Reconciliation of profit on ordinary activities before tax to cash generated from operations
| Year ended 31 March 2005 £m |
|
2005 £m |
2004 £m |
|---|---|---|---|
| 738 | Profit on ordinary activities before tax | 761 | 446 |
| 1 | Depreciation and amortisation | 3 | 1 |
| (2) | Negative goodwill | ||
| (609) | Net valuation gains on investment properties and investments | (596) | (306) |
| Increase in lease incentive and minimum rent guarantee debtor | (27) | ||
| (158) | Share of profits after tax of funds and joint ventures | (80) | (83) |
| 16 | Dividends received from funds and joint ventures | 5 | 7 |
| 8 | Share options, share awards and pension funding | 5 | 4 |
| 326 | Net financing costs | 190 | 161 |
| 180 | Exceptional item (as described in note 4) | ||
| 6 | (Increase) decrease in trading properties | (7) | 6 |
| (37) | Decrease (increase) in debtors | 27 | (12) |
| 11 | (Decrease) increase in creditors | (39) | 6 |
| (258) | (519) | (216) | |
| 480 | Cash generated from operations | 242 | 230 |
