Annual Report and Accounts 2016


John Lewis Partnership plc


129


5 Financing (continued)


5.2 Analysis of net debt Net debt summarises our debt position as at the year-end. Net debt incorporates the Partnership’s borrowings, bank overdrafts, fair value of derivative financial instruments and obligations under finance leases. These liabilities are offset by cash and cash equivalents, short-term investments and a portion of bond transaction costs that relate to the remaining duration of the bond. This note shows how our net debt position has moved from the prior year-end, split out between cash movements and non-cash movements.


2015


(re-stated)# £m


Current assets Cash and cash equivalents Short-term investments


Derivative financial instruments


Current liabilities Borrowings and overdrafts


Unamortised bond transaction costs Finance leases


Derivative financial instruments


Non-current liabilities Borrowings


Unamortised bond transaction costs Finance leases


Total net debt Reconciliation of net cash flow to net debt


2016 £m


Increase/(decrease) in net cash and cash equivalents in the year Cash outflow/(inflow) from movement in debt and lease financing Cash outflow from short-term investments Movement in debt for the year Opening net debt


Non-cash movements Closing net debt # Refer to note 1.1.5.


330.4 4.0


10.0 344.4


(721.7) 4.8


(372.5) 2015


(re-stated)# £m


(15.0)


(296.4) –


(311.4) (417.2) 6.9


(721.7) 336.9 9.6 346.5


– –


(3.1) (6.6) (9.7)


(1,040.9) 10.7


(28.3) (1,058.5)


Cash flow £m


330.5


– 10.0 –


340.5


(0.1) –


4.0 –


3.9


– – – –


(721.7) 344.4 Other non-cash


movements £m


– –


1.9 1.9


(57.7) 0.1


(3.5) 4.3


(56.8) 57.1


(1.0) 3.6


59.7 4.8


2016 £m


667.4 10.0 11.5


688.9


(57.8) 0.1


(2.6) (2.3)


(62.6)


(983.8) 9.7


(24.7)


(998.8) (372.5)


It’s Your Results


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