Financial Statements
Consolidated Cash Flow Statement
as at 31 March 2009
| Note | 2009 £m |
2008 £m |
||
|---|---|---|---|---|
| Rental income received from tenants | 455 | 536 | ||
| Fees and other income received | 30 | 32 | ||
| Operating expenses paid to suppliers and employees | (79) | (91) | ||
| Cash generated from operations | 406 | 477 | ||
| Interest paid | (270) | (373) | ||
| Interest received | 20 | 19 | ||
| UK corporation tax received (paid) | 16 | (3) | ||
| Foreign tax paid | (1) | |||
| Distributions received: funds and joint ventures | 33 | 47 | ||
| Songbird Estates plc | 16 | |||
| Net cash inflow from operating activities | 205 | 182 | ||
| Cash flows from investing activities | ||||
| Purchase of investment properties | (107) | (119) | ||
| Development and other capital expenditure | (436) | (523) | ||
| Sale of investment properties | 904 | 1,460 | ||
| REIT conversion charge paid | (6) | (291) | ||
| Sale of investments | 2 | |||
| Indirect taxes in respect of investing activities | 3 | 32 | ||
| Establishment of Meadowhall joint venture | 115 | |||
| Establishment of BL Sainsbury Superstores joint venture | 272 | |||
| Investment in and loans to funds and joint ventures | (57) | (90) | ||
| Capital distributions received: funds and joint Ventures | 2 | 88 | ||
| Songbird Estates plc | 30 | |||
| Purchase of subsidiary companies (net of cash acquired) | (4) | |||
| Net cash inflow from investing activities | 418 | 857 | ||
| Cash flows from financing activities | ||||
| Issue of ordinary shares | 743 | 7 | ||
| Purchase of own shares | (151) | |||
| Dividends paid | (188) | (161) | ||
| Repayment of debt acquired with subsidiary undertaking | (11) | |||
| Movement in other financial liabilities | (76) | |||
| Decrease in bank and other borrowings | (714) | (686) | ||
| Net cash outflow from financing activities | (246) | (991) | ||
| Net increase in cash and cash equivalents | 377 | 48 | ||
| Cash and cash equivalents at 1 April 2008 | 239 | 191 | ||
| Cash and cash equivalents at 31 March 2009 | 616 | 239 | ||
| Cash and cash equivalents consists of: | ||||
| Cash and short-term deposits | 18 | 616 | 244 | |
| Overdrafts | (5) | |||
| 616 | 239 | |||