At 27 February 2010
|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)|
|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.