Consolidated cash flow statement
For the year ended 31 March 2007
| Notes |
Year to 31.3.2007 £m |
Year to 31.3.2006 £m |
|
|---|---|---|---|
| Operating activities | |||
| Reconciliation of profit before interest to net cash flows from operating activities | |||
| Profit on ordinary activities before interest | 258.2 | 236.2 | |
| Profit before interest on discontinued operations | - | 1.2 | |
| Depreciation and other similar non-cash charges | 92.9 | 88.4 | |
| Net charge for provisions, less payments | (6.2) | (4.8) | |
| Movements in working capital | (0.3) | (0.5) | |
| Cash generated from operations | 335.9 | 315.0 | |
| Special contributions paid in respect of retirement benefits | (25.8) | (22.8) | |
| Net interest paid | (124.7) | (119.7) | |
| Income taxes (paid)/received | (14.6) | (6.5) | |
| Net cash flows from operating activities | 170.8 | 166.0 | |
| Investing activities | |||
| Interest received | 12.5 | 4.1 | |
| Capital grants received | 18.8 | 21.4 | |
| Purchase of subsidiary undertaking (net of cash acquired) | - | 2.4 | |
| Proceeds on disposal of subsidiary undertakings | - | 18.6 | |
| Proceeds on disposal of property, plant and equipment | 2.2 | 2.0 | |
| Dividends received from jointly controlled entities | 0.9 | 0.8 | |
| Purchase of property, plant and equipment | (211.4) | (206.7) | |
| Other cash items | - | 0.2 | |
| Net cash flows from investing activities | (177.0) | (157.2) | |
| Financing activities | |||
| New borrowings | 425.0 | 210.2 | |
| New loans issued | - | (2.1) | |
| Maturity of/(deposits into) investments | 2.1 | (2.0) | |
| Settled hedge instruments | (3.4) | 3.7 | |
| Issue costs of new borrowings | (0.4) | (1.4) | |
| Own shares purchased | (0.2) | (0.8) | |
| Dividends paid to minority interests | (0.1) | (0.3) | |
| Dividends paid to equity shareholders | (55.8) | (69.7) | |
| Repayment of borrowings | (201.1) | (46.6) | |
| Payment of principal under hire purchase contracts and finance leases | (4.8) | (4.7) | |
| Net cash flows from financing activities | 168.1 | 82.9 | |
| Increase in cash and cash equivalents | 161.9 | 91.7 | |
| Cash and cash equivalents at start of year | 153.9 | 62.2 | |
| Cash and cash equivalents at end of year | 315.8 | 153.9 | |
| Net cash flow in respect of discontinued operations | |||
| Cash consideration | - | 29.8 | |
| Cash and cash equivalents disposed | - | (11.1) | |
| Expenses paid in connection with disposals | - | (0.1) | |
| - | 18.6 |
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