7 November 2002
THE BIG FOOD GROUP PLC
INTERIM RESULTS
for the 24 weeks to 13 September 2002
Highlights

Total net sales were £2,378.1 million (2001: £2,446.2 million)

Operating profit before goodwill amortisation and exceptional items was £18.2 million (2001: £33.4
million)

Profit before goodwill amortisation, exceptional items and tax was £6.6 million (2001: £16.7 million)

Earnings per share were 1.5p (2001: 0.2p) and adjusted earnings per share were 1.6p (2001: 4.6p)

Dividend 1.0p (2001: 1.0p) per share

Continued strong performance of four Iceland new format trial stores with average uplift in like for like
sales of 15.1% during the period

Satisfactory performance at Booker with non-tobacco sales up 2.3%
Commenting on the statement Chief Executive Bill Grimsey said:
“I am very pleased with the performance at Booker where we have grown sales and made good
progress with strategic initiatives. Meanwhile Iceland is now trading profitably, and having brought gross
margin under control, the emphasis is on building sales through the important Christmas trading period
and rolling out our proven new format stores.”
Enquiries:
The Big Food Group plc
Bill Grimsey, Chief Executive
Bill Hoskins, Finance Director
David Sawday, Head of Group PR
Tel: 020 7796 4133 on 7 November 2002
thereafter Tel: 01933 371148
Hudson Sandler
Andrew Hayes/Noémie de Andia
Tel: 020 7796 4133
1
7 November 2002
THE BIG FOOD GROUP PLC
INTERIM STATEMENT
for the 24 weeks to 13 September 2002
Introduction
During the first half of the current year much progress has been made in the implementation of our
strategic initiatives including the important new format trials at Iceland. The excellent performance of
these stores demonstrates that we can deliver a step change in performance with this initiative. There
was also a solid performance at Booker which continues to improve upon its strong position in the UK
wholesale market.
However, this progress was masked by the trading problems at Iceland caused by a change in
promotional strategy. This was swiftly recognised and corrective action taken with the result that this
business unit is now trading profitably.
The re-financing, which was completed in June, gives the Company a much stronger financial platform
from which to carry out its investment plans.
Summary
Total net sales were £2,378.1 million (2001: £2,446.2 million), the reduction due principally to Iceland’s
trading performance.
Operating profit before goodwill amortisation and exceptional items was £18.2 million (2001: £33.4
million), the shortfall arising from the volume and gross margin impacts at Iceland caused by the change
in promotional strategy.
Profit before goodwill amortisation, exceptional items and tax was £6.6 million (2001: £16.7 million) with a
reduction in interest expense (before exceptional costs) of £5.1 million including the effect of the sale
and leaseback.
Earnings per share were 1.5p (2001: 0.2p) and adjusted earnings per share were 1.6p (2001 : 4.6p)
An interim dividend of 1.0p per share is proposed (2001: 1.0p per share)
Performance Review
Sales
Booker. The overall growth in Booker’s like for like sales of 0.8% was a satisfactory performance. The
growth in the more profitable non-tobacco sales of 2.3% was particularly pleasing. This was driven by
increased promotional activity, in line with our strategy to deliver better value for our customers, and the
growth in alcohol, soft drinks and snacks. The decline in tobacco sales had little effect on profitability
however it is an important driver of footfall so is relevant to the performance of Booker’s position as the
market leader in the UK wholesale market.
Woodward Foodservice. The 10.8% like for like sales growth at Woodward continued the strong upward
trend. Key drivers were the growth experienced in the independent catering market in England and
Wales and the development of national accounts.
2
Iceland Foods. A too aggressive move towards a value driven proposition caused a decline in like for
like sales of 6.7% for the first half. A return to the more traditional promotional package was increasingly
implemented from July. By contrast, in the new format stores, where there have also been changes in
range, store environment and services, customers like the value based proposition. Therefore it remains
part of the roll-out strategy for the new formats.
The Home Shopping pick centre at Sunbury has been established and we are evaluating both the
commercial progress and the cost effectiveness of this trial.
Operating Profit
Operating profit before goodwill amortisation and exceptional items was as follows:
Booker
Woodward
Iceland
2002
£m
2001
£m
26.1
(1.0)
(6.9)
_____
18.2
_____
26.1
(0.7)
8.0
_____
33.4
_____
At Booker the underlying growth in operating profit of 10% demonstrates its strength as the market leader
in the Cash and Carry business. This profit growth includes the benefit of higher non-tobacco sales with
the associated increase in gross margins, together with an improvement in stock shrinkage. However,
additional costs of approximately £2.6 million were incurred on flood damage at the Blackburn branch
and additional rents arising from the sale and leaseback in June.
