Analysis of Net Debt
For the short period 1 April 2006 to 3 March 2007
| |
|
|
2007 |
Non-GAAP
Measures |
Notes |
|
£m |
| Financing net debt: |
|
|
|
| Cash at bank and in hand |
21 |
|
283.8 |
| Loans and borrowings |
23 |
|
(223.6) |
| Total financing net debt |
|
|
60.2 |
| Operating net debt: |
|
|
|
| Property leases |
|
|
(2,920.1) |
| Total operating net debt |
|
|
(2,920.1) |
| Total net debt |
|
|
(2,859.9) |
| Deduct: |
|
|
|
| Operating leases that are off balance sheet |
|
|
2,920.1 |
| Total net debt reflected
in balance sheet |
|
|
60.2 |
The Group uses the term net debt which provides the Group’s
aggregate net indebtedness to banks and other financial institutions
together with debt-like liabilities, notably property leases.
The capitalised value of these property leases is £2,920.1m
(2006: £2,795.0m) based upon discounting the current rentals
at the estimated current long term cost of borrowing of 5.4%.
The analysis of net debt has not been provided for the prior year,
as it is non comparable given the demerger of the Group from GUS
plc in 2006.
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