Group statement of cash flows

For the year ended 31 March 2010

Notes 2010
£m
2009
£m
Operating activities
Operating profit/(loss) 181.0 (413.5)
Adjustments for non-cash items 18 (150.3) 443.7
(Increase)/decrease in receivables (26.2) 17.0
Increase in payables 2.9 1.3
Cash generated from operations 7.4 48.5
Interest received 0.4 0.3
Interest paid (12.5) (23.8)
Tax paid (0.3)
Cash flows from operating activities (4.7) 24.7
Investing activities
Purchase of interests in joint ventures (44.0)
Distributions from joint ventures 40.7 36.0
Purchase and development of property (55.2) (29.7)
Purchase of fixed assets (0.1)
Sale of properties 168.7 11.3
Cash flow from investing activities 110.2 17.5
Financing activities
Issue of share capital – net proceeds from Rights Issue 166.4
Borrowings repaid (100.0) (47.0)
Termination of derivatives (18.2)
Purchase of derivatives (2.3)
Funds (to)/from joint ventures (86.1) 32.6
Purchase of own shares (3.5)
Purchase of minority interest (0.1)
Equity dividends paid (23.4) (21.1)
Cash flows utilised in financing activities (67.1) (35.6)
Net increase in cash and cash equivalents 38.4 6.6
Cash and cash equivalents at 1 April 7.3 0.7
Cash and cash equivalents at balance sheet date 45.7 7.3


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