Preliminary results for the year ended 31 January 2009

 

26 March 2009

 

Notes to the consolidated financial information

For the financial year ended 31 January 2009

12. Net debt

Net debt comprises borrowings and financing derivatives (excluding accrued interest), less cash and cash equivalents and current other investments. Financing derivatives are those that relate to underlying items of a financing nature.

£ millions 2008/09 2007/08
Cash and cash equivalents 1,157 218
Bank overdrafts (163) (23)
Cash and cash equivalents and bank overdrafts 994 195
Current other investments - 11
Bank loans (307) (283)
Medium Term Notes and other fixed term debt (1,757) (1,436)
Financing derivatives 135 23
Finance leases (69) (69)
Net debt (1,004) (1,559)
£ millions 2008/09 2007/08
Net debt at beginning of year (1,559) (1,294)
Net increase/(decrease) in cash and cash equivalents and bank overdrafts 743 (56)
Disposal of current other investments (12) (21)
Net payment/(receipt) on forward foreign exchange contracts 5 (6)
Net payment/(receipt) of bank loans 37 (136)
Capital element of finance lease rental payments 12 11
Cash flow movement in net debt 785 (208)
Exchange differences and other non-cash movements (230) (57)
Net debt at end of year (1,004) (1,559)

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