Preliminary Results - Part 2

RNS Number : 8371A

Kingfisher PLC

26 March 2013

 



Consolidated income statement
Year ended 2 February 2013
				2012/13			2011/12
		Before	Exceptional		Before	Exceptional
		exceptional	items		exceptional	items
£ millions	Notes	Items	(note 4)	Total	items	(note 4)	Total
Continuing operations:
Sales	3	10,573	-	10,573	10,831	-	10,831
Cost of sales		(6,618)	-	(6,618)	(6,748)	-	(6,748)
Gross profit		3,955	-	3,955	4,083	-	4,083
Selling and distribution expenses		(2,766)	(17)	(2,783)	(2,769)	(9)	(2,778)
Administrative expenses		(524)	(9)	(533)	(560)	-	(560)
Other income		36	-	36	33	(3)	30
Share of post-tax results of joint ventures and associates		20	-	20	32	-	32
Operating profit		721	(26)	695	819	(12)	807
Analysed as:
Retail profit	3	781	(26)	755	882	(12)	870
Central costs		(42)	-	(42)	(43)	-	(43)
Share of interest and tax of joint ventures and associates		(18)	-	(18)	(20)	-	(20)
Finance costs		(19)	-	(19)	(31)	-	(31)
Finance income		15	-	15	21	-	21
Net finance costs	5	(4)	-	(4)	(10)	-	(10)
Profit before taxation		717	(26)	691	809	(12)	797
Income tax expense	6	(128)	1	(127)	(165)	7	(158)
Profit for the year		589	(25)	564	644	(5)	639
Attributable to:
Equity shareholders of the Company				564			640
Non-controlling interests				-			(1)
				564			639
Earnings per share	7
Basic				24.1p			27.5p
Diluted				23.8p			26.9p
Adjusted basic				22.3p			25.1p
Adjusted diluted				22.0p			24.6p

The proposed final dividend for the year ended 2 February 2013, subject to approval by shareholders at the Annual General Meeting, is 6.37p per share.

Consolidated statement of comprehensive income Year ended 2 February 2013
£ millions	Notes	2012/13	2011/12
Profit for the year		564	639
Actuarial (losses)/gains on post employment benefits	9	(29)	20
Currency translation differences
Group		122	(128)
Joint ventures and associates		8	(10)
Cash flow hedges
Fair value (losses)/gains		(14)	10
(Gains)/losses transferred to inventories		(8)	8
Tax on other comprehensive income		(14)	(9)
Other comprehensive income for the year		65	(109)
Total comprehensive income for the year		629	530
Attributable to:
Equity shareholders of the Company		629	530
Non-controlling interests		-	-
		629	530

Consolidated statement of changes in equity Year ended 2 February 2013
	Attributable to equity shareholders of the Company
£ millions	Notes	Share capital	Share premium	Own shares held	Retained earnings	Other reserves	Total	Non-controlling interests	Total equity
At 29 January 2012		372	2,199	(134)	2,869	413	5,719	8	5,727
Profit for the year		-	-	-	564	-	564	-	564
Actuarial losses on post employment benefits	9	-	-	-	(29)	-	(29)	-	(29)
Currency translation differences Group		-	-	-	-	122	122	-	122
Joint ventures and associates		-	-	-	-	8	8	-	8
Cash flow hedges Fair value losses		-	-	-	-	(14)	(14)	-	(14)
Gains transferred to inventories		-	-	-	-	(8)	(8)	-	(8)
Tax on other comprehensive income		-	-	-	(18)	4	(14)	-	(14)
Other comprehensive income for the year		-	-	-	(47)	112	65	-	65
Total comprehensive income for the year		-	-	-	517	112	629	-	629
Share-based compensation		-	-	-	9	-	9	-	9
New shares issued under share schemes		1	5	-	-	-	6	-	6
Own shares issued under share schemes		-	-	74	(68)	-	6	-	6
Dividends		-	-	-	(221)	-	(221)	-	(221)
At 2 February 2013		373	2,204	(60)	3,106	525	6,148	8	6,156
At 30 January 2011		371	2,194	(42)	2,390	539	5,452	8	5,460
Profit for the year		-	-	-	640	-	640	(1)	639
Actuarial gains on post employment benefits	9	-	-	-	20	-	20	-	20
Currency translation differences     Group		-	-	-	-	(129)	(129)	1	(128)
Joint ventures and associates		-	-	-	-	(10)	(10)	-	(10)
Cash flow hedges Fair value gains		-	-	-	-	10	10	-	10
Losses transferred to     inventories		-	-	-	-	8	8	-	8
Tax on other comprehensive income		-	-	-	(4)	(5)	(9)	-	(9)
Other comprehensive income for the year		-	-	-	16	(126)	(110)	1	(109)
Total comprehensive income for the year		-	-	-	656	(126)	530	-	530
Share-based compensation		-	-	-	32	-	32	-	32
New shares issued under share schemes		1	5	-	-	-	6	-	6
Own shares issued under share schemes		-	-	25	(23)	-	2	-	2
Own shares purchased		-	-	(117)	-	-	(117)	-	(117)
Dividends		-	-	-	(178)	-	(178)	-	(178)
Purchase of non-controlling interests		-	-	-	(8)	-	(8)	-	(8)
At 28 January 2012		372	2,199	(134)	2,869	413	5,719	8	5,727

