Net debt

Notes27 November
2016
£m
29 November
2015
£m
Current Assets
Cash and cash equivalents3.950.945.8
Current Liabilities
Borrowings4.2(52.9)(1.6)
Obligations under finance leases4.2(29.8)(26.5)
(82.7)(28.1)
Non-Current Liabilities
Borrowings4.2(6.1)(7.7)
Obligations under finance leases4.2(127.0)(137.0)
(133.1)(144.7)
Total Net Debt(164.9)(127.0)

Net debt is £56.2 million (2015: £7.5 million), excluding finance lease obligations of £108.7 million (2015: £119.5 million) payable to MHE JVCo, a joint venture company. £5.0 million (2015: £4.8 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

27 November
2016
£m
29 November
2015
£m
Net increase/(decrease) in cash and cash equivalents5.1(30.5)
Net (increase)/decrease in debt and lease financing(23.4)24.3
Non-cash movements:
— Assets acquired under finance lease(19.6)(21.4)
Movement in Net Debt in the Period(37.9)(27.6)
Opening net debt(127.0)(99.4)
Closing Net Debt(164.9)(127.0)

A See Alternative Performance Measures

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