Losses at Woodward were at similar levels to the previous year in line with our strategic plan which is
designed to take advantage of the growth in the foodservice sector. The benefit of the gross margin,
arising from the increase in sales, was matched by the additional revenue costs being invested by the
business unit as part of that plan.
At Iceland, the operating loss of £6.9 million was in line with the expectation outlined in the trading
statement of 25 July. The sales decline, noted above, was the result of a too aggressive move towards a
value proposition. This required an investment in margin to generate sales and the targets for both of
these elements were not met. The margin cost experienced in the first half was approximately £4.5
million. The overall impact of the reduction in sales volumes was, however, mitigated by the business
unit’s ability to manage variable distribution and branch costs in line with the lower level of activity.
Subsequently gross margins have been restored by the return to the traditional promotion strategy and
Iceland is now trading profitably. The task now is to improve trading performance running up to
Christmas. Other impacts of £1.0 million on operating profit at Iceland included the additional rents from
the sale and leaseback.
Strategic Initiatives
In contrast to the short term profitability, the Group has made important advances in the development
of its longer term outlook.
At Booker, the strategic aim to grow its delivered wholesale business has been strengthened. Firstly by
the start up of the Delivery Hub at Wolverhampton, a specialised delivery site providing an enhanced
service and better use of our assets. Secondly the Drop Shipment programme, which involves direct
delivery to customers of products like bread and milk that are needed daily. Both initiatives are
3
supported by the associated e-ordering system. Meanwhile our Premier fascia customers have increased
from 705 to 818.
The Woodward Foodservice business, currently focused on frozen food, aims to enhance its capability to
compete for national accounts by enlarging its product offering. In September, a new distribution
centre for ambient groceries was opened in Rhyl to service customers in Wales and the North West of
England.
At Iceland, where much of the Group’s investments are planned, developments included re-fits in the
new format concepts and the opening of a new store. We have identified four formats: a freezer centre,
with a minimal grocery and chilled offer; a core store, with a product mix close to that of the current
standard Iceland format; a core+ store offering additional ranges, particularly in chilled and fresh foods,
together with improved services; a C-store with a reduced frozen food offer, providing a full
convenience store range. The first four new format stores, covering each of the concepts traded with an
average uplift in like for like sales of 15.1% over the period with particularly strong results being achieved
from the core and core+ formats. The trial of these formats will be extended to a further 32 stores by the
end of this financial year in order to establish these propositions prior to the rollout to 100 further stores in
2003/2004. In the first half one new store opened at Leicester and a further 10 are planned to open by
the end of the financial year.
Interest
Net interest payable was £11.8 million before exceptional costs (2001 : £16.7 million), reflecting the lower
borrowings during the period including the impact of the re-financing completed in June.
Exceptional Costs
Operating exceptional costs were £ 3.9 million with an additional £5.2 million charged to interest.
The principal components of operating exceptional costs were:
£m
1.3
1.7
0.3
0.6
___
3.9
___
Closure of Sovereign
Integration projects
Investment write down
Other
Sovereign was a single branch confectionery wholesale business within Booker with an operating loss of
approximately £0.3 million per annum.
Integration projects include financial administration and in particular the creation of a Group transaction
processing centre at Deeside based on SAP technology.
The £5.2 million charged to interest related to the closure of various interest rate swap contracts as noted
in the 2002 annual report and accounts.
Exceptional profits of £17.6 million arose from the disposal of fixed assets, principally the 31 properties
which were the subject of a sale and leaseback transaction as part of the re-financing programme.
4
Cash Flow
Average daily net debt, comprising actual borrowings, and estimated cash and finance leases was as
follows:
£m
30 March to 17 June
377
18 June to 13 September
239
On 18 June the Company received £123.5 million (net of expenses) in respect of the sale and leaseback
of 31 properties.