Consolidated balance sheet
At 2 February 2013
£ millions	Notes	2012/13	2011/12
Non-current assets
Goodwill		2,399	2,397
Other intangible assets		166	123
Property, plant and equipment		3,748	3,667
Investment property		66	55
Investments in joint ventures and associates		289	271
Post employment benefits	9	71	25
Deferred tax assets		17	23
Derivatives		55	66
Other receivables		18	17
		6,829	6,644
Current assets
Inventories		2,083	1,844
Trade and other receivables		545	531
Derivatives		33	26
Current tax assets		9	1
Cash and cash equivalents		398	587
		3,068	2,989
Total assets		9,897	9,633
Current liabilities
Trade and other payables		(2,430)	(2,356)
Borrowings		(99)	(367)
Derivatives		(17)	(6)
Current tax liabilities		(289)	(305)
Provisions		(35)	(16)
		(2,870)	(3,050)
Non-current liabilities
Other payables		(115)	(121)
Borrowings		(332)	(375)
Derivatives		(12)	(8)
Deferred tax liabilities		(303)	(269)
Provisions		(38)	(43)
Post employment benefits	9	(71)	(40)
		(871)	(856)
Total liabilities		(3,741)	(3,906)
Net assets		6,156	5,727
Equity
Share capital		373	372
Share premium		2,204	2,199
Own shares held		(60)	(134)
Retained earnings		3,106	2,869
Other reserves		525	413
Total attributable to equity shareholders of the Company		6,148	5,719
Non-controlling interests		8	8
Total equity		6,156	5,727

The financial statements were approved by the Board of Directors on 25 March 2013 and signed on its behalf by:

Ian Cheshire                                                                        Karen Witts

Group Chief Executive                                                        Group Finance Director

Consolidated cash flow statement
Year ended 2 February 2013
£ millions	Notes	2012/13	2011/12
Operating activities
Cash generated by operations	10	730	827
Income tax paid		(129)	(148)
Net cash flows from operating activities		601	679
Investing activities
Purchase of businesses		-	(2)
Purchase of property, plant and equipment, investment property and intangible assets		(316)	(450)
Disposal of property, plant and equipment, investment property and intangible assets		17	9
Interest received		18	19
Dividends received from joint ventures and associates		10	10
Net cash flows from investing activities		(271)	(414)
Financing activities
Interest paid		(18)	(22)
Interest element of finance lease rental payments		(4)	(5)
Repayment of bank loans		(31)	(10)
Repayment of Medium Term Notes and other fixed term debt		(162)	(30)
Payment on financing derivatives		-	(5)
Capital element of finance lease rental payments		(12)	(16)
New shares issued under share schemes		6	6
Own shares issued under share schemes		6	2
Own shares purchased		-	(117)
Purchase of non-controlling interests		-	(8)
Dividends paid to equity shareholders of the Company		(221)	(178)
Net cash flows from financing activities		(436)	(383)
Net decrease in cash and cash equivalents and bank overdrafts		(106)	(118)
Cash and cash equivalents and bank overdrafts at beginning of year		485	636
Exchange differences		19	(33)
Cash and cash equivalents and bank overdrafts at end of year	11	398	485

Notes to the consolidated financial statements

1          General information

Kingfisher plc ('the Company'), its subsidiaries, joint ventures and associates (together 'the Group') supply home improvement products and services through a network of retail stores and other channels, located mainly in the United Kingdom, continental Europe and China.

