Notes to the Interim report (unaudited)
12 Cash and borrowings
The net debt figure includes accrued interest and the fair value adjustments relating to hedge accounting.
|
31 January |
2 February |
31 July |
|
Cash and cash equivalents |
|
|
|
|
Net cash and deposits |
195.4 |
142.6 |
132.5 |
|
Short-term borrowings |
|
|
|
|
Bank overdrafts including impact of cash pooling gross up |
(172.8) |
(138.5) |
(172.5) |
|
Bank and other loans |
(3.8) |
(4.3) |
(3.8) |
|
B shares |
|
(18.5) |
(1.7) |
|
Interest accrual |
(15.3) |
(16.3) |
(4.4) |
|
(191.9) |
(177.6) |
(182.4) |
|
Long-term borrowings |
|
|
|
|
7.875% Sterling Eurobond 2010 |
(149.7) |
(149.6) |
(149.6) |
|
7.25% Sterling Eurobond 2016 |
(148.9) |
(148.8) |
(148.8) |
|
5.45% US$ Private Placement 2013 |
(181.5) |
(130.7) |
(127.4) |
|
Floating Rate Revolving Credit Facility 2012 (multi-currency) |
(411.4) |
(128.0) |
(210.2) |
|
EIB Sterling R. & D. Loan 2010 |
(70.0) |
(70.0) |
(70.0) |
|
Bank and other loans |
(17.1) |
(12.8) |
(14.7) |
|
(978.6) |
(639.9) |
(720.7) |
|
Borrowings |
(1,170.5) |
(817.5) |
(903.1) |
|
Net debt |
(975.1) |
(674.9) |
(770.6) |
Cash and overdraft balances in interest compensation cash pooling systems are reported gross on the balance sheet. This gross up increased cash and overdrafts by £118.6m at 31 January 2009 (2 February 2008: £98.8m; 31 July 2008: £100.6m).
Movements in net debt
|
|
|
Repayments of |
|
Capitalisation, |
|
|
|
|
Net cash and cash equivalents |
(40.0) |
(1.2) |
63.8 |
|
|
|
|
22.6 |
|
Other short-term borrowings |
(9.9) |
(0.1) |
0.3 |
|
(9.2) |
|
(0.2) |
(19.1) |
|
Long-term borrowings |
(720.7) |
(116.6) |
64.7 |
(198.6) |
(0.2) |
(7.4) |
0.2 |
(978.6) |
|
Net debt |
(770.6) |
(117.9) |
128.8 |
(198.6) |
(9.4) |
(7.4) |
|
(975.1) |
The net cash inflow includes £6.6m of cash acquired with new subsidiary undertakings.
Borrowing facilities
At the balance sheet date the Group had undrawn credit facilities of £248.6m which expire in 2012. In February the Group raised additional long term debt, increasing the undrawn credit facilities, see note 18.