Notes to the consolidated financial statements

The components of the Group’s net debt are as follows:

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31 March

 

Notes

2010
£m

2009
£m

Non-current borrowings

28

(1 119)

(1 129)

Current borrowings and overdrafts (note a)

28

(190)

(523)

Debt-related derivative instruments (note b)

20

(9)

(13)

Cash and cash equivalents

33

504

434

Net debt

 

(814)

(1 231)

  1. (a)Current borrowings and overdrafts at 31 March 2010 does not include any amounts (2009 – £98 million) in respect of securitised receivables.
  2. (b)Derivative financial instruments presented within assets and liabilities in the statement of financial position of £7 million net asset comprise net debt-related instruments of £9 million liability and net non-debt-related instruments of £16 million asset (2009 – £93 million net liability comprising net debt-related instruments of £13 million liability and net non-debt-related instruments of £80 million liability).

Net debt is denominated in the following currencies:

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31 March

 

2010
£m

2009
£m

Euro

(161)

(250)

US dollar

(620)

(947)

Sterling

(60)

(38)

Other

27

4

Total

(814)

(1 231)

Movements in the Group’s net debt are as follows:

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2010
£m

2009
£m

At 1 April

(1 231)

(1 041)

Increase in cash and cash equivalents in the year

80

229

Cash outflow from net decrease in borrowings

267

16

Debt transferred on disposal of subsidiaries

8

Inception of finance leases

(1)

Trade finance recognised as debt

(16)

(55)

Fair value and other movements

7

(9)

Exchange differences

79

(378)

Decrease/(increase) in net debt in the year

417

(190)

At 31 March

(814)

(1 231)