The Company is incorporated in the United Kingdom. The address of its registered office is 3 Sheldon Square, Paddington, London W2 6PX.

The Company is listed on the London Stock Exchange.

2          Basis of preparation

The consolidated financial statements of the Company, its subsidiaries, joint ventures and associates are made up to the nearest Saturday to 31 January each year.  The current financial year is the 53 weeks ended 2 February 2013 ('the year' or '2012/13').  The comparative financial year is the 52 weeks ended 28 January 2012 ('the prior year' or '2011/12'). This only impacts the UK operations with all the other operations reporting on a calendar basis as a result of local statutory requirements.

The directors of Kingfisher plc, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the year ended 2 February 2013.

The condensed financial information, which comprises the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated balance sheet, consolidated cash flow statement and related notes do not constitute statutory financial statements for the 53 weeks ended 2 February 2013, but are derived from those statements. Statutory financial statements for 2011/12 have been filed with the Registrar of Companies and those for 2012/13 will be filed in due course. The Group's auditors have reported on both years' accounts; their reports were unqualified and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006. 

The condensed financial information has been abridged from the 2012/13 statutory financial statements, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') and those parts of the Companies Act 2006 applicable to companies reporting under IFRS and therefore the consolidated financial statements comply with Article 4 of the EU IAS legislation. The condensed financial information has been prepared under the historical cost convention, as modified by the use of valuations for certain financial instruments, share-based payments and post employment benefits.

There are no new standards, amendments or interpretations, which are mandatory for the first time for the financial year ended 2 February 2013, that are relevant and material for the Group.   

IAS 19 (revised) will be effective for the 2013/14 consolidated financial statements. This principally impacts the measurement and presentation of defined benefit pension expense/income and the disclosures for benefit plans. The most significant change is expected to be the replacement of interest cost and expected return on scheme assets with a single net finance cost or return determined by applying the same discount rate used to measure the defined benefit obligations to the net defined benefit liability or asset.  In addition, the revised standard will reclassify the administrative costs of running the UK scheme from net finance costs to operating costs.  The Group's reported profit before taxation and net assets are not expected to be materially impacted for 2012/13 (restated) and 2013/14, however in future years they may be impacted by the change in the finance cost/return calculation depending on market interest rates, rates of return and the mix of scheme assets.

Principal rates of exchange

		2012/13		2011/12
	Average rate	Year end rate	Average rate	Year end rate
Euro	1.23	1.15	1.15	1.19
US Dollar	1.59	1.57	1.60	1.57
Polish Zloty	5.13	4.79	4.80	5.04
Chinese Renminbi	10.01	9.80	10.31	9.94

Use of non-GAAP measures

In the reporting of financial information, the Group uses certain measures that are not required under IFRS, the generally accepted accounting principles (GAAP) under which the Group reports.  Kingfisher believes that retail profit, adjusted pre-tax profit, effective tax rate, adjusted post-tax profit and adjusted earnings per share provide additional useful information on underlying trends to shareholders. These and other non-GAAP measures such as net debt/cash are used by Kingfisher for internal performance analysis and incentive compensation arrangements for employees. The terms 'retail profit', 'exceptional items', 'adjusted', 'effective tax rate' and 'net debt/cash' are not defined terms under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures.

Retail profit is defined as continuing operating profit before central costs (principally the costs of the Group's head office), exceptional items, amortisation of acquisition intangibles and the Group's share of interest and tax of joint ventures and associates.

The separate reporting of non-recurring exceptional items, which are presented as exceptional within their relevant income statement category, helps provide an indication of the Group's underlying business performance. The principal items which are included as exceptional items are:

·      non-trading items included in operating profit such as profits and losses on the disposal, closure or impairment of subsidiaries, joint ventures, associates and investments which do not form part of the Group's trading activities;

·      profits and losses on the disposal of properties; and

·      the costs of significant restructuring and incremental acquisition integration costs.

The term 'adjusted' refers to the relevant measure being reported for continuing operations excluding exceptional items, financing fair value remeasurements, amortisation of acquisition intangibles, related tax items and prior year tax items. Financing fair value remeasurements represent changes in the fair value of financing derivatives, excluding interest accruals, offset by fair value adjustments to the carrying amount of borrowings and other hedged items under fair value hedge relationships. Financing derivatives are those that relate to underlying items of a financing nature.

