Accounts

Group Cash Flow Statement for the years ended 31 March

 
 
 
 
 
Notes
2005
£m
  2004
£m
  2003
£m
Net cash inflow from operating activities before exceptional items 27(a) 3,103   3,058   3,154
Expenditure relating to exceptional items   (194)   (248)   (328)
Net cash inflow from operating activities   2,909   2,810   2,826
             
Dividends from joint ventures   5   8   11
             
Returns on investments and servicing of finance            
Interest received and similar income   75   137   56
Interest paid and similar charges   (830)   (823)   (957)
Dividends paid to minority interests   (3)   (6)   (11)
Net cash outflow for returns on investments and servicing of finance   (758)   (692)   (912)
             
Taxation            
Net corporate tax paid   (150)   (18)   (112)
             
Capital expenditure and financial investment            
Net payments to acquire intangible and tangible fixed assets   (1,354)   (1,400)   (1,518)
Receipts from disposals of tangible fixed assets   92   146   111
Net cash outflow for capital expenditure and financial investment   (1,262)   (1,254)   (1,407)
             
Acquisitions and disposals            
Payments to acquire Group undertakings   (1,151)    
Less: Cash acquired with Group undertaking   29    
  27(c) (1,122)    
Payments to acquire investments   (16)   (26)   (165)
Receipts from disposals of investments 27(b) 8   33   328
Net cash (outflow)/inflow for acquisitions and disposals   (1,130)   7   163
             
Equity dividends paid   (628)   (560)   (571)
Net cash (outflow)/inflow before the management of liquid resources and  financing   (1,014)   301   (2)
             
Management of liquid resources            
Increase in short-term deposits   (54)   (48)   (138)
Net cash outflow from the management of liquid resources 27(d),(e) (54)   (48)   (138)
             
Financing            
Issue of ordinary shares   13   38   4
Payments to repurchase ordinary shares       (97)
Termination of cross currency swaps 27(d)   148  
Increase/(decrease) in borrowings 27(d),(e) 1,068   (426)   267
Net cash inflow/(outflow) from financing   1,081   (240)   174
Movement in cash and overdrafts 27(d),(e) 13   13   34

Included in the cash flows above are cash flows for discontinued operations as set out below:

 
 
2005
£m
2004
£m
2003
£m
Net cash inflow/(outflow) from operating activities 5 (70)
Net cash outflow for returns on investments and servicing of finance (2) (14)
Net cash (outflow)/inflow for taxation (1)
Net cash outflow for capital expenditure and financial investment (1) (123)
Net cash outflow for acquisitions and disposals (3)
Net cash inflow/(outflow) before the management of liquid resources and financing 2 (211)

Liquid resources comprise money market deposits, equities and gilts.

The notes form part of the Accounts.

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