Tesco 2005 Annual Report Download - page 39

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Group cash flow statement Year ended 26 February 2005
2005 2004
restated†
note £m £m
Net cash inflow from operating activities 32 3,004 2,942
Dividends from joint ventures and associates 135 60
Returns on investments and servicing of finance
Interest received 83 41
Interest paid (331) (320)
Interest element of finance lease rental payments (15) (17)
Cash received on sale of financial instruments – 235
Net cash outflow from returns on investments and servicing of finance (263) (61)
Taxation (483) (326)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (2,304) (2,239)
Proceeds from sale of tangible fixed assets 856 62
Net increase in loans to joint ventures (10) –
Net cash outflow from capital expenditure and financial investment (1,458) (2,177)
Acquisitions and disposals
Purchase of subsidiary undertakings (84) (269)
Net cash at bank and in hand acquired with subsidiaries 3 53
Proceeds from sale of subsidiary 16 –
Net cash at bank and in hand disposed with subsidiary (11) –
Invested in joint ventures (146) (48)
Invested in associates and other investments (6) (8)
Net cash outflow from acquisitions and disposals (228) (272)
Equity dividends paid (448) (303)
Cash inflow/(outflow) before management of liquid resources and financing 259 (137)
Management of liquid resources
Decrease/(increase) in short-term deposits 97 (220)
Financing
Ordinary shares issued for cash 146 868
Net purchase of own shares for share trusts (143) (51)
Net decrease in other loans (18) (180)
New finance leases 128 75
Capital element of finance leases repaid (348) (73)
Net cash (outflow)/inflow from financing (235) 639
Increase in cash 121 282
Reconciliation of net cash flow to movement in net debt
Increase in cash 121 282
Cash outflow from decrease in debt and lease financing 238 178
(Decrease)/increase in liquid resources (97) 220
Loans and finance leases acquired with subsidiaries (17) (5)
Amortisation of 4% unsecured deep discount loan stock, RPI and LPI medium term notes (19) (20)
Other non-cash movements on loans (14) –
Other non-cash movements on finance leases (16) (2)
Foreign exchange differences 52 (6)
Decrease in net debt 248 647
Opening net debt 33 (4,090) (4,737)
Closing net debt 33 (3,842) (4,090)
Accounting policies and notes forming part of these financial statements are on pages 38 to 63.
†Restated due to UITF 38 (note 1). Tesco PLC 37