Tesco 2003 Annual Report Download - page 53

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TESCO PLC 51
NOTE 31 Reconciliation of operating profit to net cash inflow from operating activities
2003 2002
£m £m
Operating profit 1,484 1,322
Depreciation and goodwill amortisation 602 534
Increase in goods held for resale (129) (93)
Decrease in development property 34
Increase in debtors (28) (88)
Increase in trade creditors 238 292
Increase in other creditors 205 67
Decrease in working capital (a) 289 182
Net cash inflow from operating activities (b) 2,375 2,038
(a) The decrease in working capital includes the impact of translating foreign currency working capital movements
at average exchange rates rather than year end exchange rates.
(b) The subsidiaries acquired during the year have not had a significant impact on group operating cashflows.
NOTE 32 Analysis of changes in net debt
At 23 Feb Other non- Exchange At 22 Feb
2002 Cash flow Acquistions cash changes movements 2003
£m £m £m £m £m £m
Cash at bank and in hand 445 (45) – – (1) 399
Money market investments and deposits 225 14–––239
Bank and other loans (1,474) 319 (114) (15) (2) (1,286)
Finance leases (15) (26) – (14) – (55)
Debt due within one year (1,489) 293 (114) (29) (2) (1,341)
Bank and other loans (2,727) (1,093) (56) 7 6 (3,863)
Finance leases (14) (150) (2) (5) – (171)
Debt due after one year (2,741) (1,243) (58) 2 6 (4,034)
(3,560) (981) (172) (27) 3 (4,737)