Tesco 2004 Annual Report Download - page 31

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TESCO PLC 29
GROUP CASH FLOW STATEMENT
53 weeks ended 28 February 2004
2004 2003
note £m £m
Net cash inßow from operating activities 32 2,942 2,375
Dividends from joint ventures and associates
Income received from joint ventures and associates 60 11
Returns on investments and servicing of Þnance
Interest received 41 37
Interest paid (320) (253)
Interest element of Þnance lease rental payments (17) (2)
Cash received on sale of Þnancial instruments 235
Net cash outßow from returns on investments and servicing of Þnance (61) (218)
Taxation
Corporation tax paid (326) (366)
Capital expenditure and Þnancial investment
Payments to acquire tangible Þxed assets (2,239) (2,032)
Receipts from sale of tangible Þxed assets 62 32
Purchase of own shares (51) (52)
Net cash outßow from capital expenditure and Þnancial investment (2,228) (2,052)
Acquisitions and disposals
Purchase of subsidiary undertakings (269) (419)
Net cash at bank and in hand acquired with subsidiaries 53 33
Invested in joint ventures (48) (43)
Invested in associates and other investments (8) (7)
Net cash outßow from acquisitions and disposals (272) (436)
Equity dividends paid (303) (368)
Cash outßow before management of liquid resources and Þnancing (188) (1,054)
Management of liquid resources
Increase in short-term deposits (220) (14)
Financing
Ordinary shares issued for cash 868 73
(Decrease)/increase in other loans (180) 774
New Þnance leases 75 249
Capital element of Þnance leases repaid (73) (73)
Net cash inßow from Þnancing 690 1,023
Increase/(decrease) in cash 282 (45)
Reconciliation of net cash ßow to movement in net debt
Increase/(decrease) in cash 282 (45)
Cash outßow/(inßow) from decrease/(increase) in debt and lease Þnancing 178 (950)
Increase in liquid resources 220 14
Loans and Þnance leases acquired with subsidiaries (5) (172)
Amortisation of 4% unsecured deep discount loan stock, RPI and LPI bonds (20) (8)
Other non-cash movements (2) (19)
Foreign exchange differences (6) 3
Decrease/(increase) in net debt 647 (1,177)
Opening net debt 33 (4,737) (3,560)
Closing net debt 33 (4,090) (4,737)
Accounting policies and notes forming part of these Þnancial statements are on pages 30 to 55.