Tesco 2001 Annual Report Download - page 41

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TESCO PLC 39
NOTE 30 Related party transactions continued
iii The Group made rental payments of £3m (2000 – £3m), £12m (2000 – £11m), £3m (2000 – £16m) and £15m (2000 – nil) to Shopping Centres
Limited, BLT Properties Limited,Tesco British Land Property Partnership and Tesco BL Holdings Limited respectively.
iv The Group has charged Tesco Personal Finance Limited (a 100% subsidiary of Tesco Personal Finance Group Limited) an amount totalling £15m
(2000 – £12m) in respect of services, loan interest and assets transferred, of which £2m (2000 – £2m) was outstanding at 24 February 2001.
Tesco Personal Finance Limited received fees totalling £2m (2000 – £3m) from the Group for managing certain financial products.
v The Group has charged Tesco Home Shopping Limited an amount totalling £5m (2000 – £3m) in respect of services, loan interest and assets
transferred, of which nil (2000 – £1m) was outstanding at 24 February 2001. In addition, an amount of £1m relating to group relief was
outstanding at 24 February 2001 (2000 – nil).
vi The Group has charged BLT Properties Limited an amount totalling £1m in respect of services, loan interest and assets transferred.
vii DunnHumby Associates Limited has made sales to the Group totalling £1m, and has loaned the Group £2m.
viii The Group made loans totalling £5m to Tesco Home Shopping Limited. A loan of £10m to Shopping Centres Limited has been repaid to
the Group.
NOTE 31 Reconciliation of operating profit to net cash inflow from operating activities
2001 2000
£m £m
Operating profit 1,166 1,030
Depreciation and goodwill amortisation 476 435
Increase in goods held for resale (174) (47)
Decrease/(increase) in development property 82 (40)
Increase in debtors (72) (45)
Increase in trade creditors 287 156
Increase in other creditors 172 24
Decrease in working capital (a) 295 48
Net cash inflow from operating activities 1,937 1,513
a The decrease in working capital includes the impact of translating foreign currency working capital movements at average exchange rates rather than year end exchange rates.
NOTE 32 Analysis of changes in net debt
At 26 Feb Other non- Exchange At 24 Feb
2000 Cash flow cash changes movements 2001
£m £m £m £m £m
Cash at bank and in hand 88 189 – 2 279
Overdrafts (35) 27 – – (8)
53 216 – 2 271
Money market investments and deposits 258 – – (3) 255
Bank and other loans (797) (576) (7) (1) (1,381)
Finance leases (15) (1) (8) – (24)
Debt due within one year (812) (577) (15) (1) (1,405)
Bank and other loans (1,508) (379) – (21) (1,908)
Finance leases (51) 34 – – (17)
Debt due after one year (1,559) (345) – (21) (1,925)
(2,060) (706) (15) (23) (2,804)