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John Lewis Partnership plc Interim Report 2009


9 Analysis of net debt (continued)

Reconciliation of net cash flow to net debt

Half year to 1 August 2009 Half year to 26 July 2008 Restated Year to 31 January 2009
£m £m £m

Increase/(decrease) in cash in the period 147.5 (16.7) 58.6
Cash inflow from increase in debt and lease financing (286.1) (88.7) (113.4)

Movement in debt for the period (138.6) (105.4) (54.8)
Opening net debt (432.4) (384.2) (384.2)
Non-cash movements (9.7) (0.7) 6.6

Closing net debt (580.7) (490.3) (432.4)

The measurement of net debt for the half year to 26 July 2008 has been revised to include derivative financial instruments and finance lease payables, in line with note 31 of the Annual Report and Accounts for the year ended 31 January 2009.


10 Capital commitments

At 1 August 2009 contracts had been entered into for future capital expenditure of £89.5m (2008: £26.8m).


11 Related party transactions

There have been no material changes to the principal subsidiaries listed in the Annual Report and Accounts for the year ended 31 January 2009. All related party transactions arise during the ordinary course of business and are on an arm’s length basis. There were no material transactions or balances between the group and its key management personnel during the half year ended 1 August 2009.
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