1 Oct 1998 £m	Cash flow £m	Exchange movement £m	Loans issued £m	30 Sept 1999 £m
Cash at bank and in hand	194.3	212.1	0.2	-	406.6
Overdrafts	(7.6)	(75.0)	-	-	(82.6)
	186.7	137.1	0.2	-	324.0
Liquid financial instruments	84.5	(81.5)	-	-	3.0
Loan notes	(3.0)	0.4	-	-	(2.6)
	81.5	(81.1)	-	-	0.4
Loans due after more than one year	(243.5)	1.4	(1.1)	(247.2)	(490.4)
Convertible debt	(84.5)	-	(2.8)	-	(87.3)
	(328.0)	1.4	(3.9)	(247.2)	(577.7)
Net debt	(59.8)	57.4	(3.7)	(247.2)	(253.3)

 
31 CAPITAL EXPENDITURE - CONTRACTED FOR

	Group		Company
	1999 £m	1998 £m	1999 £m	1999 £m
Expenditure on tangible assets - contracted for	15.3	14.3	0.1	3.8

 
32 COMMITMENTS AND CONTINGENT LIABILITIES

(a) Operating leases
At 30 September 1999 the Group had minimum annual commitments under non-cancellable operating leases as follows:

	1999			1998
	Land & buildings £m	Other £m	Total £m	Land & buildings £m	Other £m	Total £m
Operating leases which expire:
Within one year	1.8	0.3	2.1	2.8	0.2	3.0
After one year but within five years	6.3	1.6	7.9	6.9	1.9	8.8
After five years	9.0	0.2	9.2	8.8	1.1	9.9
	17.1	2.1	19.2	18.5	3.2	21.7

(b) Guarantees
The Company and certain of its UK subsidiaries have entered into cross-guarantees in connection with the Group's UK banking arrangements. At 30 September 1999 subsidiary overdrafts amounting to £17.1m (1998 - £87.7m) were covered by guarantees given by the Company.