Vodafone 2001 Annual Report Download - page 55

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Vodafone Group Plc
Annual Report & Accounts
for the year ended
31 March 2001
53
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
26 An alysis of cash flows
2001 2000
£m £m
Net cash in flow from op eratin g activities
Operating (loss)/profit (6,439) 981
Exceptional items 176 30
Depreciation 1,593 746
Amortisation of goodwill 9,585 674
Amortisation of other intangible fixed assets 24 12
–––––––– ––––––––
4,939 2,443
Decrease/(increase) in stocks 15 (65)
Increase in debtors (350) (271)
Increase in creditors 67 433
Payments in respect of exceptional items (84) (30)
–––––––– ––––––––
4,587 2,510
–––––––– ––––––––
Net cash outflow for return s on in vestm en ts an d
servicin g of fin an ce
Interest received 296 57
Termination of hedging instruments 901 –
Dividends from investments 102 –
Interest paid (1,254) (370)
Interest element of finance leases (11) –
Dividends paid to minority shareholders in subsidiary undertakings (81) (93)
–––––––– ––––––––
(47) (406)
–––––––– ––––––––
Net cash outflow for capital exp en diture an d
fin an cial in vestmen t
Purchase of intangible fixed assets (13,163) (185)
Purchase of tangible fixed assets (3,698) (1,848)
Purchase of investments (3,254) (17)
Disposal of interests in tangible fixed assets 275 294
Disposal of investments 513 991
Loans to joint ventures (85) –
Loans repaid by associated undertakings 59
Loans to acquired businesses held for sale (1,509) –
Loans repaid by acquired businesses held for sale 1,905 –
–––––––– ––––––––
(19,011) (756)
–––––––– ––––––––
Net cash in flow/(outflow) from acquisition s
an d disposals
Purchase of subsidiary undertakings (219) (4,062)
Net cash acquired with subsidiary undertakings 542 4
Proceeds on formation of joint venture 2,544 -
Purchase of interests in associated undertakings (79) (717)
Purchase of customer bases (15) (9)
Disposal of interests in joint ventures and associated undertakings 1,878 28
Disposal of acquired businesses held for sale 26,002 -
–––––––– ––––––––
30,653 (4,756)
–––––––– ––––––––
Net cash outflow for returns on investments and servicing of finance includes exceptional cash inflows of £261m in respect of the
termination of the Infostrada hedge transaction (note 3) and £640m realised from the closure of interest and currency swap
instruments.
Material non-cash transactions during the year comprise the issue of new ordinary shares in relation to increased ownership interests
in Mannesmann AG, the acquisition of a controlling shareholding in Airtel Móvil S.A. in December 2000 and the acquisition of a minority
interest in Swisscom Mobile SA in March 2001. In addition, the formation of Verizon Wireless in April 2000 involved the contribution of
the Group's US wireless assets to a US partnership. Further details of these transactions are included in notes 19 and 22.