Tesco 2004 Annual Report Download - page 55

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TESCO PLC 53
NOTE 32 Reconciliation of operating proÞt to net cash inßow from operating activities
2004 2003
£m £m
Operating proÞt1,735 1,484
Depreciation and goodwill amortisation 752 602
Increase in goods held for resale (92) (129)
Decrease in development property 15 3
Decrease/(increase) in debtors 17 (28)
Increase in trade creditors 261 238
Increase in other creditors 254 205
Decrease in working capital (a) 455 289
Net cash inßow from operating activities (b) 2,942 2,375
(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 signiÞcant impact on Group operating cash ßows.
NOTE 33 Analysis of changes in net debt
At 22 Feb Other non- Exchange At 28 Feb
2003 Cash ßow Acquisitions cash changes movements 2004
£m £m £m £m £m £m
Cash at bank and in hand 399 282 (11) 670
Liquid resources (a) 239 220 (29) 430
Bank and other loans (1,286) 496 15 (775)
Finance leases (55) (12) (1) (1) (69)
Debt due within one year (1,341) 484 (1) (1) 15 (844)
Bank and other loans (3,863) (316) (20) 19 (4,180)
Finance leases (171) 10 (4) (1) (166)
Debt due after one year (4,034) (306) (4) (21) 19 (4,346)
(4,737) 680 (5) (22) (6) (4,090)
(a) Liquid resources comprises short-term deposits with banks and money-market investments which mature within 12 months of the date of inception.