Turn Page 
Notes to the consolidated financial statements
Year ended 31 July 2007
35. Reconciliation of opening to closing net debt
| For the year ended 31 July 2007 | At 1 August £m |
Cash flows £m |
Acquisitions £m |
New finance leases £m |
Fair value adjustments £m |
Exchange movement £m |
At 31 July £m |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 416 | (154) | – | – | – | (18) | 244 |
| Bank overdrafts | (124) | (66) | – | – | – | 6 | (184) |
| 292 | (220) | – | – | – | (12) | 60 | |
| Financial assets: trading investments | 4 | – | – | – | – | – | 4 |
| Derivative financial instruments | (19) | 5 | – | – | 4 | 2 | (8) |
| Bank loans | (2,152) | (14) | (369) | – | (2) | 94 | (2,443) |
| Obligations under finance leases | (75) | 12 | (4) | (15) | - | 2 | (80) |
| (1,950) | (217) | (373) | (15) | 2 | 86 | (2,467) |
| For the year ended 31 July 2006 | At 1 August £m |
Cash flows £m |
Acquisitions £m |
New finance leases £m |
Fair value adjustments £m |
Exchange movement £m |
At 31 July £m |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 381 | 52 | – | – | – | (17) | 416 |
| Bank overdrafts | (437) | 304 | – | – | – | 9 | (124) |
| (56) | 356 | – | – | – | (8) | 292 | |
| Financial assets: trading investments | 5 | – | – | – | – | (1) | 4 |
| Derivative financial instruments | (11) | 4 | – | – | (13) | 1 | (19) |
| Bank loans | (1,047) | (1,085) | (74) | – | 26 | 28 | (2,152) |
| Obligations under finance leases | (62) | 17 | (2) | (30) | – | 2 | (75) |
| (1,171) | (708) | (76) | (30) | 13 | 22 | (1,950) |