29. Additional cash flow information
Reconciliation of net cash flow to movement in net funds/(debt)
|
Net debt at
1 January
2009
£m |
Acquisitions
in 2009
(exc. cash)
£m |
Cash flow
movements
£m |
Non-cash flow
movements
£m |
Net debt at
31 December
2009
£m |
| Cash and cash equivalents |
86.7 |
– |
94.8 |
– |
181.5 |
| Cash |
86.7 |
– |
94.8 |
– |
181.5 |
| Loan notes |
(3.7) |
– |
1.4 |
(0.3) |
(2.6) |
| Bonds† |
(953.1) |
– |
100.3 |
132.3 |
(720.5) |
| Term debt |
– |
– |
(197.4) |
(0.6) |
(198.0) |
| Currency swaps in relation to US$ denominated bonds† |
269.6 |
– |
– |
(133.6) |
136.0 |
| Interest rate swaps in relation to GBP denominated bonds† |
4.7 |
– |
– |
(1.4) |
3.3 |
| Long term debt |
– |
(9.1) |
6.3 |
– |
(2.8) |
| Finance leases |
– |
(1.4) |
– |
– |
(1.4) |
| Sub-total net debt |
(595.8) |
(10.5) |
5.4 |
(3.6) |
(604.5) |
| Asset based securitised finance* |
(10.4) |
– |
(6.7) |
– |
(17.1) |
| Callable swaps |
(32.0) |
– |
– |
1.1 |
(30.9) |
|
(638.2) |
(10.5) |
(1.3) |
(2.5) |
(652.5) |
The aggregate bond fair value above of £720.5m (2008: £953.1m) (disclosed in note 23 – Financial liabilities) includes the GBP value of the US$ denominated bonds at 31 December 2009. To remove the Group’s exposure to currency fluctuations it has entered into currency swaps which effectively hedge the movement in the underlying bond fair value. The interest rate swap is being used to hedge the exposure to changes in the fair value of GBP denominated bonds.
The combined fair value of the interest and currency swaps, of £139.3m (2008: £274.3m), is disclosed in note 17 – Financial assets, and in note 23 – Financial liabilities.
|
Net debt at
1 January
2008
£m |
Acquisitions
in 2008
(exc. cash)
£m |
Cash flow
movements
£m |
Non-cash flow
movements
£m |
Net debt at
31 December
2008
£m |
| Cash and cash equivalents |
0.8 |
– |
85.9 |
– |
86.7 |
| Overdrafts |
(46.1) |
– |
46.1 |
– |
– |
| Cash |
(45.3) |
– |
132.0 |
– |
86.7 |
| Loan notes |
(1.7) |
– |
3.3 |
(5.3) |
(3.7) |
| Bonds † |
(461.1) |
– |
(199.5) |
(292.5) |
(953.1) |
| Currency swaps in relation to US$ denominated bonds† |
(18.1) |
– |
– |
287.7 |
269.6 |
| Interest rate swaps in relation to GBP denominated bonds† |
0.1 |
– |
– |
4.6 |
4.7 |
| Finance leases |
(0.2) |
– |
0.2 |
– |
– |
| Sub-total net debt |
(526.3) |
– |
(64.0) |
(5.5) |
(595.8) |
| Asset based securitised finance* |
(9.7) |
– |
(0.7) |
– |
(10.4) |
| Callable swaps |
– |
– |
– |
(32.0) |
(32.0) |
|
(536.0) |
– |
(64.7) |
(37.5) |
(638.2) |