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121
ANNUAL REPORT AND FINANCIAL STATEMENTS 2015
NOTES TO THE FINANCIAL STATEMENTS
CONTINUED
OUR BUSINESSOUR PERFORMANCE
GOVERNANCEFINANCIAL STATEMENTS
27 ANALYSIS OF NET DEBT
A . R e conciliat ion of move m e nt in n et debt
At
30 March
2014
£m
Cash fl ow
£m
Exchange
and other
non-cash
movements
£m
At
28 March
2015
£m
Net cash
Bank loans, overdrafts and syndicated bank facility (see note 20) (445.7) 164.2 2.5 (279.0)
Less: amounts treated as fi nancing (see below) 439.3 (175.9) (2.5) 260.9
(6.4) (11.7) – (18.1)
Cash and cash equivalents (see note 18) 182.1 26.1 (2.3) 205.9
Net cash per statement of cash fl ows 175.7 14.4 (2.3) 187.8
Current fi nancial assets (see note 16) 17.7 (6.0) (0.1) 11.6
Debt fi nancing
Bank loans, and overdrafts treated as fi nancing (see above) (439.3) 175.9 2.5 (260.9)
Medium-term notes (see note 20) (1,609.8) – (2.0) (1,611.8)
Finance lease liabilities (see note 20) (52.2) 4.8 (1.2) (48.6)
Partnership liability to the Marks & Spencer UK Pension Scheme (see note 12) (555.7) 54.4 – (501.3)
Debt fi nancing (2,657.0) 235.1 (0.7) (2,422.6)
Net debt (2,463.6) 243.5 (3.1) (2,223.2)
B. Reconciliation of net debt to statement of fi nancial position
2015
£m
2014
£m
Statement of fi nancial position and related notes
Cash and cash equivalents (see note 18) 205.9 182.1
Current fi nancial assets (see note 16) 11.6 17.7
Bank loans and overdrafts (see note 20) (279.0) (445.7)
Medium-term notes – net of hedging derivatives (1,652.0) (1,649.0)
Finance lease liabilities (see note 20) (48.6) (52.2)
Partnership liability to the Marks & Spencer UK Pension Scheme (see notes 12 and 21) (512.9) (568.7)
(2,275.0) (2,515.8)
Interest payable included within related borrowing and the partnership liability to the Marks & Spencer
UK Pension Scheme 51.8 52.2
Total net debt (2,223.2) (2,463.6)