John Lewis Partnership plc annual report and accounts 2012

Notes to the accounts continued

28 Analysis of net debt 

Table showing Analysis of net debt 

29 January 2011 (£m) | Cash-flow (£m) | Other non-cash movements (£m) | 28 January 2012 (£m)

Current assets
Cash and cash equivalents 512.7 | 38.1 | – | 550.8
Derivative financial instruments 8.6 | – | (5.9) | 2.7
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
521.3 | 38.1 | (5.9) | 553.5
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Current liabilities
Borrowings and overdrafts (165.3) | 5.2 | (142.0) | (302.1)
Finance leases (0.8) | 0.7 | (0.5) | (0.6)
Derivative financial instruments (1.0) | – | (1.5) | (2.5)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
(167.1) | 5.9 | (144.0) | (305.2)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Non-current liabilities
Borrowings (874.7) | (72.1) | 141.4 | (805.4)
Unamortised bond transaction costs 6.3 | 0.6 | (0.7) | 6.2
Fair value adjustment for hedged risk on bonds (6.2) | – | 6.2 | –
Finance leases (28.0) | – | 1.6 | (26.4)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
(902.6) | (71.5) | 148.5 | (825.6)
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Total net debt (548.4) | (27.5) | (1.4) | (577.3)

Reconciliation of net cash flow to net debt

Table showing Reconciliation of net cash flow to net debt

Consolidated | Year to 28 January 2012 (£m) | Year to 29 January 2011 (£m) 

Increase in cash in the year 43.3 | 3.0
Cash inflow from increase in debt and lease financing (70.8) | (151.2)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Movement in debt for the year (27.5) | (148.2)
Opening net debt (548.4) | (402.4)
Non-cash movements (1.4) | 2.2
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Closing net debt (577.3) | (548.4)

78