21. ANALYSIS OF NET DEBT

1 March 2021

Translation adjustment

Additions/

disposals/

remeasurement

Cash Flow, net

Non-cash

changes

28 February 2022

€m

€m

€m

€m

€m

€m

Group

Interest bearing loans & borrowings

(470.0)

(7.2)

-

222.2

(1.0)

(256.0)*

Cash

107.7

2.5

-

(45.5)

-

64.7

Net debt excluding leases

(362.3)

(4.7)

-

176.7

(1.0)

(191.3)

Lease liabilities (note 19)

(79.6)

(3.2)

(19.1)

25.2

(3.3)

(80.0)

Net debt including leases

(441.9)

(7.9)

(19.1)

201.9

(4.3)

(271.3)

* Interest bearing loans & borrowings at 28 February 2022 are net of unamortised issue costs of €2.9m.

1 March 2020

Translation adjustment

Additions/

disposals/ remeasurement

Cash Flow, net

Non-cash

changes

28 February 2021

€m

€m

€m

€m

€m

€m

Group

Interest bearing loans & borrowings

(357.0)

(6.3)

-

(105.5)

(1.2)

(470.0)*

Cash

123.4

1.7

-

(17.4)

-

107.7

Net debt excluding leases

(233.6)

(4.6)

-

(122.9)

(1.2)

(362.3)

Lease liabilities (note 19)

(93.3)

2.0

(7.3)

22.5

(3.5)

(79.6)

Net debt including leases

(326.9)

(2.6)

(7.3)

(100.4)

(4.7)

(441.9)

* Interest bearing loans & borrowings at 28 February 2021 are net of unamortised issue costs of €3.9m.

1 March 2021

Translation

adjustment

Cash Flow, net

Non-cash

changes

28 February 2022

€m

€m

€m

€m

€m

Company

Interest bearing loans & borrowings

(144.4)

(3.0)

5.9

(1.0)

(142.5)*

Cash

0.7

-

(0.6)

-

0.1

(143.7)

(3.0)

5.3

(1.0)

(142.4)

* Interest bearing loans & borrowings at 28 February 2022 are net of unamortised issue costs of €2.9m.

1 March 2020

Translation

adjustment

Cash Flow, net

Non-cash

changes

28 February 2021

€m

€m

€m

€m

€m

Company

Interest bearing loans & borrowings

(13.9)

(2.4)

(126.9)

(1.2)

(144.4)*

Cash

-

-

0.7

-

0.7

(13.9)

(2.4)

(126.2)

(1.2)

(143.7)

* Interest bearing loans & borrowings at 28 February 2021 are net of unamortised issue costs of €3.9m.

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 €1.0m (FY2021: €1.2m). The non-cash changes for the Group’s lease liabilities in the current financial year relate to discount unwinding of €3.3m (FY2021: €3.5m).

As outlined in further detail in note 27, 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 28 February 2022.