Five year financial summary
YEARS ENDED 31 MARCH
1992
£m
1993
£m
1994
£m
1995
£m
1996
£m

Profit and loss account
Turnover 13,337 13,242 13,675 13,893 14,446


Operating profit (a) 3,370 2,403 2,982 2,663 3,100
Groupís share of profits of associated undertakings 7 13 18 92 82
Profit (loss) on sale of group undertakings - (132) (14) 241 7
Net interest payable 304 256 230 259 170
Premium on repurchase of bonds - 56 - 75 -


Profit on ordinary activities before taxation 3,073 1,972 2,756 2,662 3,019
Tax on profit on ordinary activities 999 724 951 926 1,027


Profit on ordinary activities after taxation 2,074 1,248 1,805 1,736 1,992
Minority interests 30 28 38 5 6


Profit for the financial year 2,044 1,220 1,767 1,731 1,986


Earnings per share 33.2p 19.8p 28.5p 27.8p 31.6p
Dividends per share 14.4p 15.6p 16.7p 17.7p 18.7p



Cash flow statement
Net cash inflow from operating activities 5,710 5,127 4,914 5,113 5,829


Interest paid less returns on investments (351) (314) (184) (324) (125)
Dividends paid (859) (931) (1,014) (1,083) (1,158)


Net cash outflow from returns on investments and servicing of finance (1,210) (1,245) (1,198) (1,407) (1,283)


Tax paid (897) (975) (605) (1,175) (784)


Purchase of tangible fixed assets (2,565) (2,148) (2,161) (2,638) (2,547)
Purchase of subsidiary undertakings and investments (52) (27) (612) (2,395) (233)
Net (purchase) disposal of short-term investments (416) 327 (463) 1,934 (524)
Other investing activities 95 92 168 238 148


Net cash outflow from investing activities (2,938) (1,756) (3,068) (2,861) (3,156)


Net cash inflow (outflow) before financing 665 1,151 43 (330) 606



Balance sheet
Tangible fixed assets 15,785 15,736 15,584 16,012 16,496
Fixed asset investments 660 735 1,312 1,082 1,057
Net current assets (liabilities) (150) 322 125 (725) (106)


Total assets less current liabilities 16,295 16,793 17,021 16,369 17,447
Loans and other borrowings falling due after one year (3,768) (3,386) (3,199) (3,361) (3,322)
Provisions for liabilities and charges (665) (1,117) (701) (879) (1,267)
Minority interests (108) (72) (95) (132) (180)


Total assets less liabilities 11,754 12,218 13,026 11,997 12,678



(a) Operating profit for the years ended 31 March 1992 to 1995 has been restated for a reclassification of the annual charge for the employee share ownership scheme.
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