Analysis of net cash/(debt)
At 27 February 2010
| Non-GAAP measures | Notes |
27 February 2010 £m |
28 February 2009 £m |
|---|---|---|---|
| Financing net cash: | |||
| Cash and cash equivalents | 21 | 364.0 | 209.4 |
| Current asset investments | 20 | 50.0 | 75.0 |
| Total financing net cash | 414.0 | 284.4 | |
| Operating net debt: | |||
| Off balance sheet operating leases | (3,148.1) | (3,304.3) | |
| Total operating net debt | (3,148.1) | (3,304.3) | |
| Total net debt | (2.734.1) | (3,019.9) | |
| Adjusted for: | |||
| Off balance sheet operating leases | 3,148.1 | 3,304.3 | |
| Current asset investments | 20 | (50.0) | (75.0) |
| Total cash and cash equivalents reflected in balance sheet | 364.0 | 209.4 | |
The Group uses the term total net debt which highlights the Group’s aggregate net indebtedness to banks and other financial institutions together with debt-like liabilities, notably operating leases. The capitalised value of these leases is £3,148.1m (2009: £3,304.3m), based upon discounting the current rentals at the estimated current long-term cost of borrowing of 4.1% (2009: 4.1%).
The current asset investment comprises a term cash deposit invested for a period of six months (2009: nine months) which matures after the balance sheet date on 10 May 2010 (2009: 15 April 2009). The analysis of net cash/(debt) forms part of the notes to the financial statements.
