Tesco 2009 Annual Report Download - page 122

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120 FINANCIAL STATEMENTS
Tesco PLC Annual Report and Financial Statements 2009
Note 33 Reconciliation of profit before tax to net cash generated from operations
2009 2008
£m £m
Profit before tax 2,954 2,803
Net finance costs 362 63
Share of post-tax profits of joint ventures and associates (110) (75)
Operating profit 3,206 2,791
Depreciation and amortisation 1,189 992
Profit arising on property-related items (236) (188)
Profit arising on sale of non property-related items 3 –
Net reversal of impairment of property, plant and equipment (22) (10)
Adjustment for non-cash element of pensions charge 52 121
Share-based payments 204 199
Increase in inventories (95) (376)
Decrease/(increase) in trade and other receivables 79 (71)
Increase in trade and other payables 691 641
Increase in TPF loans and advances to customers (20) –
Increase in TPF loans and advances to banks and other financial assets (2,126) –
Increase in TPF customer deposits and other financial liabilities 2,053 –
Increase in working capital 582 194
Cash generated from operations 4,978 4,099
The increase in working capital includes the impact of translating foreign currency working capital movements at average exchange rates rather than
period end exchange rates.
Note 34 Analysis of changes in net debt
At Other At
23 February non-cash Elimination 28 February
2008 Cash flow Acquisitions movements of TPF 2009
£m £m £m £m £m £m
Cash and cash equivalents 1,788 1,601 – 120 (37) 3,472
Short-term investments 360 873 – – – 1,233
Finance lease receivables 5 (5) – – – –
Joint venture loan receivables 173 242 (91) (62) – 262
Derivative financial instruments 313 (183) – 1,730 (2) 1,858
Cash and receivables 2,639 2,528 (91) 1,788 (39) 6,825
Bank and other borrowings (2,033) (1,025) (611) (343) 588 (3,424)
Finance lease payables (51) 23 – (19) – (47)
Derivative financial instruments and other liabilities (443) 941 – (1,023) 42 (483)
Debt due within one year (2,527) (61) (611) (1,385) 630 (3,954)
Bank and other borrowings (5,757) (5,290) – (1,148) 222 (11,973)
Finance lease payables (215) – – 19 – (196)
Derivative financial instruments and other liabilities (322) 53 – (33) – (302)
Debt due after one year (6,294) (5,237) – (1,162) 222 (12,471)
(6,182) (2,770) (702) (759) 813 (9,600)
Notes to the Group financial statements continued