60 AVESCOGROUPPLC ANNUAL REPORT 2009
www.avesco.com
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2009
33. Reconciliation of net debt
2009 2008
Group £000s £000s
Change in cash in the year 1,184 (3,221)
Repayment of bank loans 1,150 -
New bank loans - (9,229)
Repayment of hire purchase obligations 8,496 7,030
New hire purchase obligations (9,185) (4,948)
Changes in net debt arising from cash flows 1,645 (10,368)
Net effect of acquisitions and disposals - 635
Currency translation differences (2,861) (1,828)
Change in net debt (1,216) (11,561)
Opening net debt (19,846) (8,285)
Closing net debt (21,062) (19,846)
34. Financial instruments
Financial instruments by category
The accounting policies for financial instruments have been applied to the line items below:
Derivatives
Loans and used for
Group receivables hedging Total
30 September 2009 £000s £000s £000s
Assets as per balance sheet
Trade and other receivables 12,642 - 12,642
Cash and cash equivalents 4,531 - 4,531
Total 17,173 - 17,173
Derivatives
Loans and used for
Group receivables hedging Total
30 September 2009 £000s £000s £000s
Liabilities as per balance sheet
Borrowings and loans 25,593 - 25,593
Trade and other payables 15,183 - 15,183
Total 40,776 - 40,776
Derivatives
Loans and used for
Group receivables hedging Total
30 September 2008 £000s £000s £000s
Assets as per balance sheet
Trade and other receivables 22,373 - 22,373
Derivative financial instruments - 146 146
Cash and cash equivalents 4,845 - 4,845
Total 27,218 146 27,364
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