Net debt

Notes3 December 2017
£m
27 November 2016
£m
Current Assets
Cash and cash equivalents3.9150.050.9
Current Liabilities
Borrowings4.2(52.9)
Obligations under finance leases4.3(27.2)(29.8)
(27.2)(82.7)
Non-Current Liabilities
Borrowings4.2(243.3)(6.1)
Obligations under finance leases4.3(107.5)(127.0)
(350.8)(133.1)
Total Net DebtA(228.0)(164.9)

Net debt is £133.9 million (2016: £56.2 million), excluding finance lease obligations of £94.1 million (2016: £108.7 million) payable to MHE JVCo, a joint venture company. £4.1 million (2016: £4.5 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 DebtA

3 December 2017
£m
27 November 2016
£m
Net increase in cash and cash equivalents99.15.1
Net (increase) in debt and lease financing(147.7)(23.4)
Non-cash movements:
— Assets acquired under finance lease(14.5)(19.6)
Movement in Net DebtA in the Period(63.1)(37.9)
Opening net debtA(164.9)(127.0)
Closing Net DebtA(228.0)(164.9)

See Alternative Performance Measures