Marks and Spencer 2010 Annual Report Download - page 114

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Marks and Spencer Group plc Annual report and financial statements 2010 Financial statements 110
Notes to the financial statements continued
28 Analysis of cash flows given in the cash flow statement
Cash flows from operating activities
53 weeks
ended
3 April
2010
£m
52 weeks
ended
28 March
2009
£m
Profit on ordinary activities after taxation 523.0 506.8
Income tax expense 179.7 199.4
Finance costs 162.2 214.5
Finance income (12.9) (50.0)
Operating profit 852.0 870.7
Increase in inventories (74.3) (46.0)
Decrease in receivables 25.3 55.0
Payments to acquire leasehold properties –(14.1)
Increase in payables 132.5 212.2
Exceptional operating cash outflow (34.1) (27.4)
Depreciation and amortisation 427.9 409.0
Share-based payments 28.5 14.3
Profit on property disposals (8.1) (6.4)
Exceptional costs –135.9
Exceptional pension credit –(231.3)
Cash generated from operations 1,349.7 1,371.9
Exceptional operating cash outflows primarily relate to the utilisation of the provision for UK restructuring.
29 Analysis of net debt
A. Reconciliation of movement in net debt
At
28 March
2009
£m
Cash flow
£m
Exchange
and other
non-cash
movements
£m
At
3 April
2010
£m
Net cash
Bank loans, overdrafts and syndicated bank facility (see note 21) (923.3) 420.2 15.9 (487.2)
Less: amounts treated as financing (see below) 798.7 (498.7) (15.9) 284.1
(124.6) (78.5) – (203.1)
Cash and cash equivalents (see note 19) 422.9 (15.0) (2.1) 405.8
Net cash per cash flow statement 298.3 (93.5) (2.1) 202.7
Current financial assets (see note 17) 53.1 118.3 0.3 171.7
Debt financing
Bank loans and overdrafts treated as financing (see above) (34.5) (30.7) 0.9 (64.3)
Syndicated bank facility (see note 21) (see above) (764.2) 529.4 15.0 (219.8)
Medium-term notes (see note 21) (1,801.7) (196.8) (2.5) (2,001.0)
Finance lease liabilities (see note 21) (101.9) 17.0 (4.9) (89.8)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 21) (139.9) 68.0 4.0 (67.9)
Debt financing (2,842.2) 386.9 12.5 (2,442.8)
Net debt (2,490.8) 411.7 10.7 (2,068.4)