Tesco 2002 Annual Report Download - page 21

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TESCO PLC 19
group cash flow statement
52 weeks ended 23 February 2002
2002 2001
note £m £m
Net cash inflow from operating activities 32 2,038 1,937
Dividends from joint ventures and associates
Income received from joint ventures and associates 15 –
Returns on investments and servicing of finance
Interest received 44 49
Interest paid (232) (206)
Interest element of finance lease rental payments (4) (4)
Net cash outflow from returns on investments and servicing of finance (192) (161)
Taxation
Corporation tax paid (378) (272)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (1,877) (1,953)
Receipts from sale of tangible fixed assets 42 43
Purchase of own shares (85) (58)
Net cash outflow from capital expenditure and financial investment (1,920) (1,968)
Acquisitions and disposals
Purchase of subsidiary undertakings (31) (41)
Invested in joint ventures (46) (35)
Invested in associates and other investments (19) –
Net cash outflow from acquisitions and disposals (96) (76)
Equity dividends paid (297) (254)
Cash outflow before management of liquid resources and financing (830) (794)
Management of liquid resources
Decrease in short-term deposits 27 –
Financing
Ordinary shares issued for cash 82 88
Increase in other loans 916 928
New finance leases –13
Capital element of finance leases repaid (24) (46)
Net cash inflow from financing 974 983
Increase in cash 171 189
Reconciliation of net cash flow to movement in net debt
Increase in cash 171 189
Cash inflow from increase in debt and lease financing (892) (895)
Cash inflow from decrease in liquid resources (27) –
Amortisation of 4% unsecured deep discount loan stock, RPI and LPI bonds (14) (7)
Other non-cash movements (12) (8)
Foreign exchange differences 18 (23)
Increase in net debt (756) (744)
Opening net debt 33 (2,804) (2,060)
Closing net debt 33 (3,560) (2,804)
Accounting policies and notes forming part of these financial statements are on pages 20 to 39.