Analysis of net cash/(debt)

At 27 February 2010

Non-GAAP measures Notes 27 February
28 February
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.