The effective tax rate represents the effective income tax expense as a percentage of continuing profit before taxation excluding exceptional items. Effective income tax expense is the continuing income tax expense excluding tax on exceptional items and tax adjustments in respect of prior years and the impact of changes in tax rates on deferred tax.

Net debt/cash comprises borrowings and financing derivatives (excluding accrued interest), less cash and cash equivalents and current other investments.

3          Segmental analysis

Income statement

	2012/13
£ millions	UK & Ireland	France	Other International		Total
			Poland	Other
Sales	4,316	4,194	1,029	1,034	10,573
Retail profit	234	397	107	43	781
Exceptional items					(26)
Central costs					(42)
Share of interest and tax of joint ventures and associates					(18)
Operating profit					695
Net finance costs					(4)
Profit before taxation					691

	2011/12
£ millions	UK & Ireland	France	Other International		Total
			Poland	Other
Sales	4,338	4,470	1,094	929	10,831
Retail profit	271	423	135	53	882
Exceptional items					(12)
Central costs					(43)
Share of interest and tax of joint ventures and associates					(20)
Operating profit					807
Net finance costs					(10)
Profit before taxation					797

 

The current financial year is the 53 weeks ended 2 February 2013 with the comparative financial year being the 52 weeks ended 28 January 2012. This only impacts the UK & Ireland businesses with all of the other businesses reporting on a calendar basis as a result of local requirements. The effect of the 53rd week on the results of the Group is the inclusion of an additional £72 million sales and an immaterial benefit to retail profit.

The operating segments disclosed above are based on the information reported internally to the Board of Directors and Group Executive. This information is predominantly based on the geographical areas in which the Group operates and which are managed separately. The Group only has one business segment being the supply of home improvement products and services.

The 'Other International' segment consists of Poland, China, Spain, Russia, the joint venture Koçtaş in Turkey and the associate Hornbach which has operations in Germany and other European countries. Poland has been shown separately due to its significance.

Central costs principally comprise the costs of the Group's head office.

 

4        Exceptional items

£ millions	2012/13	2011/12
Included within selling and distribution expenses
Ireland restructuring	(21)	-
UK restructuring	4	2
UK stores acquisition integration	-	(11)
	(17)	(9)
Included within administrative expenses
UK restructuring	(20)	-
Net pension gain	11	-
	(9)	-
Included within other income
Loss on disposal of properties	-	(3)
	-	(3)
Exceptional items before tax	(26)	(12)
Tax on exceptional items	1	7
Exceptional items	(25)	(5)

Following a sustained decline in trading, the Group undertook a detailed review in the year of its Irish operations and as a result entered into an Examinership process in January 2013. The £21m restructuring charge represents provisions recorded for the impairment of properties and estimated costs of exiting leases and other closure activities.

The UK restructuring net charge of £16m principally reflects the streamlining of B&Q UK & Ireland's store support office and kitchen, bathroom and bedroom business as well as IT services. It also includes a £4m release (2011/12: £2m) of an onerous property contract provision for idle stores either sublet or exited in the period, which had previously been included as part of the B&Q UK store closure and downsizing programme in 2005/06.

In the prior year the Group acquired 29 Focus stores in the UK and incurred £11m of costs integrating these into the B&Q store network.

The net pension gain of £11m includes a £27m curtailment gain arising due to the closure of the UK final salary scheme to future benefit accrual. Offsetting the gain is a charge of £16m for transitional payments to scheme members.

 

5        Net finance costs

 

£ millions	2012/13	2011/12
Bank overdrafts and bank loans	(8)	(12)
Medium Term Notes and other fixed term debt	(7)	(10)
Finance leases	(4)	(5)
Financing fair value remeasurements	2	2
Unwinding of discount on provisions	-	(4)
Expected net interest charge on defined benefit pension schemes	(3)	-
Other interest payable	-	(3)
Capitalised interest	1	1
Finance costs	(19)	(31)
Cash and cash equivalents	15	19
Expected net interest return on defined benefit pension schemes	-	2
Finance income	15	21
Net finance costs	(4)	(10)

