BT 2004 Annual Report Download - page 83

Download and view the complete annual report

Please find page 83 of the 2004 BT annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

Notes
2004
£m
2003
£m
2002
£m
Net cash inflow from operating activities 16 5,389 6,023 5,257
Dividends from associates and joint ventures 362
Returns on investments and servicing of finance
Interest received 673 231 309
Interest paid, including finance costs (1,200) (1,737) (2,004)
Net cash outflow for returns on investments and servicing of finance (527) (1,506) (1,695)
Taxation
UK corporation tax paid (305) (425) (557)
Non-UK tax paid (12) (9) (5)
Taxation paid (317) (434) (562)
Capital expenditure and financial investment
Purchase of tangible fixed assets (2,684) (2,580) (4,069)
Sale of tangible fixed assets 76 94 2,645
Purchase of fixed asset investments (1) (1) (37)
Disposal of fixed asset investments 132 106 107
Net cash outflow for capital expenditure and financial investment (2,477) (2,381) (1,354)
Free cash flow before acquisitions, disposals and dividends 2,071 1,708 1,648
Acquisitions and disposals
Purchase of subsidiary undertakings, net of £1m cash acquired
(2003 – £13m, 2002 – £nil) (32) 56 (896)
Investments in joint ventures (29) (133) (235)
Disposal of subsidiary undertakings, net of £nil cash disposed
(2003 – £nil, 2002 – £28m) –3 1,959
Sale of investments in joint ventures and associates 12,916 4,957
Net cash (outflow) inflow for acquisitions and disposals (60) 2,842 5,785
Equity dividends paid (645) (367) –
Cash inflow before management of liquid resources and financing 1,366 4,183 7,433
Management of liquid resources 17 1,123 (1,729) (1,864)
Financing
Issue of ordinary share capital –42 6,057
Repurchase of ordinary share capital (144) ––
Inflow on demerger of mmO
2
19 –– 440
New loans 1,326 20 30
Repayment of loans (3,627) (2,471) (1,851)
Net decrease in short-term borrowings –(64) (10,155)
Net cash outflow from financing (2,445) (2,473) (5,479)
Increase (decrease) in cash in the year 44 (19) 90
Decrease in net debt in the year resulting from cash flows 19 1,222 4,225 13,930
BT Annual Report and Form 20-F 200482
Group cash flow statement
for the year ended 31 March 2004