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Financial Statements
Consolidated cash flow statement
for the years ended 31 March
| Notes | 2007 £m |
2006* £m |
2005* £m |
|
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Total operating profit | 2,513 | 2,374 | 2,113 | |
| Adjustments for: | ||||
| Exceptional items and remeasurements | (59) | 83 | 288 | |
| Depreciation and amortisation | 871 | 888 | 782 | |
| Share-based payment charge | 15 | 14 | 12 | |
| Changes in working capital | 18 | (206) | (117) | |
| Changes in provisions | (57) | (25) | (126) | |
| Changes in pensions and other post-retirement benefit obligations | (125) | (40) | (19) | |
| Cash flows relating to exceptional items | (86) | (115) | (113) | |
| Cash flows generated from continuing operations | 3,090 | 2,973 | 2,820 | |
| Cash flows relating to discontinued operations | 33(a) | 181 | 138 | 638 |
| Cash generated from operations | 3,271 | 3,111 | 3,458 | |
| Tax paid - continuing operations | (310) | (103) | (52) | |
| Tax paid - discontinued operations | (3) | (37) | (98) | |
| Net cash inflow from operating activities | 2,958 | 2,971 | 3,308 | |
| Cash flows from investing activities | ||||
| Acquisition of subsidiaries, net of cash acquired | 15 | (269) | - | - |
| Sale of investments in joint ventures and other investments | 19 | 8 | 8 | |
| Purchases of intangible assets | (33) | (15) | (79) | |
| Purchases of property, plant and equipment | (2,185) | (1,657) | (1,300) | |
| Disposals of property, plant and equipment | 21 | 18 | 22 | |
| Purchases of financial investments | (3,699) | (2,870) | (113) | |
| Sales of financial investments | 1,974 | 2,895 | 54 | |
| Dividends received from joint ventures | - | 2 | 5 | |
| Cash flows used in continuing operations - investing activities | (4,172) | (1,619) | (1,403) | |
| Cash flows relating to discontinued operations - disposal proceeds | 27 | 5,750 | - | |
| Cash flows relating to discontinued operations - acquisition of subsidiaries, net of cash acquired | 15 | (85) | - | (1,122) |
| Cash flows relating to discontinued operations - other investing activities | (47) | (209) | (450) | |
| Net cash flow (used in)/from investing activities | (4,277) | 3,922 | (2,975) | |
| Cash flows from financing activities | ||||
| Proceeds from issue of share capital | 16 | 54 | 13 | |
| Proceeds from loans received | 5,519 | 1,026 | 998 | |
| Repayment of loans | (2,311) | (1,714) | (868) | |
| Net movements in short-term borrowings and derivatives | (163) | (1,616) | 922 | |
| Interest received | 216 | 130 | 75 | |
| Interest paid | (813) | (834) | (837) | |
| Exceptional finance costs on the repayment of debt | (45) | (49) | - | |
| Dividends paid to shareholders | (730) | (745) | (628) | |
| Cash paid to shareholders under B share scheme | (26) | (1,957) | - | |
| Repurchase of share capital | (169) | - | - | |
| Purchase of treasury shares | - | (7) | - | |
| Net cash flow from/(used in) financing activities | 1,494 | (5,712) | (325) | |
| Net increase in cash and cash equivalents | 175 | 1,181 | 8 | |
| Exchange movements | (14) | 14 | (1) | |
| Amounts reclassified as assets of businesses held for sale | (23) | - | - | |
| Net cash and cash equivalents at start of year (i) | 1,449 | 254 | 247 | |
| Net cash and cash equivalents at end of year (i) | 26 | 1,587 | 1,449 | 254 |
*Comparatives have been adjusted to reclassify amounts relating to discontinued operations
(i) Net of bank overdrafts.