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56 MARKS AND SPENCER GROUP PLC
Notes to the financial statements continued
30 ACQUISITION AND DISPOSALS continued
B Disposal of Marks and Spencer Retail Financial Services Holdings Limited
As described in note 4C, on 9 November 2004 the Group disposed of its interest in Marks and Spencer Retail Financial Services Holdings
Limited to HSBC Holdings plc.
£m
Tangible fixed assets 12.5
Debtors 2,517.3
Prepayments 71.6
Cash and current asset investments 225.4
Bank loans and overdrafts (5.6)
Creditors: amounts falling due within one year (1,995.1)
Creditors: amounts falling due after more than one year (501.4)
Net assets disposed1324.7
Profit on disposal (see note 4C) 208.9
Disposal proceeds (net of costs)1533.6
Less net cash disposed in net assets sold (56.6)
Net cash flow from disposal 477.0
1Profit on disposal is analysed as follows:
£m £m
Agreed sale proceeds (net of costs) 768.6
Less: pre-sale dividend (235.0)
Net proceeds 533.6
Net assets (before pre-sale dividend) 559.7
Less: pre-sale dividend (235.0)
Net assets disposed 324.7
Profit on disposal 208.9
31 ANALYSIS OF NET DEBT Exchange
At 4 April and other At 2 April
2004 Cash flow Disposal movements 2005
£m £m £m £m £m
Net cash:
Cash at bank and in hand (see note 19C) 394.7 (121.0) (62.2) 1.1 212.6
Less: deposits treated as liquid resources (see below) (120.6) 55.7 – 0.1 (64.8)
274.1 (65.3) (62.2) 1.2 147.8
Bank loans, overdrafts and commercial paper (see note 22B) (126.0) (92.5) 5.6 – (212.9)
Less: amounts treated as financing (see below) 55.6 94.0 – – 149.6
(70.4) 1.5 5.6 – (63.3)
Net cash per cash flow statement 203.7 (63.8) (56.6) 1.2 84.5
Liquid resources:
Deposits included in cash (see above) 120.6 (55.7) – (0.1) 64.8
Current asset investments (see note 17) 325.9 (11.0) (247.9) – 67.0
Liquid resources per cash flow statement 446.5 (66.7) (247.9) (0.1) 131.8
Debt financing:
Bank loans, overdrafts and commercial paper treated
as financing (see above) (55.6) (649.0) 555.0 – (149.6)
Syndicated bank facility (see note 22B) – (200.0) – – (200.0)
Medium term notes (see note 22B) (2,196.5) 95.2 454.4 – (1,646.9)
Securitised loan notes (see note 22B) (316.0) 2.8 – (0.4) (313.6)
Other creditors (see note 22B) (76.8) (6.6) 78.2 – (5.2)
Debt financing (see note 29C) (2,644.9) (757.6) 1,087.6 (0.4) (2,315.3)
Net debt (1,994.7) (888.1) 783.1 0.7 (2,099.0)