BT 2003 Annual Report Download - page 100

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16. Reconciliation of operating profit (loss) to operating cash flows 2003
£m
2002
£m
2001
£m
Group operating profit (loss) 2,572 (479) 27
Depreciation 3,011 3,680 3,045
Goodwill amortisation and impairment 24 2,321 3,386
Decrease (increase) in stocks 31 43 (67)
Decrease (increase) in debtors 764 (545) (432)
(Decrease) increase in creditors (294) 803 203
Increase in pension prepayment and decrease in pension liabilities (314) (537) (294)
Increase in provisions 171 52 72
Other 58 (81) (53)
Net cash inflow from operating activities 6,023 5,257 5,887
Analysed as:
Continuing activities 6,023 5,023 5,410
Discontinued activities –234 477
Net cash inflow from operating activities 6,023 5,257 5,887
17. Management of liquid resources 2003
£m
2002
£m
2001
£m
Purchase of short-term investments and payments into short-term
deposits over 3 months (3,990) (7,601) (1,344)
Sale of short-term investments and withdrawals from short-term
deposits over 3 months 4,082 4,695 1,765
Net movement of short-term investments and short-term
deposits under 3 months not repayable on demand (1,821) 1,042 (901)
Net cash outflow from management of liquid resources (1,729) (1,864) (480)
Movements in all short-term investments and deposits not repayable on demand are reported under the heading
of management of liquid resources.
18. Acquisitions and disposals
Acquisition of subsidiary companies and businesses
Year ended 31 March 2003
Concert
a
£m
Other
b
£m
Total
£m
Consideration:
Cash –1313
Carrying value of Concert global venture 338 – 338
Total 338 13 351
In addition, net cash of £56 million was received in settlement of the unwind of the Concert global venture.
Year ended 31 March 2002
Esat Digifone
c
£m
Other
d
£m
Total
£m
Consideration:
Cash 869 27 896
Deferred –88
Total 869 35 904
Year ended 31 March 2001
Viag
Interkom
e
£m
Telfort
f
£m
Other
f
£m
Total
£m
Consideration:
Cash 8,770 1,207 160 10,137
Carrying value of joint venture wholly acquired 479 235 – 714
Total 9,249 1,442 160 10,851
In addition, cash of £1,179 million was paid in settlement of deferred consideration on acquisitions in
earlier years.
Notes to the financial statements
BT Annual Report and Form 20-F 2003 99