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Interim results for the 26 weeks ended 30 July 2011

 

15 September 2011

 

Notes to the condensed consolidated financial statements (UNAUDITED)

for the 26 weeks ended 30 July 2011

14. Net debt

£ millions At
30 July 2011
At
31 July 2010
At
29 January 2011
Cash and cash equivalents 594 1,380 731
Bank overdrafts (160) (182) (95)
Cash and cash equivalents and bank overdrafts 434 1,198 636
Bank loans (96) (122) (104)
Medium Term Notes and other fixed term debt (493) (1,079) (504)
Financing derivatives 36 85 56
Finance leases (67) (63) (70)
Net (debt)/cash (186) 19 14
£ millions Half year ended
30 July 2011
Half year ended
31 July 2010
Year ended
29 January 2011
Net cash/(debt) at beginning of period 14 (250) (250)
Net (decrease)/increase in cash and cash equivalents and
bank overdrafts
(224) 132 (490)
Repayment of bank loans 8 37 57
Repayment of Medium Term Notes and other fixed term debt 10 124 696
Payment/(receipt) on financing derivatives 3 (2) (6)
Capital element of finance lease rental payments 6 7 12
Cash flow movement in net debt (197) 298 269
Exchange differences and other non-cash movements (3) (29) (5)
Net (debt)/cash at end of period (186) 19 14

During the prior year the Group repaid £679m nominal value of gross debt by repaying maturing debt, and by repurchasing significant proportions of 2014 Euro Medium Term Notes and US Private Placement debt.