Tesco 2011 Annual Report Download - page 102

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Year ended 26 February 2011 notes
52 weeks
2011
£m
52 weeks
2010
£m
Cash flows from operating activities
Cash generated from operations 31 5,366 5,947
Interest paid (614) (690)
Corporation tax paid (760) (512)
Net cash from operating activities 3,992 4,745
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired (89) (65)
Proceeds from sale of property, plant and equipment 1,906 1,820
Purchase of property, plant and equipment and investment property (3,178) (2,855)
Proceeds from sale of intangible assets 34
Purchase of intangible assets (373) (163)
Increase in loans to joint ventures (219) (45)
Decrease in loans to joint ventures 25 –
Investments in joint ventures and associates (174) (4)
Investments in short-term and other investments (1,264) (1,918)
Proceeds from sale of short-term investments 1,314 1,233
Dividends received 62 35
Interest received 128 81
Net cash used in investing activities (1,859) (1,877)
Cash flows from financing activities
Proceeds from issue of ordinary share capital 98 167
Increase in borrowings 2,175 862
Repayment of borrowings (4,153) (3,601)
Repayment of obligations under finance leases (42) (41)
Dividends paid to equity owners (1,081) (968)
Dividends paid to non-controlling interests (2) (2)
Own shares purchased (31) (24)
Net cash from refinancing activities (3,036) (3,607)
Net decrease in cash and cash equivalents (903) (739)
Cash and cash equivalents at beginning of year 2,819 3,509
Effect of foreign exchange rate changes (46) 49
Cash and cash equivalents at end of year 19 1,870 2,819
Reconciliation of net cash flow to movement
in net debt note
Year ended 26 February 2011 note
52 weeks
2011
£m
52 weeks
2010
£m
Net decrease in cash and cash equivalents (903) (739)
Investment in Tesco Bank (446) (230)
Elimination of net increase in Tesco Bank cash and cash equivalents 56 (167)
Debt acquired on acquisition (17) –
Net cash outflow to repay debt and lease financing 2,870 2,780
Dividend received from Tesco Bank 150 150
(Decrease)/increase in short-term investments (292) 81
Increase in joint venture loan receivables 159 45
Other non-cash movements (438) (249)
Decrease in net debt in the year 1,139 1,671
Opening net debt 32 (7,929) (9,600)
Closing net debt 32 (6,790) (7,929)
NB. The reconciliation of net cash flow to movement in net debt note is not a primary statement and does not form part of the cash flow statement but forms part of the notes to the
financial statements.
The notes on pages 99 to 145 form part of these financial statements.
FINANCIAL STATEMENTS
98
—
TESCO PLC Annual Report and Financial Statements 2011
Group cash flow statement