BT 2007 Annual Report Download - page 89
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88 BT Group plc Annual Report & Form 20-F
Notes
2007
£m
2006
£m
2005
£m
Cash flow from operating activities
Profit before taxation 2,484 2,040 2,354
Depreciation and amortisation 2,920 2,884 2,844
(Profit) loss on sale of associates and non current asset investments (19) 1 (358)
Net finance expense 94 472 599
Other non cash charges 50 87 2
Share of (profits) losses of associates and joint ventures (15) (16) 39
Increase in inventories (6) (13) (12)
(Increase) decrease in trade and other receivables (373) (41) 206
Increase in trade and other payables 327 174 59
(Decrease) increase in provisions and other liabilities (217) 189 173
Cash generated from operations 5,245 5,777 5,906
Income taxes paid (411) (390) (332)
Income tax repayment for prior years 376 ––
Net cash inflow from operating activities 5,210 5,387 5,574
Cash flow from investing activities
Interest received 147 185 374
Dividends received from associates and joint ventures 612
Proceeds on disposal of group undertakings 27 ––
Proceeds on disposal of property, plant and equipment 89 66 111
Proceeds on disposal of associates and joint ventures 27 –35
Proceeds on disposal of non current financial assets 41 539
Proceeds on disposal of current financial assets 3,687 5,964 3,754
Acquisition of subsidiaries, net of cash acquired (284) (165) (426)
Purchases of property, plant and equipment and computer software (3,298) (2,940) (3,056)
Investment in associates and joint ventures (7) (2) (27)
Purchases of non current financial assets (7) (2) (2)
Purchases of current financial assets (3,426) (2,743) (3,044)
Net cash (outflow) inflow from investing activities (3,035) 365 (1,740)
Cash flow from financing activities
Equity dividends paid (1,054) (907) (784)
Dividends paid to minority interests (3) ––
Interest paid (797) (1,086) (1,260)
Repayments of borrowings (809) (4,148) (1,022)
Repayment of finance lease liabilities (276) (284) (275)
New bank loans raised 11 1,022 5
Net proceeds on issue of commercial paper 309 464 –
Repurchase of ordinary shares (400) (348) (195)
Proceeds on issue of treasury shares 123 92
Repurchase of ordinary shares by subsidiary (2) ––
Net cash used in financing activities (2,898) (5,278) (3,529)
Effect of exchange rate changes on cash and cash equivalents (37) ––
Net (decrease) increase in cash and cash equivalents (760) 474 305
Cash and cash equivalents at the start of the year 1,784 1,310 1,005
Cash and cash equivalents at the end of the year 91,024 1,784 1,310
Consolidated financial statements
Group cash flow statement
For the year ended 31 March 2007