Preliminary results for the year ended 30 January 2010
Notes to the consolidated financial statement
Year ended 30 January 2010
11. Net debt
| £ millions | 2009/10 | 2008/09 |
|---|---|---|
| Cash and cash equivalents | 1,260 | 1,157 |
| Bank overdrafts | (125) | (163) |
| Cash and cash equivalents and bank overdrafts | 1,135 | 994 |
| Bank loans | (154) | (307) |
| Medium Term Notes and other fixed term debt | (1,186) | (1,757) |
| Financing derivatives | 20 | 135 |
| Finance leases | (65) | (69) |
| Net debt | (250) | (1,004) |
| £ millions | 2009/10 | 2008/09 |
| Net debt at beginning of year | (1,004) | (1,559) |
| Net increase in cash and cash equivalents and bank overdrafts | 174 | 743 |
| Disposal of current other investments | - | (12) |
| Repayment of bank loans | 130 | 37 |
| Repayment of Medium Term Notes and other fixed term debt | 500 | - |
| (Receipt)/payment on financing derivatives | (78) | 5 |
| Capital element of finance lease rental payments | 14 | 12 |
| Cash flow movement in net debt | 740 | 785 |
| Exchange differences and other non-cash movements | 14 | (230) |
| Net debt at end of year | (250) | (1,004) |
Sterling bank loans of £75m have been repaid in the year, along with a reduction in the level of bank loans in China. €307m of a €550m MTN, €171m of a €500m MTN and £65m of a £150m MTN have been repurchased in the year. €307m of a €550m interest rate swap and £65m of a £150m interest rate swap have been cancelled in the year. A €330m cross-currency swap has matured in the year.
