1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45

Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2007

37 Notes to the consolidated cash flow statement

a) Analysis of changes in net debt

  At 1 January 2007 as restated1
€m		  

Cash flow
€m

   Disposal of business (see Note 39)
€m		   Non-cash movements
€m		   Exchange movements
€m		   At 31 December 2007
€m
Cash and short-term deposits 116.6   (55.3)   –   –   (0.4)   60.9
Bank overdrafts (3.3)   (5.5)   –   –   –   (8.8)
Cash and cash equivalents 113.3   (60.8)   –   –   (0.4)   52.1
Current assets – held for trading 22.6   (17.2)   –   –   –   5.4
Obligations under finance leases (292.1)   57.6   –   (48.3)   9.1   (273.7)
Borrowings (excluding overdrafts) (see Note 25) (787.6)   (141.6)   196.7   13.6   (2.5)   (721.4)
Derivative debt instruments (see Note 26) (64.1)   35.3   –   (14.6)   0.1   (43.3)
Net debt (1,007.9)   (126.7)   196.7   (49.3)   6.3   (980.9)

Non-cash movements represent the effect of the inception and cessation of certain finance leases during the year, and recognition of changes in the fair value of derivatives and hedged items.

b) Reconciliation of net (decrease)/increase in cash and cash equivalents to movement in net debt

    2007   2006
as restated1
    €m   €m
Movement in net debt resulting from cash flows   (126.7)   55.9
Disposal of business (see Note 39)   196.7   –
New finance leases   (48.3)   (110.1)
Re-measurement adjustments on borrowings (see Note 25) and derivative debt instruments (see Note 26)   (1.0)   (6.9)
Exchange movements   6.3   (1.2)
Total movement in net debt   27.0   (62.3)
Net debt at 1 January1   (1,007.9)   (945.6)
Net debt at 31 December   (980.9)   (1,007.9)