|
Group
cash flow statement
for the
year ended 31 March 2004
| |
Notes |
|
2004
£m |
|
2003
£m |
|
2002
£m |
|
|
|
| Net cash inflow
from operating activities |
16 |
|
5,389 |
|
6,023 |
|
5,257 |
|
| Dividends from
associates and joint ventures |
|
|
3 |
|
6 |
|
2 |
|
| Returns on investments
and servicing of finance |
|
|
|
|
|
|
|
|
| Interest received |
|
|
673 |
|
231 |
|
309 |
|
| Interest paid, including
finance costs |
|
|
(1,200 |
) |
(1,737 |
) |
(2,004 |
) |
| Net cash outflow
for returns on investments and servicing of finance |
|
|
(527 |
) |
(1,506 |
) |
(1,695 |
) |
|
|
|
|
|
|
|
|
|
| Taxation |
|
|
|
|
|
|
|
|
| UK corporation tax
paid |
|
|
(305 |
) |
(425 |
) |
(557 |
) |
| Non-UK tax paid |
|
|
(12 |
) |
(9 |
) |
(5 |
) |
| Taxation paid |
|
|
(317 |
) |
(434 |
) |
(562 |
) |
|
|
|
|
|
|
|
|
|
| Capital expenditure
and financial investment |
|
|
|
|
|
|
|
|
| Purchase of tangible
fixed assets |
|
|
(2,684 |
) |
(2,580 |
) |
(4,069 |
) |
| Sale of tangible
fixed assets |
|
|
76 |
|
94 |
|
2,645 |
|
| Purchase of fixed
asset investments |
|
|
(1 |
) |
(1 |
) |
(37 |
) |
| Disposal of fixed
asset investments |
|
|
132 |
|
106 |
|
107 |
|
| Net cash outflow
for capital expenditure and financial investment |
|
|
(2,477 |
) |
(2,381 |
) |
(1,354 |
) |
|
|
|
|
|
|
|
|
|
| Free
cash flow before acquisitions, disposals and dividends |
|
|
2,071 |
|
1,708 |
|
1,648 |
|
| |
|
|
|
|
|
|
|
|
| Acquisitions
and disposals |
|
|
|
|
|
|
|
|
| Purchase of subsidiary
undertakings, net of £1m cash acquired (2003 – £13m, 2002
– £nil) |
|
|
(32 |
) |
56 |
|
(896 |
) |
| Investments in joint
ventures |
|
|
(29 |
) |
(133 |
) |
(235 |
) |
| Disposal of subsidiary
undertakings, net of £nil cash disposed (2003 – £nil, 2002
– £28m) |
|
|
– |
|
3 |
|
1,959 |
|
| Sale of investments
in joint ventures and associates |
|
|
1 |
|
2,916 |
|
4,957 |
|
| Net cash (outflow)
inflow for acquisitions and disposals |
|
|
(60 |
) |
2,842 |
|
5,785 |
|
| |
|
|
|
|
|
|
|
|
| Equity dividends
paid |
|
|
(645 |
) |
(367 |
) |
– |
|
|
|
|
|
|
|
|
|
|
| Cash inflow before
management of liquid resources and financing |
|
|
1,366 |
|
4,183 |
|
7,433 |
|
| Management of
liquid resources |
17 |
|
1,123 |
|
(1,729 |
) |
(1,864 |
) |
| Financing |
|
|
|
|
|
|
|
|
| Issue of ordinary
share capital |
|
|
– |
|
42 |
|
6,057 |
|
| Repurchase of ordinary
share capital |
|
|
(144 |
) |
– |
|
– |
|
| Inflow on de-merger
of mmO2 |
19 |
|
– |
|
– |
|
440 |
|
| New loans |
|
|
1,326 |
|
20 |
|
30 |
|
| Repayment of loans |
|
|
(3,627 |
) |
(2,471 |
) |
(1,851 |
) |
| Net decrease in
short-term borrowings |
|
|
– |
|
(64 |
) |
(10,155 |
) |
| Net cash outflow
from financing |
|
|
(2,445 |
) |
(2,473 |
) |
(5,479 |
) |
|
|
|
|
|
|
|
|
|
| Increase (decrease)
in cash in the year |
|
|
44 |
|
(19 |
) |
90 |
|
|
|
|
|
|
|
|
|
|
| Decrease in net
debt in the year resulting from cash flows |
19 |
|
1,222 |
|
4,225 |
|
13,930 |
|
|
|
|
|
|
|
|
|
|
|
