Reconciliation of net cash flows to movement in net debt



Chairman’s statement	Chief Executive’s statement	Our business focus	Operating and financial review	Case studies	Corporate governance	Financials
Financial statements	Additional financial information	Information for shareholders

Note 45 - Reconciliation of net cash flows to movement in net debt


	2004 £m	2003 £m
(Decrease)/increase in cash in the year	(2)	49
Cash flow from management of liquid resources	15	(15)
Cash flow from debt financing	33	143
Cash flow from subordinated liabilities	(1)	(7)
Change in net debt from cash flows	45	170
Foreign exchange movements	27	(46)
Non-cash changes	5	50
Movement in net debt in the year	77	174
Net debt at start of year	(1,015)	(1,189)
Net debt at end of year	(938)	(1,015)