Great Portland Estates
Annual Report 2008
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 |