Tesco 1999 Annual Report Download - page 23

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TESCO PLC ANNUAL REPORT 1999 21
1999 1998
Note £m £m
Net cash inflow from operating activities 31 1,321 1,156
Returns on investments and servicing of finance
Interest received 34 28
Interest paid (162)(116)
Interest element of finance lease rental payments (1)(6)
Net cash outflow from returns on investments and servicing of finance (129)(94)
Taxation Corporation tax paid (including advance corporation tax) (237)(238)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (1,032)(805)
Receipts from sale of tangible fixed assets 27 82
Net cash outflow for capital expenditure and financial investment (1,005)(723)
Acquisitions and disposals
Purchase of subsidiary undertakings 32 (184)(649)
Sale of subsidiary undertakings (4)259
Net cash acquired with subsidiary undertakings 32 265
Net cash disposed of as part of sale of subsidiary undertakings –(2)
Purchase of interests in joint ventures 30 (69)(32)
Net cash outflow from acquisitions and disposals (255)(359)
Equity dividends paid (238)(214)
Cash outflow before use of liquid resources and financing (543)(472)
Management of liquid resources
Increase in short term deposits (7)(116)
Financing
Ordinary shares issued for cash 42 38
Increase in other loans 719 443
Capital element of finance leases repaid (15)(21)
Net cash inflow from financing 746 460
Increase/(decrease) in cash in the period 196 (128)
Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash in period 196 (128)
Cash inflow from increase in debt and lease financing (704)(422)
Loans and finance leases acquired with subsidiary (19)(20)
Loans and finance leases disposed of as part of sale of business –10
Cash used to increase liquid resources 7116
Amortisation of 4% unsecured deep discount loan stock (3)(3)
Foreign exchange differences (6)5
Increase in net debt (529)(442)
Net debt at 28 February 1998 34 (1,191)(749)
Net debt at 27 February 1999 34 (1,720)(1,191)
Accounting policies and notes forming part of these financial statements are on pages 22 to 40.
Group cash flow statement
52 weeks ended 27 February 1999