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Marks and Spencer Group plc Annual report and financial statements 2009 Financial statements
Notes to the financial statements
continued
110
29 Analysis of net debt
A. Reconciliation of movement in net debt
At
30 March
2008
Restated
£m Cash flow
£m
Exchange
and other
non-cash
movements
£m
At
28 March
2009
£m
Net cash
Bank loans (see note 21) (871.4) (6.8) (45.1) (923.3)
Less: amounts treated as financing (see below) 671.3 82.3 45.1 798.7
(200.1) 75.5 – (124.6)
Cash and cash equivalents (see note 19) 318.0 97.1 7.8 422.9
Net cash per cash flow statement 117.9 172.6 7.8 298.3
Current financial assets (see note 17) 48.8 1.1 3.2 53.1
Debt financing
Bank loans and overdrafts treated as financing (see above) (57.3) 25.8 (3.0) (34.5)
Syndicated bank facility (see note 21) (see above) (614.0) (108.1) (42.1) (764.2)
Medium-term notes (see note 21) (1,795.0) – (6.7) (1,801.7)
Finance lease liabilities (see note 21) (83.5) 1.0 (19.4) (101.9)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 21) (694.6) 15.1 539.6 (139.9)
Debt financing (3,244.4) (66.2) 468.4 (2,842.2)
Net debt (3,077.7) 107.5 479.4 (2,490.8)
B. Reconciliation of net debt to balance sheet
2009
£m
2008
Restated
£m
Balance sheet and related notes
Cash and cash equivalents 422.9 318.0
Current financial assets (see note 17) 53.1 48.8
Bank loans and overdrafts (see note 21) (159.1) (257.4)
Syndicated bank facility (see note 21) (781.2) (615.0)
Medium-term notes (see note 21) – net of US dollar hedging derivatives1 (1,848.1) (1,842.0)
Finance lease liabilities (see note 21) (101.9) (83.5)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 21) (139.9) (723.2)
(2,554.2) (3,154.3)
Interest payable included within related borrowing 63.4 76.6
Total net debt (2,490.8) (3,077.7)
1 Medium-term notes have been restated for this note to include the derivatives relating to them.