UK store management.The total cost of this rationalisation is estimated to be £14m.
N OTES TO THE FIN AN CIAL STATEMEN TS