BT 2000 Annual Report Download - page 65

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Notes
2000
£m
1999
£m
1998
£m
Net cash in¯ow from operating activities 13 5,849 6,035 6,071
Dividends from joint ventures and associates 5 2 5
Returns on investments and servicing of ®nance
Interest received 286 111 168
Interest paid, including ®nance costs (449) (439) (328)
Net cash out¯ow for returns on investments and servicing of ®nance (163) (328) (160)
Taxation
UK corporation tax paid (1,308) (359) (1,625)
Windfall tax paid ±(255) (255)
Non-UK tax paid (3) (16) (6)
Tax paid (1,311) (630) (1,886)
Capital expenditure and ®nancial investment
Purchase of tangible ®xed assets (3,568) (3,220) (3,020)
Sale of tangible ®xed assets 143 143 127
Purchase of ®xed asset investments (373) (103) (265)
Disposal of ®xed asset investments 46 4,226 50
Net cash in¯ow (out¯ow) for capital expenditure and ®nancial investment (3,752) 1,046 (3,108)
Acquisitions and disposals
Purchase of subsidiary undertakings, net of £69m cash acquired
(1999 ± £5m overdraft, 1998 ± £6m cash acquired) (4,065) (672) (121)
Investments in joint ventures (933) (1,038) (323)
Investments in associates (2,167) (288) (1,057)
Repayment of loan to joint venture 550 ± ±
Disposal of subsidiary undertakings 206 14 ±
Sale of investments in joint ventures and associates 417 ±
Net cash out¯ow for acquisitions and disposals (6,405) (1,967) (1,501)
Equity dividends paid (1,364) (1,186) (3,473)
Cash in¯ow (out¯ow) before management of liquid resources and ®nancing (7,141) 2,972 (4,052)
Management of liquid resources 14 1,236 (2,447) 2,247
Financing
Issue of ordinary share capital 127 161 144
Minority shares issued 432 13 48
New loans 1,473 10 1,637
Loan repayments (587) (457) (338)
Net increase (decrease) in short-term borrowings 4,514 (185) 303
Net cash in¯ow (out¯ow) from ®nancing 5,959 (458) 1,794
Increase (decrease) in cash in the year 54 67 (11)
Decrease (increase) in net debt in the year 15 (6,582) 3,146 (3,860)
Group cash flow statement for the year ended 31 March 2000
64 Annual report and Form 20-F