21. ANALYSIS OF NET DEBT

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 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 19)

(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.

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.

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.

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 €1.2m (FY2020: €1.4m). The non-cash changes for the Group’s lease liabilities in the current financial year relate to discount unwinding of €3.5m (FY2020: €3.6m).

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 2021.