Notes to the financial statements
continued
9 Analysis of net debt (continued)
Reconciliation of net cash flow to net debt
Half year to 30 July 2011 £m Half year to 31 July 2010 £m Year to 29 January 2011 £m
(Decrease)/increase in cash in the period (139.5) (110.0) 3.0
Cash inflow from increase in debt and lease financing (71.2) (151.7) (151.2)
Movement in debt for the period (210.7) (261.7) (148.2)
Opening net debt (548.4) (402.4) (402.4)
Non-cash movements (1.7) 0.6 2.2
Closing net debt (760.8) (663.5) (548.4)
10 Management of financial risks
The principal financial risks to which the Partnership is exposed are liquidity risk, interest rate risk, foreign currency risk, credit risk, capital risk and energy risk.
These interim financial statements do not include all risk management information and disclosures required in the annual financial statements and should be read in conjunction with the Annual Report and Accounts for the year ended 29 January 2011. During the half year to 30 July 2011, the Partnership has continued to apply the financial risk management process and policies as detailed in the Annual Report and Accounts for the year ended 29 January 2011.
Valuation techniques and assumptions applied in determining fair values of each class of asset or liability are consistent with those used as at 29 January 2011 and reflect the current economic environment.
During the half year to 30 July 2011 there have been no transfers between any levels of the IFRS 7 fair value hierarchy and there were no reclassifications of financial assets as a result of a change in the purpose or use of those assets.
11 Capital commitments
At 30 July 2011 contracts had been entered into for future capital expenditure of £80.8m (2010: £63.1m).
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