BT 2009 Annual Report Download - page 92

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ADDITIONAL INFORMATION FINANCIAL STATEMENTS REPORT OF THE DIRECTORS BUSINESS AND FINANCIAL REVIEWS OVERVIEW
FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS
90 BT GROUP PLC ANNUAL REPORT & FORM 20-F
2009 2008 2007
Year ended 31 March Notes £m £m £m
Cash flow from operating activities
(Loss) profit before taxationa(134) 1,976 2,484
Depreciation and amortisation 2,890 2,889 2,920
Loss (profit) on sale of associates and non current asset investments 13 1 (19)
Net finance expense 620 378 94
Other non cash charges 486 60 50
Share of (profits) losses of associates and joint ventures (75) 11 (15)
Decrease (increase) in inventories 11 23 (6)
Decrease (increase) in trade and other receivables 1,063 (498) (373)
(Decrease) increase in trade and other payables (379) 451 282
Increase (decrease) in provisions and other liabilities 439 (104) (172)
Cash generated from operationsa4,934 5,187 5,245
Income taxes paid (232) (222) (411)
Income tax repayment for prior years 4 521 376
Net cash inflow from operating activities 4,706 5,486 5,210
Cash flow from investing activities
Interest received 19 111 147
Dividends received from associates and joint ventures 6 2 6
Proceeds on disposal of group undertakings – – 27
Proceeds on disposal of property, plant and equipment 44 62 89
Proceeds on disposal of associates and joint ventures – 13 27
Proceeds on disposal of non current financial assets – 1 4
Proceeds on disposal of current financial assetsb6,316 4,779 8,525
Acquisition of subsidiaries, net of cash acquired (227) (377) (284)
Purchases of property, plant and equipment and computer software (3,082) (3,315) (3,298)
Investment in associates and joint ventures – – (7)
Purchases of non current financial assets – (2) (7)
Purchases of current financial assetsb(6,030) (4,938) (8,007)
Net cash outflow from investing activities (2,954) (3,664) (2,778)
Cash flow from financing activities
Equity dividends paid (1,221) (1,236) (1,054)
Dividends paid to minority interests (1) – (3)
Interest paid (956) (842) (797)
Repayments of borrowings (863) (913) (809)
Repayment of finance lease liabilities (16) (284) (276)
Net proceeds on issue of (purchase of) commercial paper 606 (681) 309
New bank loans raised 795 3,939 11
Repurchase of ordinary shares (334) (1,498) (400)
Proceeds on issue of treasury shares 125 85 123
Repurchase of ordinary shares by subsidiary – – (2)
Net cash used in financing activities (1,865) (1,430) (2,898)
Effect of exchange rate changes on cash and cash equivalents 54 25 (35)
Net (decrease) increase in cash and cash equivalents (59) 417 (501)
Cash and cash equivalents at the start of the year 1,174 757 1,258
Cash and cash equivalents at the end of the year 91,115 1,174 757
aThe reconciliation from the loss before taxation of £134m for 2009 to the cash generated from operations of £4,934m for 2009 includes BT Global Services contract and financial review charges of £1,639m
(2008 and 2007: £nil), which are non-cash charges. For further detail, see note 3.
bPrimarily consists of investment in and redemption of amounts held in liquidity funds.
GROUP CASH FLOW STATEMENT
FINANCIAL STATEMENTS