The Company generated cash of £ 123.5 million during the period, the components of which were:
£m
Operating profit before goodwill amortisation
and exceptional costs
Depreciation and amortisation
18.2
34.9
______
53.1
(15.6)
______
37.5
(0.5)
(27.7)
126.5
(2.3)
(7.7)
(2.3)
______
123.5
(404.2)
______
(280.7)
______
Interest, tax and dividends
Working capital
Capital expenditure
Fixed asset disposals
Provisions
Exceptional costs
Purchase of investments
Net cash flow
Net debt at 30 March 2002
Net debt at 13 September 2002
Excluding the impact of exceptional items and the disposal of fixed assets, the Company generated £4.7
million of cash, in line with its own expectations.
Working capital continued to be managed effectively within the overall reduction in trading activity.
Both stocks and creditors increased as a result of tactical purchases.
Capital expenditure at £27.7 million was lower than depreciation for the period. However, significant
investments are planned for the second half particularly in respect of re-fits and new stores at Iceland.
Dividend
The Board have considered profitability and cash flow earned to date as well as the Company’s
expectations for the remainder of the year. These indicate an improving trend, based on seasonality and
the recovery of the Iceland gross margins.
Accordingly, an interim dividend of 1.0p per share is proposed. The dividend is payable on 10 January
2003 to shareholders on the register at 6 December 2002.
5
Re-financing
The Company completed its re-financing on 18 June providing longer term borrowing facilities. The
elements were a sale and leaseback of 31 properties raising £123.5 million (net of expenses), a
subordinated 10 year High Yield bond for £150 million and a bank facility for £300 million expiring 30
March 2007. This re-financing programme puts in place the necessary funding to enable the Company
to execute its investment plans.
The average net debt reported above indicates strong liquidity and the Company expects to meet its
financial compliance obligations.
The Company may from time to time choose to repurchase outstanding bonds, in open market
purchases or privately negotiated transactions. Such purchases will depend on prevailing market
conditions and will not exceed 10% of the bonds in issue.
Pension Scheme
On 1 August the Company completed its new pension arrangements for employees under which
accrual of benefits under the final salary scheme ceased and with over 95% of members entering a new
defined contribution scheme. Also from 1 August the Company is paying contributions of approximately
£7 million per annum in respect of the actuarial deficit until the next triennial valuation in 2004.
Management and Employees
The Company will shortly be launching a further issue under its existing SAYE scheme in respect of
approximately twelve million shares, subject to employee take-up, to all qualifying employees with
service of at least one year. This reflects the Company’s aim of increasing employee share ownership still
further to enable our colleagues to participate in the longer term growth prospects.
During the period we have made several key appointments that will further strengthen our management
team.
Ted Smith, has joined as Stores Director, Iceland. He was previously Operations Director with WH Smith
and held senior retail positions at Boots.
Nick Canning is to join as Marketing Director, Iceland. Nick was formerly Marketing Director with News
International responsible for The Sun and The News of the World. Prior to that he was Marketing Director
for KP Foods, following a successful early career in marketing.
Peter Fuller has joined Woodward Foodservices as Operations Director and previously held senior
positions in logistics at B&Q and Asda.
Outlook
The successful completion of the re-financing has enabled the Group to embark on implementation of
the strategic plan. Teams across the Group are engaged on initiatives designed to restore shareholder
value. The main issue facing the Group today is the like for like sales performance of Iceland. Therefore
the focus is on the Christmas trading period to restore sales whilst margins are maintained.
Presentation to Analysts
A presentation to analysts will be made today at 9.15am for 9.30am at The Smeaton Vaults, The Brewery,
Chiswell Street, London, EC1.
