Analysis of net cash/(debt)
At 1 March 2008
| Non-GAAP measures | Notes |
1 March 2008 £m |
3 March 2007 £m |
|---|---|---|---|
| Financing net cash: | |||
| Cash at bank and in hand | 21 | 174.0 | 283.8 |
| Loans and borrowings | 23 | – | (223.6) |
| Total financing net cash | 174.0 | 60.2 | |
| Operating net (debt): | |||
| Property leases | (3,057.1) | (2,920.1) | |
| Total operating net (debt) | (3,057.1) | (2,920.1) | |
| Total net (debt) | (2,883.1) | (2,859.9) | |
| Deduct: | |||
| Operating leases that are off balance sheet | 3,057.1 | 2,920.1 | |
| Total net cash reflected in balance sheet | 174.0 | 60.2 | |
The Group uses the term net cash/(debt) which highlights 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 £3,057.1m (2007: £2,920.1m) based upon discounting the current rentals at the estimated current long-term cost of borrowing of 5.3% (2007: 5.4%).
