Balance sheet
| As at £m |
30 August 2008 |
1 March 2008 |
1 September 2007 |
|---|---|---|---|
| Goodwill | 1,541.0 | 1,922.7 | 1,878.9 |
| Other intangible assets | 85.1 | 83.7 | 76.3 |
| Property, plant and equipment | 618.4 | 731.8 | 685.1 |
| Inventories | 1,011.0 | 1,004.8 | 929.9 |
| Instalment receivables | 397.7 | 432.0 | 398.8 |
| Other trading assets | 259.8 | 196.8 | 192.2 |
| 3,913.0 | 4,371.8 | 4,161.2 | |
| Trade and other payables | (1,216.1) | (1,130.8) | (1,178.5) |
| Other trading liabilities | (167.0) | (101.5) | (90.8) |
| (1,383.1) | (1,232.3) | (1,269.3) | |
| Invested capital | 2,529.9 | 3,139.5 | 2,891.9 |
| Retirement benefit (obligations)/assets | (14.1) | 83.7 | 59.5 |
| Net tax liabilities | (6.9) | (52.0) | (14.8) |
| Financing net cash | 274.7 | 174.0 | 222.9 |
| Reported net assets | 2,783.6 | 3,345.2 | 3,159.5 |
Reported net assets amounted to £2,783.6m, which is equivalent to 320p per share, excluding shares held in the EST. The reduction in net assets of £561.6m versus the 1 March 2008 year-end balance sheet was driven principally by the Homebase asset write down and increased onerous lease provisions, together with the increase in trade and other payables. Good management of working capital contributed to the £100.7m increase in financing net cash versus the year-end position.
