|
At
1 April
2002 |
|
Cash
flow |
|
Acquisition
of subsidiary
undertakings |
|
Other
non-cash
changes |
|
Currency
movement |
|
At
31 March
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Analysis
of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash
in hand and at bank |
158 |
|
(67 |
) |
– |
|
– |
|
– |
|
91 |
|
| Overnight
deposits |
232 |
|
36 |
|
– |
|
– |
|
– |
|
268 |
|
| Bank
overdrafts |
(16 |
) |
12 |
|
– |
|
– |
|
– |
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
374 |
|
(19 |
) |
– |
|
– |
|
– |
|
355 |
|
Other
current asset
investments |
4,349 |
|
1,729 |
|
23 |
|
(13 |
) |
(16 |
) |
6,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
and cash, less bank
overdrafts |
4,723 |
|
1,710 |
|
23 |
|
(13 |
) |
(16 |
) |
6,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
due within one
year, excluding bank
overdrafts |
(2,179 |
) |
2,109 |
|
– |
|
(2,414 |
) |
(60 |
) |
(2,544 |
) |
Debt
due after one
year |
(16,245 |
) |
406 |
|
(10 |
) |
2,384 |
|
9 |
|
(13,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
debt, excluding
bank overdrafts |
(18,424 |
) |
2,515 |
|
(10 |
) |
(30 |
) |
(51 |
) |
(16,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
debt |
(13,701 |
) |
4,225 |
|
13 |
|
(43 |
) |
(67 |
) |
(9,573 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003 |
|
2002 |
|
2001 |
|
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
| Reconciliation
of net cash flow to movement in net debt |
|
|
|
|
|
|
| (Decrease)
increase in cash in the year |
(19 |
) |
90 |
|
128 |
|
| Cash
outflow (inflow) from decrease (increase) in debt |
2,515 |
|
11,976 |
|
(19,550 |
) |
| Cash
outflow from increase in liquid resources |
1,729 |
|
1,864 |
|
480 |
|
|
|
|
|
|
|
|
| Decrease
(increase) in net debt resulting from cash flows |
4,225 |
|
13,930 |
|
(18,942 |
) |
| Currency
and translation movements |
(67 |
) |
(32 |
) |
(26 |
) |
Decrease
(increase) in debt on disposal (acquisition) of
subsidiary
undertakings |
13 |
|
75 |
|
(48 |
) |
| Other
non-cash movements |
(43 |
) |
268 |
|
(226 |
) |
|
|
|
|
|
|
|
| Decrease
(increase) in net debt in the year |
4,128 |
|
14,241 |
|
(19,242 |
) |
| Net
debt at 1 April |
(13,701 |
) |
(27,942 |
) |
(8,700 |
) |
|
|
|
|
|
|
|
| Net
debt at 31 March |
(9,573 |
) |
(13,701 |
) |
(27,942 |
) |
|
|
|
|
|
|
|
On
the demerger, mmO2 had 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.
|
