Key performance indicators

Movement in net debt
excluding exchange adjustments and net changes in equity

The movement in the net debt position reflects the cash generated by operations, investment activities, payments to governments, interest and dividends. It depends on the:

  • operating performance of the business;
  • level of inventory investment;
  • proportion of sales made on the in-house credit card and the average monthly collection rate of the credit balances;
  • timing of payments to creditors;
  • rate of space expansion;
  • level of store refurbishment and relocations, and the purchases or disposals of other assets;
  • level of tax payments made;
  • interest paid; and
  • dividends paid.


5 year average $(23.4) million
Graph: 5 year average $(23.4) million

Target: In 2007/08, for movement in net debt to increase by $70 million to $110 million. For 2008/09, net debt is anticipated to increase between $40 million and $80 million, subject to the general economic uncertainties. The expected reduced cash outflow reflects the planned slower rate of US space growth and lower tax payments.

Definition: Movement in net debt excluding exchange adjustments and changes in equity.

Performance: The cash outflow in 2007/08 of $120.6 million was above target due to the sales performance in the fourth quarter.

*53 week year

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