Marks and Spencer 2013 Annual Report Download - page 110

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Financial statements Marks and Spencer Group plc Annual report and financial statements 2013 108
Notes to the financial statements continued
27 Analysis of net debt
A. Reconciliation of movement in net debt
At
1 April
2012
£m
Cash flow
£m
Exchange and
other non-cash
movements
£m
At
30 March
2013
£m
Net cash
Bank loans, overdrafts and syndicated bank facility (note 20) (38.7) (113.4) – (152.1)
Less: amounts treated as financing (see below) 38.4 81.3 – 119.7
(0.3) (32.1) – (32.4)
Cash and cash equivalents (note 18) 196.1 (3.9) 0.9 193.1
Net cash per statement of cash flows 195.8 (36.0) 0.9 160.7
Current financial assets (see note 16) 260.5 (243.7) 0.1 16.9
Debt financing
Bank loans and overdrafts treated as financing (see above) (38.4) (81.3) – (119.7)
Medium-term notes (2,137.6) 131.4 (2.6) (2,008.8)
Finance lease liabilities (note 20) (65.5) 11.0 (2.9) (57.4)
Partnership liability to the Marks & Spencer UK Pension Scheme (note 12) (71.9) 71.9 (606.0) (606.0)
Debt financing (2,313.4) 133.0 (611.5) (2,791.9)
Net debt (1,857.1) (146.7) (610.4) (2,614.3)
B. Reconciliation of net debt to statement of financial position
2013
£m
2012
£m
Statement of financial position and related notes
Cash and cash equivalents (note 18) 193.1 196.1
Current financial assets (note 16) 16.9 260.5
Bank loans and overdrafts (note 20) (152.1) (38.7)
Medium-term notes – net of hedging derivatives (2,040.2) (2,181.8)
Finance lease liabilities (note 20) (57.4) (65.5)
Partnership liability to the Marks & Spencer UK Pension Scheme (note 12) (622.6) (71.9)
(2,662.3) (1,901.3)
Interest payable included within related borrowing 48.0 44.2
Total net debt (2,614.3) (1,857.1)
28 Related party transactions
A. Subsidiaries
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are
not disclosed in this note. Transactions between the Company and its subsidiaries are disclosed in the Company’s separate financial
statements.
B. Hedge End joint venture
A loan of £5.0m was received from the joint venture on 9 October 2002. It is repayable on five business days’ notice and was
renewed on 1 January 2013. Interest was charged on the loan at 2.0% until 31 December 2009 and 0.5% thereafter.
C. Lima (Bradford) joint venture
A loan facility was provided to the joint venture on 11 August 2008. At 30 March 2013, £21.7m (last year £25.4m) was drawn down
on this facility. Interest was charged on the loan at 1.1% above 3-month LIBOR. The Group has entered into a rental agreement with
the joint venture and £4.6m (last year £4.5m) of rental charges were incurred. There was no outstanding balance at March 2013.