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Group statement of cash flow

For the year ended 31 March 2008

  Notes 2008
£m
2007
£m
Operating activities      
Operating profit before financing costs   27.1 358.9
Adjustments for non-cash items 21 17.2 (319.4)
Increase in receivables   (1.0) (16.8)
Increase in payables   (5.1) 5.6
Cash generated from operations   38.2 28.3
Interest received   0.6 0.3
Interest paid   (32.7) (23.9)
Tax paid   (28.7) (0.7)
Cash flows from operating activities   (22.6) 4.0
Investing activities      
Purchase of interests in joint ventures   (138.8) (6.9)
Purchase and development of property   (74.4) (216.3)
Purchase of fixed assets   (0.1) (0.2)
Purchase of own shares   (0.9)
Sale of properties   132.6 132.1
Cash flow from investing activities   (81.6) (91.3)
       
Financing activities      
Redemption of loans   (2.9) (43.1)
Borrowings drawn   35.0 90.0
Loans from joint venture   89.2
Purchase of derivatives   (0.3)
Issue of debenture   52.5
Issue of minority interest   0.1
Equity dividends paid   (20.6) (18.0)
Cash flows generated from financing activities   100.7 81.2
       
Net decrease in cash and cash equivalents   (3.5) (6.1)
Cash and cash equivalents at 1 April   4.2 10.3
Cash and cash equivalents at balance sheet date   0.7 4.2

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