|
| 19. Net
debt |
| |
| |
| |
| |
| |
|
 |
|
| |
| |
| |
| |
| |
|
|
|
At
1 April
2003
£m
|
|
Cash
flow
£m
|
|
Acquisition
of
subsidiary
undertakings
£m
|
|
Other
non-cash
changes
£m
|
|
Currency
movement
£m
|
|
At
31 March
2004
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Analysis of
net debt |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash in hand and
at bank |
91 |
|
18 |
|
– |
|
– |
|
– |
|
109 |
|
| Overnight deposits |
268 |
|
24 |
|
– |
|
– |
|
– |
|
292 |
|
| Bank overdrafts |
(4 |
) |
2 |
|
– |
|
– |
|
– |
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
355 |
|
44 |
|
– |
|
– |
|
– |
|
399 |
|
| Other current
asset investments |
6,072 |
|
(1,123 |
) |
– |
|
(74 |
) |
(4 |
) |
4,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term
investments and cash, less bank overdrafts
|
6,427 |
|
(1,079 |
) |
– |
|
(74 |
) |
(4 |
) |
5,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt due within
one year, excluding bank overdrafts |
(2,544 |
) |
2,144 |
|
– |
|
(869 |
) |
– |
|
(1,269 |
) |
| Debt due after
one year |
(13,456 |
) |
157 |
|
(1 |
) |
874 |
|
– |
|
(12,426 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt,
excluding bank
overdrafts |
(16,000 |
) |
2,301 |
|
(1 |
) |
5 |
|
– |
|
(13,695 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net debt |
(9,573 |
) |
1,222 |
|
(1 |
) |
(69 |
) |
(4 |
) |
(8,425 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2004 |
|
2003 |
|
2002 |
|
| £m |
£m |
£m |
|
|
|
|
|
|
|
| Reconciliation of net cash flow to
movement in net debt |
|
|
|
|
|
|
| Increase (decrease) in cash in the
year |
44 |
|
(19 |
) |
90 |
|
| Cash outflow from decrease in debt |
2,301 |
|
2,515 |
|
11,976 |
|
| Cash (outflow) inflow from increase
in liquid resources |
(1,123 |
) |
1,729 |
|
1,864 |
|
|
|
|
|
|
|
|
| Decrease in net debt resulting from
cash flows |
1,222 |
|
4,225 |
|
13,930 |
|
| Currency and translation movements |
(4 |
) |
(67 |
) |
(32 |
) |
| (Increase) decrease in debt on
acquisition or disposal of subsidiary undertakings |
(1 |
) |
13 |
|
75 |
|
| Other non-cash movements |
(69 |
) |
(43 |
) |
268 |
|
|
|
|
|
|
|
|
| Decrease in net debt in the year |
1,148 |
|
4,128 |
|
14,241 |
|
| Net debt at 1 April |
(9,573 |
) |
(13,701 |
) |
(27,942 |
) |
|
|
|
|
|
|
|
| Net debt at 31 March |
(8,425 |
) |
(9,573 |
) |
(13,701 |
) |
|
|
|
|
|
|
|
On the demerger, mmO2had
net debt of approximately £500 million of which BT Group was owed approximately
£440 million in addition to ordinary trading account balances. mmO2 repaid
this loan to BT Group on 19 November 2001.
|
