BT 2003 Annual Report Download - page 84

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Notes
2003
£m
2002
£m
2001
£m
Net cash inflow from operating activities 16 6,023 5,257 5,887
Dividends from associates and joint ventures 6 210
Returns on investments and servicing of finance
Interest received 231 309 293
Interest paid, including finance costs (1,737) (2,004) (1,020)
Net cash outflow for returns on investments and servicing of finance (1,506) (1,695) (727)
Taxation
UK corporation tax paid (425) (557) (669)
Non-UK tax paid (9) (5) –
Taxation paid (434) (562) (669)
Capital expenditure and financial investment
Purchase of intangible fixed assets –– (4,208)
Purchase of tangible fixed assets (2,580) (4,069) (4,756)
Sale of tangible fixed assets 94 2,645 440
Purchase of fixed asset investments (1) (37) (93)
Disposal of fixed asset investments 106 107 175
Net cash outflow for capital expenditure and financial investment (2,381) (1,354) (8,442)
Free cash flow before acquisitions, disposals and dividends 1,708 1,648 (3,941)
Acquisitions and disposals
Purchase of subsidiary undertakings, net of £13m cash acquired
(2002 – £nil, 2001 – £101m) 56 (896) (11,215)
Investments in joint ventures (133) (235) (3,214)
Investments in associates –– (72)
Disposal of subsidiary undertakings, net of £nil cash disposed
(2002 – £28m, 2001 – £nil) 31,959 245
Sale of investments in joint ventures and associates 2,916 4,957 502
Net cash inflow (outflow) for acquisitions and disposals 2,842 5,785 (13,754)
Equity dividends paid (367) – (1,432)
Cash inflow (outflow) before management of liquid resources and financing 4,183 7,433 (19,127)
Management of liquid resources 17 (1,729) (1,864) (480)
Financing
Issue of ordinary share capital 42 6,057 149
Issue of shares to minorities ––36
Inflow on demerger of mmO
2
19 –440 –
New loans 20 30 14,552
Repayment of loans (2,471) (1,851) (225)
Net (decrease) increase in short-term borrowings (64) (10,155) 5,223
Net cash (outflow) inflow from financing (2,473) (5,479) 19,735
(Decrease) increase in cash in the year (19) 90 128
Decrease (increase) in net debt in the year 19 4,225 13,930 (18,942)
Group cash flow statement
for the year ended 31 March 2003
BT Annual Report and Form 20-F 2003 83