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30 ANALYSIS OF NET DEBT
A Reconciliation of movement in net debt Exchange
At Fair value and other At
1 April Discontinued movement on non-cash 31 March
2006 Cash flow operations derivatives movements 2007
£m £m £m £m £m £m
Net cash:
Bank loans (see note 21) (90.0) (366.1) – – – (456.1)
Less: amounts treated as financing (see below) 5.0 318.0–––323.0
(85.0) (48.1) – – – (133.1)
Cash and cash equivalents (see note 19) 367.4 (180.9) (4.9) – (1.5) 180.1
Net cash per cash flow statement 282.4 (229.0) (4.9) – (1.5) 47.0
Current financial assets (see note 17) 67.7 2.6 (18.8) – (0.6) 50.9
Debt financing:
Bank loans, overdrafts and commercial paper treated as
financing (see above) (5.0) (21.6) – – – (26.6)
Syndicated bank facility (see note 21) – (296.4) – – – (296.4)
Securitised loan notes (see note 21) (310.8) 319.6 – – (8.8) –
Medium term notes (see note 21) (1,656.7) 420.7 – 67.0 1.8 (1,167.2)
Finance lease liabilities (see note 21) (52.2) 2.2 2.0 – (13.6) (61.6)
Non-equity B Shares (see note 21) (54.7) 54.7––––
Partnership liability to the Marks & Spencer UK Pension
Scheme (see note 22) ––––(495.6) (495.6)
Debt financing (2,079.4) 479.2 2.0 67.0 (516.2) (2,047.4)
Net debt (1,729.3) 252.8 (21.7) 67.0 (518.3) (1,949.5)
B Reconciliation of net debt to balance sheet 2007 2006
£m £m
Balance sheet and related notes
Cash and cash equivalents 180.1 362.6
Current financial assets (see note 17) 50.9 48.8
Bank loans, overdrafts and commercial paper (see note 21) (159.7) (90.0)
Syndicated bank facility (see note 21) (296.9) –
Medium term notes (see note 21) (1,177.3) (1,680.0)
Securitised loan notes (see note 21) –(311.7)
Finance lease liabilities (see note 21) (61.6) (50.2)
Non-equity B shares (see note 21) –(54.7)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 22) (496.9) –
(1,961.4) (1,775.2)
Financial assets included within assets of discontinued operation –21.7
Interest payable included within related borrowing 11.9 24.2
TToottaall nneett ddeebbtt(1,949.5) (1,729.3)
Notes to the financial statements continued
8
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