Marks and Spencer 2011 Annual Report Download - page 79

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Strategy Performance & Marketplace Operating review Financial review Governance
Financial statements
& other information
To find out more visit marksandspencer.com/annualreport2011
77
Financial statements
Consolidated cash flow information
Notes
52 weeks
ended
2 April
2011
£m
53 weeks
ended
3 April
2010
£m
Consolidated statement of cash flows
Cash flows from operating activities
Cash generated from operations 28 1,385.2 1,349.7
T
ax paid (185.3) (120.7)
Net cash generated from operating activities 1,199.9 1,229.0
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired –(5.4)
Purchase of property, plant and equipment (327.3) (352.0)
Proceeds from sale of property, plant and equipment 3.5 20.9
Purchase of intangible assets (126.5) (77.5)
Purchase of current financial assets (44.3) (118.3)
Interest received 4.1 2.7
Net cash used in investing activities (490.5) (529.6)
Cash flows from financing activities
Interest paid (146.4) (163.4)
Cash inflow from borrowings 18.4 30.7
Repayment of syndicated bank facility (217.5) (529.4)
Issue of medium-term notes –397.2
Redemption of medium-term notes –(200.4)
Monetisation of derivative assets 32.8 –
Decrease in obligations under finance leases (15.7) (17.0)
Payment of liability to the Marks & Spencer UK Pension Scheme (67.9) (68.0)
Equity dividends paid (247.5) (236.0)
Shares issued on exercise of employee share options 8.4 12.4
Purchase of own shares by employee trust (12.0) (19.0)
Net cash used in financing activities (647.4) (792.9)
Net cash inflow/(outflow) from activities 62.0 (93.5)
Effects of exchange rate changes (1.2) (2.1)
Opening net cash 202.7 298.3
Closing net cash 29 263.5 202.7
Notes
52 weeks
ended
2 April
2011
£m
53 weeks
ended
3 April
2010
£m
Reconciliation of net cash flow to movement in net debt
Opening net debt (2,068.4) (2,490.8)
Net cash inflow/(outflow) from activities 62.0 (93.5)
Increase in current financial assets 44.3 118.3
Decrease in debt financing 249.9 386.9
Partnership liability to the Marks & Spencer UK Pension Scheme (non-cash) (71.9) –
Exchange and other non-cash movements (116.8) 10.7
Movement in net debt 167.5 422.4
Closing net debt 29 (1,900.9) (2,068.4)