6        Income tax expense

£ millions	2012/13	2011/12
UK corporation tax
Current tax on profits for the year	47	68
Adjustments in respect of prior years	(13)	(16)
	34	52
Overseas tax
Current tax on profits for the year	128	142
Adjustments in respect of prior years	(54)	(31)
	74	111
Deferred tax
Current year	18	12
Adjustments in respect of prior years	5	(12)
Adjustments in respect of changes in tax rates	(4)	(5)
	19	(5)
Income tax expense	127	158

The effective rate of tax on profit before exceptional items and excluding prior year tax adjustments and the impact of changes in tax rates on deferred tax is 27% (2011/12: 28%). Tax on exceptional items for the year is a credit of £1m. In 2011/12 tax on exceptional items was a credit of £7m, £5m of which related to prior year items.

The overall tax rate for the year is 18% (2011/12: 20%) reflecting the impact on deferred tax of the 2% fall in the UK rate, release of prior year provisions either reassessed or time expired and a claim for the use of prior year losses of £33 million.

Kingfisher paid €138m tax to the French tax authorities in the year ended 31 January 2004 as a consequence of the Kesa Electricals demerger and recorded this as an exceptional tax charge. Kingfisher appealed successfully against this tax liability and as a result received €169m from the French tax authorities in September 2009, representing a refund of the €138m and €31m of repayment supplement. The French tax authorities appealed this decision and the hearing took place in May 2011 with the Court of Appeal finding in Kingfisher's favour. The French tax authorities have appealed this decision to the final level of court although a date for this hearing has not yet been set. Therefore no income has yet been recognised relating to this receipt.

7          Earnings per share

		2012/13			2011/12
	Earnings	Weighted average number of shares	Earnings per share	Earnings	Weighted average number of shares	Earnings per share
	£ millions	millions	pence	£ millions	millions	pence
Basic earnings per share	564	2,339	24.1	640	2,331	27.5
Dilutive share options		34	(0.3)		44	(0.6)
Diluted earnings per share	564	2,373	23.8	640	2,375	26.9
Basic earnings per share	564	2,339	24.1	640	2,331	27.5
Exceptional items	26		1.1	12		0.5
Tax on exceptional and prior year items	(67)		(2.8)	(66)		(2.8)
Financing fair value remeasurements	(2)		(0.1)	(2)		(0.1)
Tax on financing fair value remeasurements	1		-	-		-
Adjusted basic earnings per share	522	2,339	22.3	584	2,331	25.1
Diluted earnings per share	564	2,373	23.8	640	2,375	26.9
Exceptional items	26		1.1	12		0.5
Tax on exceptional and prior year items	(67)		(2.8)	(66)		(2.7)
Financing fair value remeasurements	(2)		(0.1)	(2)		(0.1)
Tax on financing fair value remeasurements	1		-	-		-
Adjusted diluted earnings per share	522	2,373	22.0	584	2,375	24.6

Basic earnings per share is calculated by dividing the profit for the year attributable to equity shareholders of the Company by the weighted average number of shares in issue during the year, excluding those held in the Employee Share Ownership Plan Trust ('ESOP') which for the purpose of this calculation are treated as cancelled.

For diluted earnings per share, the weighted average number of shares is adjusted to assume conversion of all dilutive potential ordinary shares. These represent share options granted to employees where both the exercise price is less than the average market price of the Company's shares during the year and any related performance conditions have been met.

8          Dividends

£ millions	2012/13	2011/12
Dividends to equity shareholders of the Company
Final dividend for the year ended 28 January 2012 of 6.37p per share (29 January 2011: 5.145p per share)	148	121
Interim dividend for the year ended 2 February 2013 of 3.09p per share (28 January 2012: 2.47p per share)	73	57
	221	178

The proposed final dividend for the year ended 2 February 2013 of 6.37p per share is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability.

