BT 2013 Annual Report Download - page 108

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106 Financial statements
Group cash flow statement
2013 2012 2011
Year ended 31 March Note £m£m£m
Cash flow from operating activities
Profit before taxation 2,501 2,445 1,717
Profit on disposal of interest in associates (130) – (42)
Share of profits of associates and joint ventures (9) (10) (21)
Net finance expense 624 484 924
Operating profit 2,986 2,919 2,578
Other non-cash charges 56 106 78
(Profit) loss on disposal of businesses (7) 19 –
Depreciation and amortisation 2,843 2,972 2,979
Decrease (increase) in inventories 3 12 (17)
Decrease in trade and other receivables 454 28 408
Decrease in trade and other payables (459) (65) (378)
Decrease in other liabilitiesa(319) (1,921) (1,003)
(Decrease) increase in provisions (198) (112) 130
Cash generated from operations 5,359 3,958 4,775
Income taxes paid (64) (400) (209)
Net cash inflow from operating activities 5,295 3,558 4,566
Cash flow from investing activities
Interest received 9829
Dividends received from associates and joint ventures 3 4 7
Proceeds on disposal of interest in associates 270 7 72
Proceeds on disposal of businesses, net of cash and bank overdrafts 17 13 –
Acquisition of joint ventures (5) – –
Acquisition of subsidiaries, net of cash acquired (60) (5) (8)
Proceeds on disposal of current financial assetsb8,856 8,329 9,267
Purchases of current financial assetsb(8,875) (8,845) (8,902)
Proceeds on disposal of non-current financial assets 1 1 –
Purchases of non-current financial assets – – (18)
Proceeds on disposal of property, plant and equipment 43 18 15
Purchases of property, plant and equipment and software (2,481) (2,578) (2,645)
Purchases of telecommunications licences (202) – –
Net cash outflow from investing activities (2,424) (3,048) (2,183)
Cash flow from financing activities
Equity dividends paid (683) (590) (543)
Interest paid (701) (693) (973)
Repayment of borrowingsc(1,663) (26) (2,509)
Repayment of finance lease liabilities (15) (2) (11)
Net proceeds from commercial paper 153 522 69
Proceeds from bank loans and bonds 798 – 340
Cash flows from derivatives related to net debt 33 258 120
Proceeds from issue of own shares 109 21 8
Repurchase of ordinary share capital (302) – –
Net cash used in financing activities (2,271) (510) (3,499)
Net increase (decrease) in cash and cash equivalents 600 – (1,116)
Opening cash and cash equivalents 323 325 1,444
Net increase (decrease) in cash and cash equivalents 600 – (1,116)
Effect of exchange rate changes (4) (2) (3)
Closing cash and cash equivalents 23 919 323 325
aIncludes pension deficit payments of £325m (2011/12: £2,000m, 2010/11: £1,030m).
bPrimarily consists of investment in and redemption of amounts held in liquidity funds.
cThe repayment of borrowings included the impact of hedging.