6
Group Profit and Loss Account
For the 24 weeks ended 13 September 2002
Note
Turnover
2
24 weeks
ended
13 September
2002
(Unaudited)
£m
24 weeks
ended
15 September
2001
(Unaudited)
£m
52 weeks
ended
29 March
2002
(Audited)
£m
2,378.1
---------------
2,446.2
---------------
5,220.4
--------------
------------------------------------------------------------------------------------------------------------------------------------------------Operating profit before goodwill amortisation and
operating exceptional items
18.2
33.4
76.1
Goodwill amortisation
(10.2)
(10.2)
(22.2)
Operating exceptional items
3
(3.9)
(5.7)
(10.4)
------------------------------------------------------------------------------------------------------------------------------------------------2
4.1
17.5
43.5
Operating profit
Profit on disposal of fixed assets
Profit on ordinary activities before interest
and taxation
Interest payable (net)
4
Profit on ordinary activities before taxation
Tax on profit on ordinary activities
Profit for the financial period
Dividends
5
Retained profit/(deficit) for the period
Earnings per ordinary share - basic
- adjusted
- diluted
6
6
6
7
17.6
---------------
2.8
---------------
4.2
--------------
21.7
20.3
47.7
(16.8)
--------------4.9
(18.4)
--------------1.9
(34.9)
-------------12.8
--------------4.9
(1.3)
--------------0.6
(3.5)
-------------9.3
(3.3)
--------------1.6
=========
(3.4)
--------------(2.8)
=========
(8.4)
--------------0.9
========
Pence
Pence
Pence
1.5
1.6
1.4
0.2
4.6
0.2
2.8
11.4
2.8
Group Statement of Total Recognised Gains and Losses
For the 24 weeks ended 13 September 2002
24 weeks
ended
13 September
2002
(Unaudited)
£m
24 weeks
ended
15 September
2001
(Unaudited)
£m
52 weeks
ended
29 March
2002
(Audited)
£m
4.9
0.5
--------------5.4
=========
0.6
--------------0.6
=========
9.3
--------------9.3
=========
24 weeks
24 weeks
ended
ended
13 September 15 September
2002
2001
(Unaudited)
(Unaudited)
£m
£m
52 weeks
ended
29 March
2002
(Audited)
£m
Profit for the financial period
Exchange movements
Total recognised gains for the period
Reconciliation of Movement in Shareholders’ Funds
For the 24 weeks ended 13 September 2002
Total recognised gains and losses
Dividends paid and proposed
New share capital allotted, including premium
Net increase/(decrease) in shareholders’ funds
Shareholders’ funds at the beginning of the period
Shareholders’ funds at the end of the period
8
5.4
(3.3)
0.1
--------------2.2
402.5
--------------404.7
0.6
(3.4)
0.4
--------------(2.4)
400.1
--------------397.7
9.3
(8.4)
1.5
--------------2.4
400.1
--------------402.5
=========
=========
=========
Group Balance Sheet
At 13 September 2002
13 September 15 September
2002
2001
(Unaudited)
(Unaudited)
£m
£m
Fixed assets
Intangible assets
Tangible assets
Investments
Current assets
Stocks
Debtors due within one year
Short-term deposits
Cash at bank and in hand
Creditors due within one year
Net current liabilities
Total assets less current liabilities
Creditors due after one year
Provisions for liabilities and charges
Capital and reserves
Called up share capital
Share premium account
Merger reserve
Profit and loss account
Equity shareholders’ funds
9
29 March
2002
(Audited)
£m
395.4
498.9
11.4
--------------905.7
---------------
417.6
635.2
13.8
--------------1,066.6
---------------
405.6
614.6
11.2
--------------1,031.4
---------------
346.3
116.1
10.5
50.9
--------------523.8
366.4
135.6
15.2
74.9
--------------592.1
296.6
142.3
4.6
36.8
--------------480.3
(653.6)
--------------(129.8)
--------------775.9
(777.8)
--------------(185.7)
--------------880.9
(1,049.6)
--------------(569.3)
--------------462.1
(321.5)
(428.0)
(9.1)
(49.7)
--------------404.7
========
(55.2)
--------------397.7
========
(50.5)
--------------402.5
========
34.3
17.7
344.5
8.2
--------------404.7
=========
34.2
16.7
344.5
2.3
--------------397.7
=========
34.3
17.7
344.5
6.0
--------------402.5
========
Group Cash Flow Statement
For the 24 weeks ended 13 September 2002
Note
Cash flow from operating activities
Servicing of finance
Tax refunded/(paid)
Capital expenditure and financial investment
Equity dividends paid
7
8
8
Cash inflow before use of liquid resources and
financing
Management of liquid resources:
Net (outflow)/inflow from short-term deposits
Financing
8
Increase in cash for the period
Reconciliation of net cash flow to movement in
net debt:
Increase in cash for the period
Cash outflow from debt and lease financing
Cash outflow/(inflow) from liquid resources
24 weeks
24 weeks
ended
ended
13 September 15 September
2002
2001
(Unaudited)
(Unaudited)
£m
£m
52 weeks
ended
29 March
2002
(Audited)
£m
47.8
(16.2)
0.4
96.4
(5.0)
----------------
100.4
(20.7)
(1.4)
(4.7)
----------------
161.8
(40.3)
8.0
(27.4)
(3.4)
----------------
123.4
73.6
98.7
(5.9)
(9.9)
0.7
(112.8)
---------------4.7
=========
(38.7)
---------------25.0
=========
(81.0)
---------------18.4
=========
4.7
112.9
5.9
---------------123.5
25.0
39.1
9.9
---------------74.0
18.4
82.5
(0.7)
---------------100.2
(404.2)
---------------(280.7)
=========
(504.4)
---------------(430.4)
=========
(504.4)
---------------(404.2)
=========
9
Movement in net debt in the period
Net debt at start of period
Net debt at end of period
10
Notes to the Accounts
At 13 September 2002
1.
