Reconciliation of operating profit to net cash inflow from operating activities

Year ended
31 March
2004
£m		  
 
 
 		  
 
2004
£m		  
 
2003
£m
381.4 Net cash inflow from operating activities 222.4 206.4
421.8 Operating profit 213.3 195.8
(0.2) Dividends received   (0.1)
(0.9) Depreciation and release of negative goodwill 0.1 0.3
(3.3) Adjustment for share options, share awards and pension funding 3.7  
4.6 Decrease in trading properties 5.6 2.5
15.1 (Increase) decrease in debtors (11.7) 5.4
(55.7) Increase (decrease) in creditors 11.4 2.5

Analysis of Group net debt

 
 
 		 1 April
2004
£m		  
Cash flow
£m		 Non cash
movements
£m		 30 September
2004
£m		 30 September
2003
£m
Group net debt 4,866.8 213.6 (144.0) 4,936.4 4,344.5
Cash at bank (96.2) 34.5   (61.7) (33.1)
Overdraft 7.3 (7.2)   0.1 7.8
Net cash per cash flow statement (88.9) 27.3   (61.6) (25.3)
Term debt 4,884.2 175.4 5.0 5,064.6 4,309.6
Convertible Bonds 149.0   (149.0)   146.9
Term deposits (77.5) 10.9   (66.6) (86.7)

Reconciliation of net cash flow to movement in Group net debt

Year ended
31 March
2004
£m		  
 
 
 		  
 
2004
£m		  
 
2003
£m
4,866.8 Carried forward 4,936.4 4,344.5
4,361.4 Brought forward 4,866.8 4,361.4
  Movement in net debt in the period:    
(47.0) Decrease (increase) in cash 27.3 16.6
134.6 Cash inflow (outflow) from movement in debt 175.4 (40.4)
11.9 Cash inflow from term deposits 10.9 2.7
99.5 Changes resulting from cash flows 213.6 (21.1)
405.9 Non cash movements (144.0) 4.2
505.4   69.6 (16.9)