BT 2005 Annual Report Download - page 80

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Notes
2005
£m
2004
£m
2003
£m
Net cash inflow from operating activities 13 5,898 5,389 6,023
Dividends from associates and joint ventures 236
Returns on investments and servicing of finance
Interest received 374 673 231
Interest paid, including finance costs (1,252) (1,200) (1,737)
Net cash outflow for returns on investments and servicing of finance (878) (527) (1,506)
Taxation
UK corporation tax paid (319) (305) (425)
Non-UK tax paid (13) (12) (9)
Taxation paid (332) (317) (434)
Capital expenditure and financial investment
Purchase of tangible fixed assets (3,056) (2,684) (2,580)
Sale of tangible fixed assets 111 76 94
Purchase of fixed asset investments (2) (1) (1)
Disposal of fixed asset investments 539 132 106
Net cash outflow for capital expenditure and financial investment (2,408) (2,477) (2,381)
Free cash flow before acquisitions, disposals and dividends 2,282 2,071 1,708
Acquisitions and disposals
Purchase of subsidiary undertakings, net of £208m cash acquired
(2004 – £1m, 2003 – £13m) (426) (32) 56
Investments in joint ventures (27) (29) (133)
Disposal of subsidiary undertakings ––3
Sale of investments in joint ventures and associates 35 1 2,916
Net cash (outflow) inflow for acquisitions and disposals (418) (60) 2,842
Equity dividends paid (784) (645) (367)
Cash inflow before management of liquid resources and financing 1,080 1,366 4,183
Management of liquid resources 14 587 1,123 (1,729)
Financing
Issue of ordinary share capital ––42
Amounts received in respect of employee share plans 2––
Repurchase of ordinary share capital (195) (144) –
New loans 51,326 20
Repayment of loans (1,297) (3,627) (2,471)
Net decrease in short-term borrowings –– (64)
Net cash outflow from financing (1,485) (2,445) (2,473)
Increase (decrease) in cash in the year 182 44 (19)
Decrease in net debt in the year resulting from cash flows 16 887 1,222 4,225
BT Group plc Annual Report and Form 20-F 2005 79
Group cash flow statement
for the year ended 31 March 2005