Tesco 2007 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2007 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

47
GROUP FINANCIAL
STATEMENTS
Reconciliation of net cash flow to movement in net debt note
Group cash flow statement Year ended 24 February 2007
2007 2006*
notes£m£m
Cash flows from operating activities
Cash generated from operations 28 3,532 3,412
Interest paid (376) (364)
Corporation tax paid (545) (429)
Net cash from operating activities 2,611 2,619
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired (325) (54)
Proceeds from sale of subsidiary, net of cash disposed 22 –
Proceeds from sale of joint ventures and associates 41 –
Purchase of property, plant and equipment and investment property (2,852) (2,561)
Proceeds from sale of property, plant and equipment 809 664
Purchase of intangible assets (174) (139)
Net increase in loans to joint ventures (21) (16)
Invested in joint ventures and associates (49) (34)
Dividends received 124 82
Interest received 82 96
Net cash used in investing activities (2,343) (1,962)
Cash flows from financing activities
Proceeds from issue of ordinary share capital 156 123
Net increase in/(repayments of) borrowings 184 (109)
New finance leases 99 –
Repayment of obligations under finance leases (15) (6)
Dividends paid (467) (441)
Own shares purchased (490) (59)
Net cash used in financing activities (533) (492)
Net (decrease)/increase in cash and cash equivalents (265) 165
Cash and cash equivalents at beginning of year 1,325 1,146
Effect of foreign exchange rate changes (18) 16
Cash and cash equivalents at end of year 1,042 1,327
Less cash held in disposal group – (2)
Cash and cash equivalents not held in disposal group 17 1,042 1,325
* Results for the year ended 25 February 2006 include 52 weeks for the UK and the Republic of Ireland and 14 months for the majority of the remaining International businesses.
2007 2006
notes£m£m
Net (decrease)/increase in cash and cash equivalents (265) 165
Net cash (inflow)/outflow from debt and lease financing (268) 115
Net debt included within the disposal group –55
Other non-cash movements 18 (357)
Increase in net debt in the year (515) (22)
Opening net debt 29 (4,509) (4,487)
Closing net debt 29 (5,024) (4,509)
NB. The reconciliation of net cash flow to movement in net debt note is not a primary statement and does not form part of the cash flow statement.