Net debt
| Notes | 30 November
2014
£m | 1 December
2013
£m |
|---|
| Current assets | | | |
| Cash and cash equivalents | 3.9 | 76.3 | 110.5 |
| Current liabilities | | | |
| Borrowings | 4.2 | (4.4) | (3.3) |
| Obligations under finance leases | 4.3 | (26.5) | (25.0) |
| | | (30.9) | (28.3) |
| Non-current liabilities | | | |
| Borrowings | 4.2 | (2.3) | (6.2) |
| Obligations under finance leases | 4.3 | (142.5) | (126.9) |
| | | (144.8) | (133.1) |
| Total net debt | | (99.4) | (50.9) |
Net cash is £31.4 million (2013: £61.8 million), excluding finance lease obligations of £130.8 million (2013: £112.7 million) payable to MHE JV Co, a joint venture company. £2.3 million (2013: £1.7 million) of the Group's cash and cash equivalents are considered to be restricted and are not available to circulate within the Group on demand. For more information see Note 3.9.
Reconciliation of net cash flow to movement in net debt
| 30 November
2014
£m | 1 December
2013
£m |
|---|
| Net (decrease)/increase in cash and cash equivalents | (34.2) | 20.9 |
| Net decrease in debt and lease financing | 33.4 | 24.1 |
| Non-cash movements: | | |
| — Assets acquired under finance lease | (47.7) | (122.4) |
| — Debt settled by third party | — | 85.3 |
| — Net movement in arrangement fees charged against loans | — | (3.6) |
| Movement in net debt in the period | (48.5) | 4.3 |
| Opening net debt | (50.9) | (55.2) |
| Closing net debt | (99.4) | (50.9) |