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www.marksandspencer.co m 49
28. Analysis of cash flows given in the cash flow statement Group
2003 2002
£m £m
A Exceptional operating cash flows
UK restructuring costs paid (11.7) (30.0)
Head office relocation (7.6) –
Exceptional operating cash outflow (19.3) (30.0)
B Management of liquid resources
Increase in cash deposits treated as liquid resources (14.6) (16.3)
Net (purchase)/sale of government securities (9.5) 19.6
Net purchase of listed investments (24.3) (36.8)
Net sale/(purchase) of unlisted investments 1.5 (0.3)
Net sale of unlisted investments on sale of business –4.7
Cash (outflow)/inflow from (increase)/decrease in liquid resources (46.9) (29.1)
C Financing
Decrease in bank loans, overdrafts and commercial paper treated as financing (125.1) (268.6)
(Redemption)/issue of medium term notes (308.4) 977.5
(Redemption)/issue of securitised loan notes (2.3) 319.4
Increase in other creditors treated as financing 4.4 3.4
Debt financing as shown in analysis of net debt (see note 29) (431.4) 1,031.7
Purchase of own shares (141.7) (52.0)
Redemption of B shares (158.0) (1,717.9)
Issue/redemption expenses –(9.3)
Shares issued under employees’ share schemes 19.6 17.3
Net cash outflow from decrease in financing (711.5) (730.2)
29. Analysis of net debt Exchange
At 31 March and other At 29 March
2002 Cash flow movements 2003
£m £m £m £m
Net cash:
Cash at bank and in hand (see note 18C) 543.4 (379.3) 3.8 167.9
Less: deposits treated as liquid resources (see below) (41.3) (14.6) (0.2) (56.1)
502.1 (393.9) 3.6 111.8
Bank loans, overdrafts and commercial paper (see note 21B) (265.4) 114.8 0.4 (150.2)
Less: amounts treated as financing (see below) 203.0 (125.1) – 77.9
(62.4) (10.3) 0.4 (72.3)
Net cash per cash flow statement 439.7 (404.2) 4.0 39.5
Liquid resources:
Deposits included in cash (see above) 41.3 14.6 0.2 56.1
Current asset investments (see note 16) 272.7 32.3 (1.0) 304.0
Liquid resources per cash flow statement 314.0 46.9 (0.8) 360.1
Debt financing:
Bank loans, overdrafts and commercial paper treated
as financing (see above) (203.0) 125.1 – (77.9)
Medium term notes (see note 21B) (2,062.6) 308.4 (0.6) (1,754.8)
Securitised loan notes (see note 21B) (319.4) 2.3 (1.1) (318.2)
Other creditors (see note 21B) (75.7) (4.4) – (80.1)
Debt financing (see note 28C) (2,660.7) 431.4 (1.7) (2,231.0)
Net debt (1,907.0) 74.1 1.5 (1,831.4)