Notes to the consolidated financial statements

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

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31 March

 

Notes

2011
£m

2010
£m

Non-current borrowings

28

(887)

(1 119)

Current borrowings and overdrafts

28

(227)

(190)

Debt-related derivative instruments

20

(4)

(9)

Cash and cash equivalents

33

654

504

Net debt

 

(464)

(814)

Derivative financial instruments presented within assets and liabilities in the statement of financial position of £1 million net asset comprise net debt-related instruments of £4 million liability and net non-debt-related instruments of £5 million asset (2010 – £7 million net asset comprising net debt-related instruments of £9 million liability and net non-debt-related instruments of £16 million asset).

Net debt is denominated in the following currencies:

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31 March

 

2011
£m

2010
£m

Euro

(162)

(161)

US dollar

(458)

(620)

Sterling

131

(60)

Other

25

27

Total

(464)

(814)

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

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2011
£m

2010
£m

At 1 April

(814)

(1 231)

Increase in cash and cash equivalents in the year

168

80

Cash outflow from net decrease in borrowings

147

267

Debt transferred on disposal of businesses

8

Trade finance recognised as debt

(16)

Fair value and other movements

7

Exchange

27

79

Decrease in net debt in the year

350

417

At 31 March

(464)

(814)

Included in the cash outflow from net decrease in borrowings is an amount of £16 million (2010 – £45 million) that is included in net cash used in financing activities from discontinued operations.