Basis of preparation and accounting policies
The interim accounts have been prepared on the basis of the accounting policies set out in the Group’s
statutory accounts for the period ended 29 March 2002.
These statements, which are unaudited, do not constitute statutory accounts within the meaning of section
240 of the Companies Act 1985. The accounts for the 52 weeks ended 29 March 2002 have been extracted
from the full accounts, which have been filed with the Registrar of Companies. The Auditors’ Report on
these accounts was unqualified and did not contain any statement under section 237 of the Companies Act
1985.
2.
Segmental analysis
24 weeks
ended
13 September
2002
£m
24 weeks
ended
15 September
2001
£m
52 weeks
ended
29 March
2002
£m
1,656.9
46.0
675.2
------------2,378.1
=======
1,677.2
41.5
727.5
------------2,446.2
=======
3,544.4
87.0
1,589.0
------------5,220.4
=======
26.1
(1.0)
(6.9)
------------18.2
26.1
(0.7)
8.0
------------33.4
54.6
(1.6)
23.1
------------76.1
(10.2)
(10.2)
(22.2)
a) Turnover
Wholesale
Foodservice
Retail
b) Profit before tax
Wholesale
Foodservice
Retail
Goodwill amortisation
Operating exceptional items:
Wholesale
Foodservice
Retail
(2.1)
(2.8)
(3.8)
(0.2)
(1.8)
(2.9)
(6.4)
------------------------------------Operating profit
4.1
17.5
43.5
17.6
2.8
4.2
Profit on disposal of fixed assets
(16.8)
(18.4)
(34.9)
Interest payable (net)
------------------------------------4.9
1.9
12.8
Profit before tax
=======
=======
=======
All operations are continuing and carried out in the United Kingdom and the Republic of Ireland.
11
Notes to the Accounts
At 13 September 2002 (continued)
3.
24 weeks
24 weeks
ended
ended
13 September 15 September
2002
2001
£m
£m
Exceptional items before interest
Integration and strategic review costs
Refinancing costs
Business closure
Write down of investment
Other
1.7
1.3
0.3
0.6
-----------3.9
(17.6)
-----------(13.7)
=======
Total operating exceptional items
Profit on disposal of fixed assets
4.
Interest payable (net)
Interest receivable and similar income
Interest payable:
Interest on bank loans and overdrafts
Loan note interest
Finance charges payable under finance leases
Unwinding of discount on provisions
Other interest payable
Exceptional costs:
Bank fees related to the syndicated facility
Interest rate swap closure costs
12
52 weeks
ended
29 March
2002
£m
3.7
2.0
-----------5.7
(2.8)
-----------2.9
=======
7.9
2.0
1.3
(0.8)
-----------10.4
(4.2)
-----------6.2
=======
24 weeks
24 weeks
ended
ended
13 September 15 September
2002
2001
£m
£m
52 weeks
ended
29 March
2002
£m
(0.4)
(0.1)
(2.8)
7.5
3.6
0.4
0.5
--------------11.6
15.4
0.2
0.8
0.4
--------------16.7
33.2
0.2
1.4
0.6
0.6
--------------33.2
5.2
--------------16.8
=========
1.7
--------------18.4
=========
1.7
--------------34.9
=========
Notes to the Accounts
At 13 September 2002 (continued)
5.
24 weeks
24 weeks
ended
ended
13 September 15 September
2002
2001
£m
£m
Dividends
Interim dividend 1.0p per share (2001/2:1.0p)
Final dividend (2001/2: 1.5p)
6.
