| FOR THE YEAR ENDED 31 DECEMBER 2005 |
Year ended 31 December 2005 |
Year ended 31 December 2004 |
|
|---|---|---|---|
| Note | £m | £m | |
| Cash flows from operating activities | |||
| Profit for the year | 330 | 104 | |
| Adjustments for: | |||
| Depreciation of property, plant and equipment and amortisation of intangibles | 188 | 85 | |
| Share of results of joint ventures and associates | (198) | (113) | |
| Net finance costs | 202 | 108 | |
| Income tax expense | 89 | 25 | |
| Decrease in finance lease receivables | 10 | 2 | |
| Profit on disposal of investments | (10) | (4) | |
| Exceptional impairment reversal | (52) | - | |
| Exceptional profit on receipt from TXU administrators | (58) | - | |
| Release of a guarantee on sale of Elcogas | - | (11) | |
| Other non-cash movements | 6 | - | |
| Increase/(decrease) in provisions | 3 | (1) | |
| Adjustment for non-cash items | 180 | 91 | |
| Dividends received from joint ventures and associates | 92 | 69 | |
| Purchase of property, plant and equipment - maintenance | (72) | (59) | |
| Proceeds from sale of property, plant and equipment | 3 | - | |
| Operating cash flows before movements in working capital | 533 | 205 | |
| Increase in inventories | (13) | (6) | |
| (Increase)/decrease in trade and other receivables | (154) | 8 | |
| Increase in trade and other payables | 146 | 1 | |
| Cash generated from operations | 512 | 208 | |
| Income taxes paid | (31) | (20) | |
| Interest paid | (231) | (113) | |
| Interest received | 35 | 29 | |
| Free cash flow | 285 | 104 | |
| Exceptional finance costs | (5) | (26) | |
| Refinancing costs capitalised on acquisition debt | (7) | (22) | |
| Exceptional receipt from TXU administrators | 58 | - | |
| Net cash inflow from operating activities | 331 | 56 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment - growth | (188) | (158) | |
| Compensation for long-term contractual performance shortfalls | - | 5 | |
| 30(g) | Proceeds from disposal of a subsidiary | 73 | - |
| 30(i) | Acquisitions of subsidiaries net of cash and cash equivalents acquired | (494) | (1,045) |
| 30(j) | Acquisitions of investments in joint ventures and associates | (50) | - |
| 30(k) | Proceeds from disposal of investments | 138 | 17 |
| Returns from/(investment in) joint ventures and associates | 48 | (60) | |
| Other financial investments | - | (1) | |
| Net cash used in investing activities | (473) | (1,242) | |
| Cash flows from financing activities | |||
| Dividends paid | (37) | - | |
| Proceeds from share issue | 2 | 286 | |
| Advances from banks | 563 | 746 | |
| Repayments to banks | (415) | (129) | |
| Funding from minority interests | 80 | 165 | |
| Dividends paid to minority interests | (14) | (3) | |
| Net cash from financing activities | 179 | 1,065 | |
| Net increase/(decrease) in cash and cash equivalents | 37 | (121) | |
| Cash and cash equivalents at beginning of the year | 565 | 696 | |
| Effect of foreign exchange rate changes thereon | 18 | (10) | |
| 23 | Cash and cash equivalents at end of the year | 620 | 565 |
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