Tesco 2003 Annual Report Download - page 29

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TESCO PLC 27
group cash flow statement
52 weeks ended 22 February 2003
2003 2002
note £m £m
Net cash inflow from operating activities 31 2,375 2,038
Dividends from joint ventures and associates
Income received from joint ventures and associates 11 15
Returns on investments and servicing of finance
Interest received 37 44
Interest paid (253) (232)
Interest element of finance lease rental payments (2) (4)
Net cash outflow from returns on investments and servicing of finance (218) (192)
Taxation
Corporation tax paid (366) (378)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (2,032) (1,877)
Receipts from sale of tangible fixed assets 32 42
Purchase of own shares (52) (85)
Net cash outflow from capital expenditure and financial investment (2,052) (1,920)
Acquisitions and disposals
Purchase of subsidiary undertakings (419) (31)
Net cash at bank and in hand acquired with subsidiaries 33 –
Invested in joint ventures (43) (46)
Invested in associates and other investments (7) (19)
Net cash outflow from acquisitions and disposals (436) (96)
Equity dividends paid (368) (297)
Cash outflow before management of liquid resources and financing (1,054) (830)
Management of liquid resources
(Increase)/decrease in short-term deposits (14) 27
Financing
Ordinary shares issued for cash 73 82
Increase in other loans 774 916
New finance leases 249 –
Capital element of finance leases repaid (73) (24)
Net cash inflow from financing 1,023 974
(Decrease)/increase in cash (45) 171
Reconciliation of net cash flow to movement in net debt
(Decrease)/increase in cash (45) 171
Cash inflow from increase in debt and lease financing (950) (892)
Increase/(decrease) in liquid resources 14 (27)
Loans and finance leases acquired with subsidiaries (172) –
Amortisation of 4% unsecured deep discount loan stock, RPI and LPI bonds (8) (14)
Other non-cash movements (19) (12)
Foreign exchange differences 318
Increase in net debt (1,177) (756)
Opening net debt 32 (3,560) (2,804)
Closing net debt 32 (4,737) (3,560)
Accounting policies and notes forming part of these financial statements are on pages 28 to 53.