Notes to the financial statements


continued


 


8 Reconciliation of profit before tax to cash generated from operations


 


Half year to 30 July 2011 £m Half year to 31 July 2010 £m Year to 29 January 2011 £m


 


Profit before tax 90.4 110.5 173.4


Amortisation of intangible assets 14.9 13.0 24.0


Depreciation 121.2 105.4 215.5


Net finance costs 21.1 34.7 63.1


Partnership bonus provision – – 194.5


(Profit)/loss on disposal of tangible and intangible assets (0.3) 0.3 (1.0)


(Increase)/decrease in inventories (5.0) 16.8 (23.0)


Decrease/(increase) in receivables 18.9 (7.2) (42.5)


(Decrease)/increase in payables (13.2) (15.0) 132.1


(Decrease)/increase in retirement benefit obligations (6.9) (4.8) 0.6


(Decrease)/increase in provisions (2.9) 9.0 8.4


 


Cash generated from operations 238.2 262.7 745.1


 


9 Analysis of net debt


 


29 January 2011 £m Cash flow £m Other non cash movements £m 30 July 2011 £m


 


Current assets


Cash and cash equivalents 512.7 (108.0) – 404.7


Derivative financial instruments 8.6 – (3.6) 5.0


 


521.3 (108.0) (3.6) 409.7


 


Current liabilities


Bank overdrafts (165.3) (31.5) (42.0) (238.8)


Finance leases (0.8) 0.3 (0.4) (0.9)


Derivative financial instruments (1.0) – (1.2) (2.2)


 


(167.1) (31.2) (43.6) (241.9)


 


Non-current liabilities


Borrowings (874.7) (72.1) 42.0 (904.8)


Unamortised bond transaction costs 6.3 0.6 (0.3) 6.6


Fair value adjustment for hedged risk on bonds (6.2) – 3.4 (2.8)


Finance leases (28.0) – 0.4 (27.6)


 


(902.6) (71.5) 45.5 (928.6)


Total net debt (548.4) (210.7) (1.7) (760.8)




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