Consolidated cash flow statement
for the years ended 31 March
Notes |
2009 £m |
2008 £m |
2007 £m |
|
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Total operating profit | 2,623 | 2,964 | 2,513 | |
| Adjustments for: | ||||
| Exceptional items, remeasurements and stranded cost recoveries | 292 | (369) | (482) | |
| Depreciation and amortisation | 1,122 | 994 | 871 | |
| Share-based payment charge | 22 | 18 | 15 | |
| Changes in working capital | 54 | (150) | 127 | |
| Changes in provisions | (99) | (5) | (31) | |
| Changes in pensions and other post-retirement benefit obligations | (678) | (333) | (125) | |
| Cash flows relating to exceptional items | (131) | (132) | (86) | |
| Cash flows relating to stranded cost recoveries | 359 | 278 | 288 | |
| Cash flows generated from continuing operations | 3,564 | 3,265 | 3,090 | |
| Cash flows relating to discontinued operations (excluding tax) | 27(a) | (8) | 10 | 181 |
| Cash generated from operations | 3,556 | 3,275 | 3,271 | |
| Tax paid | (143) | (110) | (313) | |
| Net cash inflow from operating activities | 3,413 | 3,165 | 2,958 | |
| Cash flows from investing activities | ||||
| Acquisition of subsidiaries, net of cash acquired | 28 | – | (3,502) | (269) |
| Acquisition of other investments | (73) | (26) | – | |
| Sale of investments in subsidiaries and other investments | – | 55 | 19 | |
| Purchases of intangible assets | (78) | (45) | (33) | |
| Purchases of property, plant and equipment | (3,107) | (2,832) | (2,185) | |
| Disposals of property, plant and equipment | 27 | 26 | 21 | |
| Interest received | 85 | 206 | 216 | |
| Purchases of financial investments | (6,173) | (8,788) | (3,699) | |
| Sales of financial investments | 6,272 | 8,833 | 1,974 | |
| Cash flows used in continuing operations – investing activities | (3,047) | (6,073) | (3,956) | |
| Cash flows relating to discontinued operations – investing activities (net of tax) | 27(b) | 1,049 | 3,050 | (105) |
| Net cash flow used in investing activities | (1,998) | (3,023) | (4,061) | |
| Cash flows from financing activities | ||||
| Proceeds from issue of share capital and sale of treasury shares | 8 | 23 | 16 | |
| Proceeds from loans received | 4,892 | 1,568 | 5,519 | |
| Repayment of loans | (2,618) | (650) | (2,311) | |
| Net movements in short-term borrowings and derivatives | (633) | 671 | (163) | |
| Interest paid | (1,061) | (900) | (813) | |
| Exceptional finance costs on the repayment of debt | – | – | (45) | |
| Dividends paid to shareholders | (838) | (780) | (730) | |
| Cash paid to shareholders under B share scheme | – | (26) | (26) | |
| Repurchase of share capital and purchase of treasury shares | (627) | (1,498) | (169) | |
| Net cash flow (used in)/from financing activities | (877) | (1,592) | 1,278 | |
| Net increase/(decrease) in cash and cash equivalents | 538 | (1,450) | 175 | |
| Exchange movements | 18 | 4 | (14) | |
| Cash included within assets of businesses held for sale | – | 23 | (23) | |
| Net cash and cash equivalents at start of year | 164 | 1,587 | 1,449 | |
| Net cash and cash equivalents at end of year (i) | 20 | 720 | 164 | 1,587 |
- (i)
- Net of bank overdrafts of £17m (2008: £10m; 2007: £6m).