 |
Notes to the Financial Statements
20 Notes to the cash flow statement
Reconciliation of operating profit to net cash inflow from operating
activities
| |
2003
|
2002
|
| |
£m
|
£m
|
|
| Operating profit |
380.4
|
363.6
|
| Dividends received |
(0.3)
|
(5.1)
|
| Depreciation and amortisation |
0.6
|
1.3
|
| Decrease in trading properties |
1.3
|
6.3
|
| (Increase) decrease in debtors |
(17.2)
|
4.9
|
| Increase in creditors |
8.8
|
11.4
|
|
| Net cash inflow from operating activities |
373.6
|
382.4
|
|
Analysis of Group net debt
| |
1 April
|
|
|
Non cash
|
31 March
|
| |
2002
|
Acquisitions*
|
Cash flow
|
movement
|
2003
|
| |
£m
|
£m
|
£m
|
£m
|
£m
|
|
| Cash at bank |
(20.4)
|
|
(29.9)
|
|
(50.3)
|
| Overdraft |
4.3
|
|
4.1
|
|
8.4
|
| |
|
| Net cash per cash flow statement |
(16.1)
|
|
(25.8)
|
|
(41.9)
|
| Term debt |
3,733.3
|
130.2
|
463.2
|
19.2
|
4,345.9
|
| Convertible Bonds |
469.7
|
|
(322.7)
|
(0.2)
|
146.8
|
| Term deposits |
(346.5)
|
|
254.8
|
2.3
|
(89.4)
|
|
| Group net debt |
3,840.4
|
130.2
|
369.5
|
21.3
|
4,361.4
|
|
*Excluding cash and overdrafts.
Reconciliation of net cash flow to movement in Group net debt
| |
2003
|
2002
|
| |
£m
|
£m
|
|
| Brought forward |
3,840.4
|
3,716.8
|
| Movement in net debt in the year: |
|
|
(Increase)
decrease in cash
|
(25.8)
|
7.1
|
| Cash
inflow from movement in debt |
463.2
|
388.1
|
| Cash
outflow to repurchase Convertible Bonds |
(322.7)
|
|
| Cash
inflow (outflow) from term deposits |
254.8
|
(281.5)
|
| |
|
| Changes resulting from cash flows |
369.5
|
113.7
|
| Non cash movements including acquisitions |
151.5
|
9.9
|
| |
|
| |
521.0
|
123.6
|
|
| Carried forward |
4,361.4
|
3,840.4
|
|
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