3.3
-----------3.3
=======
3.4
-----------3.4
=======
52 weeks
ended
29 March
2002
£m
3.4
5.0
-----------8.4
=======
Earnings per ordinary share
Basic and diluted
The basic and diluted earnings per share are calculated based on the following data:
24 weeks
24 weeks
ended
ended
13 September 15 September
2002
2001
£m
£m
Profit for the financial period
Basic weighted average number of shares
Dilutive potential ordinary shares:
Employee share awards and options
Diluted weighted average number of shares
52 weeks
ended
29 March
2002
£m
4.9
========
No. (m)
0.6
========
No. (m)
9.3
========
No. (m)
332.3
331.8
332.1
5.6
-----------337.9
=======
1.4
-----------333.2
=======
4.0
-----------336.1
=======
The basic weighted average excludes shares held in the employee share trust, as required by FRS14.
The effect of this is to reduce the average by 10,701,000 (15 September 2001: 9,840,000,
29 March 2002: 9,874,861).
Adjusted
Adjusted earnings per share of 1.6p (15 September 2001: 4.6p, 29 March 2002: 11.4p) are presented in
addition to the basic EPS of 1.5p (15 September 2001: 0.2p, 29 March 2002: 2.8p) required by FRS 14
since, in the opinion of the directors, this represents a clearer year on year comparison of the earnings
of the Group. The adjusting items are: exclusion of goodwill amortisation 3.1p (15 September 2001:
3.1p, 29 March 2002: 6.7p); exceptional items (2.6)p (15 September 2001: 1.7p, 29 March 2002: 2.4p);
and associated tax credit of (0.4)p (15 September 2001: (0.4)p, 29 March 2002: (0.5)p).
13
Notes to the Accounts
At 13 September 2002 (continued)
7.
Reconciliation of operating profit to operating cash
flows
Operating profit
Operating exceptional items
Operating profit before operating exceptional items
Depreciation
Amortisation of goodwill
Amortisation of investments
Exceptional costs cash flow
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash flow relating to provisions
Net cash inflow from operating activities
8.
Analysis of cash flows
Servicing of finance
Interest paid
Interest element of finance lease rental payments
Interest rate swap closure costs
Bank fees related to the syndicated facility
Net cash outflow for servicing of finance
Capital expenditure and financial investment
Purchase of tangible fixed assets
Sale of tangible fixed assets
Purchase of shares for ESOP
Net cash outflow for capital expenditure and financial
investment
Financing
Issue of share capital
Proceeds from new borrowings
Repayment of borrowings
Capital element of finance lease repayments
Net cash outflow from financing
14
24 weeks
ended
13 September
2002
£m
24 weeks
ended
15 September
2001
£m
52 weeks
ended
29 March
2002
£m
4.1
3.9
---------------8.0
33.0
10.2
1.9
(2.5)
(49.7)
25.7
23.5
(2.3)
---------------47.8
=========
17.5
5.7
---------------23.2
36.9
10.2
1.3
(12.9)
(6.4)
3.5
48.5
(3.9)
---------------100.4
=========
43.5
10.4
---------------53.9
79.0
22.2
2.6
(19.5)
63.4
(10.4)
(20.7)
(8.7)
---------------161.8
=========
24 weeks
ended
13 September
2002
£m
24 weeks
ended
15 September
2001
£m
52 weeks
ended
29 March
2002
£m
(10.6)
(0.4)
(5.2)
---------------(16.2)
=========
(19.9)
(0.8)
---------------(20.7)
=========
(36.7)
(1.4)
(2.2)
--------------(40.3)
========
(27.7)
126.5
(2.4)
----------------
(19.0)
14.3
----------------
(45.8)
18.4
---------------
96.4
=========
(4.7)
=========
(27.4)
========
0.1
260.4
(369.3)
(4.0)
---------------(112.8)
==========
0.4
(32.4)
(6.7)
---------------(38.7)
==========
1.5
(69.7)
(12.8)
--------------(81.0)
========
Notes to the Accounts
At 13 September 2002 (continued)
9.
At
29 March
2002
£m
Analysis of net debt
Cash at bank and in hand
Overdrafts
Debt due within 1 year
Debt due after 1 year
Finance leases
Liquid resources
- short-term deposits
15
At
13 September
Cash flow
2002
£m
£m
36.8
(2.0)
--------------34.8
(427.0)
(2.1)
(14.5)
--------------(408.8)
14.1
(9.4)
-------------4.7
425.4
(316.5)
4.0
-------------117.6
50.9
(11.4)
--------------39.5
(1.6)
(318.6)
(10.5)
--------------(291.2)
4.6
--------------(404.2)
========
5.9
-------------123.5
========
10.5
--------------(280.7)
========