 9         Post employment benefits

	2012/13			2011/12
£ millions	UK	Other	Total	UK	Other	Total
Surplus/(deficit) in scheme at beginning of year	25	(40)	(15)	(21)	(37)	(58)
Current service cost	(13)	(4)	(17)	(24)	(5)	(29)
Exceptional curtailment gain	27	-	27	-	-	-
Interest on defined benefit obligations	(84)	(3)	(87)	(90)	(3)	(93)
Expected return on pension scheme assets	83	1	84	94	1	95
Actuarial (losses)/gains	(7)	(22)	(29)	18	2	20
Contributions paid by employer	40	1	41	48	1	49
Exchange differences	-	(4)	(4)	-	1	1
Surplus/(deficit) in scheme at end of year	71	(71)	-	25	(40)	(15)
Present value of defined benefit obligations	(1,994)	(93)	(2,087)	(1,902)	(60)	(1,962)
Fair value of scheme assets	2,065	22	2,087	1,927	20	1,947
Surplus/(deficit) in scheme	71	(71)	-	25	(40)	(15)

The UK final salary scheme was closed to future benefit accrual with effect from 30 June 2012, resulting in an exceptional non-cash curtailment gain of £27m. From this date all UK employees have had the opportunity to join an enhanced defined contribution scheme. The reduction in contributions to the final salary scheme is offset significantly by the increased employee participation in, and employer contributions to, the enhanced defined contribution scheme. Eligible UK employees will be automatically enrolled into the defined contribution scheme from 31 March 2013.

The assumptions used in calculating the costs and obligations of the Group's defined benefit pension schemes are set by the Directors after consultation with independent professionally qualified actuaries. The assumptions are based on the conditions at the time and changes in these assumptions can lead to significant movements in the estimated obligations, as illustrated in the sensitivity analysis.

A key assumption in valuing the pension obligation is the discount rate. Accounting standards require this to be set based on market yields on high quality corporate bonds at the balance sheet date. The UK scheme discount rate is based on the yield on the iBoxx over 15 year AA-rated Sterling corporate bond index adjusted for the difference in term between iBoxx and scheme liabilities.

Annual % rate	2012/13	2011/12
Discount rate	4.6	4.5
Salary escalation	n/a	3.8
Rate of pension increases	3.3	3.0
Price inflation	3.3	3.0

For the UK scheme, the mortality assumptions used in the actuarial valuations have been selected with regard to the characteristics and experience of the membership of the scheme from 2007 to 2010. The assumptions for life expectancy of UK scheme members are as follows:

Years	2012/13	2011/12
Age to which current pensioners are expected to live (60 now)
- Male	86.4	86.4
- Female	87.1	87.1
Age to which future pensioners are expected to live (60 in 15 years' time)
- Male	87.1	87.1
- Female	88.7	88.7

The following sensitivity analysis for the UK scheme shows the estimated impact on obligations resulting from changes to key actuarial assumptions, whilst holding all other assumptions constant.

Assumption	Change in assumption	Impact on defined benefit obligation
Discount rate	Increase/decrease by 0.1%	Decrease/increase by £38m
Rate of pension increases	Increase/decrease by 0.1%	Increase/decrease by £25m
Price inflation	Increase/decrease by 0.1%	Increase/decrease by £38m
Mortality	Increase in life expectancy by one year	Increase by £62m

10       Cash generated by operations

£ millions	2012/13	2011/12
Operating profit	695	807
Share of post-tax results of joint ventures and associates	(20)	(32)
Depreciation and amortisation	248	237
Impairment losses	8	7
Loss on disposal of property, plant and equipment, investment property and intangible assets	5	7
Share-based compensation charge	9	32
Increase in inventories	(191)	(94)
Increase in trade and other receivables	(6)	(28)
Increase/(decrease) in trade and other payables	19	(65)
Movement in provisions	14	(24)
Movement in post employment benefits	(51)	(20)
Cash generated by operations	730	827

11        Net cash

£ millions	2012/13	2011/12
Cash and cash equivalents	398	587
Bank overdrafts	-	(102)
Cash and cash equivalents and bank overdrafts	398	485
Bank loans	(68)	(98)
Medium Term Notes and other fixed term debt	(298)	(478)
Financing derivatives	71	67
Finance leases	(65)	(64)
Net cash/(debt)	38	(88)
£ millions	2012/13	2011/12
Net (debt)/cash at beginning of year	(88)	14
Net decrease in cash and cash equivalents and bank overdrafts	(106)	(118)
Repayment of bank loans	31	10
Repayment of Medium Term Notes and other fixed term debt	162	30
Payment on financing derivatives	-	5
Capital element of finance lease rental payments	12	16
Cash flow movement in net debt	99	(57)
Exchange differences and other non-cash movements	27	(45)
Net cash/(debt) at end of year	38	(88)

 

END

 

 

FR NKPDKCBKDANB