Financial Statements
Consolidated Cash Flow Statement
for the year ended 31 March 2008
| 2008 £m |
2007† £m |
|
|---|---|---|
| Rental income received from tenants | 536 | 568 |
| Fees and other income received | 32 | 36 |
| Operating expenses paid to suppliers and employees | (91) | (110) |
| Cash generated from operations | 477 | 494 |
| Interest paid | (373) | (334) |
| Interest received | 19 | 11 |
| UK corporation tax paid | (3) | |
| Foreign tax paid | (1) | (2) |
| Distributions received: funds and joint ventures | 47 | 32 |
 Songbird Estates plc |
16 | 18 |
| Net cash inflow from operating activities | 182 | 219 |
| Cash flows from investing activities | ||
| Purchase of investment properties | (119) | (309) |
| Development and other capital expenditure | (523) | (346) |
| Sale of investment properties | 1,460 | 711 |
| REIT conversion charge paid | (291) | |
| Purchase of investments | (8) | |
| Sale of investments | 2 | 10 |
| Indirect taxes in respect of investing activities | 32 | (15) |
| Establishment of BL Sainsbury Superstores joint venture | 272 | |
| Investment in and loans to funds and joint ventures | (90) | (203) |
| Capital distributions received: funds and joint ventures | 88 | 80 |
| Songbird Estates plc |
30 | 33 |
| Sale of shares and loans repaid by funds and joint ventures | 6 | |
| Purchase of subsidiary companies (net of cash acquired) | (4) | (13) |
| Net cash inflow (outflow) from investing activities | 857 | (54) |
| Cash flows from financing activities | ||
| Issue of ordinary shares | 7 | 10 |
| Purchase of own shares | (151) | (16) |
| Dividends paid | (161) | (91) |
| Issue of Meadowhall Finance PLC securitised debt | 840 | |
| Redemption of MSC (Funding) PLC securitised debt | (897) | |
| Issue of British Land debentures | 263 | |
| Amounts paid on exchange of British Land debentures | (240) | |
| Redemption of British Land debentures | (20) | |
| Repayment of debt acquired with subsidiary companies | (305) | |
| (Decrease) increase in bank and other borrowings | (686) | 354 |
| Net cash outflow from financing activities | (991) | (102) |
| Net increase in cash and cash equivalents | 48 | 63 |
| Cash and cash equivalents at 1 April 2007 | 191 | 128 |
| Cash and cash equivalents at 31 March 2008 | 239 | 191 |
| Cash and cash equivalents consists of: | ||
| Cash and short-term deposits | 244 | 198 |
| Overdrafts | (5) | (7) |
| 239 | 191 | |
†Re-presented under the direct method (see note 1).
