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Half-Year Results 2007/08 > Financial Statements > Analysis of Net Debt Print Page

Analysis of Net Debt


As at 1 September 2007

3.3.07
£m

Non-GAAP Measures

 1.9.07
£m
  Financing net cash / (debt)  
283.8 Cash and cash equivalents 222.9
(223.6) Loans and borrowings -
60.2 Total financing net cash / (debt) 222.9
  Operating net debt  
(2,920.1) Property leases (2,947.8)
(2,920.1) Total operating net debt (2,947.8)
(2,859.9) Total net debt (2,724.9)
  Deduct:  
2,920.1 Operating leases that are off balance sheet 2,947.8
60.2 Total net cash / (debt) reflected in balance sheet 222.9

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 £2,947.8m (3 March 2007: £2,920.1m) based upon discounting the current rentals at the estimated current long term cost of borrowing of 5.7% (3 March 2007: 5.4%).

The analysis of net debt has not been provided as at 30 September 2006, as it is non comparable given the demerger of the Group from GUS plc in October 2006.

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