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90 MARKS AND SPENCER GROUP PLC
Notes to the financial statements
continued
30 Analysis of net debt
A Reconciliation of movement in net debt Exchange
At and other At
1 April non-cash 29 March
2007 Cash flow Acquisitions movements 2008
£m £m £m £m £m
Net cash
Bank loans (see note 21) (456.1) (393.3) (22.0) – (871.4)
Less: amounts treated as financing (see below) 323.0 326.3 22.0 – 671.3
(133.1) (67.0) – – (200.1)
Cash and cash equivalents (see note 19) 180.1 132.5 3.9 1.5 318.0
Net cash per cash flow statement 47.0 65.5 3.9 1.5 117.9
Current financial assets (see note 17) 50.9 (2.8) – 0.7 48.8
Debt financing
Bank loans, overdrafts and commercial paper
treated as financing (see above) (26.6) (8.7) (22.0) – (57.3)
Syndicated bank facility (see note 21) (296.4) (317.6) – – (614.0)
Medium term notes (see note 21) (1,167.2) (631.7) – (13.3) (1,812.2)
Finance lease liabilities (see note 21) (61.6) 3.5 (7.6) (17.8) (83.5)
Partnership liability to the Marks & Spencer
UK Pension Scheme (see note 21) (495.6) – – (199.0) (694.6)
Debt financing (2,047.4) (954.5) (29.6) (230.1) (3,261.6)
Net debt (1,949.5) (891.8) (25.7) (227.9) (3,094.9)
B Reconciliation of net debt to balance sheet
2008 2007
£m £m
Balance sheet and related notes
Cash and cash equivalents 318.0 180.1
Current financial assets (see note 17) 48.8 50.9
Bank loans, overdrafts and commercial paper (see note 21) (257.4) (159.7)
Syndicated bank facility (see note 21) (615.0) (296.9)
Medium term notes (see note 21) (1,859.2) (1,177.3)
Finance lease liabilities (see note 21) (83.5) (61.6)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 21) (723.2) (496.9)
(3,171.5) (1,961.4)
Interest payable included within related borrowing 76.6 11.9
Total net debt (3,094.9) (1,949.5)