Notes forming part of the financial statements
20. ANALYSIS OF NET DEBT
1 March 2019 | Translation adjustment | Additions/ Disposals | Cash Flow, net | Non-cash changes | 29 February 2020 | |
|---|---|---|---|---|---|---|
€m | €m | €m | €m | €m | €m | |
Group | ||||||
Interest bearing loans & borrowings | (446.0) | 1.8 | - | 88.6 | (1.4) | (357.0)* |
Cash | 144.4 | (1.0) | - | (20.0) | - | 123.4 |
Net debt excluding leases | (301.6) | 0.8 | - | 68.6 | (1.4) | (233.6) |
Lease liabilities (note 18)** | (99.6) | (0.5) | (11.6) | 22.0 | (3.6) | (93.3) |
Net debt including leases | (401.2) | 0.3 | (11.6) | 90.6 | (5.0) | (326.9) |
* Interest bearing loans & borrowings at 29 February 2020 are net of unamortised issue costs of €3.7m.
** All leases capitalised under IFRS 16 have been included as lease liabilities in FY2020.
1 March 2018 | Translation adjustment | Arising on acquisition (note 10) | Cash Flow, net | Non-cash changes | 28 February 2019 | |
|---|---|---|---|---|---|---|
€m | €m | €m | €m | €m | €m | |
Group | ||||||
Interest bearing loans & borrowings | (383.1) | (0.5) | (116.5) | 55.2 | (1.1) | (446.0)* |
Cash | 145.5 | 1.0 | - | (2.1) | - | 144.4 |
(237.6) | 0.5 | (116.5) | 53.1 | (1.1) | (301.6) |
* Interest bearing loans & borrowings at 28 February 2019 are net of unamortised issue costs of €4.6m.
1 March 2019 | Translation adjustment | Cash Flow, net | Non-cash changes | 29 February 2020 | |
|---|---|---|---|---|---|
€m | €m | €m | €m | €m | |
Company | |||||
Interest bearing loans & borrowings | (24.5) | 0.1 | 11.9 | (1.4) | (13.9)* |
Cash | - | - | - | - | - |
(24.5) | 0.1 | 11.9 | (1.4) | (13.9) |
* Interest bearing loans & borrowings at 29 February 2020 are net of unamortised issue costs of €3.7m.
1 March 2018 | Translation adjustment | Cash Flow | Non-cash changes | 28 February 2019 | |
|---|---|---|---|---|---|
€m | €m | €m | €m | €m | |
Company | |||||
Interest bearing loans & borrowings | 0.7 | (0.5) | (23.6) | (1.1) | (24.5)* |
Cash | - | - | - | - | - |
0.7 | (0.5) | (23.6) | (1.1) | (24.5) |
* Interest bearing loans & borrowings at 28 February 2019 are net of unamortised issue costs of €4.6m.
The non-cash change to the Company and Group’s interest bearing loans and borrowings in the current financial year relates to the amortisation of issue costs of €1.4m (2019: €1.1m). The non-cash changes for the Group’s lease liabilities in the current financial year relate to discount unwinding.
As outlined in further detail in note 26, the Company, together with a number of its subsidiaries, gave a letter of guarantee to secure its obligations in respect of all debt drawn by the Company and Group at 29 February 2020.